Ebook Islamic Finance For Dummies, by Faleel Jamaldeen
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Islamic Finance For Dummies, by Faleel Jamaldeen
Ebook Islamic Finance For Dummies, by Faleel Jamaldeen
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A detailed look at the fast-growing field of Islamic banking and finance
The global Islamic finance market is now worth about $700 billion worldwide. Islamic Finance For Dummies helps experienced investors and new entrants into Islamic finance quickly get up to speed on this growing financial sector.
Here, you'll find clear and easy-to-understand information on how you can incorporate Islamic finance products into your investment portfolio. You'll quickly and easily: become acquainted with the theory, practice, and limitations of Islamic banking; understand how to develop products for the Islamic financial industry; grasp the objectives and sources of Islamic law and the basic guidelines for business contacts; learn about Islamic fund management and insurance; and much more.
- Coverage of the role Islamic finance can play in the development of the financial system and of economies
- Addresses the risks and rewards in Islamic banking
- The future prospects and opportunities of the Islamic finance industry
With the help of Islamic Finance For Dummies, you'll discover the fast and easy way to tap into the booming Islamic finance arena.
- Sales Rank: #768300 in eBooks
- Published on: 2012-08-03
- Released on: 2012-08-03
- Format: Kindle eBook
From the Back Cover
A detailed look at the fast-growing Islamic banking and finance sector
Here, you'll find clear and easy-to-understand information on how the Islamic finance industry works. You'll quickly and easily: become acquainted with the theory, practice, and limitations of Islamic banking; understand how Islamic financial firms develop products; grasp the objectives and sources of Islamic law and the basic guidelines for business contracts; learn about Islamic fund management, sukuk, and insurance; and much more.
- Islamic finance 101 — get a crash course on the fundamentals and key principles of the Islamic finance industry
- Get to know sharia — discover how Islamic law, known as "sharia," influences Islamic business practices and commercial contracts
- Eye up the operations — find out how an Islamic commercial bank's function, structure, supervision, and products differ from those of a conventional bank
- Filter funds by Islamic criteria — grasp the fairly recent development of Islamic capital markets that feature sharia-compliant equity products (and the screening process that ensures assets are compliant)
- Consider corporate governance — get the 4-1-1 on the governance typically found at Islamic financial institutions and how it compares to a conventional firm
Open the book and find:
- The concepts and principles of Islamic finance
- What you need to know about Islam and the role of sharia
- Islamic ethics in the finance industry
- The relationship between conventional and Islamic banks
- Financial products available from Islamic banks and other firms
- Managing risk in Islamic financial institutions
- Plain-English guidance on Islamic insurance
Learn to:
- Compare and contrast this financial sector to the Western model
- See how concepts of social justice apply to Islamic financial products
- Grasp Islamic fund management and insurance
About the Author
Faleel Jamaldeen, DBA, is the founder and editor of the Islamic Finance Expert website (ifinanceexpert.wordpress.com). He is an Assistant Professor at Effat University, Jeddah, Saudi Arabia, where he teaches courses in conventional finance, Islamic finance, and accounting.
Most helpful customer reviews
9 of 9 people found the following review helpful.
Clearly written introduction to the world of Sharia law in Islamic Finance - recommended read for understanding the field
By Joel Avrunin
Many outsiders to the world of Islam may not be aware that the laws within sharia are not just what would be referred to in the West as religion, but are indeed a corpus of laws than encompass civil legal issues as well. Those with familiar with the Jewish system of halacha will recognize many of the concepts presented within sharia regarding financial transactions. Indeed, many words have the same root (interest is called riba in Islam, ribbis in Judaism). While in many cases the Islamic interpretation is quite different, both religions have shared a struggle in the 20th century to stay true to their religious beliefs while enabling a modern market economy.
For instance, most of modern investing is based on paying interest, a concept forbidden with sharia. There are ways of structuring investment and savings in such a way that the prohibition is mitigated as the book discusses. The book also proceeds to discuss the structure of Islamic banks, the Islamic capital and bond market, and details of corporate governance. Conventional insurance is prohibited due to uncertainty, an element of gambling, and interest, but the structure of takaful meets the devout Muslim's insurance needs by creating a shared common risk pool. The end result is similar to insurance. Many derisively call this a "fig leaf", but reading through Jamaldeen's description of the intention, it is clear than the structure of the takaful mitigates much of the moral hazard Islam sees in conventional insurance. In the end, it is the intention of the contract which concerns the devout Muslim as much as the result.
