Introduction to Islamic Banking and Finance

Introduction to Islamic Banking and Finance is a complete guide to the key characteristics of Islamic banking and finance, and how they differ from their Western counterparts. Brian Kettell's book looks at all aspects of Islamic banking, including detailed chapters on its creation through to explanations of Murabaha and Musharaka contracts, Ijara and Istisna a financing methods, as well as Salam and Takaful insurance. Finally the book takes a look at Sharia'a law and Sharia'a boards, indicating the roles and responsibilities that come with membership. Islamic banks have been operating in countries such as Bahrain, Saudi Arabia, Malaysia and Dubai for some time, and conventional bankers have traditionally viewed the sector as a small, exotic niche. But in the past five years it has seen a surge in popularity, and most major investment entities have begun working with Muslim clerics to create new ranges of financial products designed for devout Muslims, due not only to the growing Muslim population in Europe but also higher oil prices. Although estimates of the size of the Islamic finance industry vary greatly, everyone agrees that it is expanding rapidly. This is the perfect book for anyone looking to understand the industry.