Islamonomics

Islamic Finance, Trade and the Global Muslim Market

Akhtar Mohammed

• Publisher: Garnet Publishing
• Year: 2021
• Print ISBN: 9781902932613
• eBook ISBN: 9781902932927
• Topic: Business
• Subtopic: Islamic Banking & Finance
• Index: Business

Islamonomics is a concise, fast-paced guide to Islamic finance from its origins to its new frontiers. Accurate, instructive, accessible – Dr Benedikt Koehler, Economics of Religion Fellow at the Institute of Economic Affairs, London Islamonomics gives a whistle-stop tour of the history of the world through the lens of Islamic finance. Its focus on Asia is pertinent and important – Dr Sajjad Khoshroo, Islamic Finance Practitioner, Counsel at Allen & Overy LLP, London In global efforts to secure sustainable business ethics, this Islamic voice offers an important contribution --Dr Werner Menski, Emeritus Professor of South Asian Laws, SOAS, University of London The Islamic Finance industry is valued at US$3 trillion and finances deals in London, New York, Singapore, Shanghai, Dubai, Geneva, and Kuala Lumpur. Yet where does Islamic Finance come from? What has it accomplished? Why did it disappear? And why has it returned to prominence once again? In answering these questions, Mohammed illuminates the history of Islamic trade, from the shores of the Mediterranean to the strategic maritime choke points of South East Asia, spanning the 7th century to the present. Along the way, he demonstrates how the Islamic principles of interest-free lending, the use of commodity-based currencies, and investment into tangible economic activity have always been adapted to each society's circumstances. As we enter the Asian Century, how do the principles of Islamic Finance apply to a globalized financial system formed by three centuries of British–American dominance? Can the Islamic Finance industry attempt to remain competitive in an Eastern-shifting global economy without losing its soul?

Table of contents

• ISLAMONOMICS: ISLAMIC FINANCE, TRADE AND THE GLOBAL MUSLIM MARKET
• Introduction
• Part 1: The Origins of Islamic Finance
• 1 Islam as an Abrahamic Faith
• 2 The Path of Islam: Shari‘ah
• 3 Principles of Islamic Finance
• 4 Islamic Finance as an Applied Theory
• 5 Islamic Finance Contracts
• 6 Higher Objectives of Islamic Law (Maqasid al-Shari‘ah)
• Part 2: Pax Islamica: A Trading Civilization
• 7 Muslim Merchants
• 8 The Silk Roads
• 9 The Rise of Pax Islamica
• 10 Islamic Trade in the Mediterranean
• 11 African Kingdoms
• 12 Trading with the ‘Celestial Empire’
• 13 The Gunpowder Empires
• 14 The Ottomans as Rivals
• 15 The Ottomans
• 16 Southeast Asian Spice Trade
• 17 Iberian Portuguese – Estado de India
• 18 Financial Innovation: English East India Company and the Dutch East India Company
• 19 Sultanate of Aceh
• Part 3: The Anglo-American Era
• 20 The Advent of Capitalism
• 21 The Epoch of Modernity
• 22 Development of Modern Islamic Finance
• 23 Neoliberalism
• Part 4: Islamic Finance in the 21st Century: Shift and Shocks
• 24 Islamic Bonds (Sukuk)
• 25 The Beijing Consensus and the AIIB
• 26 The China Model via Singapore Inc.
• 27 Islamic Venture Capitalism
• 28 Crisis of Value: Art, Real Estate, Football Clubs and Bitcoin
• Part 5: The World in 2050: Islamic Finance in the Asian Century
• 29 Opportunities and Challenges
• Glossary
• Bibliography
• Acknowledgements