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Islamic Finance

Edited by M. Kabir Hassan, University of New Orleans, US and Mervyn K. Lewis, Professor of Banking and Finance,
University of South Australia and Fellow, Academy of Social Sciences, Australia

‘The editors, who have been involved for many years in Islamic finance, have done an excellent job in bringing this collection together. It
provides valuable source material for researchers and students of Islamic finance, and will be an essential purchase for libraries that have
specialist works in this field, as well as for those that lack such collections, but which need to provide support material for lone researchers or
small student groups.’
– Rodney Wilson, Durham University, UK

Islamic finance refers to methods of undertaking banking and financial transactions that are in conformity with the precepts of Islam. As such,
the system offers a challenge to conventional Western ways of thinking about financing. This indispensable set of papers brings together
the most important previously published papers on the subject of Islamic Finance from the last four decades. Issues explored include: the
prohibition on interest; financing instruments; accounting and regulatory issues; institutional structures and recent developments.

28 articles, dating from 1964 to 2004

Contributors include: K. Ahmad, M.U. Chapra, M.A. El-Gamal, F. Khan, M.S. Khan, A. Mirakhor, M. Obdaidullah, M.N. Siddiqi, V. Sundararajan

September 2007 704 pp Hardback 978 1 84376 313 0 $310.00

The International Library of Critical Writings in Economics series


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Islamic Finance

Contents & Contributors:

Acknowledgements 16. Rifaat Ahmed Abdel Karim (1990), ‘The Independence of
Introduction M. Kabir Hassan and Mervyn K. Lewis Religious and External Auditors: The Case of Islamic Banks’
17. Luca Errico and Mitra Farahbaksh (2001), ‘Islamic Banking:
Issues in Prudential Regulations and Supervision’
18. Dadang Muljawan, Humayon A. Dar and Maximilian
1. Imad Ahmad (1982), ‘Islamic Social Thought’
J.B. Hall (2004), ‘A Capital Adequacy Framework for Islamic
2. Fazlur Rahman (1964), ‘Riba and Interest’ Banks: The Need to Reconcile Depositors’ Risk Aversion with
3. Muhammad Akram Khan (1983), ‘Riba in Contemporary Managers’ Risk Taking’
4. Khurshid Ahmad (1994), ‘Elimination of Riba: Concept and
Problems. Response to the Supreme Court Questionnaire’
19. Syed Khalid Rashid (1993), ‘Islamization of Insurance –
5. Izzud-Din Pal (1994), ‘Pakistan and the Question of Riba’
a Religio-Legal Experiment in Malaysia’
6. M. Fahim Khan (1991), ‘Time Value of Money and
20. Muhammad Anwar (1994), ‘Comparative Study of Insurance
Discounting in Islamic Perspective’
and Takafol (Islamic Insurance)’
7. Timur Kuran (1995), ‘Islamic Economics and the Islamic
21. Murat Çizakça (1998), ‘Awqaf in History and its Implications
for Modern Islamic Economies’
8. M. Umer Chapra (2000), ‘Is it Necessary to Have Islamic
22. Rajesh K. Aggarwal and Tarik Yousef (2000), ‘Islamic Banks
and Investment Financing’
23. Habib Ahmed (2002), ‘Financing Microenterprises: An
PART II PRINCIPLES OF ISLAMIC BANKING Analytical Study of Islamic Microfinance Institutions’
9. Ingo Karsten (1982), ‘Islam and Financial Intermediation’
10. B.A. Bashir (1983), ‘Portfolio Management of Islamic Banks: PART V DEVELOPMENTS IN ISLAMIC FINANCING
“Certainty Model”’
24. Abbas Mirakhor (1996), ‘Cost of Capital and Investment in
11. Moshin S. Khan (1986), ‘Islamic Interest-Free Banking: a Non-Interest Economy’
A Theoretical Analysis’
25. Mohammad Obaidullah (1998), ‘Financial Engineering
12. John R. Presley and John G. Sessions (1994), ‘Islamic with Islamic Options’
Economics: The Emergence of a New Paradigm’
26. Mahmoud A. El-Gamal (1999), ‘Involving Islamic Banks in
13. Talla Al-Deehani, Rifaat Ahmed Abdel Karim and Central Bank Open Market Operations’
Victor Murinde (1999), ‘The Capital Structure of Islamic
27. Sami Al-Suwailem (1999, 2000), ‘Towards an Objective
Banks under the Contractual Obligation of Profit Sharing’
Measure of Gharar in Exchange’
14. Muhammad Nejatullah Siddiqi (2000), ‘Islamic Banks:
28. Muhammed-Shahid Ebrahim (2000), ‘Pricing Asset Backed
Concept, Precept and Prospects’
Islamic Financial Instruments’
Name Index
15. Cyril Tomkins and Rif’at Ahmed ‘Abdul Karim (1987),
‘The Shari’ah and its Implications for Islamic Financial
Analysis: An Opportunity to Study Interactions Among
Society, Organization, and Accounting’