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A unique primer on quantitative methods as applied to Islamic finance Introductory Mathematics and Statistics for Islamic Finance + Website is a comprehensive guide to quantitative methods, specifically as applied within the realm of Islamic finance. With applications based on research, the book provides readers with the working knowledge of math and statistics required to understand Islamic finance theory and practice. The numerous worked examples give students with various backgrounds a uniform set of common tools for studying Islamic finance. The in-depth study of finance requires a strong

Abstract. The book is a major contribution to Islamic economic history and to Islamic economics in the English language. It presents a comprehensive yet concise economic hermeneutic of policies implemented by the Messenger (saas) in Medinah. It is an authoritative presentation based on the Qur'an, the Traditions of the Messenger, earliest writings of Muslim historians and jurists. Within the context of contemporary economic universe of discourse, the book discusses implications of policies of the Messenger with regards to allocation of resources, production, exchange, growth, development, environment, efficiency and justice. For those who think that zakat, prohibition against interest, waqf and the like are the only elements that distinguish an Islamic economy from other systems, the depth and the breadth of the book would provide a transformative experience. This Review argues that the appearance of the book is particularly timely given the distorted, dis-embedded, and fictitious model of an Islamic economy manufactured by Orientalists. The book will go a long way in correcting these distortions.Keywords. History of economic thought, Macroeconomy, Macroeconomic policy, Economic policy, Economic history, Economic systems, Political economy.JEL. B10, E40, E60, N10, P40, P48.

This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth. Putri Swastika is a Lecturer at the State Islamic Institute Metro (IAIN Metro), Indonesia. Abbas Mirakhor has been teaching at various universities for 25 years and served at IMF as a staff member and an executive director for 24 years.

« This book explains a perspective on the system of justice that emerges in Islam if rules are followed and how the Islamic system is differentiated from the conventional thinking on justice. It examines conceptions of justice from the Enlightenment to Bentham to Rawls to contemporary philosophers including Sen, Cohen, Nussbaum, and Pogge. The authors present the views of twentieth century Muslim thinkers on justice who see Muslims upholding rituals but not living according to Qur'anic rules. It provides empirical surveys of the current state of justice in Muslim countries analyzing the economic, social, and political state of affairs. The authors conclude by assessing the state of justice-injustice in Muslim countries and highlighting areas in need of attention for justice to prevail. « (Verlagsbeschreibung)

1. Chapter 1: Introduction -- 2. Chapter 2: Conception of Justice—Pre-Axial Age -- 3. Chapter 3: Conception of Justice—Pre-Axial India -- 4. Chapter 4: Conception of Justice—Pre-Axial Mesopotamia -- 5. Chapter 5: Conception of Justice—Pre-Axial—Noah, Abraham, Moses -- 6. Chapter 6: Conception of Justice—Axial Age India, China, Greece -- 7. Chapter 7: Conception of Justice—Post-Axial Age Christianity -- 8. Chapter 8: Islam and the Conception of Justice -- 9. Chapter 9: Earlier Muslim Scholars and Philosophers on Justice -- 10. Chapter 10: Conclusion

Antifragility of Islamic Finance: The Risk-Sharing Alternative explains how risk-sharing, as defined under Islamic finance, makes financial systems antifragile. It highlights the benefits of 100% equity-based finance over debt-based finance. The recent financial crisis has given rise to discussions on a new approach to risk management called antifragility. This concept specifies conditions under which systems become resilient to shocks caused by Black Swans—highly unpredictable outlier events that have a major negative (or positive) consequence when they occur, with their occurrence only explained retrospectively. Per this concept, the long-term survivability of any system centers exclusively on its antifragile nature, that is, its ability to absorb and even benefit from Black Swan–type shocks. This book aims to investigate risk-sharing Islamic finance as an antifragile system. As a by-product of the Great Recession, the problems of debt-based financial systems are starting to be highlighted by industry and by academia. The antifragile solution for avoiding future financial crises is primarily centered on moving the existing financial system towards more equity and less debt, thereby introducing skin-in-the-game into financial transactions. This book introduces a model of a 100% equity-based financial system, centered on risk sharing, as a possible alternative to the contemporary debt-based, conventional financial system, which is based on risk transfer and on risk shifting. In essence, this book attempts to provide a practical model for an antifragile financial system by evaluating the characteristics of Islamic finance under the criteria of antifragility

Foreword -- Acknowledgements -- Contents -- List of Tables -- 1 Introduction -- Orientalism and Ersatz Islam -- Weber, New-Orientalism and Ersatz Islam -- Secularism and the New-Orientalism -- Ersatz Islam, "Islamic Law," Shari'ah, and Islamic Jurisprudence (Fiqh) -- Ersatz Islam and the Marxist Paradigm54 -- For Whom the Orientalist Bell Tolls? -- References -- 2 Capitalism and the Islamic Economic System -- Does Capitalism Define an Islamic Economy? -- Defining Capitalism -- Exchange, Principle and Mentality of Capitalism -- Islam and Capitalism-the Connection -- Varieties of Capitalism -- Religious Basis of Adam Smith's Vision of the Economy -- Islamic Economic System and Capitalism -- Does Capitalism Define an Islamic Economy? -- References -- 3 Overview of an Ideal Islamic System -- The Qur'an -- The Concept of Barakah -- The Objectives and Role of the Prophets and Messengers -- The New Institutional Economics and Institutional Scaffolding -- Institutional Scaffolding of Ideal Islamic Economy -- Role of Rules -- Rules of the Metaframework -- Overview of Sunan of Allah and Their Characteristics -- Overview of Rules Governing Humans' Relation with Allah (swt), with Their Own Self and with One Another -- References -- 4 Institutional Structure of a Sound Economy -- References -- 5 The Rules Governing an Islamic Economy -- Introduction -- Islamic Economic Paradigm -- The Ideal Economy -- Rules Governing Property -- Rules Governing the Market -- Rules Governing Distribution-Redistribution -- Conclusion -- Appendix -- Major Sunan of Allah (Swt) -- Characteristics of Sunan of Allah (Swt) -- References -- 6 The Operational Features of an Islamic Economy -- Economic Implications of Rules -- Implication of Rules for Economic Justice and Income and Wealth Distribution -- Concluding Remarks -- References