By M. Kabir Hassan, Mervyn K. Lewis
The guide of Islamic Banking includes 25 stories via best overseas specialists on Islamic banking and finance especially commissioned to examine a number of the debates and the present kingdom of play within the field.
From its origins thirty years in the past, Islamic banking has accelerated swiftly to turn into a particular and quick growing to be phase of the foreign banking and capital markets. regardless of this enlargement, Islamic banking nonetheless continues to be poorly understood in lots of elements of the Muslim international and remains to be a secret in a lot of the West. This accomplished instruction manual presents a succinct research of the workings of Islamic banking and finance, obtainable to a variety of readers. even as, it seeks to deliver the present study time table and the most matters on Islamic banking ahead of a wider audience.
Islamic banking deals, as a substitute to standard interest-based financing equipment, a wide selection of monetary tools and funding cars according to profit-and-loss sharing preparations. those are all explored intimately besides different matters comparable to governance and threat administration, securities and funding, dependent financing, accounting and legislation, monetary improvement and globalization.
M. Kabir Hassan, Mervyn Lewis and the opposite participants have created an authoritative and unique reference paintings, on the way to give a contribution to a much broader knowing of Islamic banking in addition to upsetting additional dialogue and examine. it is going to be worthwhile to all students, researchers and policymakers with an curiosity during this topic.
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Thus the ontological and ontic (evidential) derivations of the latter category comprised Nabi’s phenomenological consequences on the premise of the epistemology of divine unity. This integration between God, man and the world carries the message of causal interrelationship between the normative and positive laws, deductive and inductive reasoning. Nabi’s evolutionary phenomenology was a reflection of his Qur’anic interpretation of historical change. In this respect he shared the views of Shah Waliullah on this topic, respecting the unfolding of human development in consonance with the levels of deliverance of the prophetic message and social change.
But the question then becomes one of whether, in the process of achieving this objective, the ‘baby is thrown out with the bathwater’. Let us consider the reasons given for Islamic fixed-return contracts being regarded as acceptable, as explained by Khan in Chapter 18. The pricing mechanism of Islamic financial instruments, including those of government securities would, basically, be similar to that for conventional financial instruments. The time value of money in economic and financial transactions is recognized in Islam.
Government collects fair taxes for its social functions and defence. The fourth stage in Waliullah’s theory of human development is internationalism. Precepts of trade, development, war and peace are taken up within the purview of an international order. Law and order is seen to require adequate government treasury for meeting war needs. According to Waliullah, the guarantee of basic needs was a mandatory social function. Such basic needs were seen to be dynamic in satisfying the ever-changing needs of society over its distinct evolutionary phases and functions.