Books

The authors seek to, through a survey of written work on the phenomenon, come to an understanding of the axioms of Islamic finance. Financing, in an Islamic sense, is seen to be grounded in certain ideas. One such idea, the authors relate, is the necessity of ownership of an item in order to legitimately claim profits from it. Another is that financing takes place whenever there is a time gap between payment and a goods exchange. A third, according to the writers, is that loans are given out of goodness.

Islamic financial instruments are important to mobilize the public sector resources, as the title suggests, and this book analyzes how they do so. First, it provides an overview of Islamic financial instruments and methods of managing the economy. Then, it explores instruments based on contracts. Finally, it provides case studies of Malaysia and Bangladesh to analyze the use of Islamic financial instruments and domestic resource mobilization in those countries.

This book is on a paper reviewing the standards set by the Basel Committee for Banking Supervision (BCBS). The three pillars of the BCBS are capital adequacy, supervisory review process, and market discipline. The book proposes that Islamic banks adopt the BCBS system of risk weighting of assets which will assist Islamic banking in gaining worldwide acceptance and will help it compete in the global economy.