Islamic Perspectives on Wealth Creation

Debt finance involving interest payments - the standard method in the global economy - goes against Qur’anic teaching and Shariah law. Wealth creation is therefore one of the greatest challenges facing Muslims and the Islamic world.This book explores the longer term issues of Islamic capital accumulation and its contribution to the development of Muslim societies in the East and West. Although many of these societies remain poor, it is shown that there is much positive experience to learn from - especially that wealth creation is most successful when the institutions created to harness and deploy funds share the values of the societies they serve. It can be seen that adherence to religious values brings social development, and that moral financing makes good business sense.The book includes:* evaluation of Asian Islamic banking experiences* assessment of Islamic banking efficiency and service quality* analysis of Islamic insurance and risk management, and equity finance and venture capitalCountries covered include:IranPakistanSudanKuwaitEgyptMalaysiaBahrainJordanSaudi ArabiaThe book provides a comprehensive discussion of the various aspects of Islamic finance, focusing on key countries and institutions in a coherent manner and bringing both breadth and depth to the subject.Key Features:* First book to bridge the gap between Islamic economic theory and financial practice* Considers risk management in accordance with Islamic law by exploring Islamic mortgages and insurance* Looks at equity finance, venture capital and the stock market from an Islamic perspective* Offers detailed case studies of country experiences of Islamic capital formation and wealth accumulation* Includes a glossary of Arabic terms

Munawar Iqbal is Chief of Research at the Islamic Banking and Finance Division of the Islamic Development Bank's Islamic Research and Training Institute, Jeddah, Saudi Arabia. Professor Wilson was the founder of the Islamic finance programme at Durham University in the United Kingdom where he continues to be an Emeritus Professor. He was a Visiting Professor at the Qatar Faculty of Islamic Studies in from 2009 untill 2012 and since 2013 has been an Emeritus Professor at the International Centre of Education in Islamic Finance (INCEIF), Kuala Lumpur. Professor Wilson was awarded the IDB prize in Islamic banking in 2014 in recognition of his academic work on the subject.