Islamic Finance in the Global Economy

Islamic Finance in the Global Economy

3.54 (22 ratings by Goodreads)
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Description

In the past decade, Islamic finance has grown at rates exceeding 20% a year. Islamic finance is now a $200 billion industry, with operations in over 70 countries. This book explains the paradox of a system rooted in the medieval era thriving in the global economy. It traces the evolution of Islamic finance, explores its significance from a historical and comparative perspective, and considers the strategic, marketing, managerial, political, economic, regulatory and cultural challenges faced by Islamic institutions. Coverage is exhaustively comprehensive, defining Islamic finance in its broadest sense to include banks, mutual funds, securities firms and insurance companies. The author places Islamic finance in the context of the global political and economic system and covers core issues including the moral economy of Islam, differences between countries such as Pakistan, Iran, the Sudan and Malaysia, and religious issues and challenges. Based on rigorous academic research as well as considerable empirical work, this authoritative book is set to become an invaluable reference work for all those with an interest in Islamic and Middle Eastern economics, business and finance.
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Product details

  • Hardback | 264 pages
  • 162 x 232 x 22mm | 557.92g
  • EDINBURGH UNIVERSITY PRESS
  • Edinburgh, United Kingdom
  • English
  • 0748612165
  • 9780748612161

Review quote

A good political economy account of Islamic finance. Its general viewpoint is well-informed but sensibly critical; this is rare in writings on this topic. It contains a wide range of material in one place in a way that is probably unique. -- David Cobham, University of St Andrews In spite of the ever growing importance of Islamic finance products, quantity, rather than quality, has been the main feature of literature on the topic. Ibrahim Wardes book is in this respect a welcome exception, indeed he begins his book with the observation that the majority of texts on Islamic finance tend to be abstract, and avoid rigorous scientific and sociological methodology ! Warde unquestionably succeeds in his book in providing an excellent overview of modern Islamic finance. It will be particularly useful to readers who are interested in the complexity and variety of Islamic finance as it is now, as well as in possible future developments. The book's greatest drawback: in view of the breathtaking pace of change in Islamic finance at the moment, it could become quickly obsolete. One should therefore read it quickly. The author provides a profound analysis of the connection between Islamic finance and politics -- Seif I. Tag El-Din a well-researched and concise book on a fluid, complex, and sometimes misjudged concept. A forthright and scholarly survey of a subject that deserves the attention of both international bankers and area specialists who are interested in Islamic culture of political economy ... It offers a much-needed introduction to a highly complex set of economic, cultural, and political phenomena. A good political economy account of Islamic finance. Its general viewpoint is well-informed but sensibly critical; this is rare in writings on this topic. It contains a wide range of material in one place in a way that is probably unique. In spite of the ever growing importance of Islamic finance products, quantity, rather than quality, has been the main feature of literature on the topic. Ibrahim Wardes book is in this respect a welcome exception, indeed he begins his book with the observation that the majority of texts on Islamic finance tend to be abstract, and avoid rigorous scientific and sociological methodology ! Warde unquestionably succeeds in his book in providing an excellent overview of modern Islamic finance. It will be particularly useful to readers who are interested in the complexity and variety of Islamic finance as it is now, as well as in possible future developments. The book's greatest drawback: in view of the breathtaking pace of change in Islamic finance at the moment, it could become quickly obsolete. One should therefore read it quickly. The author provides a profound analysis of the connection between Islamic finance and politics a well-researched and concise book on a fluid, complex, and sometimes misjudged concept. A forthright and scholarly survey of a subject that deserves the attention of both international bankers and area specialists who are interested in Islamic culture of political economy ... It offers a much-needed introduction to a highly complex set of economic, cultural, and political phenomena.
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About Ibrahim Warde

Ibrahim Warde is Adjunct Professor of International Business at the Fletcher School of Law and Diplomacy, Tufts University. He is author of several books including The Price of Fear: The Truth behind the Financial War on Terror (2007).
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Rating details

22 ratings
3.54 out of 5 stars
5 9% (2)
4 59% (13)
3 14% (3)
2 14% (3)
1 5% (1)
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