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Islamic Law and Finance Religion, Risk, and Return

ISBN-10: 9041106243
ISBN-13: 9789041106247
Edition: 1998
List price: $87.00
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Book details

List price: $87.00
Copyright year: 1998
Publisher: BRILL
Publication date: 1/1/1998
Binding: Paperback
Pages: 332
Size: 6.25" wide x 9.50" long x 0.75" tall
Weight: 1.100
Language: English

Preface
Introduction
What Is Islamic Banking and Finance?
The Origins of Islamic Finance
Growth in Islamic Financing Activity
Financial Intermediaries
Current Bank Products
The Impact of Religious Scholars
Government Influence
The Potential of Islamic Banking and Finance
Goals and Method of This Book
Plan of the Book
Islamic Finance as the Application of Islamic Law
Religious Law (Shari'a and Fiqh)
Relevance of the Religious Law to Banking and Finance
Obstacles to the Application of the Islamic Law
Islamic Law and Islamic Economics
Structure and Method of Classical Law in Theory and Practice
Ijtihad, or Derivation from Revealed Sources
Shari'a and Fiqh; Divergence of Opinion; Schools of Law
Four Methods of Elaborating the Law: Interpretation, Choice, Necessity, and Artifice
Ethical and Legal Consequences of Islamic Legal Rulings
The Casuistic Style of Classical Islamic Legal Reasoning
Modern Reinterpretations
The Context for Islamic Legal Developments in Islamic Banking and Finance
Modern Islamic Legal Institutions
Islamic Legal Application in a Western Legal Environment
Qur'an and Sunna on Contract and Commerce
Property or Wealth
Trade by Mutual Consent
Debt
Usury
Gambling and Risk
Commercial Ethics
Fulfilling Contracts
Freedom of Contract
Summary
Islamic Laws of Usury, Risk, and Property
Law of Usury (Riba)
The Qur'an; Riba al-Jahiliyya
The Sunna
The Sunna on Riba in Sales
The Sunna on Riba in Loans
Plumbing the Rules of Riba
Gambling (Maysir) and Risk (Gharar)
The Spectrum of Risks and Their Prohibitions
Classical Fiqh Rules on Gharar
Fiqh Provisions on Property (Mal)
Islamic Law of Contract
Freedom of Contract
New Contracts
Stipulations
The Nominate Contract Scheme
Mutually Onerous Contracts
Gratuitous Contracts
Accessory Contracts
Four Principles of Islamic Contract Law Important in Modern Financial Practice
Non-Binding (Ja'iz) versus Binding (Lazim)
Risk of Loss (Daman) versus Trust (Amana)
Rules Governing Delay in Payment and in Performance--The Sale of Dayn for Dayn
The Promise (Wa'd) in Islamic Law
The Law of Islamic Financial Institutions and Instruments
The Model for an Islamic Financial Institution
The Two-Tier Mudaraba
Islamic Legal Hurdles Facing This Islamic Banking Model
Islamic Contracts As Used in Islamic Finance
Mudaraba
Bay' Mu'ajjal, or Credit Sale
Murabaha, or Sale with Markup
Ijara, or Lease
Salam, or Advance Purchase
Istisna', or Commissioned Manufacture
Ji'ala, or Reward
Ta'min, or Insurance
The Problem of Insurance and the (Tentative) Solution
Possible Impact of Insurance on Islamic Financial Theory and Practice
Prospects for Islamically Valid Derivatives
Khiyar al-Shart, or Stipulated Option
'Arbun, or Down Payment
Prospects for Approval of the Option as a New Contract Type
Investment Securities and Their Negotiability
Primary Market Instruments Islamically Lawful
Primary Market Instruments Islamically Unlawful or Questionable
Secondary Market
Islamic Financial Instruments: A Primer
Financing Working Capital
The Murabaha Contract
The 'Ina Contract
The Salam Contract
The Istisna' Contract
Financing Receivables
Long-Term Financing
Leasing (Ijara)
Revenue Bonds
Equity-Like Instruments
The Mudaraba Contract
The Musharaka Contract
Preferred Stock
Attitudes Toward Risk
Illiquidity Risk
Credit Risk
Currency Risk
Capital Structure Risk
Conclusions
The Opportunity Rate of Capital and Islamic Capital Structure
Interest and Usury
The Islamic Cost of Capital
The Cost of Equity
Capital Asset Pricing Model
Arbitrage Pricing Theory
Equilibrium Analysis of a Profit-Sharing Agreement
Cost of Equity Summarized
The Cost of Debt
Murabaha
Salam
Istisna'
Ijara
Calculating the Weighted Cost of Capital
Choosing an Appropriate Capital Structure
Conclusions
Derivatives in Islamic Finance
Relevant Islamic Contracts
Islamic Contracts and Western Financial Products
Forward Contracts
Futures Contracts
Call Options
Put Options
The Khiyar al-Shart Option
The Mudarib Call
Conclusions
Innovation in Islamic Financial Products
The Intended Beneficiaries of Innovation
Capital Users
Capital Providers
Proposals Related to Murabaha (Sale with Markup)
Ownership-in-Transit
Cooperative Non-Bank Factoring Firm
Proposals Related to Salam
Parallel Salam Contracts
The Default Penalty Option
An Islamic Clearinghouse
Proposals for Innovations Related to Ijara (Lease and Hire)
Lease Pools
Staged Leases and Lease Pools
An Islamic Convertible Lease
Proposals for Innovations Related to Istisna'
Back-to-Back Istisna' Contracts
Options in Istisna' Contracts
Istisna' Contracts for Manufacturing Streams
Fungible Manufactures and Options
Ji'ala (Reward)
Conclusions
Conclusion
Glossary
Bibliography
Index

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