Contemporary Islamic Finance -- Contents -- Acknowledgments -- CHAPTER 1 Introduction : Islamic Finance in the World Economy -- GLOBALIZATION AND MUSLIM SUBJECTIVITY -- HISTORY OF ISLAMIC FINANCE -- ISLAMIC BANKING: ORIGINS IN PRACTICE -- A CONTEMPORARY INDUSTRY -- MY HISTORY WITH ISLAMIC FINANCE -- CONVENTIONAL FINANCE VERSUS IBF -- Credit and Risk -- General Business Ethics -- AN OVERVIEW OF THE BOOK CONTENTS -- Innovations -- Applications and Best Practices -- A FINAL NOTE -- NOTES -- REFERENCES -- PART I The Contemporary Islamic Finance Landscape -- CHAPTER 2 Contemporary Islamic Economic Thought -- THE CONTINUUM OF THE PREMODERN ISLAMIC ECONOMIC THOUGHT -- CONTEMPORARY ISLAMIC ECONOMIC THOUGHT -- MAJOR THEMES AND CONCERNS -- THE SHADOW OF MAINSTREAM ECONOMICS -- SHIFT FROM ISLAMIC ECONOMICS TO ISLAMIC FINANCE -- GROWTH OF MORE SOPHISTICATED AND ROBUST LITERATURE -- Narrative and Polemical Discourse versus Theorization -- Theories/Models versus Reality -- Positive, Normative, and Transformative -- Lack of Problem-Solving Orientation -- Islamic Finance without an Islamic Economy and Delinked from Islamic Economics -- What Is and Whither Islamic Economics? -- CONCLUSION -- NOTES -- REFERENCES -- CHAPTER 3 The Legal Framework of Islamic Finance -- ISLAMIC LEGAL THEORY -- SOURCES OF ISLAMIC LAW -- SECONDARY PRINCIPLES OF ISLAMIC JURISPRUDENCE -- THEORETICAL LEGAL SYSTEMS -- BASIC RULES OF ISLAMIC FINANCE -- PROPERTY, TRADE, AND FINANCIAL ETHICS -- PROHIBITION OF RIBA -- PROHIBITION OF GHARAR -- LIMITATIONS ON FREEDOM OF CONTRACT -- STRUCTURES OF ISLAMIC FINANCE PRODUCTS -- SOCIAL AND ECONOMIC DEVELOPMENT -- INTERPRETATION OF ISLAMIC LAW -- DUAL REGULATORY SYSTEMS -- CHALLENGES IN CLOSING TRANSACTIONS -- ENFORCEABILITY OF CONTRACTS -- CONCLUSION -- NOTES -- CHAPTER 4 Globalization and Islamic Finance : Flows and Consciousness.

GLOBALIZATION THEORIES -- GLOBAL FLOWS -- Financescapes: Capital Flows -- Ethnoscapes: Deterritorialization -- GLOBAL CONSCIOUSNESS -- PROBLEMS CAUSED BY GLOBALIZATION -- Problem 1: Self and Identity -- Problem 2: Self and Community -- Problem 3: Self and Divinity -- CONCLUSION -- REFERENCES -- CHAPTER 5 Islamic Science and the Critique of Neoclassical Economic Theory -- TRADITIONAL OBJECTIVES OF HUMAN WORK -- NEOCLASSICAL THEORY, PSYCHOLOGICAL HEDONISM, AND THE ISLAMIC ALTERNATIVE -- THE QUANTUM ENIGMA AND THE ISLAMIC CRITIQUE OF ECONOMICS -- CONCLUSION -- NOTES -- REFERENCES -- CHAPTER 6 Juristic Disagreement : The Collective Fatw Against Islamic Banking in Pakistan -- INTRODUCTION -- Arguments, Style, and Scope -- Note on Translation -- TRANSLATION: EXISTING ISLAMIC BANKING AND THE OUTLINE OF THE POSITION OF THE MAJORITY OF ULAMA -- First Reason -- Second Reason -- Fatwa -- TRANSLATION: FATWĀ FROMDĀR AL-ULŪM, DEOBAND, INDIA -- Fatwa -- TRANSLATION: RESPONSE FROM PAKISTAN -- GLOSSARY -- NOTES -- REFERENCES -- ACKNOWLEDGMENTS -- CHAPTER 7 Managing Liquidity Risk in Islamic Finance -- INTRODUCTION -- LIQUIDITY MANAGEMENT AND THE CRISIS -- CAUSES OF LIQUIDITY RISK -- CURRENT SOLUTION -- MAIN EXISTING LIQUIDITY MANAGEMENT INSTRUMENT: COMMODITY MURABAHAH -- Benefits of International Commodity Murabahah -- Shortcomings of Commodity Murabahah -- SALAM SECURITIES AS MONEY MARKET INSTRUMENT -- Salam Sukuk and the Bahraini Experience -- Salam Sukuk Structure -- SHORT-TERM IJARAH SUKUK AS MONEY MARKET INSTRUMENT -- INVESTMENT AGENCY AND LIQUIDITY MANAGEMENT -- MUSHARAKAH CERTIFICATES AS MONEY MARKET INSTRUMENT: THE SUDANESE EXPERIENCE -- MALAYSIAN ISLAMIC INTERBANK MONEY MARKET -- ISLAMIC INTERBANK MARKET AND RECIPROCAL LOANS -- ISLAMIC REPO -- THE WAY FORWARD AND REGULATORS' CONCERNS -- CONCLUSION -- NOTES -- REFERENCES.

