A Detailed Look at the Fast-Growing Islamic Banking and Finance Sector

Press release
September 26, 2012
Hoboken, NJ
A Detailed Look at the Fast-Growing Islamic Banking and Finance Sector

The severity of the global financial crisis that followed the years 2008 and 2009 has been described as second only to the Great Depression. Yet, during those two years, the assets of the 500 top Islamic financial institutions grew — from $639 billion to $820 billion.

What sets apart the Islamic finance industry from the rest of the financial world? And how have its differences helped this sector thrive when the rest of the global financial market struggles to regain its balance?

Faleel Jamaldeen, author of Islamic Finance For Dummies, says: “I’m bullish on Islamic finance: I’m a firm believer in the market potential of this industry. I’m also a firm believer in the benefits of Westerners understanding the concepts that lie behind the Islamic financial products — knowing why a separate industry exists and why many conventional products don’t work for Muslims.”

“In the West, the general public and even many financial professionals know absolutely nothing about Islamic finance. Those who’ve at least heard of it may assume that they can’t understand or participate in it because they aren’t Muslim and don’t speak Arabic.) Western women may assume that they aren’t allowed to participate in the Islamic finance industry because of misconceptions about Islamic law. (Women can and do fully participate in Islamic finance — as professionals and as investors.)”

“Islamophobia is a prejudice against Islam or Muslims that has unfortunately become more commonplace and more intense in the West since the attacks on the United States on September 11, 2001. Some people simply don’t want anything to do with an industry that’s affiliated with Islam. Until now, searching for a book to help you navigate the subject of Islamic finance wasn’t very rewarding. That’s because Islamic finance has been the topic of textbooks but not many nonacademic titles.”

Jamaldeen goes on to say, “I wrote this book to bridge the gap between people who need and want to know about Islamic finance and an industry that needs and wants their participation. You’ll find that you don’t need to learn a new language, change your personal religious views, and that job prospects are strong for both men and women with conventional banking and finance skills who are open to learning about new products and a new way of conducting business.”

“I wrote this book assuming that you have a strong interest in the financial industry already. Maybe you’re a banker, a mutual fund manager, an investment consultant, or an insurance agent. Perhaps you have Muslim clients asking you to consider adding sharia-compliant products to your roster of offerings, or your boss mentioned in passing that Islamic finance has been growing like crazy and your company should find out how to tap into the market. Maybe you’re a college student focusing your studies in finance, and you’ve read that job prospects are good for people with specific knowledge about Islamic finance.”

Whatever the scenario, you’ll find clear and easy-to-understand information on how the Islamic finance industry works.

source : wiley.com

Books : Islamic Capital Markets & Introduction to Islamic Banking & Finance

Author : Brian Kettell

ISBN: 978-0-9558351-1-7, 296 pages

 

 

 

Author : Brian Kettell

ISBN: 978-0-9558351-0-0, 251 pages

 

 

 

 

 

 

 

 

 

 

Islamic Capital Markets

All you ever need to know about Islamic capital markets. This is the world’s first ever book covering the fundamental principles underlying one of the most exciting financial markets.

Reading this book you will learn about capital markets where:

1.       Instruments traded are asset backed.

2.       Defaults are virtually unknown.

3.       A variety of new asset classes are emerging.

Contents of Islamic Capital Markets

Chapter 1. Muslim beliefs

Chapter 2. Sharia’a law and Sharia’a Boards: roles, responsibility and membership

Chapter 3. Conventional and Islamic financial intermediation

Chapter 4. Islamic capital markets and Islamic securitisation

Chapter 5. Islamic investment principles

Chapter 6. Sharia’a compliant wholesale markets

Chapter 7. Islamic funds, equities, indices and ETFs

Chapter 8. Derivatives and hedge funds in Islamic finance

–  Why are derivatives forbidden under Sharia’a law ?

