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| List of Illustrations | |
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| Preface | |
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| Glossary and Transliteration | |
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| Introduction | |
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| Finance without Interest? | |
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| Distinguishing Features of Islamic Finance | |
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| Prohibition-Driven Finance | |
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| Jurists, Shari'a Boards, and Innovation | |
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| Lawyers and Regulatory Arbitrage | |
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| Islamic Transactions Law as Common Law | |
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| Precedents, Analogies, and Nominate Contracts | |
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| Tradeoff between Efficiency and Legitimacy | |
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| Limits and Dangers of Shari'a Arbitrage | |
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| Risk of Mispricing | |
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| Legal and Regulatory Risks | |
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| Jurisprudence and Arbitrage | |
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| Islamic Law and Jurisprudence | |
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| The Canon: Qur'an, Tradition, and Consensus | |
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| Juristic Inference (Ijtihad) and Benefit Analysis | |
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| From Classical to Contemporary Jurisprudence | |
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| Jurisprudence, Revival, and Codification | |
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| Institution of Fatwa and Islamic Finance | |
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| Arbitraging Classical Jurisprudence | |
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| Shari'a-Arbitraging Classical Property Law | |
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| Arbitraging Classical Contract Conditions | |
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| Arbitrage, Ruses, and Islamic Finance | |
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| Two Major Prohibitions: Riba and Gharar | |
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| The Prohibition of Riba | |
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| Canonical Texts on Riba | |
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| Economic Substance of the Prohibition of Riba | |
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| The Prohibition of Gharar | |
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| Definition of Gharar | |
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| Economic Substance of Prohibition | |
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| Insurance and Derivatives | |
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| Bundled vs. Unbundled Credit and Risk | |
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| Sale-Based Islamic Finance | |
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| Basic Rules for Sales | |
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| Trust Sales: Murabaha, Tawliya, Wadi'a | |
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| Currency Exchange (Sarf) | |
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| Same-Item Sale-Repurchase ('Ina) | |
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| Same-Item Trading in 'Ina and Tawarruq | |
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| Custody Sale (Bay' Al-'uhda) and Sukuk Al-ijara | |
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| Cost of Funds: Interest-Rate Benchmarks | |
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| Opportunity Cost for Conventional Fund Providers | |
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| Viability of Islamic Benchmark Alternatives | |
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| Derivative-Like Sales: Salam, Istisna', and 'Urbun | |
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| Prepaid Forward Sale (Salam) | |
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| Parallel Salam | |
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| Conventional and Synthesized Forwards | |
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| Commission to Manufacture (Istisna') | |
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| Down-Payment Sale ('Urbun) | |
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| 'Urbun as Call Option | |
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| Leasing, Securitization, and Sukuk | |
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| General Lease Conditions | |
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| Flexible-Rate Financing | |
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| Subleasing, Repairs, and Insurance Costs | |
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| Asset-Backed Securities | |
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| Leasing and Securitization | |
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| Receivable Securitization and Sale of Debt | |
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| Bundling Asset-Based and Debt-Based Securities: A Paradox | |
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| Asset-Backed Leasing Bonds (Sukuk) | |
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| Credit-Rating Issues | |
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| Reward Pledges and Gifts Revisited | |
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| Usufruct Sukuk | |
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| Sukuk Al-Salam | |
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| Partnerships and Equity Investment | |
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| Classical Types of Partnership | |
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| Silent Partnership: Theoretical Workhorse of Islamic Finance | |
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| Valid and Defective Silent Partnerships | |
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| Common-Stock Ownership | |
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| "Islamic Screens" and Their Shortcomings | |
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| Cleansing Returns | |
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| Positive Screens and the Islamic Brand Name | |
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| Islamic Financial Institutions | |
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| Banking and Islamic Banking | |
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| Theoretical Structure: Two-Tier Silent Partnership | |
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| Deposits vs. Loans: Trust and Guaranty | |
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| Insurance and Takaful | |
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| Two Sides of the Two Debates | |
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| Shari'a Arbitrage vs. Islamic Prudential Regulation | |
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| Generic Agency Characterization of Financial Institutions | |
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| Governance and Regulatory Solutions in Mutuality | |
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| Rent-Seeking Shari'a Arbitrage and Absence of Mutuality | |
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| Potential for Mutuality in Islamic Banking | |
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| Need for Mutuality in Takaful | |
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| A Call for Mutuality in Banking and Insurance | |
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| Mutuality in Banking | |
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| Mutuality in Insurance | |
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| Beyond Shari'a Arbitrage | |
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| Shari'a Arbitrage and Criminal Finance | |
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| Shari'a Arbitrage at the Limit | |
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| Benchmarking ad Absurdum | |
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| Hedge-Fund Instruments - Shari'a-Arbitrage Style | |
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| Self-Destructiveness of Shari'a Arbitrage | |
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| Declining Shari'a-Arbitrage Profit Margins | |
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| Dilution of the "Islamic" Brand Name | |
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| Toward a New Islamic Finance Identity | |
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| Macroeconomic Substance: Privatization Sukuk | |
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| Mosque-Based Network of Financial Mutuals | |
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| Positive Screens, Ethical Investment | |
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| Conclusion | |
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| Notes | |
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| Bibliography | |
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| Index | |