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BookReview


Islamic Finance: Instruments and Markets There is a global audience of investors who are eager to tap into the Islamic financial sector. It is rapidly emerging as a key finan- cial market and a highly ethical alternative to conventional banking and investment which has led to the design of various Islamic fi- nancial tools.


Islamic Finance: Instruments and Markets brings together a timely and insightful col- lection of best-practice chapters covering the application of shariah thought to insur- ance, investments and capital markets with insights on regulation and compliance. It covers the full spectrum of Islamic Finance encompassing Islamic Finance instruments, the markets, checklists and country pro- files.


Comprehensive but accessible, this book is an excellent read for anyone seeking to understand the Islamic finance instruments and markets, it covers the basics of shariah law and the differences between Islamic and Western finance. It provides a practical and in-depth analysis of the financial instru- ments within the Sharia framework.


It brings together a wealth of experience from leading Islamic finance academics and practitioners all in one book as they lay out their best practice approaches and insight- ful case studies. Authors include John A. Sandwick, Amjid Ali, HSBC Amanah Global, M. Kabir Hassan, Daud Vicary Addullah, Andreas Jobst, IMF, Qudeer Latif, Clifford Chance and Professor Rodney Wilson, Dur- ham University.


Best-Practice The best-practice chapters are split between Islamic Finance instruments and markets and looks at a range of different perspec- tives from Islamic Financial Risk Manage-


78 Global Islamic Finance February 2011


ment Products to Procedures for Reporting Financial Risk in Islamic Finance. It also ad- dresses issues such as Shariah Law: Bring- ing a New Ethical Dimension to Banking by Amjid Ali, HSBC through to The International Role of Islamic Finance by Andreas Jobst, IMF. It defines Investment Risk in Islamic Finance and the challenges faced in devel- oping procedures and an interesting view on Managing Shariah-Compliant Portfolios: the challenges, the process and the op- portunities including model portfolios and investment strategies, asset allocation for an Islamic model portfolio, written by John Sandwick.


Edib Smolo and Kabir Hassan discuss the key issues in Capital Adequacy Require- ments for Islamic financial institutions and the challenges in its implementation.


Checklists Over 15 practical step-by-step checklists split between instruments and markets look at the definitions, advantages, disadvantages, action checklist and do’s and don’ts of each area including Murabahah Sale instruments and their applications, Takaful Insurance, Is- lamic equity funds plus much more…


In addition, the book goes on to point out that financial promotion and activity within Islamic countries are on the increase. Some countries are more liberal than others in their approach and interpretation of shariah law: however the main principles of fairness, moral justice and compassion are thorough- ly respected.


The country profiles in the book looks at over 20 countries and provides an overview of economy and trade, economic policy over 12 months, statistics including GDP per cap- ita, economic performance over 12 months, support for inward investment and imports


Business News


and tax exceptions for each country. The countries featured include Algeria, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Iraq, Israel and the Palestinian Territories, Jordan, Kuwait, Lebanon, Libya, Malaysia, Morocco, Pakistan, Qatar, Saudi Arabia, Syr- ia, and the United Arab Emirates.


All in all, this book is composed of over 20 best practice chapters, 15 step-by-step checklists, 20 country profiles and informa- tion sources, all related to Islamic Finance, all in one place. The first 10 best practice chapters look at the variety of financial in- struments while the next eleven look at the Islamic Finance markets. The next section looks at checklists split between instru- ments and markets and the country profiles give an invaluable overview of the main dif- ferences between these key countries.


It also includes an extensive listing of fur- ther information resources including key magazines, books, journals online resources and organizations with full contact details including address, telephone numbers and websites.


Islamic Finance: Instruments and Markets is an invaluable tool for anyone who wants to find out more about the growing Islamic Finance markets and the instruments that make up the Islamic financial system. An es- sential single resource for any bookshelf.


Hardback £40.00 250pp 9781849300179 November 2010


Published by Bloomsbury Information Ltd in association with The Qatar Financial Centre (QFC)


www.bloomsbury.com


Global Islamic Finance Magazine


Finance Magazine


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