Islamic banking

"Islam has a very specific approach to commercial transactions, the law of contract, the legitimacy of interest charges, indeed to the very nature of property. For financial institutions operating in an Islamic environment, or seeking to meet the requirements of Muslim communities, this poses a variety of problems. Islamic Banking investigates how these challenges are being met in practice." "The authors describe the way Islamic banks actually work within various economic, financial, legal and religious environments. They take the reader through the principles involved, issues that arise, and difficulties encountered." "Drawing on detailed studies of Islamic banking in the very different institutional and legal contexts of Jordan, Turkey, Malaysia and Pakistan, as well as London, they explain how Islamic concepts impact upon the use of financial instruments, commercial priorities and banking services. They also focus on Islamic banks' relations with central banks, comparative analysis of their financial performance and their role generally in a development context." "Islamic Banking will be essential reading for all those in Western banks and law firms involved in the setting up and running of banking units operating in accordance with Islamic precepts. It will also be a resource for students of international banking practice."--BOOK JACKET.