Islamic Finance: Law, Economics, and Practice (Paperback) (ISBN-13: 9780521741262)

This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance -- from personal loans to investment banking, and from market structure to corporate governance -- Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of "Islamization" of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.

Author: Mahmoud A. El-Gamal
ISBN-10: 0521741262
ISBN-13: 9780521741262
Publisher: Cambridge University Press
Language: English
Published: 11/24/2008
Pages: 240
Format: Paperback
Weight: 0.80lbs
Size: 9.00h x 6.00w x 0.60d