The relatively new sukuk (or Islamic debt securities) markets have grown to more than US $800 billion over the past decade, and continue to grow at a rate of around 20-30 per cent per year. Arguably the first of its kind, this path-breaking book provides a highly unique reference tool relating to key issues surrounding sukuk markets, which are found in 12 major financial centers, including Kuala Lumpur, London and Zurich. The internationally renowned contributors present an in-depth study of sukuk securities, beginning with a comprehensive definition and history. They go on to discuss Islamic financial concepts and practices that govern how sukuk securities are issued, how markets are carefully regulated to protect investors, and how securities are designed to safeguard invested money. The prospects and challenges of developing sukuk Islamic debt markets across the world are also illustrated. This comprehensive guide to sukuk markets will prove a fascinating and useful reference tool for academics, students, researchers and practitioners with an interest in Islamic finance, and, more specifically, in the nascent field of sukuk securities.
Examines the roots of the principles of ethical Islamic financial transactions, which have evolved over several millennia, on issues including usury, interest rates, and financial contracting for funding enterprises, mortgages, leasing and other transactions. Regulatory and governance issues are discussed, and the practice and operation of Islamic financial institutions are explained via three distinct case studies. The final chapter looks at what steps are being taken to provide professional accreditation to Islamic banking professional personnel and prescribes requirements for training in this growing industry. From publisher description.
Opens with a discussion of the economic objectives of an ideal Islamic society. Traces the history of Islamic banking. Discusses some theoretical issues relating to interest-free ﬁnance. Discusses at length the question of return on public debt and indexation of loans in an inﬂationary environment. Closes with an agenda for further research. 3:12:31 ‘ARIFF, M., ‘Islamic Banking’, Asia-Paciﬁc Economic Literature, (2:2) September 1988, pp. 48-64. Traces the history of Islamic banking. Surveys the theoretical as well as practical literature on the subject. Informative. Descriptive. Based on primary sources. Documented.
Monetary and Financial Theory and Institutions