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Contents List of Illustrations Preface Glossary and Transliteration 1 Introduction Finance without Interest? 1.1 Distinguishing Features of Islamic Finance ProhibitionDriven Finance Jurists, Shari'a Boards and Innovation Lawyers and Regulatory Arbitrage 1.2 Islamic Transactions Law as Common Law Precedents, Analogies and Nominate Contracts TradeoV Between EYciency and Legitimacy 1.3 Limits and Dangers of Shari'a Arbitrage Risk of MisPricing Legal and Regulatory Risks 2 Jurisprudence and Arbitrage 2.1 Islamic Law and Jurisprudence The Canon: Qur'an, Tradition and Consensus Juristic Inference (Ijtihad ) and Benefit Analysis 2.2 From Classical to Contemporary Jurisprudence Jurisprudence, Revival and Codification Institution of Fatwa and Islamic Finance 2.3 Arbitraging Classical Jurisprudence Shari'a Arbitraging Classical Property Law Arbitraging Classical Contract Conditions Arbitrage, Ruses and Islamic Finance 3 Two Major Prohibitions: Riba and Gharar 3.1 The Prohibition of Riba Canonical Texts on Riba Economic Substance of the Prohibition of Riba 3.2 The Prohibition of Gharar Definition of Gharar Economic Substance of Prohibition Insurance and Derivatives 3.3 Bundled vs. Unbundled Credit and Risk 4 SaleBased Islamic Finance 4.1 Basic Rules for Sales Trust Sales: Murabaha, Tawliya, Wad. i'a Currency Exchange (Sarf ) 4.2 SameItem SaleRepurchase ('Ina) SameItem Trading in 'Ina and Tawarruq Custody Sale (Bay' Al' uhda) and Sukuk Alijara 4.3 Cost of Funds: Interest Rate Benchmarks Opportunity Cost for Conventional FundProviders Viability of Islamic Benchmark Alternatives 5 Derivativelike Sales: Salam, Istisna' and 'Urbun 5.1 PrePaid Forward Sale (Salam) Parallel Salam Conventional and Synthesized Forwards 5.2 Commission to Manufacture (Istisna' ) 5.3 DownPayment Sale ('Urbun) 'Urbun as Call Option 6 Leasing, Securitization and Sukuk 6.1 General Lease Conditions Flexible Rate Financing Subleasing, Repairs and Insurance Costs, etc. 6.2 AssetBacked Securities Leasing and Securitization Receivable Securitization and Sale of Debt Bundling AssetBased and DebtBased Securities: A Paradox 6.3 Asset Backed Leasing Bonds (Sukuk) Credit Rating Issues Reward Pledges and Gifts Revisited 6.4 Usufruct Sukuk 6.5 Sukuk AlSalam 7 Partnerships and Equity Investment 7.1 Classical types of Partnership Silent Partnership: Theoretical Workhorse of Islamic Finance Valid and Defective Silent Partnerships 7.2 Common Stock Owneship "Islamic Screens" and Their Shortcomings Cleansing Returns Positive Screens and the Islamic Brand Name 8 Islamic Financial Institutions 8.1 Banking and Islamic Banking Theoretical Structure: TwoTier Silent Partnership Deposits vs. Loans: Trust and Guaranty 8.2 Insurance and Takaful 8.3 Two Sides of the Two Debates Shari'a Arbitrage vs. Islamic Prudential Regulation 8.4 Generic Agency Characterization of Financial Institutions 9 Governance and Regulatory Solutions in Mutuality 9.1 RentSeeking Shari'aArbitrage and Absence of Mutuality Potential for Mutuality in Islamic banking Need for Mutuality in Takaful 9.2 A Call for Mutuality in Banking and Insurance Mutuality in Banking Mutuality in Insurance 10 Beyond Shari'a Arbitrage 10.1 Shari'a Arbitrage and Criminal Finance 10.2 Shari'a Arbitrage at the Limit Benchmarking Ad Absurdum Hedge Fund Instruments -- Shari'aArbitrage Style 10.3 Self Destructiveness of Shari'aArbitrage Declining Shari'aArbitrage Profit Margins Dilution of the "Islamic" BrandName 10.4 Towards a New Islamic Finance Identity Macroeconomic Substance: Privatization Sukuk MosqueBased Network of Financial Mutuals Positive Screens, Ethical Investment Conclusion Notes Bibliography Index
Library of Congress Subject Headings for this publication:
Banking law (Islamic law).
Business enterprises -- Finance -- Law and legislation -- Islamic countries.
Securities -- Islamic countries.
Finance -- Religious aspects -- Islam.
Economics -- Religious aspects -- Islam.