Islamic Banking Finance and Insurance a Global Overview
Islamic Banking, Finance and insurance is now an established area of law.
Islamic Banking, Finance and insurance is now an established area of law. The author believes that gradual innovation in Islamic banking and its related fields will have significant effect on the western-oriented banking and finance theories and their practical operations. Banking without interest may sound illusory to some minds, yet the foundation of Islamic banking rest on the principles of lending money without interest based upon the Qur'an. The full-blown capitalist system is making the rich countries richer and the countries already burdened with avalanche of debt, going further and further down in the morass of poverty. The world will certainly be a better place if there is no interest to pay for the borrower, who borrows money for a worthy cause and enters into a venture with the provider of capital, which aims for sharing legitimate profits through productive efforts and generating collective welfare for the society. The global curse of poverty can certainly be reduced through introduction and practice of shariah-complaint interest-free banking. The book provides a global overview of the current position and the activities of the Islamic banks, Islamic financial institutions and Islamic insurance (Takaful) companies. Chapter 7 deals with Islamic bonds (Sukuk), which did not exist until very recent times. Chapter 8 deals with Islamic funds, providers for Islamic financial services and Islamic indexing. Chapter 9 deals with Islamic mortgage, which are now available in many countries including The UK and the USA. Chapter 10 deals with the organizations like the Islamic financial Services Board (IFSB). Chapter 12 Deals with Islamic Development Bank (IDB) and its operations in many countries of the world.