Introduction to Islamic Banking and Finance. M Kabir Hassan
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acknowledge the patronage and assistance provided by World Scientific Group Company to publish this book. We thank the entire team that worked on this book project, especially Balamurugan Rajendran and Karimah Samsudin for their assistance in various stages of the editing and printing process.
About the Authors
M. Kabir Hassan is a Professor of Finance in the Department of Economics and Finance in the University of New Orleans. He currently holds three endowed positions of Chairs-Hibernia Professor of Economics and Finance, Hancock Whitney Chair Professor in Business, and Bank One Professor in Business in the University of New Orleans. Professor Hassan is the winner of the 2016 Islamic Development Bank (IDB) Prize in Islamic Banking and Finance. Professor Hassan has done consulting work for the World Bank, International Monetary Fund, African Development Bank, Transparency International-Bangladesh (TIB), Islamic Development Bank, United Nations Development Program (UNDP), Government of Turkey and many private organizations. Professor Hassan has over 350 papers published as book chapters and in refereed academic journals. For his outstanding research and scholarly work, Dr. Hassan has been recognized with Lifetime Achievement Award by UNO Research Council in 2019.
Salman Ahmed Shaikh holds a PhD in Economics from the National University of Malaysia. He has published research papers on Islamic Economics in top international journals; presented research papers in conferences held in Malaysia, Turkey, Brunei, Indonesia, and Pakistan; and has also contributed several book chapters in books published by Routledge, Springer, Palgrave, Edward Elgar, and Gower Publishing. He is also on the Editorial Advisory Board of several research journals. He also worked as Editor for the 2019 Global Islamic Finance Report for the Cambridge Islamic Institute of Islamic Finance. Furthermore, Emerald editorial team selected two of his papers for two separate journals as Highly Commended Paper in the 2018 Emerald Literati Awards. He also won paper prize in the World Islamic Finance Forum in 2018.
Selim Kayhan is a Professor of Economics at Necmettin Erbakan University, Turkey. He earned his PhD in Economics from Erciyes University, Turkey. He spent 2 years as Visiting Professor at Michigan State University and University of New Orleans. He specializes in monetary macroeconomics and has published a good number of articles in highly reputed journals. He has also worked as a consultant to the Turkish Government and presented papers in international conferences.
Contents
PART IFoundations of Islamic Finance
Chapter 1Introduction to Islamic Finance
Chapter 2Islamic View on Capital Allocation
PART IITheory and Application of Islamic Banking Products
Chapter 3Product Structures in Islamic Banking
Chapter 4Economics of Islamic Banking Product Structures
PART IIIIslamic Capital and Money Markets
Chapter 5Islamic Equity Investments
Chapter 6Sukuk in Islamic Capital Markets
PART IVRisk Management in Islamic Finance
Chapter 9Risk Management in Islamic Banks
PART VIslamic Banking: The Way Forward
Chapter 10Islamic Social Finance
Chapter 11Islamic Banking in the Digital Era
Chapter 12Mainstreaming Islamic Finance: The Way Forward
Answers to Self-Assessment End of Chapter Quizzes
List of Figures
Figure 1.1.Islamic finance architecture
Figure 1.2.Dow Jones Islamic Market Index closing values (May 2009–2019)
Figure 2.1.Equilibrium in the interest-free asset market
Figure 2.2.Downward shift in SDU curve
Figure 2.3.Upward shift in SDU curve
Figure 2.4.Rightward shift in SSU curve
Figure 2.5.Leftward shift in SSU curve
Figure 2.6.Islamic economics framework
Figure 3.1.Some widely used Islamic modes of financing
Figure 3.2.Murabaha process flow