Islamic Banking and Finance : Status and Issues
Contents: Preface. I: Islamic Finance: A Theoretical Framework. 1. Islamic Finance: A Western perspective/Humayon A. Dar and John R. Presley. 2. Islamic Banking: An Overview/Mohammed Galib Hussain. 3. Islamic Banks profitability in an interest rate cycle/Anouar Hassoune. II: Islamic Insurance (Takaful): Legalistic Viewpoints. 4. Legal Capacity to contract of takaful: an Islamic jurisprudential consideration/Mohd. Billah Ma’sum. 5. Sources of Law affecting ‘Takaful’ (Islamic Insurance)/ Mohd. Billah Ma’sum. III: Derivatives and Islamic Jurists. 6. Derivative Instruments and Islamic Finance: some thoughts for a reconsideration/Obiyathullah Ismath Bacha. 7. What Shariah Experts Say? Futures, Options and Swaps/Jurists Opinion. IV: Islamic Home Finance: The US Experiment. 8. Towards a Lariba (Islamic) Mortgage Financing in the United States providing an Alternative to traditional Mortgages/Yahia K. Abdul-Rahman and Abdullah S. Tug. V: Islamic Banking: A Global Perspective. 9. Islamic-Banking: Past, Present and Future/Tahir Beg. VI: Islamic Banking and Finance in India. 10. A Proposed Introduction of Islamic Banks in India/Omar Khan. 11. Banking Regulation and Islamic Banks in India: Status and Issues/M.Y. Khan. 12. Islamic Financial societies of India: Nature, Problems and Prospects/M.I. Bagsiraj. 13. Islamic Banking and Regulatory Framework in India/M. Akbar Mohideen. 14. Muslim Financial Institutions in India: An Evaluation/Mohammed Galib Hussain. Index.
Can there be banking without interest? If you creative design and interest free bank can be operated, how do the depositors get their return on their deposits? How can such a bank-be it commercial/investment bank or housing finance corporate-lend without interest to its customers? Is it possible to have insurance policies sans interest and gambling?
Do we have a viable alternative to the conventional banks and the derivatives which are described as weapons of financial mass destruction? If there is an alternative, how are they functioning across the globe? Can India possibly replicate some of the experiments of Islamic finance in its economy? What are the legal hurdles?
This book addresses these and many more issues. It is divided into five parts. The book is presented to the readers with a humble request that Islamic finance need not be viewed as Muslim’s financial system but as an alternative system of finance which has the potentiality of solving many of the ills of interest based financial institutions.
This book should prove to be fountain head of knowledge for all the finance professionals who would like to structure Islamic financial products, to the convention banks for launching Islamic windows and alternative financial products, to the RBI and the Ministry of Finance bureaucrats for taking a call on Islamic finance, to the academics as well as researchers for getting insights into the nuances of Islamic finance. (Jacket)
