The Art of Islamic Banking and Finance: Tools and Techniques for Community-Based Banking
The Art of Islamic Banking and Financeis a modern American take on what it means to incorporate Islamic finance principles into everyday banking and investment techniques. It introduces a new brand of banking for people of all faiths: the Riba-Free (RF) banking.Author Yahia Abdul-Rahman—who is considered the father of RF (Islamic) banking in America—has been a banker and an imam/scholar for over forty years. He is also the founder and Chairman of American Finance House: LARIBA, a company that has offered Islamic finance and banking research and instruments for more than twenty years. Now, inThe Art of Islamic Banking and Finance, Abdul-Rahman shares his experiences in this field with you.This unique guide first traces the Judeo-Christian-Islamic origins of prohibiting "renting" money at a price, called interest, and overindulging in debt. From there, it quickly moves on to discuss money and how fiat money is created, the role of the Federal Reserve, and the American banking system. Along the way, Abdul-Rahman skillfully addresses how to include an important aspect of RF (Islamic) finance using commodity indexation and marking the items to be financed to market in order to avoid participating in economic "bubbles." He also examines how these rules work, how they affect consumer behavior, and how they change the role of the banker/financier. The book covers many useful quests like restructuring and operating an RF bank in the United States and the recruiting and training of RF bankers based on the author's experience.Chapter by informative chapter, this reliable resource:Covers a new pioneering model that is based on the Law (Shari'aa) and how it is applied in every transaction—from joint ventures and portfolio management to home mortgages and personal financeShows how to incorporate the Law (Shari'aa) while operating in American financing and banking systemsPoints to RF (Islamic) finance and banking as a way to emphasize socially responsible investingAnd much moreThe Art of Islamic Banking and Financealso includes a discussion on the emergence of a culture of RF (Islamic) banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and is very reliable when compared to twentieth-century models that use financial engineering and structuring techniques to circumvent the Law (Shari'aa).Filled with comprehensive case studies based on the author's actual experiences and detailed analysis of the superior results realized by applying this new brand of banking to financing,The Art of Islamic Banking and Financewill help you gain a firm understanding of how effective this proven approach can be.