• Author: Ibrahim Warde

"In spite of the ever-growing quantity of Islamic finance products, quantity, rather than quality, has been the main feature of literature on the topic. Ibrahim Warde's book is in this respect a welcome exception...Warde unquestionably succeeds in his book in providing an excellent overview of modern Islamic finance. It will be particularly useful to readers who are interested in the complexity and variety of Islamic finance as it is now, as well as in possible future developments."-DAVO-Reviews

"...a profound analysis of the connection between Islamic finance and politics."-The Muslim World Book Review

"A well-researched and concise book on a fluid, complex, and sometimes misjudged concept."-MESA Bulletin

"A forthright and scholarly survey of a subject that deserves the attention of both international bankers and are specialists who are interested in Islamic Culture of political economy.. It offers a much-needed introduction to a highly complex set of economic, cultural, and political phenomena."-Middle East Journal

Islamic finance is growing at an astonishing rate and is now a global industry worth $1200 billion. This book explains the paradox of a system rooted in the medieval era thriving in the global economy. Coverage is exhaustively comprehensive, defining Islamic finance in its broadest sense to include banks, mutual funds, securities firms, and insurance (or takaful) companies.

This second edition has been completely revised and updated to take into account the great changes and developments in the field in recent times. It includes the impact of the 9/11 and 7/7 terrorist attacks on the industry, the new forms of interaction with Western financial institutions, the emergence of innovative products such as sukuk, and attempts by a broad range of financial centers-including Kuala Lumpur, London, Singapore, Bahrain, and Dubai-to become global hubs of Islam.