Ebook Islamic Finance and the New Financial System: An Ethical Approach to Preventing Future Financial Crises (Wiley Finance)
Ebook Islamic Finance and the New Financial System: An Ethical Approach to Preventing Future Financial Crises (Wiley Finance)
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Islamic Finance and the New Financial System: An Ethical Approach to Preventing Future Financial Crises (Wiley Finance)
Ebook Islamic Finance and the New Financial System: An Ethical Approach to Preventing Future Financial Crises (Wiley Finance)
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From the Inside Flap
Global finance has learned many lessons from the financial crisis of 2008, but its future is still far from certain. Policymakers and economists know that, unless something changes, we may be on the path to another collapse – perhaps even more severe than the last. Islamic Finance and the New Financial System explores the nature of the shift that must take place in global finance. Incorporating Islamic financial principles may be the key to stabilizing the global economy and preventing future disaster. In Islamic Finance and the New Financial System, author Tariq Alrifai, an expert on Islamic finance and banking, incisively analyzes financial crises and their antecedents, showing that, under the current system, boom-and-bust cycles are inevitable – and that their magnitude will only increase unless something changes. This book makes Islamic finance and its sound economic basis accessible to the mainstream. Islamic Finance and the New Financial System pierces the fog of myth and confusion surrounding this growing financial method, outlining its history, analyzing its current state, and exposing its weaknesses. Finally, readers will see that Islamic finance offers real-world solutions that can be adapted and adopted to create a new, more resilient financial system.
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From the Back Cover
Praise for Islamic Finance and the New Financial System "Islamic Finance and the New Financial System is a must-read for anyone who wants to understand how the most recent global financial crisis fits into a pattern of financial crises that have dogged the world for centuries. Tariq Alrifai examines the root causes of the recent crisis and explores ways in which Islamic financing techniques and instruments could be used to reduce the likelihood, duration and severity of future crises. For non-experts, the book includes a useful summary and explanation of Islamic financing terminology. For so serious a topic, the book is very readable and manages to convey a sense of optimism for the future." —Paul McNamara, Chief Executive, The Islamic Globe "In the wake of the recent devastating economic cycle, Tariq Alrifai has written a book that gives us hope for the future. He contends that governments and central bankers must develop new ways of dealing with financial crises before it is too late. Using insightful analysis, he shifts our perspective of the historical workings of the world financial system by looking at it through the lens of Islamic Finance. Alrifai's Islamic finance based, real-world solutions for financial reform will provide much needed clarity to global leaders as they struggle to understand and prevent the next big financial crisis." —Karen Hunt-Ahmed, Islamic Finance Professor; Editor of Contemporary Islamic Finance: Innovations, Applications and Best Practices "This book is not only an excellent explanation of Islamic finance but explores an important facet of that financial system that could impact global financial markets. There is no question that the ethical approach offered by Islamic finance could have a beneficial influence towards helping to prevent future financial crises. It is the exploration of these areas which makes this book particularly valuable. Tariq Alrifai places his analysis in the context of the history money and banking from ancient times through the various world financial crises up to the present day with an excellent explanation of international agreements, their impact on currency systems and the eventual development of fiat currencies. His review of various financial crises since 1929, as well as the various actions governments took during those events to end those crises, is particularly useful. Most interesting is his description of the Dot-Com Bubble. He devotes an entire chapter to an insightful description of the 2008 financial crisis based on his personal experience on Wall Street at that time. His analysis concludes that another financial crisis is coming as a result of the very flawed measures that have established to solve the 2008 crisis. Alrifai follows with an excellent detailed description of Islamic finance, its foundations and practice with an emphasis on promoting trade and commerce in a fair and socially acceptable manner. The principles of a prohibition of interest and the sharing of risk are explained and well as the important concept of "riba" and usury. A description of the current status of Islamic finance, and more specifically banking in the Middle East, Asia and other parts of the world, is particularly useful. From my point of view one of the most valuable parts of the book explains how Islamic finance is aimed at promoting a level playing field for all investors by prohibiting such instruments as company shares with unequal voting rights. I found the author's description of current misconceptions in the West towards Muslims, the development of terrorism and how those terrorists have been financed fascinating. At the end of the book the author gives cogent reasons why Islamic principles could have prevented the recent financial crises and other such crises by prohibiting debt replacing it with equity and eliminating derivatives or any other financial instrument based on speculation. It's an excellent book and places Islamic finance in a modern and practical context." —Mark Mobius, Executive Chairman, Templeton Emerging Markets Group
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Product details
Series: Wiley Finance
Paperback: 280 pages
Publisher: Wiley; 1 edition (June 2, 2015)
Language: English
ISBN-10: 9781118990636
ISBN-13: 978-1118990636
ASIN: 1118990633
Product Dimensions:
6.3 x 0.7 x 9.3 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
5.0 out of 5 stars
4 customer reviews
Amazon Best Sellers Rank:
#2,196,950 in Books (See Top 100 in Books)
A good number of books on the 2008 financial crisis suggest familiar preventions, such as breaking up the too-big-to-fail model, reinstating the Glass-Steagall Act and regulating derivatives.This book, however, explores the “Islamic Model†whereby the author suggests that going debt free is the way past many of the ills that have beset financial markets in recent years. Or in a very tangible way that backward is the new forward, and that reevaluating the very foundations of the modern system is a worthwhile endeavor given the scale and “systemic risks†apparently haunting our current global system of finance.It was clear that the author, and perhaps many in the field of Islamic Finance, have a marked penchant for equity over debt, where risks are by their very nature shared. This simple concept has profound implications when applied to commercial banks, who always win (until they don’t and the whole thing begins to crumble).For those who are not interested in Islamic finance, but only interested in financial crises, Part I of the book is entirely dedicated to the history of our financial system and financial crises.Part II introduces Islamic finance and its principles. Part III suggests solutions and is where Alrifai discusses mainstream proposals, such as a return to the Gold Standard, the Chicago Plan and the IMF's SDR.The book is timely, provides amble historical context, and is refreshingly sweeping in its recommendations. It also carries a review from Mark Mobius, perhaps the leadling figure on Emerging Markets, where coincidently much of Islamic is currently practiced.Recommended both as a primer and for a glimpse at an alternative system of global finance that is slowly gaining wider acceptance outside the traditional markets of the Arabian Gulf and Malaysia.
An insightful analysis of the various causes of 2008's systemic financial failures and an astute endorsement of a working, established and successful historical model that will be utilized to prevent such failures in the future. With the benefit of 20/20 hindsight, Mr. Al-Rifai artfully blends real-world examples and personal anecdotes to make his book both an easy primer for those wishing to learn the basics of Islamic Finance and an indispensable utility for forward-thinking financial professionals who need to be ahead of the curve and wish to expand the scope of their professional toolkit. I am recommending Al-Rifai’s book to my colleagues and will be putting this book on the Require Reading list for my students.
This is a thought provoking work by one of the industry's most seasoned professionals who has himself been part of various innovative initiatives globally. Those inside the industry of contemporary Islamic finance would do well to heed its lessons when developing products and strategies in an effort to stay true to Islamic ethics and to demonstrate the viability of financial systems marked by equity and market/ asset risk. While Islamic finance has much to learn from other responsible and ethics based markets, those outside the industry, particularly if they are concerned about well-being broadly, sustainability, and resilience of economies, will find that Islamic commercial ethics has much to offer as well.
A must read for all people who plan to invest in real estate this year. This book is insightful and the in depth analysis is useful.
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