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Arab Islamic Banking and the Renewal of Islamic Law (Arab and Islamic Laws Series)
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Arab Islamic Banking and the Renewal of Islamic Law (Arab and Islamic Laws Series)
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by Nicholas Ray
Sales Rank : 3973364
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Hardcover: 288 pages
Publisher: Springer; 1 edition April 12, 1995
Language: English
ISBN-10: 1859661041
ISBN-13: 978-1859661048
Product Dimensions:
9.8 x 6.5 x 0.8 inches
Shipping Weight: 1 pounds
Product Description
In recent times the Islamic religious movement has been steadily gaining importance in the Muslim world, demonstrating a clear desire to modify existing institutions in order that they conform to the values of traditional Islamic culture. This new book examines the application of such norms to modern finance: Islamic banking. This work addresses the surprising lack of familiarity with modern Islamic banking among Western bankers and lawyers and the virtual absence of competent discussion and correct information on the subject. The author provides a thorough review of Islamic banking, its development, participants aims and structure, goes on to study its contractual basis and finally, by way of a case study of the Faisal Islamic Bank of Egypt, determines the financial viability of Islamic banks. He proposes that Arab Islamic banking is a fundamentally different financial system from the system currently dominant throughout the world, and further, is a viable financial phenomenon. Islamic banking, a bold new developmental model for the Muslim world, has demanded immense intellectual and financial commitments and an empirical approach emphasising the adaptation of both systems -- medieval fiqh and modern finance -- to achieve the goal. The text is supplemented by translations of selected fatwas.
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