Modern Islamic Investment Management Principles and Practices

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 investment system today comprises of both asset-backed and asset-based offerings. There is a

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Modern Islamic Investment Management

Principles and Practices

Modern Islamic Investment Management

Mohd Ma’Sum Billah

Modern Islamic Investment Management Principles and Practices

Mohd Ma’Sum Billah Finance, Insurance FinTech and Investment Islamic Economics Institute King Abdulaziz University Jeddah, Saudi Arabia

ISBN 978-3-030-17627-3    ISBN 978-3-030-17628-0 (eBook) https://doi.org/10.1007/978-3-030-17628-0 © 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, 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. 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 remembrance 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 would also like to dedicate this book to my lovely wife, Dr Khamsiah Nawawi, and our heart-touching kids, Dr Ahmad Mu’izz Billah, Ahmad Mu’azz Billah, Ahmad Muniff Billah and Akhtarun Naba’ Billah, for their continuous support and sacrifices. May 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 creatures.

Foreword

It has been observed that Islamic investment activities began in 1963. For the last 55 years this investment has expanded to become a highly valued global platform, accessible to both Muslim and non-Muslim countries. The asset size of Islamic finance has reached almost USD 2.5 trillion, while its annual growth rate is about 18%—a significant achievement compared with conventional finance. Partly as a result of these developments, people