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9780470572634

The Art of Islamic Banking and Finance : Tools and Techniques for Community-Based Banking

by
  • ISBN13:

    9780470572634

  • ISBN10:

    0470572639

  • Format: eBook
  • Copyright: 2009-12-01
  • Publisher: Wiley
  • Purchase Benefits
List Price: $70.00
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Summary

A detailed look at the fast-growing field of Islamic banking and financeThe Art of Islamic Banking and Finance is a modern American take on what it means to incorporate Islamic finance principles into everyday banking and investment techniques by introducing a new brand of banking for all people of all faiths: The Riba-Free (RF) banking.The author is considered the father of RF (Islamic) banking in America. He has been a banker and an Imam/scholar for over 40 years in America since 1968. He started the tedious process with a finance company, LARIBA, in Pasadena, California in 1987. This is the first book ever in the field to trace the origins of prohibiting the renting of money at a price called interest rate and over-indulging in debt. The book reviews in great details the theological foundations of prohibiting interest in the Jewish Bible, the Christian Bible, and the Qur'aan. The author then discusses money and how fiat money is created, the role of the Federal Reserve, and the banking system in America. The book also discusses for the first time ever how to include an important aspect of RF (Islamic) finance using commodity indexation and marking the items to be financed to market in order to avoid participating in economic "bubbles." The author discusses how these rules work, how they affect consumer behavior, and how they change the role of the banker/financier. Covers a new pioneering model that is based on the Law (Shari'aa) and how it is applied in every transaction from joint ventures and portfolio management to home mortgages and personal financing Shows how to incorporate the Law (Shari'aa) into American financing and banking systems Points to RF (Islamic) finance and banking as a way to emphasize socially responsible investingThe Art of Islamic Banking and Finance also includes a discussion on the emergence of a culture of RF (Islamic) banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and very effective when compared to twentieth-century models that use financial engineering and structuring techniques to circumvent the Law (Shari'aa). The book also includes case studies based on the actual experience of the author and detailed analysis of the superior results realized by applying this new brand of banking to financing.

Table of Contents

Preface
Acknowledgments
Introduction
The Faith-Based Judeo-Christian-Islamic Foundation of the Prohibition of Interest and the RF (Riba-Free) Banking System
An Introduction to the Judeo-Christian-Islamic Foundations of Faith
The Judaic Position on the Charging of Ribit (Interest) - Money, Lending and Interest in the Torah and the Jewish Tradition
The Charging of Ribit (Interest) in the Catholic Tradition: Then and Now
The Charging of Ribit (Interest) in the Tradition and Teachings of the Evangelical Christian Church
The Prohibition of Charging of Ribit /Riba (Interest/Usury) in Islam
The Role of Community Indexation and the Principle of Marking to the Market
Development of the Mark-to-the-Market Rule
Riba-Free Business Transaction Models
Shari'aa: Shari'aa Boards in Islamic Banks: An Overview and a Vision for the Future
The Law: Shari'aa
The Shari'aa Board in an Islamic Bank or Finance Company
The Development of Shari'aa Scholars and Shari'aa Compliance Committee for Riba-Free Banks and Financis Institutions in the 21st Century
Money and Its Creation: The Federal Reserve System (Central Banks), Interest Rates, and Commodity Indexation
Those Who "Make" Money and Others Who "Earn" Money
The Federal Reserve Board of the United States of America
The Dollar Made As Gold! What a Wonderful Place to Be!
The Prohibition of Riba/Ribit: Rulings on Riba in Fiqh, the Science of Shari'aa
Homes in America
Price of Coal
Price of Crude Oil
Price of Natural Gas
Price of Rice
Gold: That Amazing Metal
Marking the Investment to the Market
Civility and Social responsibility of the Riba-Free Banking System
The Judeo-Christian-Islamic Values: Civility, Morality and Social Responsibility
The Vision of an Ideal Faith-Based Judeo-Christian-Islamic Society
New Trends That Captured the Imagination of the Pagans of the Arabian Peninsula
Elements of the Riba-Free Economic System
The Riba-Free Judeo-Christian-Islamic System and Business Ethics
Banking and Investment Banking
Values and Business Ethics of the RF Banker
The Ten Golden Covenants of the RF Bank
Where Do We Start and How to Realize the Dream?
The Conventional Riba-Based Banking System
The Banking System of the United States
Types of Banking Services in the United States
Government Supervision of the Bank
United States Banking Regulations
Summary of Federal Banking Regulations in the United States
What is the Difference? Comparing Riba-Free Banking and Conventional Riba-Based Banking
The RF Banking Brand: History, Development, and Stages of Growth
An Overview of RF Banking
Islamic Banking in the 20th Century
Islamic Banking Models
Court Challenges of the Shari'aa-Compliant "Contract Fitting" Islamic Finance. Approach
Conclusion
RF Banking Model for the 21st Century: Developing the Shari'aa-Based Finance Model
The Puzzle and the Challenge of Developing RF Banking and Financing
Shari'aa and the Laws of the Land
Major Objections of Scholars to the Conventional Riba-Based Finance Contract
Building the Shari'aa-Based Finance Model
The Results
Starting an RF Bank in the United States: Acquiring and Restructuring a Troubled Bank and Operating It Riba-Free
Introduction
Riba-Based Conventional Financing versus RF Financing
Looking for a Suitable Bank to Acquire
Making History: Acquiring the Bank of Whittier, NA
Operating the First RF Bank in the United States
The Staff and Employee Policy: Strategy Used to Build Up and Train Bank Staff
The Audit Policy: Strategy Used for Auditing Bank Functions and Operations
Operating an RF Bank in the United States
Investing in and Operating a Riba-Free Bank in the United States
The Added Value of RF Banking
What is RF Banking and Finance?
Strategies Used to Build a viable RF Banking System in the United States
Creating True RF Private Bankers and RF Credit Analysis
Training Program at the Bank of Whittier Open University
The Balance Sheet of the RF Bank
The Need for a Good Detail-Oriented Management Team at the RF Bank
Restructuring at Riba-Based Bank to Operate as an RF Bank
Case Studies: Developing the RF Banking Investment Products
The Investment Pyramid
RF Asset-Backed Bonds (Sukuk)
RF Stock Market Investments
Visions for the Future of RF Banking
The 2008 Global Economic and Financial Meltdown
The Mega-Banks and Financial Institutions
The Culture of Renting Money with Ribit/Riba
The Lifestyle of the Judeo-Christian-Islamic Value System
Some Advice for the Newcomers to the RF Lifestyle
A New Banking Vision for the 21st Century
Index
Table of Contents provided by Publisher. All Rights Reserved.

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