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Über dieses Buch

In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance. These highlights of the symposium and original articles specifically address the post-crisis application of this growing and relevant economic philosophy in Europe.

Inhaltsverzeichnis

Frontmatter

‘Beyond the Crisis: Islamic Finance in the New Financial Order’

Frontmatter

1. Opening Round Table

Abstract
Madrid Stock Exchange (La Bolsa de Madrid), Madrid, Spain, 16 June 2010
Jonathan Langton, Cristina Trullols, Abdullah Q. Turkistani

2. Introduction to Islamic Economics and Finance

Abstract
Islamic economics is based on the principles and norms for human welfare derived from Islamic sources. Fundamentally different from the secularly defined system, it offers a comprehensive and coherent alternative to conventional, or Western, economics. There are many similarities and much common ground between Islamic economics and Western economics — for example, the question of allocation and distribution of resources, the fulfilment of material needs and the importance of the market mechanism. Islamic finance does not seek to abolish private property, nor does it attempt to prevent the individual from serving his own self-interest. The emphasis of Islamic economics, however, is a concentration on human brotherhood and social economic justice. While it recognises the role of the market in the efficient allocation of resources, it does not find competition to be a sufficient safeguard of social interests. Moreover, based on a religious world view, Islamic economics incorporates a belief in ‘the day of the hereafter’, something which renders a great many of the theories of traditional Western economics unacceptable.
Jonathan Langton, Cristina Trullols, Abdullah Q. Turkistani

3. Public-Private Partnerships: Islamic Finance in International Project Finance

Abstract
The purpose of this discussion is to link Islamic finance to something concrete, something which is ultimately about real assets. Two areas in which Spain excels are infrastructure projects and renewable energy installations. Both of these represent very good asset classes for Islamic finance; hence the decision to hold a session to lay out some of the practical solutions for structured finance of these projects in a manner that is Shari’a compliant.
Jonathan Langton, Cristina Trullols, Abdullah Q. Turkistani

4. The Legal and Tax Adaptation of Islamic Finance Instruments in Spain

Abstract
The goal of this discussion, first of all, is to have an introduction to the issues, from a legal and tax perspective, with respect to Islamic finance. It may be assumed that there are differing levels of knowledge, so it will be endeavoured to raise the level to a minimum standard and discuss the different contracts and the different ways that the Shari’a principles of finance may be treated and then consider, from a civil law point of view, how those structures can be adapted within the legal system. Ultimately, the goal is to understand how to make Islamic finance available to Western enterprises that want to invest in assets that need, or want, to be financed with Shari’a-compliant funds, the issuance of sukuk and all of those instruments which are becoming increasingly familiar.
Jonathan Langton, Cristina Trullols, Abdullah Q. Turkistani

Additional Articles

Frontmatter

5. The Global Financial Crisis: Can Islamic Finance Help?

Abstract
The whole world is now in the grip of a financial crisis which is far more serious than any experienced since the Great Depression. It has taken more than $3 trillion of bailout and liquidity injections by a number of industrial countries to abate somewhat the intensity of the crisis. Nevertheless, there are fears that this crisis may have exposed the world economy to a long period of economic slowdown. There is, hence, a call for a new architecture that would help minimise the frequency and severity of such crises in the future.
M. Umer Chapra

6. Points to Ponder in Islamic Finance

Abstract
Due to its participatory nature, Islamic finance lends itself very nicely to infrastructure finance, especially within the private-public partnership (PPP) approach. Infrastructure finance, whenever the private sector is involved, comes under what is called a ‘project finance’ process. The project itself must generate sufficient income to pay back the project cost and profits to the financiers of the project. This rarely happens without public support. Hence, private-public partnership becomes pivotal.
Mohamed Ali Elgari

7. Islamic Finance and the Regulatory Challenge: The European Case

Abstract
Islamic finance (IF) came into being no more than five decades ago. Its institutional development can be divided into two phases: that of the 1960s, which witnessed the introduction of a local savings bank in the rural area of Mit-Ghamr in Egypt,1 and that of the mid-1970s, which saw the introduction of commercial private banking and an inter-government initiative2 at regional level among OIC3 countries. Since then, Islamic finance has grown steadily, spreading from one institution in one country to more than 400 institutions in more than 70 countries with total assets reaching the threshold of one trillion US dollars.4 In addition, its operations have diversified.
Ahmed Belouafi, Abderrazak Belabes

8. Islamic and Ethical Finance: Taking Responsibility in a Post-crisis Context?

Abstract
Since Umer Chapra, an expert on Islamic finance and a former advisor to the Saudi Arabia Monetary Authority, published his classic work Towards a Just Monetary System in 1985, several international financial crises have followed.1 After the Asian financial crisis of 1997, as well as the one that began ten years later in the United States and has been responsible for the current economic crisis, different voices and debates have arisen, calling for the revision and redefinition of the global financial system, to bring it closer to the real economy and to curtail speculation.
Olivia Orozco de la Torre

Backmatter

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