When it was originally published this volume was the first comprehensive survey of the experience of Islamic banking throughout the Muslim world in Turkey, Egypt, Kuwait, Jordan, Sudan, iran, Pakistan and Saudi Arabia. Islamic finance is emerging as a rapidly growing part of the financial sector in the Islamic world and is not restricted to Islamic countries, but is spreading wherever there is a sizable Muslim community.
This is now one of the fastest growing sectors within the market place and has, so far, remained on the sidelines of this unrest. The efforts by four budding scholars to write on this topic are indeed laudable. This book discusses risk management for Islamic banks in a comprehensive manner and yet makes it easy for readers to understand. Islamic banking has grown in scope and importance over the last few decades.
If you want to gain a better understanding of both the potential and risks of this discipline, then look no further than this book. The book concludes by noting the policy and managerial implications of its findings and provides directions for further research. This book provides two important contributions to existing theories in the financial innovation literature.
From knowledge of the Qu'ran and Sharia'a Law, to new and old Islamic financial concepts, Islamic terms, and Islamic financial instruments and services, this book covers all the key areas that practitioners need to Islamic finance.
Skip to content. Author : Angelo M. This has also added to the creditability and reliability of the published works. Teaching and Introduction of Courses As far teaching is concerned, First time al-Azhar introduced study paper on Islamic economics, of course including Islamic finance, during early nineteen sixties Namiq, Next came the King Abdulaziz University which introduced a course on Islamic economics in al-Fanjari, p.
The first International conference held at Makkah al-Mukarramah in recommended development of the curricula of teaching of Islamic economics and introduction of courses on Islamic banking Ahmad, Attempts were made by educational institutions of Muslim world to implement conference's recommendations at various levels and introduce courses or establish departments of study.
The study courses on Islamic banking and finance are not confined now to Muslim countries. With the commencement of twenty-first century, they have spread all over the world in Asia, Europe, North America, Australia and Africa. Muslims and non-Muslims want to learn more about IF and to understand special qualities of what is often seen as the ethical alternative to greedy capitalism" Nienhaus, However, due to fast growing industry of Islamic banking and finance all over the world, number of the graduates of these institutions remained insufficient as compared to demand for Shariah experts of modern finances, executives and employees.
Thus, there is a wide gap between the demand for graduates in Islamic banking and finance and availability of such experts al-Jarhi, To meet the growing demand for such expertise, now institutions all over the world are trying to offer courses of Islamic banking and finance. Some of the Western countries already have started such courses.
There has also been a proliferation of courses - some online, some as distance learning and some other as classroom-based - by lesser-known institutions, colleges, community centers and institutes.
It will be suffice to give some details of major study centers in U. Durham University launched undergraduate, masters and doctorate courses in Islamic finance and economics under the leadership of Professor Rodney Wilson.
Surrey University has a Ph. D program largely concentrating on accounting and auditing issues in Islamic finance. In the opinion of Parker, opening by the Aston Business School, which is part of Aston University in Birmingham, Europe's first dedicated Islamic Finance and business Centre at a mainstream British university in early January , is a clear proof of growing Islamic finance education industry in and out of the UK. On March 15, , two colleague of this author had completed a study on programs and courses on Islamic finance in institutions of higher studies.
The paper was presented to the 10th meeting of Chairmen of the Departments of Economics and Islamic Economics, held at the Islamic Economics Institute.
With different sources they collected information about 88 programs, courses in 97 institutions of 31 countries. Out of 97 institutions 67 are universities and 3 are institutes and academies. They covered only three languages Arabic English and French. Organizations Setting International Standards for Islamic Financial Institutions At present there are various institutions that try to bring standardization of accounting and auditing of Islamic banks and finance houses to prevent any loophole or deception.
It has attracted scholars and researchers of mainstream economics, such as Badal Mukharji19, John Presley20, Rodney Wilson21, Vogel,22 Nienhaus23, Sundrarajan24, to name a few. It may be noted that John Presley of Loughborough University has been awarded in the IDB prize due to his distinguished contribution to Islamic banking and finance. A number of working papers and a few books on Islamic banking and finance have been published by the staff of World Bank groups which is a proof of international significance of the discipline.
Concluding Remarks Out of various branches of Islamic economics, Islamic banking and finance has seen very rapid development both in academic sphere and practical life. Its development in academic field we have discussed above.
