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Contemporary Islamic Finance: Innovations, Applications and Best Practices


The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance, and most contain contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Contemporary Islamic

Finance provides a comprehensive look at this important topic by examining the basic concepts, current innovations, and best practices predominant in today's Islamic finance industry.

Engaging and accessible, Contemporary Islamic Finance offers an informative look at the intricacies of this rapidly growing area of our global capital markets. Written for both financial professionals and students planning to enter the world of finance, this timely guide covers essential issues associated with Islamic

finance—from its history, economic theory, and legal structures to managing its risks, the evolution of Shari'ah-compliant indexes, and new products such as takaful.

Along the way, it takes the time to highlight various examples of how the products and structures discussed are effectively implemented in the real world. Here, you'll gain valuable insights on how mutual funds in Saudi Arabia perform, shifting Islamic financial structures offshore, Shari'ah-compliant investment in the United States, Islamic microfinance, and much more.

Islamic-compliant finance is transacted in every major world financial center, and the need for information on this topic in light of its global reach has grown exponentially. Contemporary Islamic Finance puts this discipline in perspective and will put you in a better position to excel at it.

Dr. KAREN HUNT-AHMED is a lecturer at DePaul University. She is currently teaching Islamic finance, microfinance, management, and business ethics. Dr. Hunt-Ahmed is also a Faculty Fellow of DePaul's Egan Urban Center as well as the president of the Chicago Islamic Microfinance Project, a not-for-profit economic development organization that provides Shari'ah-compliant microcredit to entrepreneurs in Chicago. Her research interests include culture and identity, financial empowerment, Islamic finance, microfinance, and the socialization of economic behavior. Dr. Hunt-Ahmed has worked in the banking sector in Chicago and in private equity in Dubai, United Arab Emirates. She received her BA and MBA from Washington University in St. Louis and her PhD from the University of Chicago. Dr. Hunt-Ahmed lives in Wilmette, Illinois, and enjoys karate. She lived in Dubai for many years and has traveled extensively in the Middle East, Pakistan, Africa, and Europe.

Acknowledgments xi

1 Introduction: Islamic Finance in the World Economy 1
Karen Hunt-Ahmed

PART I The Contemporary Islamic Finance Landscape

2 Contemporary Islamic Economic Thought 19
Mohammad Omar Farooq

3 The Legal Framework of Islamic Finance 39
Cynthia Shawamreh

4 Globalization and Islamic Finance: Flows and Consciousness 63
Karen Hunt-Ahmed

5 Islamic Science and the Critique of Neoclassical Economic Theory 75
Waleed El-Ansary

6 Juristic Disagreement: The Collective Fatw Against Islamic Banking in Pakistan 103
Shoaib A. Ghias

7 Managing Liquidity Risk in Islamic Finance 121
Dr. Muhammad Al-Bashir Muhammad Al-Amine

8 Elements of Islamic Wealth Management 147
Paul Wouters

9 Sukkk and the Islamic Capital Markets: An Introduction 165
Michael J. T. McMillen

10 Shari’a-Compliant Mutual Funds 189
Monem Salam

11 The Evolution of Shari’ah-Compliant Indexes and Why They Outperform Conventional Indexes over the Long Term 195
Tariq Al-Rifai

12 Takaful 203
Farrukh Siddiqui

13 Islamic Human Resources Practices 215
William Marty Martin

14 An Integrated Islamic Poverty Alleviation Model 223
Ali Ashraf and M. Kabir Hassan

15 How Does an Islamic Microfinance Model Play the Key Role in Poverty Alleviation? The European Perspective 245
Sabur Mollah and M. Hamid Uddin

PART II Case Studies

16 Islamic Finance in an Almost Postcrisis and Postrevolutionary World: As in Politics, All Islamic Finance Is Local 257
Mark Smyth

17 Stepping Forward, Backward, or Just Standing Still? A Case Study in Shifting Islamic Financial Structures Offshore 267
Umar F. Moghul

18 Islamic Mortgages 283
David Loundy

19 Shari’a Quality Rating 293
Nasir Ali Merchant

20 Islamic Mutual Funds’ Performance in Saudi Arabia 303
Hesham Merdad and M. Kabir Hassan

21 Shari’ah-Compliant Real Estate Investment in the United States 323
John L. Opar

22 Risk and Derivatives in Islamic Finance: A Shariah Analysis 331
Dr. Muhammad Al-Bashir Muhammad Al-Amine

23 Islamic Microfinance 353
Blake Goud

About the Editor 367

Index 369