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050  4 KBP940.2 .E414 2006 
082 0  332.091767 
100 1  El-Gamal, Mahmoud A 
245 10 Islamic Finance :|bLaw, Economics, and Practice 
264  1 Cambridge :|bCambridge University Press,|c2006 
264  4 |c©2006 
300    1 online resource (241 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
505 0  Cover -- Half-title -- Title -- Copyright -- Dedication --
       Contents -- List of Illustrations -- Preface -- A Note on 
       Terms of Reverence -- 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 -- Convergence of Sunni and Shi'i 
       Approaches -- Tradeoff between Effciency and Legitimacy --
       1.3 Limits and Dangers of Shari'a Arbitrage -- Risk of 
       Mispricing -- Legal and Regulatory Risks -- Beyond Shari'a
       Arbitrage -- 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 -- Valued vs. Unvalued Property: 
       Shari'a-Arbitrage Opportunity -- Portability and Sukuk 
       Structures -- Fungibility and Entitlement -- Ownership -- 
       Advances and Restrictions on Partial Ownership -- Trust, 
       Guaranty, and Interest -- Arbitraging Classical Contract 
       Conditions -- Arbitrage, Ruses, and Islamic Finance -- 3 
       Two Major Prohibitions: Riba and Gharar -- Paternalism of 
       Prohibitions -- Bounded Rationality and Paternalism -- 
       What to Forbid? Balancing Benefits and Risks -- 3.1 The 
       Prohibition of Riba -- Canonical Texts on Riba -- Main 
       Juristic Taxonomies of Riba -- Riba Is Not the Same as 
       Interest -- Economic Substance of the Prohibition of Riba 
       -- Equity and Efficiency through Marking to Market -- 
       Islamic Finance: Form and Substance Revisited -- Multiple 
       Paternalistic Parties 
505 8  Human Time Inconsistency and Precommitment Solutions -- 
       Good Loans and Bad -- Digression on Loans in Islamic 
       Jurisprudence -- 3.2 The Prohibition of Gharar -- 
       Definition of Gharar -- Economic Substance of Prohibition 
       -- Bounded Rationality in the Face of Risk -- Insurance 
       and Derivatives -- 3.3 Bundled vs. Unbundled Credit and 
       Risk -- 4 Sale-Based Islamic Finance -- 4.1 Basic Rules 
       for Sales -- The Underused Uncommissioned Agent (Bay' al-
       Fuduli) Structure -- Trust Sales: Murabaha, Tawliya, 
       Wadi'a -- Currency Exchange (Sarf) -- Metals and Tawarruq 
       -- 4.2 Same-Item Sale-Repurchase ('Ina) -- Same-Item 
       Trading in 'Ina and Tawarruq -- Hanbali Denunciation of 
       Organized 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 -
       - Divergence of Rhetoric from Reality -- Disadvantages of 
       "Islamic Benchmarks" -- Other Conventional Benchmarks -- 5
       Derivative-Like Sales: Salam, Istisna', and 'Urbun -- 5.1 
       Prepaid Forward Sale (Salam) -- Revocation and Settlement 
       of Long Position -- Parallel Salam -- Conventional and 
       Synthesized Forwards -- 5.2 Commission to Manufacture 
       (Istisna') -- 5.3 Down-Payment Sale ('Urbun) -- 'Urbun as 
       Call Option -- Case Study 1: Al-Ahli International Secured
       Fund -- Case Study 2: Al-Rajhi Aman Fund -- 6 Leasing, 
       Securitization, and Sukuk -- 6.1 General Lease Conditions 
       -- Binding Promises in Leasing -- Flexible-Rate Financing 
       -- Subleasing, Repairs, and Insurance Costs -- 6.2 Asset-
       Backed Securities -- Leasing and Securitization -- 
       Financial and Operating Leases -- 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 -- 
       Benchmarking Revisited 
