Islamic Finance Ethical Underpinnings, Products, and Institutions
Islamic finance often faces numerous challenges in a dynamic marketplace. This book aims to discuss contemporary issues and challenges in Islamic finance to inform discussions surrounding the governance system, the Islamic legal system, prudenti
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Islamic Finance ETHICAL UNDERPINNINGS, PRODUCTS, AND INSTITUTIONS
Islamic Finance
Abul Hassan · Sabur Mollah
Islamic Finance Ethical Underpinnings, Products, and Institutions
Abul Hassan King Fahd University of Petroleum and Minerals Dhahran, Saudi Arabia
Sabur Mollah Accounting and Finance Swansea University Swansea, South Glamorgan, UK
ISBN 978-3-319-91294-3 ISBN 978-3-319-91295-0 (eBook) https://doi.org/10.1007/978-3-319-91295-0 Library of Congress Control Number: 2018942351 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover credit: jackof, iStock/Getty Images Plus Cover design by Thomas Howey Printed on acid-free paper This Palgrave Macmillan imprint is published by the registered company Springer International Publishing AG part of Springer Nature The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
Concept of Islamic finance has been considered as a financial system in consonance with the ethos and value system of Islam. Therefore, it is governed, in addition to the mainstream system of good governance and risk management rules, by the principles laid down by the Shari’ah (Islamic laws). Based on its core Islamic ethical values, Islamic financial system has often been compared with the theme of ethical finance, corporate social responsibility and socially responsible investment. A supplementary component, however, escorts the value proposition of Islamic financial system, the religious factor. The foundation of the Islamic ethical paradigm is in fact founded on ‘adl and qist (justice and equity); a second element is amanah (trust) and a third is Ihsan (benevolence) which establish the socially responsible apparition and objectives of the Islamic Financial Services industry. Therefore, essence of Islamic financial requires all fina
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