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Hans Visser

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Hans Visser

The introduction sets out the aims of the book, which are to analyze Islamic finance within the context of the belief system and the world view underlying it and to discusses its limitations and the tension between Islamic ideals and the need to compete in the market place. To put the Islamic finance industry into perspective, some figures are given of its size and of the market share of Islamic banking in a number of countries.

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Hans Visser

Chapter 8 first looks at what Islamic finance does for a country’s economic development. Next, its claim of being fundamentally different from conventional finance and on an altogether higher ethical level is critically assessed. Related to this issue, we focus on areas where Islamic finance has some catching up to do. The chapter winds up with some musings on the directions Islamic finance might take. All the time, it must be kept in mind that judgements can only be of a tentative character, as Islamic banking and finance is a work in progress, even if it is by now an established fixture in the financial landscape.

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Hans Visser

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Hans Visser

This chapter is about the motives for Muslims to advocate the use of financial instruments that obey specific Islamic requirements. The movement for an Islamic economy and an Islamic financial system in particular, started in the second half of the nineteenth century with a new Islamic awakening but took a different turn after the First World War. A new impetus was given with the rise in oil wealth in a number of predominantly Muslim countries after the 1973–74 oil crisis. Other industries followed. The chapter concludes by highlighting the diversity of views among Muslims on the various forms of Islamization of the economy.

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Hans Visser

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Hans Visser

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Islamic Finance

Principles and Practice, Third Edition

Hans Visser

In this extensively updated third edition, Hans Visser explores the ideas and concepts that drive and shape Islamic finance. This incisive book reviews the products, institutions and markets offered by Islamic finance in the modern marketplace, offering a critical discussion of the ways in which fiscal and monetary policy can be adapted to Islamic financial institutions. Visser offers new directions for economics and finance students, as well as students of Islamic finance and Islam studies more broadly.
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Hans Visser

A Muslim’s life ideally is ruled by Islamic religious law, the sharia. The sharia is a narrow sense is God’s eternal will as expressed in the Quran and in the example given by the Prophet Muhammad, the sunna. The Islamic jurisprudence or fiqh is based on the sharia. Sharia in a broad sense includes not only Quran and sunna, but also legislation resulting from the fiqh. The fiqh draws on various sources. These are discussed in this chapter, along with the different ways in which rules and norms can be derived from those sources. Separate attention is paid to the question of how Muslims living among a non-Muslim majority should observe the sharia.

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Hans Visser

Islamic economics, and Islamic financial economics as part of it, is a child of the Islamic reform movement that started in the later part of the nineteenth century. Islamic economics is first and foremost normative economics. There have also been calls to develop a distinct Islamic theoretical system of economics, with its own epistemology. The principles underlying the Islamic norms and the idea of a distinct Islamic economic science are discussed first. This is followed by a review of the Islamic rules and norms that shape the Islamic economy. One of these norms, the prohibition of riba, had close parallels in Christianity and Judaism and still has echoes in Western secular society. These parallels are also briefly described. Next is a section on the Islamic economic order and after that a survey of Islamic criticisms of the prevailing Islamic financial institutions, including the solutions proposed by the critics.