During the last ten years the Islamic banking sector has grown rapidly, at an international level, as well as in individual jurisdictions including the UK. Islamic finance differs quite substantially from conventional banking, using very different mechanisms, and operating according to a different theory as it is based on Islamic law. Yet at the same time it is always subject to the law of the particular financial market in which it operates. This book takes a much-needed and comprehensive look at the legal and regulatory aspects which affect Islamic finance law, and examines the current UK and international banking regulatory frameworks which impact on this sector. The book examines the historical genesis of Islamic banking, looking at how it has developed in Muslim countries before going on to consider the development of Islamic banking in the UK and the legal position of Islamic banks within English law. The book explores company, contract, and some elements of tax law and traces the impact it has had on the development of Islamic banking in the UK, before going on to argue that the current legal and regulatory framework which affects the Islamic banking sector has on certain occasions had an unintended adverse impact on Islamic banking in the UK. The book also provides an overview of the Malaysian experience in relation to some of the main legal and regulatory challenges in the context of Islamic banking and finance.

In the recent past, Islamic finance has made an impressive case on the banking scene by becoming an alternative to the popular conventional financial systems, spurring a lively academic debate on how the Islamic finance industry can expand its services to cover the poor. Several propositions have been aired which suggest that the Islamic finance industry should consider developing an efficient Shari‘a compliant microfinance model. This book brings together original contributions from leading authorities on the subject of Shari‘a Compliant Microfinance (Islamic Microfinance) to propose innovative solutions and models by carefully studying experiments conducted in various countries. Where critiques of the current microfinance concepts, methods, regulatory measures and practices have often revolved around its practice of charging very high interest, this book discusses the several models that draw on both theory and case studies to provide a sustainable Shari‘a compliant alternative. Arguing that while Islamic finance might have made a remarkable contribution in the financial markets, there remains a big question with regards to its social relevance, the book provides new perspectives and innovative solutions to issues facing the Islamic microfinance industry. A comprehensive reference book for anyone wanting to learn more about Shari‘a Compliant Microfinance, this book will also be of use to students and scholars of microfinance, Islamic finance, and to anyone interested in learning about ethical and socially responsible businesses.

Islamic Finance has experienced rapid growth in recent years, showing significant innovation and sophistication, and producing a broad range of investment products which are not limited to the complete replication of conventional fixed-income instruments, derivatives and fund structures. Islamic Finance represents an elemental departure from traditional interest-based and speculative practices, relying instead on real economic transactions, such as trade, investment based on profit sharing, and other solidary ways of doing business, and aims to incorporate Islamic principles, such as social justice, ecology and kindness, to create investment products and financial markets which are both ethical and sustainable. Products created according to Islamic principles have shown a low correlation to other market segments and are relatively independent even from market turbulences like the subprime crisis. Therefore, they have become increasingly popular with secular Muslims and non-Muslim investors, as highly useful alternative investments for the diversification of portfolios. In Islamic Capital Markets: Products and Strategies, international experts on Islamic Finance and Sharia'a Law focus on the most imminent issues surrounding the evolution of Islamic capital markets and the development of Sharia'a-compliant products. The book is separated into four parts, covering: General concepts and legal issues, including Rahn concepts in Saudi Arabia, the Sharia'a process in product development and the integration of social responsibility in financial communities; Global Islamic capital market trends, such as the evolution of Takaful products and the past, present and future of Islamic derivatives; National and regional experiences, from the world's largest Islamic financial market, Malaysia, to Islamic finance in other countries, including Germany, France and the US; Learning from Islamic finance after the global financial crisis; analysis of the risks and strengths of Islamic capital markets compared to the conventional system, financial engineering from an Islamic perspective, Sharia'a-compliant equity investments and Islamic microfinance. Islamic Capital Markets: Products and Strategies is the complete investors' guide to Islamic finance.

Following the 25th January revolution, the Muslim Brotherhood emerged as the most organised and successful political force in Egypt as they cashed in on decades of grassroots mobilisation and growth. Through dominance in syndicates and unions, the provision of social services and participation in elections, this the Brotherhood steadily expanded under Mubarak. Hesham Al-Awadi's lucid and original argument frames this period as one of struggle over legitimacy between the regime and this then banned organisation, charting a cycle of accommodation and coercion. The Brotherhood failed to secure the recognition of the state, but gained an informal legitimacy as it occupied the spaces opened up by Mubarak in an early attempt to shore up the credibility of his regime. This social legitimacy became a threat to the regime, haunted by the regional rise of Islamists and a failure to legitimate its leadership, and ushered in an era of coercion. Through these complex dynamics of the conflict and control, and drawing on interviews with key figures such as Abdul Mun'em Abu Al-Futuh, Esam Al-Aryan and Mustafa Al-Fiqi, Al-Awadi sheds light on the Mubarak era and the Muslim Brotherhood that have risen out of it.

Economic capital is the subject of great debate among academics and professionals in the field of risk management. Conceptually, Islamic finance's encouragement of risk-sharing eliminates the debt burden encountered by the conventional banking sector. The majority of the Islamic banking system is based on equity-based financing. To be effective in practice, a variety of well-functioning institutions are required to translate Islamic banking concepts into a 'real-world' financial system. In spite of this, the regulatory, legal, product and operational requirements specific to Islamic banks may necessitate a distinct strategy for managing capital-related risks. This book provides a comprehensive review of the theoretical and practical aspects of Islamic economic capital in relation to contemporary Islamic finance. Drawing on the risk-sharing concept, this book delves into the core concept of economic capital from an Islamic perspective, including comparisons to conventional finance theory. Furthermore, it introduces alternative models and offers practical examples to strengthen the regulation and supervision of the Islamic banking system. It also addresses critical policy challenges concerning economic capital in Islamic finance, especially in dual banking countries. This book seamlessly integrates new theory with empirical insights and discusses emerging themes, including stress testing and Shari'ah compliance issues. Most of the chapters are illustrated with real-world cases and practical examples. This book is intended for advanced degree students in finance, and investment professionals, as well as financial practitioners and advisors, particularly those who are pursuing Islamic economics and finance courses.

Felicia Wainwright has it all—beauty, education, talent and a handsome, successful husband who is madly in love with her. To make their lives perfect, she and her husband, Warren, decide to have a baby. Someone close to Felicia wants what she has and tries to sabotage her life. And the consequences turn ugly and violent. Shattered Dreams is a story of love, betrayal, jealousy and revenge.

In Islam, philanthropy is a spectrum of activity, and these activities differ in their purpose and in the principles on which they operate. To fully understand philanthropy, it is vital to examine not only its purpose but its motive and outcomes. This book identifies three types of philanthropy within this spectrum: Philanthropy as relief (zakat), which seeks to alleviate human suffering; philanthropy as an improvement (waqf), which seeks to maximize individual human potential and is energized by a principle that seeks to progress individuals and their society; and philanthropy as reform (sadaqah), which seeks to solve social problems. Philanthropy as civic engagement seeks to build better community structures and services and is directed by civic responsibility. This book explores philanthropy in Islam that covers the three primary spectra of activity: zakat, waqf, and sadaqah. Combining contributions from the Conference on Philanthropy for Humanitarian Aid under the joint organization of Sultan Sharif Ali Islamic University and the International Research Centre of Islamic Economics and Finance, International Islamic University College in collaboration with the Islamic Research and Training Institute, this book will be of interest to students, policymakers, practitioners, and researchers in the areas of Islamic finance and Islamic economics. ​