Financial systems have evolved over the centuries. The roots of many modern-day financial products can be found in use in many agricultural economies of the past. In the Muslim world, the contract of salaam helped farmers secure a price for their crops and allowed brokers and grain buyers to lock in a price for the future. Money has been in circulation for centuries, as has been credit. In this book we explore, albeit in brief, how each development or discovery of financial intermediation changes the face of an a small ecosystem consisting of farmers and craftsmen. We also attempt to examine the underlying principles upon which a system of credibility and credit develops.
Financial Engineering in Islamic Finance the Way Forward: A Case for Islamic Derivatives has been envisioned as a sequel to Contracts and Deals in Islamic Finance: A Users Guide to Cash Flows, Balance Sheets, and Capital Structures. Product development in Islamic finance bas been based upon the usage of various sale and lease contracts and combinations of the same. In our current work, we explore the idea even further and look at structures based on the concept of wad. Islamic banks need to develop structures that behave like options and futures, and the shariah community needs to look closely at issues related to forward sales. In this book, we have explored these avenues, made recommendations, and have hopefully encouraged some dialogue in this area.
Islamic Business Finance is based on strong ethical regulations as suggested by Islamic Literature, such as the Quran and the Traditions of the Prophet of Islam, and could be considered as a subclass of the wider subject of ethical standards in business. This book highlights the basic principles of Islamic Business ethics and their implication in today’s global business environment. It highlights the most important features of Islamic banking and finance in relation to the core principles of Shariah law. It is the most comprehensive book to date, in terms of the number of Quranic verses and traditions of the Prophet relating to this subject, which are interspersed throughout the text. It explains how ethics are defined both in general terms and within the context of an Islamic perspective. In addition, it provides a logical interpretation of Islamic principles of business ethics, while keeping in view thethrough the use of contemporary business practices. Topics such as digital currencies, money laundering, etc. are discussed at length. This book also discusses the new and emerging ethical issues faced by business and industry globally. This book will be a valuable reference guide for students, teachers and researchers of Islamic banking and finance.
Financial Engineering in Islamic Finance the Way Forward: A Case for Islamic Derivatives has been envisioned as a sequel to Contracts and Deals in Islamic Finance: A Users Guide to Cash Flows, Balance Sheets, and Capital Structures. Product development in Islamic finance bas been based upon the usage of various sale and lease contracts and combinations of the same. In our current work, we explore the idea even further and look at structures based on the concept of wad. Islamic banks need to develop structures that behave like options and futures, and the shariah community needs to look closely at issues related to forward sales. In this book, we have explored these avenues, made recommendations, and have hopefully encouraged some dialogue in this area.
How do we develop a good understanding of right and wrong? How do we change ourselves so that we can live by the universal, moral values of Islam? This handbook tells us how to go about changing ourselves in seven steps. Based on Imam Ghazali's teachings, this handbook is attractively laid out and easy to understand. Musharraf Hussain is the chief executive of the Karimia Institute. In 2009 he was nationally recognized for his services to community relations in Britain. He is also a chair of the United Kingdom's national Christian-Muslim Forum.
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