This fully updated and revised glossary introduces terms used by Muslim scholars, historians and legal experts, from Arabic, Urdu, Turkish, Malaysian and English sources and Islamic banking, taxation, insurance, accounting, and auditing.
ÔI read with great interest the current state of Islamic economics and finance as examined by Muhammad Akram Khan, who has given a fresh outlook for the readers to find out its limitations and to search for its solutions. Khan has read widely in the subject matter, and presented his views with reference to literature and thoughtful and logical arguments. While many may not agree with his arguments or will have a better explanation, I find his arguments at least worthy of examination to strengthen the arguments of those who might oppose him. Although Khan is critical of the subject matter, he is very sympathetic to the greater objectives of Islamic economics and provides his own prescriptions to achieve those objectives.Õ Ð M. Kabir Hassan, University of New Orleans, US ÔThis is a very thought provoking book coming at a crucial stage in the development of Islamic economics and finance. Although the reader may not agree with some of the conclusions reached, it is clearly a scholarly and extensively researched piece of work; it should be read by all serious students of the subject area. Amongst other things, it throws light on the reasons why the practical implementation of Islamic economics and finance, particularly in relation to the financial system and financial institutions, has not always conformed to the true theoretical foundations laid down by Islamic scholars.Õ Ð John Presley, Loughborough University, UK and recipient of Islamic Development Bank Prize in Islamic Finance, 2001Ð2002 ÔÒIslamic economic system is a type of capitalism with a spiritual dimensionÓ is a major conclusion of this book. I applaud this insight of Muhammad Akram Khan. The same can be perhaps said of Islamic finance, which, in its hurry to build viable and efficient financial institutions, has ignored the very same need to start with profits-and-risk-sharing principle and no-riba principles to build pricing models to anchor the new sub-discpline. The good news is that, in the course of time to come, AkramÕs advocacy may be realised since such serious works have already begun.Õ Ð Mohamed Ariff, University Putra Malaysia and Bond University, Australia ÔAlthough there are many books on Islamic economics, this critical, but sympathetic, account by Muhammad Akram Khan is worthy of attention. The author has clearly read widely on the subject and appreciates the limitations of much that he has read. Islamic economics is a work in progress and by focusing on its shortcomings, Khan challenges the assumptions of many working in the field. His discussion of methodology is insightful, and even the prohibition of riba, for many the defining characteristic of Islamic finance, is examined from a fresh perspective. While many will not agree with the analysis and the conclusions, even critics should be able to appreciate the strengths of the arguments made. In summary this is a worthwhile, and in many respects an innovative, survey of the state of Islamic economics and finance. It deserves to be widely read.Õ Ð Rodney Wilson, Durham University, UK What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward. As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst Islamic banks now position themselves more closely to conventional banks. The book also offers insights into how certain traditional thinking has seemingly ignored the egalitarian spirit of the law of zakah and created a scenario where zakah is not able to help the billions of poor people around the globe. This detailed book will appeal to students, professors, researchers, Islamic banks and finance houses, consulting companies, accounting firms, and regulatory bodies. Professional economists, libraries in research and training organizations, as well as anyone with a general interest in the topic will find much to interest them.
The Muslim Heritage of Bengal is a multidimensional work. . . . I am sure this book will add to the vista of knowledge in the field of Muslim history and heritage of Bengal. I recommend this work."—A. K. M. Yaqub Ali, PhD, professor emeritus, Islamic history and culture, University of Rajshahi "Khan's book provides invaluable information which will inspire present and future generations."—M. Abdul Jabbar Beg, PhD, former professor of Islamic history and civilization, National University of Malaysia A popular history that covers eight hundred years of the history of Islam in Bengal through the example of forty-two inspirational men and women up until the twentieth century. Written by the author of the best-selling The Muslim 100. Included are the prominent figures Shah Jalal, Nawab Abdul Latif, Rt. Hon. Syed Ameer Ali, Sir Salimullah Khan Bahadur, and Begum Rokeya. Muhammad Mojlum Khan was born in 1973 in Habiganj, Bangladesh, and was educated in England. He is a teacher, author, literary critic, and research scholar, and has published more than 150 essays and articles worldwide. He is the author of The Muslim 100 (2008). He is a fellow of the Royal Asiatic Society of Great Britain and director of the Bengal Muslim Research Institute, United Kindgom. He lives in England with his family.
The Sir?j al-taw?r?kh is the most important history of Afghanistan ever written. This pinnacle of the rich Afghan historiographic tradition is available in English translation, annotated, fully indexed, including an introduction, eight appendices, Persian-English and English-Persian glossaries, and bibliography.
This study addresses derivatives instruments in Islamic finance. It highlights the benefits of these instruments, their legal aspects and the appropriate alternatives. The forward, futures and options contracts in commodity markets are discussed and the arguments in favour of and against these instruments examined. The forward contracts issue includes the possibility of trading gold in forward basis, the forward market for currencies and the possible alternative to manage related risks. With the examination of futures contracts, the main arguments against such a contract are addressed, for example the sale prior to taking possession and the sale of debt hedging and speculation. The study proposes khiyar al-shart and bay al-arbun as tools of risk management and alternatives to options. The sale of pure rights is at the center of the admissibility of options in Islamic law and is investigated comprehensively.
The study of Islamic economics provides an interesting complement to conventional economics as they both study economic behaviour to enhance human well-being. Muhammad Akram Khan articulates an expert view on how to use distinct approaches to achieve this in the context of Islamic economics.
øMankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a
In its bid to provide a sound, healthy and balanced orientation to human life, Islam accords rightful importance to all aspects of human activity including the economic. Significantly enough, Islam exhibits no trace of that unwarranted spiritual exuberance that would prompt it to look upon wealth contemptuously as too profane to deserve its due attention. On the contrary, it declares that God has made wealth a support for men (Qur’an 4:5), which clearly reflects Islam’s recognition of the importance of economic resources for man’s well-being. The present book is addressed to the needs of the economists who are interested in having access to the guidelines that the Qur’an can offer them in the field of their concerns. Since a majority of economists is not proficient in Arabic, it is hoped that the present work, being in English, will be of substantial help to them. While preparing this work the author has kept in view the major economic subjects and their sub-classifications. He also attempted to derive and identify not only the essential economic principles expounded in the Qur’an, but also the norms of economic behavior and the principles that could guide and regulate the functioning of economic institutions in an Islamic state.
This book not only sees the implementation of zakat from a religious perspective, but also from an economic perspective. Zakat practice should not separate between values, religious rules, and implementation so that they can connect and correct each other. From a religious perspective, this book describes the aspects of jurisprudence and the laws of implementation of zakat. Whereas from an economic point of view, this book reviews how the impact of zakat on the economy. Therefore, this book provides a comprehensive picture of the practice of zakat, both from the position of zakat as a form of ritual worship (Habluminallah) and the position of zakat as a form of social worship (Habluminannas).
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