CHAPTER 8 Elements of Islamic Wealth Management -- RECOGNITION OF A DIFFERENT PARADIGM -- WHAT IS WEALTH IN ISLAM? -- PIVOTAL ELEMENTS IN ISLAMIC WEALTH MANAGEMENT -- Redistribution and Community Building -- Wealth Creation -- CONCLUSION -- NOTES -- REFERENCES -- CHAPTER 9 Sukūk and the Islamic Capital Markets : An Introduction -- INTRODUCTION -- SUKŪK -- Definitional Matters -- Market Matters Prior to November 2008 -- Industry -- SHARī'AH STRUCTURE -- TENOR AND STRUCTURES -- ISSUANCES SINCE NOVEMBER 2008 -- STRUCTURAL MATTERS: SUKŪK AL-'IJĀRA -- STRUCTURAL MATTERS: MUSHĀRAKA STRUCTURES -- STRUCTURAL MATTERS: SUKŪK AL-MUḌĀRABA -- MATTERS OF CLARIFICATION -- OBSERVATIONS IN CONCLUSION -- NOTES -- CHAPTER 10 Shari'a-Compliant Mutual Funds -- MUSHARAKA VERSUS MUDARABA -- "GENERAL NEED" -- STAKEHOLDER VERSUS SHAREHOLDER -- PURIFICATION -- CONCLUSION -- CHAPTER 11 The Evolution of Shari'ah-Compliant Indexes and Why They Outperform Conventional Indexes over the Long Term -- INTRODUCTION -- THE EVOLUTION OF SHARI'AH-COMPLIANT INDEXING -- INDEX DESIGN AND DEVELOPMENT -- PERFORMANCE: SHARI'AH-COMPLIANT INDEXES VERSUS CONVENTIONAL INDEXES -- FUTURE OUTLOOK AND TRENDS -- CHAPTER 12 Takaful -- TAKAFUL EXPLAINED -- INSURANCE INDUSTRY TODAY -- CAN TAKAFUL MAKE A DIFFERENCE? -- IS TAKAFUL A GAME CHANGER? -- CONCLUSION -- NOTES -- CHAPTER 13 Islamic Human Resources Practices -- ROLE OF RELIGION IN SHRM -- ROLE OF RELIGION IN A POST-9/11 ENVIRONMENT -- Role of Shariah Law in SHRM -- Model of SHRM -- Recruitment/Selection -- Onboarding -- Training/Development -- Performance Management -- Compensation -- CONCLUSION -- REFERENCES -- CHAPTER 14 An Integrated Islamic Poverty Alleviation Model -- POVERTY: CONCEPTS AND VIEWS -- Definition of Poverty -- Different Approaches to Antipoverty Programs -- ISLAM AND POVERTY ERADICATION.

