Contemporary Islamic Finance: Innovations, Applications and Best Practices

Acknowledgments xi

1 Introduction: Islamic Finance in the World Economy 1
Karen Hunt-Ahmed

PART I The Contemporary Islamic Finance Landscape

2 Contemporary Islamic Economic Thought 19
Mohammad Omar Farooq

3 The Legal Framework of Islamic Finance 39
Cynthia Shawamreh

4 Globalization and Islamic Finance: Flows and Consciousness 63
Karen Hunt-Ahmed

5 Islamic Science and the Critique of Neoclassical Economic Theory 75
Waleed El-Ansary

6 Juristic Disagreement: The Collective Fatwā Against Islamic Banking in Pakistan 103
Shoaib A. Ghias

7 Managing Liquidity Risk in Islamic Finance 121
Dr. Muhammad Al-Bashir Muhammad Al-Amine

8 Elements of Islamic Wealth Management 147
Paul Wouters

9 Sukūk and the Islamic Capital Markets: An Introduction 165
Michael J. T. McMillen

10 Shari’a-Compliant Mutual Funds 189
Monem Salam

11 The Evolution of Shari’ah-Compliant Indexes and Why They Outperform Conventional Indexes over the Long Term 195
Tariq Al-Rifai

12 Takaful 203
Farrukh Siddiqui

13 Islamic Human Resources Practices 215
William Marty Martin

14 An Integrated Islamic Poverty Alleviation Model 223
Ali Ashraf and M. Kabir Hassan

15 How Does an Islamic Microfinance Model Play the Key Role in Poverty Alleviation? The European Perspective 245
Sabur Mollah and M. Hamid Uddin

PART II Case Studies

16 Islamic Finance in an Almost Postcrisis and Postrevolutionary World: As in Politics, All Islamic Finance Is Local 257
Mark Smyth

17 Stepping Forward, Backward, or Just Standing Still? A Case Study in Shifting Islamic Financial Structures Offshore 267
Umar F. Moghul

18 Islamic Mortgages 283
David Loundy

19 Shari’a Quality Rating 293
Nasir Ali Merchant

20 Islamic Mutual Funds’ Performance in Saudi Arabia 303
Hesham Merdad and M. Kabir Hassan

21 Shari’ah-Compliant Real Estate Investment in the United States 323
John L. Opar

22 Risk and Derivatives in Islamic Finance: A Shariah Analysis 331
Dr. Muhammad Al-Bashir Muhammad Al-Amine

23 Islamic Microfinance 353
Blake Goud

About the Editor 367

Index 369