Islamic Finance Law Economics and Practice 9780511753756 Economics Books
Download As PDF : Islamic Finance Law Economics and Practice 9780511753756 Economics Books 
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.
Islamic Finance Law Economics and Practice 9780511753756 Economics Books
Prof. Mahmoud is one of the few scholars who are well versed in Shari'a and economics. He provides a plausible account of the faults of the existing models of Islamic finance "IF", most of which comply with the letter but not the spirit of Islam. The term Shari'a arbitrage, which he coins, is simply is the practice of adding fees for making superficial modifications to a conventional product to make it comply with the formalistic aspects of the Shari'a without altering its unjust economic effect.Unfortunately, Mahmoud's skepticism was ill-received by the Islamic finance industry and those who benefit from Shari'a arbitrage. Those who turned out to be quite dogmatic, exclusionary, and inexplicably sensitive to criticism. Rather than challenging his thesis in a civilized and academic manner, influential Islamic economists preferred to act in contrary to the precepts of Islam by simply alienating him for no valid reason. They tend to take the best of both worlds, theoretically they persistently emphasize that IF is all about risk-sharing and justice, while practically even the Islamic Development Bank, which is presumably the most Islamic of all, has little to no risk-sharing composition of its loan portfolio as shown in its annual reports.
In any event, Islamic Finance Law, Economics and Practice is a must read for those interested in genuine, neutral, edifying insights into the realm of Islamic finance. Among all books on IF, it provides a balanced approach to the topic calling for mutuality as a possible alternative framework that for all its faults is more compliant with the Shari'a than than the existing framework. IF is doomed to fail unless views of scholars like Mahmoud are taken into consideration to formulate better practices and policies as it grows to maturity.
Product details
|
Tags : Islamic Finance: Law, Economics, and Practice: 9780511753756: Economics Books @ Amazon.com,Mahmoud A. El-Gamal,Islamic Finance: Law, Economics, and Practice,Cambridge University Press,0511753756,BUSINESS & ECONOMICS Finance General,Finance,Microeconomics
People also read other books :
- The Stolen Dog Tricia O'Malley Carrier Lauer 9780989435116 Books
- The Headswoman Kenneth Grahame 9781515268574 Books
- Halloween Children 4 The witch and a magic broom edition by Dr Mc Children eBooks
- Deliver Up Honor David Ryan 9781681426884 Books
- Better Safe than Sued Keeping Your Students and Ministry Alive (Audible Audio Edition) Samuel Dinkawitz Jack Crabtree Zondervan Books
Islamic Finance Law Economics and Practice 9780511753756 Economics Books Reviews
Quite a scholarly work. I commend Dr. El-Gamal for his deep knowledge of the subject and his unmatched academic approach to a politically/religiously sensitive issue.
A must-read for everyone interested in understanding Islamic Finance.
The best form of banking on the planet.
Excellent in-depth introduction.
In conducting research for my thesis, I found El-Gamal's book to be an incredible resource. His scholarship brings new light to the perspectives on Islamic finance. This is a must-read for anyone looking to research the subject.
Prof. Mahmoud is one of the few scholars who are well versed in Shari'a and economics. He provides a plausible account of the faults of the existing models of Islamic finance "IF", most of which comply with the letter but not the spirit of Islam. The term Shari'a arbitrage, which he coins, is simply is the practice of adding fees for making superficial modifications to a conventional product to make it comply with the formalistic aspects of the Shari'a without altering its unjust economic effect.
Unfortunately, Mahmoud's skepticism was ill-received by the Islamic finance industry and those who benefit from Shari'a arbitrage. Those who turned out to be quite dogmatic, exclusionary, and inexplicably sensitive to criticism. Rather than challenging his thesis in a civilized and academic manner, influential Islamic economists preferred to act in contrary to the precepts of Islam by simply alienating him for no valid reason. They tend to take the best of both worlds, theoretically they persistently emphasize that IF is all about risk-sharing and justice, while practically even the Islamic Development Bank, which is presumably the most Islamic of all, has little to no risk-sharing composition of its loan portfolio as shown in its annual reports.
In any event, Islamic Finance Law, Economics and Practice is a must read for those interested in genuine, neutral, edifying insights into the realm of Islamic finance. Among all books on IF, it provides a balanced approach to the topic calling for mutuality as a possible alternative framework that for all its faults is more compliant with the Shari'a than than the existing framework. IF is doomed to fail unless views of scholars like Mahmoud are taken into consideration to formulate better practices and policies as it grows to maturity.
0 Response to "⇒ Libro Islamic Finance Law Economics and Practice 9780511753756 Economics Books"
Post a Comment