Poverty Eradication Strategies in Islam -- Comparison of Islamic Tools for Poverty Alleviation -- Zakat as a Tool for Poverty Alleviation -- Awqaf -- Weakness of Traditional Zakat Management -- Weakness of Traditional Awqaf Management -- CONVENTIONAL MICROFINANCE AND ISLAMIC MICROFINANCE -- Conventional Microfinance -- Islamic Microfinance -- AN INTEGRATED MODEL OF ISLAMIC MICROFINANCE, ZAKAT, AND AWQAF -- Organizational Framework and Operational Procedure of Our Integrated Model -- Financial Management Framework -- SUMMARY -- NOTES -- REFERENCES -- CHAPTER 15 How Does an Islamic Microfinance Model Play the Key Role in Poverty Alleviation? : The European Perspective -- INTRODUCTION -- LITERATURE REVIEW -- EXISTING ISLAMIC MICROFINANCE PRACTICES AROUND THE GLOBE -- IMFIs: THE EUROPEAN PRACTICES AND POTENTIALS IN EUROPE -- HOW SHOULD THE IMFIs OPERATE IN EUROPE? -- CONCLUSION -- NOTES -- REFERENCES -- PART II Case Studies -- CHAPTER 16 Islamic Finance in an Almost Postcrisis and Postrevolutionary World : As in Politics, All Islamic Finance Is Local -- HISTORY -- EUROPE -- GOVERNMENT MOTIVATIONS AND APPROACHES -- Inward Investment -- Domestic Markets -- Retail Islamic Finance in Muslim-Majority Countries -- THE ARAB SPRING -- Tunisia -- Egypt -- Libya -- Oman -- Turkey -- CONCLUSION -- CHAPTER 17 Stepping Forward, Backward, or Just Standing Still? : A Case Study in Shifting Islamic Financial Structures Offshore -- THE SUBJECT TRANSACTION -- The Dilemma-A Circular Triangle? -- The Lease Participants -- The Leases -- The Leased Asset -- REFLECTIONS -- Legal Structure and Strategem -- Combining Contracts -- Pricing -- Maqasid al-Shari'ah -- Economics -- CONCLUSIONS -- NOTES -- CHAPTER 18 Islamic Mortgages -- MAJOR FINANCING MODES -- CHOOSING ONE MODE OVER ANOTHER -- FINANCIAL PERFORMANCE -- INVESTOR RISK -- PRICING RISK -- SUMMARY -- NOTES.

CHAPTER 19 Shari'a Quality Rating -- INTRODUCTION -- METHODOLOGY: THE MAIN INGREDIENTS -- Shari'a Supervisory Board (SSB) -- Internal Shari'a Control (ISC) -- ACCOUNTING STANDARDS -- TRAINING AND HUMAN RESOURCES -- ZAKAT -- CORPORATE SOCIAL RESPONSIBILITY -- Modes of Financing -- Identity and Corporate Image -- Transparency and Disclosures -- CONCLUSION -- CHAPTER 20 Islamic Mutual Funds' Performance in Saudi Arabia -- PREVIOUS LITERATURE ON ISLAMIC MUTUAL FUNDS -- THE HYPOTHESIS AND DATA -- Hypothesis Development -- Saudi Mutual Fund Data -- METHODOLOGY -- Non-Risk-Adjusted Returns -- Simple Risk-Adjusted Performance Measures -- EMPIRICAL RESULTS -- Locally Focused Portfolios -- Arab-Focused Portfolios -- Internationally Focused Portfolios -- CONCLUSION -- NOTES -- REFERENCES -- CHAPTER 21 Shari'ah-Compliant Real Estate Investment in the United States -- THE PROPERTY UNDER CONSIDERATION -- DILIGENCE -- COMPLIANCE DETERMINATION -- THIRD-PARTY FINANCING -- THE IJARA STRUCTURE -- JOINT VENTURE MATTERS -- FINANCING MATTERS -- TAX STRUCTURING -- CONCLUSION -- CHAPTER 22 Risk and Derivatives in Islamic Finance : A Shariah Analysis -- ISLAMIC DERIVATIVES AND RISK MANAGEMENT -- BASIC FEATURES OF SHARIAH-COMPLIANT DERIVATIVES -- SHARIAH ANALYSIS OF DERIVATIVES INSTRUMENTS -- The Forward Contract: A Shariah Evaluation -- Concept and Scope of Options -- Arbun and Call Option -- HEDGING, SPECULATION, GAMBLING, AND DERIVATIVES -- SHARIAH-COMPLIANT SWAPS -- CONCLUSION -- NOTES -- CHAPTER 23 Islamic Microfinance -- CONVENTIONAL MICROFINANCE PRODUCT OFFERINGS -- Microcredit -- Microsavings -- Microinsurance -- ISLAMIC MICROFINANCE PRODUCT OFFERINGS -- Microcredit -- Microsavings and Micro-takaful -- CASE STUDIES -- Islami Bank Bangladesh Ltd. and the Rural Development Scheme -- Afghanistan -- Sanduq in Syria -- CONCLUSION -- NOTES -- About the Editor -- Index.