Introduction to Islamic Banking and Finance
?Introduction to Islamic Banking and Finance? provides a detailed insight into the fundamental principles of Islamic banking and the key characteristics that differentiate Islamic banking from conventional banking practices.
Islamic banking is based on Islamic ethical principles, which appear very different from those of the conventional Western banking and finance model. Islamic banking is consistent with the Sharia?a, or Islamic law ? which prohibits the collection of interest (riba). Islamic law also prohibits trading in financial risk, and investment in businesses that are ?forbidden?. Whilst this would appear to rule out most aspects of finance, as the creation of money by money is banned, money can be used for trading tangible assets and in businesses that can then generate profits.
Whilst a conventional bank is a borrower of funds on the one hand and a lender on the other, Islamic banks are seen as partners with their depositors and borrowers, sharing profits and losses on both sides of the balance sheet. These and the many other differences between Western banking and Islamic banking are revealed and explained in this book.
The book opens with a chapter that explains Muslim beliefs in general, to provide the reader with a greater understanding of the subject of Islam and it impacts on the banking system. Then several chapters explain various Islamic laws as they relate to banking and finance operations. This is a complex topic. Brian Kettell?s experience as economic adviser to the Central Bank of Bahrain and his academic experience teaching the subject at a number of financial universities give him a thorough understanding of the subject. This is an essential reference book for students and anyone with an interest in the topic of Islamic banking and finance.
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