Islamic Banking and Finance
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Islamic Banking and Finance

New Perspectives on Profit Sharing and Risk

Edited by Munawar Iqbal and David T. Llewellyn

Islamic Banking and Finance discusses Islamic financial theory and practice, and focuses on the opportunities offered by Islamic finance as an alternative method of financial intermediation. Key features of profit-sharing (as opposed to debt-based) contracts are highlighted, and the ways in which they can facilitate improved efficiency and stability of a financial system are explored.
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Preface

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Iqbal 00 prelims 9/11/01 3:09 pm Page xi Preface This volume includes some of the papers presented at the Fourth International Conference on Islamic Economics and Banking held at Loughborough University, UK, during August 13–15, 2000. The theme of the Conference was ‘Islamic Finance: Challenges and opportunities in the 21st Century’. Several papers presented at the conference dealt with profit-sharing as an alternative way of providing finance that can be used by financial intermediaries. This is an area that has considerable potential. Papers included in the volume highlight some of the key features of the sharing-based contracts as compared to the debtbased contracts and how they can help improve efficiency and stability of a financial system. At a time when the reform of the global financial system is being actively discussed at both the theoretical and policy levels, it is hoped that this volume will bring some new ideas into the ongoing discussion. The Academic Committee for the Conference reviewed all the papers submitted to it and accepted only 23 out of 74. The ten papers included in this volume were further refereed after the conference and in some cases revised. All contributors were very cooperative, for which we are grateful to them. Since many Arabic terms have been used in the papers, we have prepared and included a glossary of such terms for the benefit of readers. Several people helped in preparing this volume. We are grateful to Dr Mabid Ali Al-Jarhi and Dr M. Umer Chapra...

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