Islamic Finance in the Global Economy

"Islamic Finance in the Global Economy provides masterful country surveys . . . and promises to be the definitive critical study on Islamic banking and finance."
—Chibli Mallat, American Journal of Comparative Law

"A good political economy account of Islamic finance. Its general viewpoint is well-informed but sensibly critical; this is rare in writings on this topic. It contains a wide range of material in one place in a way that is unique."
—David Cobham, University of St. Andrews

In the past decade, Islamic finance has grown at rates exceeding 20% a year. It is now a $200 billion industry, with operations in over 70 countries. This book explains the paradox of a system rooted in the medieval era thriving in the global economy. It traces the evolution of Islamic finance, explores its significance from a historical and comparative perspective, and considers the strategic, marketing, managerial, political, economic, regulatory and cultural challenges faced by Islamic institutions. Based on rigorous academic research as well as considerable empirical work, this authoritative book is set to become an invaluable reference work for all those with an interest in Islamic and Middle Eastern economics, business and finance.

ContentsIntroduction: Islamic Finance in the Global Economy
1. Islamic Finance in Theory and Practice
2. Islam, Economics, and Finance
3. Riba, Gharar, and the Moral Economy of Islam in Historical and Comparative Perspective
4. The Evolution of Modern Islamic Finance
5. Islamic Finance and the Global Political Economy
6. Country Differences
7. Financial Products and Istruments
8. Strategic, Managerial, and Cultural Issues
9. Economic Issues: Islamic Finance and Development
10. Regulatory Issues and Challenges: Global Norms and Religious Constraints
11. Islamic Finance and Politics: Guilt by Association
12. Religious Issues and Challenges: Defining Islam and Interpreting the Shariah
Conclusion
Glossary
Index

About the AuthorIbrahim Warde is lecturer at the University of California, Berkeley and an international consultant specializing in global economics and finance.

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