Islamic Financial Products Principles, Instruments and Structures
Islamic finance has grown exponentially since 1963 and has reached more than 70 countries around the world with the asset size of about $2.5 trillion. The Islamic financial system today comprises a sizable asset base and there is evidence of sustained dem
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Islamic Financial Products
Principles, Instruments and Structures
Islamic Financial Products
Mohd Ma’Sum Billah
Islamic Financial Products Principles, Instruments and Structures
Mohd Ma’Sum Billah Islamic Economics Institute King Abdulaziz University Jeddah, Saudi Arabia
ISBN 978-3-030-17623-5 ISBN 978-3-030-17624-2 (eBook) https://doi.org/10.1007/978-3-030-17624-2 © The Editor(s) (if applicable) and The Author(s) 2019 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, expressed 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. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
This book is dedicated to the memories of my most beloved parents, Allamah Mufti Nur Mohammad (r) and Ustazah Akhtarun Nisa’ (r), who have nourished me with their love and wisdom. May Allah (swt) shower them with His Love and Mercy and grant them Jannat al-Ferdaus Nuzulah. I also like to dedicate this book to my lovely wife, Dr. Khamsiah Nawawi, and our children, who bring joy to our hearts, Dr. Ahmad Mu’izz Billah, Ahmad Mu’azz Billah, Ahmad Muniff Billah and Akhtarun Naba’ Billah, for their continuous support and sacrifices. May they all be blessed with Muwaddau Wa Rahmah, Qurratu A’yun and Mardhaati Allah (swt) in this life and the next. This book is also dedicated to the Ummah, the whole of humanity and other creatures. Mohd Ma’Sum Billah
Foreword
6d 3TVg^^SZA_Sd @SeeWWX Contemporary Islamic financial activities began in 1963, since which time Islamic finance has been blessed by having secured a significant global platform. It is not merely confined within Muslim countries, but has been warmly welcomed in the non-Muslim world. Islamic financial assets stand at almost US$2.5 trillion and the annual growth rate is about 18%, a significant achievement when compared to in the achievem
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