Contents -- Foreword by Arfat Selvam -- Preface to 3rd Edition -- Acknowledgements -- Introduction -- Chapter 1 Islamic History -- 1.1 The Quran -- 1.2 The Five Principles of Islam -- 1.3 The Mosque -- 1.4 Muhammad and the Origins of Islam -- 1.5 The Spread of Islam -- 1.6 The Golden Age of Islam -- 1.7 Decline and Fall -- 1.8 A Revival of Fortunes -- 1.9 Middle-Eastern Oil -- 1.10 Islamic Nationhood in the Late Twentieth Century -- 1.11 The Iranian Revolution and After -- 1.12 Islamic Banking and Islamic Revival -- Chapter 2 Shari'ah Law and Islamic Jurisprudence -- 2.1 From the Obligatory to the Forbidden -- 2.2 The Quran, the Sunnah and the Hadith -- 2.3 The Five Major Schools of Islamic Law -- 2.4 Classical Islamic Jurisprudence and the Processes for Ascertaining the Law -- 2.5 The Concept of Fatwah -- 2.6 From Revelation to Codification: Scholasticism and the Formulation of Doctrine -- 2.7 Closing of the Door of Ijtihad -- 2.8 Shari'ah and State Law in the Modern Era -- Chapter 3 Islamic Commercial Law -- 3.1 Islamic vs. Non-Islamic Commercial Transactions -- 3.2 Principal Requirements of the Shari'ah in Relation to Commercial Activities -- 3.3 Islam: the Difference between Equity and Debt -- 3.4 Rationale of the Prohibition of Interest -- 3.5 Conventional Banking and the Prohibition of Riba in Islam -- 3.6 Treatment of Deposits with Interest -- 3.7 Profit and Loss Sharing -- 3.8 Profit-Sharing Enterprises -- 3.9 Islamic Contract Law -- 3.10 Types of Contract in Shari'ah -- 3.11 Islamic Financing in a Contemporary Setting -- 3.12 The Problem of Uncertainty ( gharar) -- 3.13 Summary -- Chapter 4 Islamic Financial Products -- 4.1 The Emergence of Islamic Banking -- 4.2 Different Paths, Same Goal -- 4.3 What Investment Products are Permissible under Islamic Shari'ah Law -- 4.4 Shari'ah Investment Principles.

4.5 Equity-Financing and Debt-Financing in Pre-Islamic Arab Society -- 4.6 Islamic Equity-Financing and Debt-Financing -- 4.7 Equity Securities: Profit-Sharing Contracts -- 4.8 Debt-Financing Contracts -- 4.9 Debt Securities -- 4.10 Shari'ah Qualifications in Leasing -- 4.11 Other Risk-Taking Products -- 4.12 Islamic Insurance -- 4.13 Takaful Insurance in a Contemporary Context -- 4.14 Takaful Compared with Conventional Insurance -- 4.15 Summary -- Chapter 5 Issues and Challenges of Islamic Banking Today -- 5.1 Obstacles to the Application of Islamic Law to Present Day Banking -- 5.2 Derivation from Revealed Sources -- 5.3 Methodological Differences -- 5.4 Pluralism of Fatwahs -- 5.5 The Problem of Applying Islamic Law in a Western Legal Environment -- 5.6 Accounting and Corporate Regulatory Practices -- 5.7 Depositors and Regulators -- 5.8 Regulators' Concerns -- 5.9 Legal Challenges -- 5.10 Developing an Efficient Regulatory Framework -- 5.11 Special Requirements of Islamic Banking -- 5.12 Assessment and Management of Investment Risks -- 5.13 Proposals for a Regulatory Framework for Islamic Banking -- 5.14 Conclusion -- Chapter 6 Islam in South-east Asia -- 6.1 The Coming of Islam to South-east Asia -- 6.2 European Rivalries and Colonisation -- 6.3 The Road to Independence -- 6.4 Post-Independence: A New World Order -- 6.5 The Philippines -- 6.6 Indonesia -- 6.7 Malaysia -- 6.8 Brunei -- 6.9 Islam in South-east Asia Today -- Chapter 7 Colonial Legacies: Islam and State Law in South-east Asia -- 7.1 Shari'ah vs. State Law -- 7.2 British Malaya -- 7.3 The Introduction of English Common Law to Malaya -- 7.4 Out of India -- 7.5 Muslim Law in Malaysia -- 7.6 Conflict between Muslim Law and English Common Law -- 7.7 Maria Hertogh: A Case in Point -- 7.8 Post-Independence -- Chapter 8 Malaysia: A Leading Islamic Finance Jurisdiction -- 8.1 Introduction.