–  Total returns swap and Sharia’a conversion technology

Chapter 9. Sukuk (Islamic bonds)

Chapter 10. Islamic real estate investment trusts

World’s 100 largest Islamic banks

Top 500 Islamic Financial Institutions
Introduction to Islamic Banking & Finance

An essential first read for anyone interested in Islamic banking, this book covers the principles of the world’s fastest growing financial sector. Reading this book you will learn about a banking system where: 

1.       Interest is forbidden.

2.       Derivatives are forbidden.

3.       Sub-prime mortgages are forbidden.

Contents of Introduction to Islamic Banking & Finance

Chapter 1. Muslim beliefs

Chapter 2. Sources of Sharia’a law: legal basis for Islamic banking

Chapter 3. Definition of Islamic banking 

Chapter 4. Murabaha as a mode of Islamic finance

Chapter 5. Mudaraba as a mode of Islamic finance

Chapter 6. Musharaka as a mode of Islamic finance

Chapter 7. Ijara as a mode of Islamic finance

Chapter 8. Istisna’a as a mode of Islamic finance

Chapter 9. Salam as a mode of Islamic finance

Chapter 10. Takaful: Islamic insurance

Chapter 11. Sharia’a law and Sharia’a boards: roles, responsibility and membership

Appendix 1. World’s 100 largest Islamic banks

Appendix 2. Top 500 Islamic Financial Institutions

وقالت مصادر مرجعية للأطروحة أو رسالة جامعية في الاقتصاد أو المالية الإسلامية

قائمة المجلات والدوريات ونشرت مجلة لتشجيع التمويل الإسلامي ، والخدمات المصرفية الإسلامية والاقتصاد الإسلامي في جميع أنحاء العالم

English

New Horizon – Institute of Islamic banking and Insurance – UK

True Banking – Bi monthly magazine published by Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

Global Islamic Finance Magazines – UK

Business Islamica Magazine – UAE                  

Islamic Finance Asia –

Islamic Banking and Finance – UK

Islamic Finance Today – Sri Lanka

Islamic Business and Finance Magazine – UAE

The Review – Central Bank of Bahrain

MIF Monthly – Malaysia

Halal Journal – Malaysia

Shirkah – Swiss

Journal of King Abdul Aziz University – The economics department

Islamic Research and Training Institute Journal

Journal of Islamic Economics, Banking and Finance (JIEBF) – Quartely Islami Bank Training and Research Academy

International Journal of Islamic and Middle Eastern Finance and Management –

Online magazines

Islamic Banking and Finance News –  Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

 

 

Arabic

Islamic Finance and Investments – Al masrifia

Journal of Islamic Awarness – Kuwait

Sources de référence pour la mémoire ou une thèse en finances ou en économie islamique (islamique magazines, périodiques et revues)

Liste des magazines, des périodiques et revues publiés à promouvoir la finance islamique, de la banque islamique et l’économie islamique dans le monde.

English

New Horizon – Institute of Islamic banking and Insurance – UK

True Banking – Bi monthly magazine published by Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

Global Islamic Finance Magazines – UK

Business Islamica Magazine – UAE                  

Islamic Finance Asia –

Islamic Banking and Finance – UK

Islamic Finance Today – Sri Lanka

Islamic Business and Finance Magazine – UAE

The Review – Central Bank of Bahrain

MIF Monthly – Malaysia

Halal Journal – Malaysia

Shirkah – Swiss

Journal of King Abdul Aziz University – The economics department

Islamic Research and Training Institute Journal

Journal of Islamic Economics, Banking and Finance (JIEBF) – Quartely Islami Bank Training and Research Academy

International Journal of Islamic and Middle Eastern Finance and Management –

Online magazines

Islamic Banking and Finance News –  Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

 

 

Arabic

Islamic Finance and Investments – Al masrifia

Journal of Islamic Awarness – Kuwait

Sumber rujukan untuk Disertasi atau Tesis Kewangan atau Ekonomi Islam (islamic majalah, Periodicals dan Jurnal)

Senarai Majalah, majalah dan jurnal diterbitkan untuk mempromosikan kewangan Islam, perbankan Islam dan ekonomi Islam di seluruh dunia.

