Islamic Finance伊斯兰财政
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作者： Mahmoud A. El-Gamal著
出 版 社：
出版时间： 2006-7-1字数：版次：页数： 221印刷时间： 2006/07/01开本： 16开印次：纸张： 胶版纸I S B N ： 9780521864145包装： 精装内容简介
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.
目录
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
3Two 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
4Sale-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
5Derivative-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
6Leasing, 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
7Partnerships and Equity Investment
8 Islamic Financial Institutions
9 Governance and Regulatory Solutions in Mutualigy
10 Beyond Shari'a Arbitrage
Conclusion
