ESCP Europe

In Understanding Islamic Finance Muhammad Ayub introduces all the essential elements of this growing market by providing an indepth background to the subject and clear descriptions of all the major products and processes associated with Islamic finance. Key features include: - Discussion of the principles of Islamic finance; - Introduction to the key products and procedures that International Financial Institutions are using or may adopt to fund a variety of clients ensuring Shar ´ah compliance; - Discussion of the role Islamic finance can play in the development of the financial system and of economies; - Practical and operational examples that cover deposit and fund management by banks involving financing of various sectors of the economy, risk management, accounting treatment, and working of Islamic financial markets and instruments. from back cover.

PART I FUNDAMENTALS --- 1 Introduction --- 2 Distinguishing features of the Islamic economic system --- 3 The main prohibitions and business ethics in Islamic economics and finance --- 4 The philosophy and features of Islamic finance --- PART II CONTRACTUAL BASES IN ISLAMIC FINANCE --- 5 Islamic law of contracts and business transactions --- 6 Trading in Islamic commercial law --- 7 Loan and debt in Islamic commercial law --- PART III ISLAMIC FINANCE - PRODUCTS AND PROCEDURES --- 8 Overview of financial institutions and products: conventional and Islamic --- 9 Murabaha and Musawamah --- 10 Forward sales: Salam and Istisna'a ---11 Ijarah Leasing --- 12 Participatory modes: Shirkah and its variants --- 13 Some accessory contracts --- 14 Application of the system: financing principles and practices --- 15 Sukuk and securitization: vital issues in Islamic capital markets --- 16 Takaful: an alternative to conventional insurance --- 17 An appraisal of common criticism of Islamic banking and finance --- Acronyms --- Glossary --- Bibliography English sources --- Arabic/Urdu sources --- Suggested further readings --- Index..