New Horizon – Institute of Islamic banking and Insurance – UK

True Banking – Bi monthly magazine published by Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

Global Islamic Finance Magazines – UK

Business Islamica Magazine – UAE                  

Islamic Finance Asia –

Islamic Banking and Finance – UK

Islamic Finance Today – Sri Lanka

Islamic Business and Finance Magazine – UAE

The Review – Central Bank of Bahrain

MIF Monthly – Malaysia

Halal Journal – Malaysia

Shirkah – Swiss

Journal of King Abdul Aziz University – The economics department

Islamic Research and Training Institute Journal

Journal of Islamic Economics, Banking and Finance (JIEBF) – Quartely Islami Bank Training and Research Academy

International Journal of Islamic and Middle Eastern Finance and Management –

Online magazines

Islamic Banking and Finance News –  Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

 

 

Arabic

Islamic Finance and Investments – Al masrifia

Journal of Islamic Awarness – Kuwait

İslami Finans ve Ekonomi Tezi veya Tez için referans kaynakları (İslami Dergiler, Süreli Yayınlar ve Dergiler)

Dergi, süreli yayınlar ve dergi, dünyada İslami bankacılık ve İslami ekonomi İslami finans tanıtmak için yayınlanan listesi.

English

New Horizon – Institute of Islamic banking and Insurance – UK

True Banking – Bi monthly magazine published by Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

Global Islamic Finance Magazines – UK

Business Islamica Magazine – UAE                  

Islamic Finance Asia –

Islamic Banking and Finance – UK

Islamic Finance Today – Sri Lanka

Islamic Business and Finance Magazine – UAE

The Review – Central Bank of Bahrain

MIF Monthly – Malaysia

Halal Journal – Malaysia

Shirkah – Swiss

Journal of King Abdul Aziz University – The economics department

Islamic Research and Training Institute Journal

Journal of Islamic Economics, Banking and Finance (JIEBF) – Quartely Islami Bank Training and Research Academy

International Journal of Islamic and Middle Eastern Finance and Management –

Online magazines

Islamic Banking and Finance News –  Al Huda Center of Islamic Banking and Economics (CIBE) Pakistan

 

 

Arabic

Islamic Finance and Investments – Al masrifia

Journal of Islamic Awarness – Kuwait

La Finance Islamique

Author (s): Mr. Ruimy

Publisher (s): Arnaud Franel

ISBN10: 2-89603-141-3

 Introduction by the editor

Introduction by the editor

Islamic finance is based on strict religious principles (prohibition of usury, speculation and illegal activities – alcohol, pornography, games …) that banks seeking to implement or work around to seduce new customers.

Islamic assets have grown an annual average of 11% over the last ten years to achieve, by some estimates, 500 billion. The number of funds invested in equities, listed and unlisted real estate in Sukuk jumped from 97 in 2000 to nearly 500 today.

After presenting the religious principles governing Islamic finance, this book puts in perspective the current trends in this segment and describes, in an original and synthetic, broad overview of techniques used in financing transactions before looking management of risks.

The aim of this book is to provide practitioners with banks and financial business, a guide to the various transactions under Islamic finance, students and scholars a manual in direct financial practices banks.

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Convergence of Islamic and Conventional Finance Imminent

A groundbreaking book that explains the impact of globalization on Islamic Finance and its portents for the future.

The financial tsunami of 2008 emphasized the fragility of a debt-based financial system. Numerous international banks have had their reputations tarnished by the credit crisis, and investors’ confidence in debt instruments and debt financing has since waned. On the other hand, Islamic banks, which operate on principles such as risk sharing, trust, transparency and the upholding of Islamic values to promote equality and social welfare, have remained largely unscathed. This success has lured a growing number of investors to the non-debt, equity-based domain of Islamic finance.

Published by John Wiley & Sons (Asia) Pte Ltd, Globalization & Islamic Finance: Convergence, Prospects and Challenges (ISBN: 978-0-470-82349-1) is the first serious attempt to study the affiliation between the current trend of globalization and the development of Islamic finance. It explores the potential asymptotic convergence of Islamic and conventional finance as these systems continue to design and develop better risk-sharing structures and an expanded medley of financial instruments.

The crisis has intensified the quest for a reformation of the international financial architecture, toward a system with greater reliance on equity financing and risk sharing. As it would appear that Islamic finance and financial globalization share a common objective of achieving maximum risk sharing, it is plausible that conventional and Islamic finance converge as we continue down this path.

