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

Istisna (Manufacturing Contracts) in Islamic Banking and Finance (Law & Practice)

Author: Muhammad al-Bashir Muhammad Al-Amine

Muhammad al-Bashir is a Shari’ah (LLB) graduate from the Islamic University of Madinah He obtained his Master of Comparative Laws from the International Islamic University of Malaysia and he is currently in his final year of his PhD research at the faculty of laws-IIUM. He has also authored several articles published in some International journals.

Publisher: A S Noordeen (Malaysia)

ISBN: 9830651177

about the book
The present book is an extensive and critical analysis of this contract from the classical source of Islamic law and the practice of contemporary Islamic financial institutions. Its addresses the nature of this contract, its conditions, the general and specific argument for the legality of this contract, its binding character and the seller’s stipulation to preclude his liability from any defect in the manufactured commodity. Furthermore, it expounds the issue over the liquidated damages and its relation with Istisna, the doctrine of change of circumstances and its implications and arbitration as dispute resolution in Istisna. Finally, it elaborates the practical aspects of Istisna especially its role in economic development, areas of its applications, the criteria of project evaluation, security and risk management, insurance and the legal status of the consultant agent pertaining to Istisna.

Economic Liberalisation, Social Capital and Islamic Welfare Provision

This book looks at two aspects of Islamic activity in the Middle East and North Africa, the development of social capital and the provision of welfare services, within the context of economic liberalization programs to see whether the retrenchment of the state under liberalisation has created a space for Islamic-based activities.

AUTHOR : Jane T. Harrigan, Hamid El-said
ISBN: 9780230202191

Publisher: Palgrave Macmillan