505 8  Reward Pledges and Gifts Revisited -- Problematic Binding 
       Gift Promise -- Equally Problematic Binding Reward Pledge 
       -- 6.4 Usufruct Sukuk -- Identification of Unidentified 
       Usufruct Shares -- 6.5 Sukuk Al-Salam -- 7 Partnerships 
       and Equity Investment -- 7.1 Classical Types of 
       Partnership -- Silent Partnership: Theoretical Workhorse 
       of Islamic Finance -- Types of Silent Partnership -- Valid
       and Defective Silent Partnerships -- Conditions on 
       Partnership Capital -- Profit-Sharing Conditions -- 7.2 
       Common-Stock Ownership -- Characterization of Stocks and 
       Mutual Funds -- "Islamic Screens" and Their Shortcomings -
       - Line-of-Business Screens -- Financial Ratio Screens -- 
       Incoherence and Dangers of Financial Ratio Screens -- Case
       Study on Debt Screens: REITs -- Cleansing Returns -- 
       Positive Screens and the Islamic Brand Name -- 8 Islamic 
       Financial Institutions -- 8.1 Banking and Islamic Banking 
       -- Theoretical Structure: Two-Tier Silent Partnership -- 
       Two Conflicting Fatawa -- Deposits vs. Loans: Trust and 
       Guaranty -- A. Conventional Bank functions -- B. 
       Conventional Bank relationship with depositors -- C. 
       Conventional Bank interest is a form of forbidden riba -- 
       D. Prespecification of investment profits in amount, or as
       a percentage of the invested capital -- 8.2 Insurance and 
       Takaful -- Two More Conflicting Fatawa -- 8.3 Two Sides of
       the Two Debates -- Shari'a Arbitrage vs. Islamic 
       Prudential Regulation -- 8.4 Generic Agency 
       Characterization of Financial Institutions -- Agency and 
       Takaful as Mutual Insurance -- Agency in Banking -- Agency
       in Asset Management -- 9 Governance and Regulatory 
       Solutions in Mutuality -- 9.1 Rent-Seeking Shari'a 
       Arbitrage and Absence of Mutuality -- Prohibitions as 
       Means of Risk Mitigation -- Rent-Seeking Shari'a Arbitrage
       Encourages Risk Taking -- Potential for Mutuality in 
       Islamic Banking 
505 8  Debt and Equity Structures for Assets and Liabilities -- 
       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
       -- Savings Accounts via Shari'a Arbitrage -- Hedge-Fund 
       Instruments - Shari'a-Arbitrage Style -- Short Sales -- 
       Synthesized Options -- 10.3 Self-Destructiveness of 
       Shari'a Arbitrage -- Declining Shari'a-Arbitrage Profit 
       Margins -- Dilution of the "Islamic" Brand Name -- 10.4 
       Toward a New Islamic Finance Identity -- Macroeconomic 
       Substance: Privatization Sukuk -- Mosque-Based Network of 
       Financial Mutuals -- Positive Screens, Ethical Investment 
       -- Conclusion -- Notes -- Chapter 1 -- Chapter 2 -- 
       Chapter 3 -- Chapter 4 -- Chapter 5 -- Chapter 6 -- 
       Chapter 7 -- Chapter 8 -- Chapter 9 -- Chapter 10 -- 
       Bibliography -- Index 
520    This book provides an overview of the practice of Islamic 
       finance 
588    Description based on publisher supplied metadata and other
       sources 
590    Electronic reproduction. Ann Arbor, Michigan : ProQuest 
       Ebook Central, 2020. Available via World Wide Web. Access 
       may be limited to ProQuest Ebook Central affiliated 
       libraries 
650  0 Banking law (Islamic law) 
655  4 Electronic books 
776 08 |iPrint version:|aEl-Gamal, Mahmoud A.|tIslamic Finance : 
       Law, Economics, and Practice|dCambridge : Cambridge 
       University Press,c2006|z9780521864145 
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