8.1.1 A Leading Islamic Finance Jurisdiction -- 8.2 Legislation -- 8.2.1 Regulatory Bodies -- Bank Negara Malaysia -- Bursa Malaysia -- Securities Commission Malaysia (SC) -- Shari'ah Advisory Council (SAC) -- 8.2.2 The MIFC Initiative -- 8.2.3 Incentives for Islamic Finance -- 8.3 The Financial Industry -- 8.3.1 The Islamic Banking Sector -- 8.3.2 Sukuk -- 8.3.3 Fund Management -- Foreign Fund Management Licenses -- 8.3.4 Takaful -- International Takaful Operator (ITO) -- 8.3.5 Other Securities -- Shari'ah-compliant securities -- Islamic Real Estate Investment Trusts (I-REITs) -- Islamic Exchange Traded Fund (I-ETF) -- 8.4 Education and Human Capital -- 8.5 Conclusion -- Chapter 9 Indonesia: An Islamic Banking Giant Awakens -- 9.1 Introduction -- 9.1.1 Banking Sector -- 9.2 Early Islamic Banking -- 9.3 Islam in Indonesia -- 9.4 Key Islamic Banking Legislation -- 9.4.1 Taxation of Shari'ah-based Activities -- 9.5 Financial Industry in Indonesia -- 9.5.1 Islamic Banking -- 9.5.2 Sukuk -- 9.5.3 Takaful -- 9.5.4 Fund Management -- 9.6 Conclusion -- Chapter 10 Labuan: A Growing Niche in Islamic Finance -- 10.1 Labuan -A Jurisdiction of Increasing Substance -- 10.2 The Labuan Islamic Financial Services and Securities Act 2010 (LIFSSA) -- 10.3 Labuan Offshore Companies -- 10.3.1 Currency and Exchange Control -- 10.3.2 Tax Incentives -- 10.4 Labuan International Financial Exchange -- 10.5 Islamic Finance in Labuan -- 10.5.1 Sukuk -- 10.5.2 Takaful/Retakaful -- 10.6 Moving Forward with Islamic Banking -- 10.7 Conclusion -- Chapter 11 Brunei: Size Really Doesn't Matter -- 11.1 Introduction -- 11.1.1 A Thriving Muslim Country -- 11.2 Brunei's Financial Industry -- 11.2.1 Financial Institutions Division (FID) -- 11.2.2 Brunei International Financial Corporation (BIFC) -- International Business Companies (IBCs) -- International Limited Partnerships (ILPs).

International Banking -- Registered Agents and Licensed Trustees -- International Trusts (IT) -- Mutual Funds -- Securities -- International Insurance and Takaful -- 11.2.3 A New Authority -- 11.2.4 The Exclusion of Money Laundering a First Priority -- 11.3 Financial Legislation -- 11.3.1 International Insurance and Takaful Order 2002 (IITO) -- 11.3.2 Islamic Banking Order 2008 (IBO) -- 11.3.3 Takaful Order 2008 (TO) -- 11.4 Islamic Finance in Brunei -- 11.4.1 Sukuk Issuance -- 11.4.2 Islamic Finance Education -- 11.5 Some Challenges -- 11.6 Conclusion -- Chapter 12 Singapore: Small But Significant -- 12.1 Introduction -- 12.1.1 Government -- 12.1.2 Business Environment -- 12.1.3 Legal System -- 12.1.4 Financial Services Industry -- 12.2 Islamic Banking Regulations -- 12.2.1 Regulatory Treatment of Common Islamic Finance Products -- 12.2.1.1 Common Funding Structures -- 12.2.1.2 Common Financing Structures -- 12.2.2 Providing Incentives to Financial Institutions -- 12.3 Islamic Banking in Singapore -- 12.3.1 Islamic Bank of Asia (IBA) -- 12.3.2 Maybank -- 12.3.3 Sukuk -- 12.3.4 Exchange-Traded Funds (ETFs) -- 12.3.5 Real Estate Investment Trusts (REITs) -- 12.3.6 Investment Funds -- 12.3.7 Takaful -- 12.3.7.1 Takaful Challenges -- 12.3.8 Education -- 12.4 Strengthening Economic Ties -- 12.5 Conclusion -- Chapter 13 An Overview of Islamic Succession Planning -- 13.1 Introduction -- 13.2 Development of Islamic Succession Planning -- 13.3 Islamic Succession Planning Products -- 13.3.1 Waqf -- 13.3.2 Wasiat -- 13.3.3 Hibah -- 13.4 Distribution -- 13.5 Products in the Marketplace -- 13.6 Conclusion -- Chapter 14 Conclusion -- 14.1 Introduction -- 14.2 Islamic Finance - Immune to the Subprime Crisis? -- 14.2.1 IFSB Response -- 14.3 Strategies to Strengthen the Resilience of the Islamic Financial System -- 14.4 Conclusion -- Glossary -- Bibliography.

Websites -- Index.