Introduction of Islamic Finance

Islamic banking and finance is one of the fastest-growing sectors in the world right now. Not to mention, an industry of unique value and importance. Many key Islamic banking principles are fundamentally different to those of western banking. Nevertheless, the two sectors have become increasingly dependent on each other over recent years. The past five years in particular have seen the Islamic banking sector experience spectacular growth, due to historic-high demand for key services worldwide. Still considered something of a niche area of specialism in the west, careers in Islamic banking can be limitless in terms of both scope and potential rewards.

This insightful tutorial provides newcomers to Islamic banking with a comprehensive overview of the industry and its key contributors. Study the theoretical foundations of Islamic banking, along a series of underlying principles including prohibition of Riba, Gharar and Maysir, an overview of Islamic financial contracts, transaction accounts, current accounts and the western view on interest. Additional concepts covered include Salam (advance purchase), Ijara (leasing), Musharaka (partnership), Bai bi-thaminajil (deferred payment financing), Istisnaa (commissioned manufacture), Sukuk (participation securities) and more.