By Mahmoud A. El-Gamal
This publication presents an summary of the perform of Islamic finance and the ancient roots that outline its modes of operation. the focal point of the ebook is analytical and forward-looking. It indicates that Islamic finance exists regularly as a sort of rent-seeking legal-arbitrage. In each element of finance - from own loans to funding banking, and from marketplace constitution to company governance - Islamic finance goals to duplicate in Islamic types the great features of up to date monetary tools, markets, and associations. by way of trying to mirror the substance of up to date monetary perform utilizing pre-modern agreement varieties, Islamic finance has arguably didn't serve the ambitions of Islamic legislation. This publication proposes refocusing Islamic finance on substance instead of shape. This process could entail forsaking the paradigm of 'Islamization' of each monetary perform. it will additionally entail reorienting the brand-name of Islamic finance to stress problems with group banking, micro-finance, and socially in charge investment.
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