An Introduction to Islamic Finance: Theory and Practice

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Much has happened in the Islamic finance industry since this bestselling text was first published in 2007. This second edition is timely especially as there has been much re-thinking of the role of Islamic banks in the aftermath of theglobal financial crisis. New chapters on risk-sharing and financial stability, and other revisions should ensure that this remains the leading text in its field, with the strengths of the first edition retained, not least the lucid explanations of often complex financial products helped by useful flow charts.Professor Rodney WilsonDirector, Durham University Islamic Finance ProgrammeAn Introduction to Islamic Finance provides the first-tier response to all questions as to the nature and essence of modern Islamic finance, whether posed by the uninitiated and uninvolved or the financial practitioner seeking context and cohesion. With elegant simplicity and profound elucidation, the authors discuss the theoretical and practical elements and structures comprising this system and describe the integration of these elements and structures into a unified organic whole. We would all be well served if this were made compulsory reading not only for those having involvement or interest in global financial matters, but for anyone having an interest in cultural or political facets of Islam.Michael J.T. McMillenFormer Partner, King & Spalding and Fulbright & Jaworski L.L.P.Adjunct Professor in Islamic finance, University of Pennsylvania Law SchoolAbbas Mirakhor and Zamir Iqbal are to be congratulated for providing us with a lucid, comprehensive and sophisticated introduction to the theory and practice of Shari’ah-compliant (Islamic) finance. Impressive in its scope—without being superficial in its treatment of its various topics—the text can be comfortably recommended as one of the handful of books that students of Islamic finance must have in their library. Economists will be particularly pleased by the inclusion of thoughtful discussions of Islamic economic principles from an institutional economics perspective, while business school and finance professors and students will be pleasantly surprisedby significantly revised chapters with elucidative case studies on sukuk.Dr. S. Nazim AliActing Executive Director, Islamic Legal Studies ProgramDirector, Islamic Finance ProjectHarvard Law School, Harvard UniversityUnlike most books on Islamic finance that focus narrowly on the mechanics of Islamic banking operations and modes of financing, this book presents Islamic finance from an institutional economics perspective and discusses various issues related to the financial system and structure. It also provides a comprehensive overview of the challenges facing Islamic financial industry and suggests ways to mitigate these. By highlighting the risk sharing and stability features of Islamic finance, the authors present a convincing case for the Islamic financial sector to revert to its foundational principles in the post-crisis era.Professor Habib AhmedProfessor and Sharjah Chair in Islamic FinanceDurham University

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DR. ZAMIR IQBAL works as Lead Investment Officer in the Treasury of the World Bank in Washington, D.C. He earned his Ph.D. in International Finance from the George Washington University. He has extensive experience with capital markets, structured products, risk management, financial sector development, and financial modeling. His research interests include Islamic finance, financial engineering, structured finance and risk management. He is co-author of several books on Islamic banking and finance. He also serves as Professional Faculty at the Johns Hopkins Carey Business School where he teaches graduate level courses on investment and portfolio management and risk of financial institutions.DR. ABBAS MIRAKHOR received his Ph.D. in Economics from Kansas State University in 1969. After teaching at various universities in the USA and in Iran he joined the staff of the Research Department of the IMF in 1984. He became an Executive Director of the IMF from 1990until his retirement in 2008. He is the author of a number of articles and books on Islamic economics and finance. He is now the first holder of the INCEIF Chair in Islamic Finance.