Written by three well-respected authors and voices in this field, Professor Hossein Askari, Dr. Zamir Iqbal and Dr. Abbas Mirakhor share innovative thoughts on the future of Islamic finance in the wake of globalization as well as the legal, institutional, governance and financial preconditions that must exist for this institution to succeed. This book will be an important read for practitioners, academics and anyone with an interest in the impact of globalization on Islamic finance and its portents for the future.

About the Authors:
Professor Hossein Askari received a B.S. in Civil Engineering, Ph.D. in Economics and attended the Sloan School of Management at the Massachusetts Institute of Technology (MIT). He was an Instructor of Economics at MIT, Assistant Professor of Economics at Tufts University, Associate Professor of Economics at Wayne State University, Associate Professor and Professor of International Business and Middle Eastern Studies at the University of Texas at Austin and is now the Iran Professor of International Business and Professor of International Affairs at the George Washington University. He served for two and a half years on the Executive Board of the IMF and was Special Advisor to the Minister of Finance of Saudi Arabia. In the mid-1980s, he was the director of a multinational team that developed the first energy planning models for Saudi Arabia. He has written extensively on economic development in the Middle East, international trade and finance, agricultural economics, oil economics, and on economic sanctions. He has been an advisor to a number of governments, institutions and corporations.

Dr. Zamir Iqbal works as Lead Investment Officer with the Quantitative Strategies, Risk and Analytics department in the Treasury of the World Bank in Washington, D.C. He earned his Ph.D. in International Finance from the George Washington University, where he also serves as adjunct faculty of International Finance. He has published numerous articles and presented at international forums on Islamic finance. He has extensive experience with capital markets, structured products, risk management, financial sector development, and financial modeling. His research interests include Islamic Finance, Financial Engineering, Structured Finance and International Banking. He is co-author of Introduction to Islamic Finance: Theory and Practice (2007), Risk Analysis for Islamic Banks (2007), and New Issues in Islamic Finance and Economics: Progress and Challenges (2009).

Dr. Abbas Mirakhor, born in Tehran, Islamic Republic of Iran, attended Kansas State University, where he received his Ph.D. in economics in 1969. From 1969 to 1984, he taught in various universities in the U.S. and Iran. From 1984 until 1990, he served on the staff of the IMF, and from 1990 to 2008, he served as the Executive Director at the IMF. Currently, he is The First Holder of International Center For Education in Islamic Finance (INCEIF) Chair of Islamic Finance. He has received several awards including “Order of Companion of Volta” for service to Ghana, conferred by the President of Ghana in 2005; Islamic Development Bank Annual Prize for Research in Islamic Economics, shared with Moshin Khan in 2003, and “Quaid-e Azam” star for service to Pakistan conferred by the President of Pakistan in 1997. Dr. Mirakhor is the co-author of Essays on Iqtisad: Islamic Approach to Economic Problems (1989), Theoretical Studies in Islamic Banking and Finance (1987), Introduction to Islamic Finance: Theory and Practice (2007), and New Issues in Islamic Finance and Economics: Progress and
Challenges (2009).

A New Financial Dawn: The Rise of Islamic Finance

Autho
Joseph A. DiVanna
Antoine Sreih
Joseph DiVanna is an author, global speaker and currently Managing Director of Maris Strategies. He contributes to a number of journals of banking and finance, including The Banker, Financial World Magazine and New Horizon. He is the author of Understanding Islamic Banking, Redefining Financial Services, the Future of Retail Banking and the editor of How to Run a Bank.
Antoine Sreih is the Chief Executive Officer of Europe Arab Bank. He is also Chairman of Wahda Bank in Libya. He is a highly experienced professional with a strong international background in IT and Operations, project management and general banking.

Summary of the book
A New Financial Dawn examines the global economic crisis in the context of how western markets influence Islamic financial innovation. Joseph DiVanna, author and Managing Director of Maris Strategies, and Antoine Sreih, CEO of Europe Arab Bank, discuss how market conditions are creating a fertile seedbed for the next generation of innovation in Shariah-compliant financial services.

Publisher: Leonardo and Francis Press Ltd

ISBN-10: 1905687109
ISBN-13: 978-1905687107