Islamic Banking and Finance: Definitive Texts and Cases
Islamic Banking and Finance: Definitive Texts and Cases
Omar Masood
Palgrave Macmillan, New York, 2011, 298 pp. ISBN: 978-0-230-33839-5
Ilias Bantekas
In the last twenty-five years, the global interest on Islamic finance has increased manifold, and academic scholarship has followed the practice-based trajectory. This book is one of the forerunners, albeit more on the finance side of the subject. Certain parts, or chapters, of this book are highly specialised for most lawyers to follow because of the extensive mathematical formulas by which the author attempts to show the true extent of the use and profitability of various models of Islamic finance. I sense that although the first chapter of the book, as well as various other sections throughout, are of introductory nature, the book as a whole is rather advance and of greater relevance to economists rather than social sciences. I suspect that some lawyers, particularly those with a law and economics background, and those with an excellent grasp of banking and finance law, will also find this book useful, at least as a way of introducing themselves to Islamic finance, as well as getting a much broader understanding of how various models of Islamic finance work in practice. For anyone seeking a law-based analysis (e.g. contractual) of Islamic finance,1 this is not the book they should be consulting. The author does not set out to provide legal analysis, even though law-related discussion exists throughout the text.

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