Chapter

Islamic Finance in Theory and Practice

Ibrahim Warde

in Islamic Finance in the Global Economy

Published by Edinburgh University Press

Published in print February 2000 | ISBN: 9780748612161
Published online March 2012 | e-ISBN: 9780748653072 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748612161.003.0002
Islamic Finance in Theory and Practice

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This chapter provides background information on Islamic finance, beginning by defining Islamic finance whose operations and objectives are consistent with the Islamic law or the Shariah. It also discusses the different factors that set Islamic banking apart from conventional banking, such as: riba, gharar, zakat and halal. The chapter also discusses the geo-economics of Islam, and its diversity and fundamentalism. The second section of the chapter discusses the depictions and demonstrations of Islamic finance and banking in literatures. It discusses the emphasis placed by many literatures on Islamic banking, the historical backdrop of the Islamic financial institution and the need for interdisciplinary approach to capture the many facets of Islamic finance.

Keywords: Islamic finance; Islamic law; Shariah; riba; gharar; zakat; halal; geo-economics of Islam; fundamentalism

Chapter.  11215 words. 

Subjects: Society and Culture

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