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This compelling account offers a unique insight into the modern Islamic corporation.
Unprecedented economic growth and wealth accumulation in predominately Muslim countries have prompted many financial institutions in the US and Europe to position their investment teams across the Middle East and Asia to be closer to the markets in which they invest, and to take advantage or asset-gathering opportunities. This growth has also encouraged an increasing number of western industrialised countries to adopt legislation that responds to the requirements of the Musli investment community. To be effective in these markets it is essential that professionals have an understanding of how Shari'a legal principles are applied in the financial sector. Failure to do so exposes them and thei...
Ahmad Alkhamees defines Creative Shari‘ah compliance as compliance with the letter but not the objectives of Shari‘ah. In recent years, Islamic finance industry practises have come under scrutiny, with strong critiques levelled against many institutions that claim to provide Shari‘ah-compliant products and services, which in fact undermine the spirit and the objectives of Shari‘ah. This book significantly contributes to the sphere of Islamic finance in three main ways. First, it critically appraises justifications of creative Shari‘ah compliance practises. Second, it examines how Shari‘ah supervisory board (SSB) governance practises, and the inconsistent fatwas issued by SSBs, contribute to the issue of creative Shari‘ah compliance. Most importantly, it suggests regulatory mechanisms which regulators can employ in Islamic countries such as Saudi Arabia and in secular countries such as the United Kingdom to deal with the issue of creative Shari‘ah compliance.
How the booming Islamic finance industry became an ultramodern hybrid of religion and markets In just fifty years, Islamic finance has grown from a tiny experiment operated from a Volkswagen van to a thriving global industry worth more than the entire financial sector of India, South America, or Eastern Europe. You can now shop with an Islamic credit card, invest in Islamic bonds, and buy Islamic derivatives. But how has this spectacular growth been possible, given Islam’s strictures against interest? In The Paradox of Islamic Finance, Ryan Calder examines the Islamic finance boom, arguing that shariah scholars—experts in Islamic law who certify financial products as truly Islamic—have...
Southeast Asian Affairs is the only one of its kind: a comprehensive annual review devoted to the international relations, politics, and economies of the region and its nation-states. The collected volumes of Southeast Asian Affairs have become a compendium documenting the dynamic evolution of regional and national developments in Southeast Asia from the end of the 'second' Vietnam War to the alarms and struggles of today. Over the years, the editors have drawn on the talents and expertise not only of ISEAS' own professional research staff and visiting fellows, but have also reached out to tap leading scholars and analysts elsewhere in Southeast and East Asia, Australia and New Zealand, Nort...
The study of Islam since the advent of 9/11 has made a significant resurgence. However, much of the work produced since then has tended to focus on the movements that not only provide aid to their fellow Muslims, but also have political and at times violent agendas. This tendency has led to a dearth of research on the wider Muslim aid and development scene. Focusing on the role and impact of Islam and Islamic Faith Based Organisations (FBOs), an arena that has come to be regarded by some as the 'invisible aid economy', Islam and Development considers Islamic theology and its application to development and how Islamic teaching is actualized in case studies of Muslim FBOs. It brings together contributions from the disciplines of theology, sociology, politics and economics, aiming both to raise awareness and to function as a corrective step within the development studies literature.
Sharia-compliance is the raison d’etre of Islamic banks. All of their instruments and activities should be based on sharia principles, which unfortunately exposes them to greater risks than their conventional counterparts, regulated under the dual banking system in Indonesia. These include inconsistencies between fatwas, unique reputational risks, and inefficiencies in the regulatory framework governing Islamic banks. This book critically examines the less-studied issue of developing an Islamic banking regulatory and supervisory framework that considers the risk pressures faced by Islamic banks’ operations in an Indonesian financial sector dominated by conventional banks. The book assess...
What is the future of Malaysia’s former dominant party, the United Malays National Organisation or UMNO? With the loss of government in the May 2018 General Election (GE14) after 61 years in government, the party faces a different, more uncertain future. It is grappling with its new role in the national political opposition and continued questions about the leadership of former prime minister Najib Tun Razak. This collection is an expanded edition of the original 2016, The End of UMNO? It includes the original five essays (including the foreword by current Foreign Minister in the Pakatan Harapan government and former UMNO Supreme Council member Saifuddin Abdullah), as well as new post-GE14...
This contextual analysis of Islamic financial law challenges our understanding of both Islamic law and global financial markets.
A comprehensive look at the innovations, applications, and best practices of Islamic finance Islamic-compliant finance is transacted in every major world financial center, and the need for information on the topic in light of its global reach has grown exponentially. As an expert in this field, author Karen Hunt-Ahmed understands the intricacies of this area of the capital markets. Now, along with the help of a number of experienced contributors, she skillfully addresses Islamic finance from the perspective of practitioners, examining issues in wealth management, contract law, private equity, asset management, and much more. Engaging and accessible, Contemporary Islamic Finance skillfully ex...