Rethinking Islamic Finance

Name: Rethinking Islamic Finance
Brand: Taylor & Francis

Taylor & Francis

Islamic finance\u2019s phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with \u2018juristically sound\u2019 Islamic principles.