Islamic Finance in the Global Economy

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Ibrahim Warde
Edinburgh University Press, 2008 - 272pages

"A well-researched and concise book on a fluid, complex, and sometimes misjudged concept."& - MESA BulletinIslamic finance has grown at an annual rate that exceeds twenty percent a year and is now a two hundred billion dollar industry operating in more than seventy countries. A best-selling text that introduces the role of Islamic finance in the global economy, this book unravels the paradox of a thriving system rooted in medieval practice. It defines Islamic finance in its broadest sense, including banks, mutual funds, securities firms, and insurance companies. Ibrahim Warde situates Islamic finance within global political and economic systems and addresses core issues, such as the moral economy of Islam, differences between Pakistan, Iran, the Sudan, and Malaysia, and religious issues and challenges. This revised edition accounts for recent changes and developments. It thoroughly traces the evolution of Islamic finance, explores its significance from historical and comparative perspectives, and considers strategic, marketing, managerial, political, economic, regulatory, and cultural challenges currently facing Islamic institutions.