As for its progress in practice is concerned, it would suffice to say that from one bank in one city in , it increased to more than establishments spread over 75 countries statistics of and financial assets crossing billion dollars. He estimates that assets of Islamic banks and finance houses would reach 2 Trillion billion dollars by Islamic finance stands for Justice, equity, cooperation, fellow-feeling and ethics in general along with its profit earning.
It prohibits transactions that involve appropriation of others income in wrongful way, such as interest, gambling, and other forms of business leading to exploitation and disputes. Thus, Islamic finance combines welfare as well as finance, 'an approach that eludes the conventional system because the two, welfare and finance, find themselves in opposite camps, sometimes hostile to one another' Siddiqi, It makes finance subservient to exchange of real good and services, rather than the other way round.
This position of Islamic finance must be preserved. Its entrance into mainstream raises both hopes and fears. It is an opportunity for practitioners of Islamic banking and finance to prove feasibility, viability and vitality of Islamic finance for the people and the economy. At the same time it also poses a challenge.
If the users of Islamic names also adopt the same techniques and approaches that the conventional finance has been doing, time is not far away that , God forbid, it will also meltdown and see the same consequence which its counterpart is facing.
A strong and close tie between its theoretical development and practical advancement, between academicians and practitioners, it is hoped, will be a right way to protect and benefit each other and ensure its healthy and sustainable development. References: Ahmad, Khurshid Ed. Studies in Islamic Economics.
Cairo: Dar al-Shuruq. Cairo: Sprint. Ali, S. N Information Sources on Islamic Banking and Economics. London: Kegan Paul international. Datta, Jitindra Mohan Hamidullah, M. Die Welt des Islams Leiden , 4 , Bibliography of Studies in English published During Jeddah: King Abdulaziz University Press.
Islamic Finance in Sorbonne. Hampshire, England: Palgrave macmillan. Namiq, Salah al-Din. In Muhammad Shawqi al-Fanjari Ed. Nienhaus, Volker. In Belouafi Ahmed, et al Ed. Hampshire: England: Palgrave macmillan. Parker, Mushtak. Qureshi, Anwar Iqbal Lahore: Sh. Siddiqi, Muhammad Nejatullah. Jeddah: IDB. Uzair, Muhammad An Outline of Interest-less Banking. Wilson, Rodney. Banking and Finance in the Arab Middle East.
New York: St. Martin Press. Notes: 1. Some others who repeat similar allegations are El-Gamal, Mahmoud A. Siddiqi, M. Sadeq and Aidit Ghazali eds.
Perhaps the first degree was awarded in early 20th century by an American university to Nicolas P. Ali and Ali report that one hundred and five doctoral dissertations on Islamic economics and finance during were accepted in U. Ali and Ali, , op. It is interesting to note that in Dr.
Siddiqi sent a paper on interest-free banking to the editor of Quarterly Journal of Economics, Cambridge, Mass. It poses interesting problems but would be of little interest for a Western country. It is not possible to give here the list of books published by Western publishers. Routledge Curzon. Presley Islamic Finance: Theory and Practice. London, Macmillan. In spite of the fact that Indian scholars have been the pioneers to articulate and Islamic economics, banking and finance, introduction of courses and teaching has been very late and slow.
The first time in the session , Aligarh Muslim University has initiated a diploma in Islamic banking and finance. It has its planning to take it to degree levels. There has been some other private and virtual teaching and training institutions in the country.
Muhammad Nejatullah Siddiqi King Faisal laureate, one of the pioneers of modern Islamic economics and banking. Khurshid Ahmad, winner of King Faisal International award and the prize of Islamic Development Bank for Islamic economics, authored, edited and introduced a number of works on Islamic economics and finance. Umer Chapra, also King Faisal prize winner, is one of the pioneers of modern Islamic economics and banking. Monzer Kahf, IDB prize winner in Islamic economics and banking, author of several books, currently visiting professor of Qatar University.
Badal Mukharji retired professor of Delhi University, wrote on a micro model of the Islamic tax system, and theory of growth of a firm under zero interest rate. John Presley retired professor of Loughborough University, U. Rodney Wilson professor of Durham University, author of a number of works on Islamic banking and finance.
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