Islamic Finance in the Light of Modern Economic Theory

Business & Finance, Economics, International Economics, Theory of Economics
Cover of the book Islamic Finance in the Light of Modern Economic Theory by Suren Basov, M. Ishaq Bhatti, Palgrave Macmillan UK
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Author: Suren Basov, M. Ishaq Bhatti ISBN: 9781137286628
Publisher: Palgrave Macmillan UK Publication: December 1, 2016
Imprint: Palgrave Macmillan Language: English
Author: Suren Basov, M. Ishaq Bhatti
ISBN: 9781137286628
Publisher: Palgrave Macmillan UK
Publication: December 1, 2016
Imprint: Palgrave Macmillan
Language: English

This book provides researchers and students with an understanding of the basic legal tenets of the Islamic finance industry, studying the real economic effects of those tenets using the tools of the modern economic theory. Split into four parts, the book begins with an introduction to the history and a legal framework for Islamic banking, covering typical Islamic financial products such as Sukuk and Takaful and examining the structure of Islamic financial institutions. It then analyzes and discusses the Miller-Modigliani Theorem, which is of direct relevance to Islamic banks which are prohibited to charge interest and often have to rely of profit-loss sharing agreements. Part III of the book introduces the reader to modern mechanism design theory, paying particular attention to optimal contracting under hidden action and hidden information, and final part  of the book applies the tools of economic theory to understand performance of Islamic financial institutions such as Islamic banks and Takaful operators.

Islamic Finance in Light of Modern Economic Theory brings together all the necessary technical tools for analyzing the economic effects of Islamic frameworks and can be used as an advanced textbook for graduate students who wish to specialize in the area, as a reference for researchers and as a tool to help economists improve the design of Islamic financial institutions. 

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This book provides researchers and students with an understanding of the basic legal tenets of the Islamic finance industry, studying the real economic effects of those tenets using the tools of the modern economic theory. Split into four parts, the book begins with an introduction to the history and a legal framework for Islamic banking, covering typical Islamic financial products such as Sukuk and Takaful and examining the structure of Islamic financial institutions. It then analyzes and discusses the Miller-Modigliani Theorem, which is of direct relevance to Islamic banks which are prohibited to charge interest and often have to rely of profit-loss sharing agreements. Part III of the book introduces the reader to modern mechanism design theory, paying particular attention to optimal contracting under hidden action and hidden information, and final part  of the book applies the tools of economic theory to understand performance of Islamic financial institutions such as Islamic banks and Takaful operators.

Islamic Finance in Light of Modern Economic Theory brings together all the necessary technical tools for analyzing the economic effects of Islamic frameworks and can be used as an advanced textbook for graduate students who wish to specialize in the area, as a reference for researchers and as a tool to help economists improve the design of Islamic financial institutions. 

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