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This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of 'Islamization' of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.

作者简介：

Mahmoud A. El-Gamal is Professor of Economics and Statistics at Rice University, where he holds the endowed Chair in Islamic Economics, Finance, and Management. Prior to joining Rice in 1998, he had been Associate Professor of Economics at the University of Wisconsin at Madison, and previously Assistant Professor of Economics at California Institute of Technology and the University of Rochester. Professor El-Gamal has also served in the Middle East Department of the International Monetary Fund (1995-96), and was the first Scholar in Residence on Islamic Finance at the US Department of the Treasury in 2004. He has published extensively in the areas of econometrics, finance, experimental economics, and Islamic law and finance.

List of Illustrations

Preface

Glossary and Transliteration

1 Introduction

　Finance without Interest?

　1.1 Distinguishing Features of Islamic Finance

　　Prohibition-Driven Finance

　　Jurists, Shari'a Boards, and Innovation

　　Lawyers and Regulatory Arbitrage

　1.2 Islamic Transactions Law as Common Law

　　Precedents, Analogies, and Nominate Contracts

　　Tradeoff between Efficiency 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　Sale-Based Islamic Finance

　4.1 Basic Rules for Sales

　　Trust Sales: Murabaha, Tawliya, Wadi'a

　　Currency Exchange (Sa,f)

　4.2 Same-Item Sale-Repurchase ('Ina)

　　Same-Item Trading in 'Ina and Tawarruq

　　Custody Sale (Bay'Al-'uhda) and Sukuk Al-ijara

　4.3 Cost of Funds: Interest-Rate Benchmarks

　　Opportunity Cost for Conventional Fund Providers

　　Viability of Islamic Benchmark Alternatives

5　Derivative-Like 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 Down-Payment Sale ('Urbun)

　　Urbun as Call Option

6　Leasing, Securitization, and Sukuk

　6.1 General Lease Conditions

　　Flexible-Rate Financing

　　Subleasing, Repairs, and Insurance Costs

　6.2 Asset-Backed Securities

　　Leasing and Securitization

　　Receivable Securitization and Sale of Debt

　　Bundling Asset-Based and Debt-Based 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 Al-Salam

7　Partnerships and Equity Investment

8 Islamic Financial Institutions

9 Governance and Regulatory Solutions in Mutualigy

10 Beyond Shari'a Arbitrage

Conclusion

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