Jamaldeen does an excellent job covering the history of Islamic finance along with the various schools of thought where there might be disagreement between thinkers regarding some detail. I felt he could have been a little clearer on the different sects of Islam and how they vary in their application of sharia - it is covered in parts, but at various times in the book I found myself wondering on some details which sects might disagree. Certainly a religion with a billion people is far more complex than can be properly elucidated in a "For Dummies" book, but Jamaldeen does a great job introducing many of these concepts.
The only other area that I felt the book was unclear was on the role of the dhimmi (non-Muslim) in Islamic Finance, and how Islamic financial institutions did or did not deal with non-Muslim customers differently. It is entirely possible that all are treated equally within the institutions that the author discusses, but given the huge controversy over the past few centuries regarding the status of the dhimmi, the issue likely deserved a discussion, even if only historical context.
One other comment on the book, and it is likely not the fault of the author, but if the reader has a limited background in finance or legal thought, some of this book might be difficult to grasp. Jamaldeen gives the Islamic view on many aspects of Western Finance, but if you have limited familiarity with financial instruments in the west, his writing may be hard to understand.
Overall, it's an excellent contribution to this often misunderstood field, and an important one - whether you are storing money in an Islamic bank, looking to do business with a sharia-compliant company, or just trying to buy an Islamic ETF. A thorough glossary and index make this book easy to read and use for reference whenever a term is forgotten. 4 stars.
7 of 8 people found the following review helpful.
Good Introduction to Islamic Finance
By C. Ang
Although I have read hundreds of finance books, this is the first book on Islamic Finance that I have read. The author does a pretty good job explaining the history and development in Islamic finance. There is a decent discussion of various Islamic financial instruments and the different players in the market.
Essentially, this book lays out the fundamental differences between Islamic finance and "conventional" finance. I got a lot of value from the first few chapters of the book, where Islamic finance is introduced. For example, the book talks about the basis for all of Islamic finance, which is Islamic law or sharia. The author has a good discussion on risk-sharing, which is why interest-bearing instruments are not allowed under Islamic law. In addition, the author lays out the prohibited investments, such as those involving gambling or speculation. This disqualifies traditional insurance products under Islamic law. Therefore, a new set of instruments are developed that comply with Islamic law.
Overall, this is an interesting book to get a good basic understanding of Islamic finance.
3 of 3 people found the following review helpful.
Islamic Finance in a Western World
By Ralph Furlong
This is a very interesting book and is well worth the time and effort to read no matter what your business background maybe. While the author states that the purpose of the book is to assist people who work in the financial industry, I feel that the book is also very relevant to anyone who wants to gain a better understanding of Islam and how Muslims view the financial and Western world.
While reading this book one needs to keep in mind that Dr. Jamaldeen is describing more of a theoretical world than the real world; much like any financial class is more about the theory of how it should be rather than being a direct reflection of reality.
With that in mind, Dr. Jamaldeen does an excellent job of covering many of the differences and similarities of how Muslims and Westerners view the financial and the general world at large. The only exceptions to this are some of the unfortunate misstatements that he makes with respect to the development of concepts of commerce, mathematics, and technology in general. An example of one of the many unfortunate misstatements includes the reference to the development of algebra as a product of the golden age of Islam. While Islamic scholars did move algebra to more of a symbolic framework, it would be rash in the extreme to credit the development of algebra solely to Islamic scholars.
I do not believe that the misstatements are deliberate, but rather a result of trying to simplify a rather difficult subject and to condense it into a very brief summary. So, rather than letting minor issues get one's hackles up, recognize that the intention is to relate how development of many of the things we use in general life were contributed to by the Muslim World and by many other segments of the World population.
Once you recognize that Dr. Jamaldeen is very passionate about his subject and is simplifying several concepts, you will find the book to be very informative and a good basis for further research into the subject area should you decide to do that.
Overall, I would recommend this book to anyone who wants to gain a bit of understanding of the Muslim perspective of the world in general and about the financial aspects of the Muslim word in specific.
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