CiNii Books - Rethinking Islamic finance : markets, regulations and Islamic law

Author(s)

- Bhatti, Ayesha
- Azmat, Saad

Bibliographic Information

Rethinking Islamic finance : markets, regulations and Islamic law

Ayesha Bhatti and Saad Azmat

（Islamic business and finance series / series editor, M. Ishaq Bhatti）

Routledge, 2019

: hbk

Available at / 2 libraries

帝京大学図書館

: hbk0011038664

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Ritsumeikan University Main Library

: hbk21000589985

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Note

Includes bibliographical references and index

Description and Table of Contents

Description

Islamic finance's phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with 'juristically sound' Islamic principles. This book aims to reconcile the above dispute. It argues that the financial impact of instruments is a consequence of the way they are priced and structured. The similarity in pricing and structures is an outcome not of the underlying Islamic financial modes but of the competitive environment in which Islamic instruments compete. Even risk-sharing and trade-based Islamic structures, if implemented in such an environment, would have a financial impact similar to that of conventional instruments. This book has a wider appeal for both academic and non-academic audiences. It can complement undergraduate and graduate courses as an additional reading on the intricacies of Islamic financial instruments and markets. For PhD students, it would help identify future research areas. To non-academics, it offers a deeper understanding regarding the working of the Islamic finance industry.

Table of Contents

Acknowledgments
Preface
Chapter 1: Introduction
Chapter 2: The Paradox of Risk Sharing
2.1 Introduction
2.2 Islamic Instruments
2.3 The Dominance of Debt Based Contracts
2.4 Concluding Remarks
Chapter 3: Freedom From Interest
3.1 Introduction
3.2 Islamic Instrument Structures
3.3 Convergence of Conventional and Islamic Banking Rates
3.4 Concluding Remarks
Chapter 4: Financial Crisis and Islamic Finance
4.1 Introduction
4.2 Islamic Banking, Financial Intermediation, and Risk Sharing
4.3 Implications During Financial Crisis
4.4 Concluding Remarks
Chapter 5: The Little Difference Between Sukuk and Bonds
5.1 Introduction
5.2 Sukuk Structures
5.3 Determinants of Credit Ratings of Islamic Bonds
5.4 Concluding Remarks
Chapter 6: Issuer's Choice of Islamic Bond Type
6.1 Introduction
6.2 Islamic Bond Structures
6.3 Theories of Capital Structure
6.4 Implications for Islamic Financing Choices
6.5 Concluding Remarks
Chapter 7: Risk in Risk Sharing Sukuk
7.1 Introduction
7.2 Credit Risk in Risk Sharing Bonds
7.3 Structural Credit Risk Models
7.4 Concluding Remarks
Chapter 8: The Challenge of Shariah Compliance
8.1 Introduction
8.2 The Complexity of Shariah Compliant Structures
8.3 The Agency Problem in Islamic Banks
8.4 The Shariah Certification Dilemma
8.5 The Role of the Regulator and Shariah Conscious Investor
8.6 Concluding Remarks
Chapter 9: Replicating Conventional Finance
9.1 Introduction
9.2 Instrument Structures
9.3 Behavioral Explanations
9.4 Implications for Investor Preferences
9.5 Concluding Remarks
Chapter 10: Can Islamic Banks Have Their Own Benchmark?
10.1 Introduction
10.2 Islamic Interbank Benchmark Rate (IIBR)
10.3 IIBR-LIBOR Benchmark Rates and Convergence
10.4 Determinants of the 'Piety Premium'
10.5 Empirical Analysis
10.6 Conclusion
Chapter 11: Islamic Versus Conventional Equities
11.1 Introduction
11.2 The Structure of Islamic Equities
11.3 Diversification Benefits
11.4 The Performance of Islamic Equities
11.5 A Theoretical and Empirical Perspective
11.6 Concluding Remarks
Chapter 12: Charity in Islamic Banks - A Distinguishing Feature?
12.1 Introduction
12.2 Penalty Versus Charity
12.3 The Size of the Charity Pie
12.4 Charity Contribution Versus Asset Size
12.5 Social Distribution of Charity
12.6 Concluding Remarks
Chapter 13: Rethinking Islamic Finance: The Limits of Our Understanding
13.1 Introduction
13.2 Pillars of Islamic Economics
13.3 Barriers to Understanding Islamic Finance
13.4 Concluding Remarks
Chapter 14: Rethinking Islamic Finance: An Ethical Perspective
14.1 Introduction
14.2 Rethinking Islamic Finance - An Ethical Framework
14.3 Integrative Social Contract Theory
14.4 Rethinking Islamic Finance Through ISCT
14.5 Way Forward
14.6 Concluding Remarks
Chapter 15: Conclusion
Bibliography
Index

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