<p>With a full scope of financial services, ranging from banking and capital markets to insurance and microfinance, Islamic finance has now become the most prominent form of faith-based finance in the world. After a period of double digit growth, the global assets of Islamic finance reached USD 2trillion in 2015. Today more than 300 institutions are engaged in Islamic finance across the world. Despite this success, the field remains poorly understood.Confusion can arise from media condemnation of Islamic extremism and, at the same time, praise for Islamic finance even if both claim allegiance to the same religion. Compounding this confusion is the academic narrative that treats finance as a purely secular subject that has little to do with theethos and rules of a religion. The complex terminologies, which are mostly rooted in Islam's legal injunctions and historical practices, can render the field even more incomprehensible. This Very Short Introduction demystifies Islamic finance by shedding light on its core principles and practices.Adeel Malik and Usman Hayat cover the main debates surrounding Islamic finance's performance and potential, comparing and contrasting Islamic financial instruments with those of conventional finance, and building connections between Islamic finance and other ethical traditions in finance.ABOUT THE SERIES:The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to makeinteresting and challenging topics highly readable.</p>

Islamic Finance: A Very Short Introduction (Very Short Introductions)

Business & Money

Malik, Adeel

Hayat, Usman

Finance

Oxford University Press

<p>Islamic economic thought and finance are rooted in Islamic ethics. Their ideals and means are not, however, exclusive to Islam. The principles of Islamic finance emphasize market-based risk-sharing modes of financing that promote asset and enterprise, deploy finance in service of the real economy, and facilitate redistribution of wealth and opportunity. Modern Islamic financial practices, however, privilege legal form over economic substance, which creates an expectations gap between Islamic finance’s theory and practice. In the wake of the global financial crisis of 2007–2008, the ideas underlying Islamic finance appeal to those more concerned with the broader impact of finance on society.</p>

Islamic Finance: Ethics, Concepts, Practice

CFA Institute Research Foundation

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