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Islamic Finance in the Global Economy$
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Ibrahim Warde

Print publication date: 2000

Print ISBN-13: 9780748612161

Published to Edinburgh Scholarship Online: March 2012

DOI: 10.3366/edinburgh/9780748612161.001.0001

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Islamic Finance in Theory and Practice

Islamic Finance in Theory and Practice

(p.7) 1 Islamic Finance in Theory and Practice
Islamic Finance in the Global Economy

Ibrahim Warde

Edinburgh University Press

This chapter provides background information on Islamic finance, beginning by defining Islamic finance whose operations and objectives are consistent with the Islamic law or the Shariah. It also discusses the different factors that set Islamic banking apart from conventional banking, such as: riba, gharar, zakat and halal. The chapter also discusses the geo-economics of Islam, and its diversity and fundamentalism. The second section of the chapter discusses the depictions and demonstrations of Islamic finance and banking in literatures. It discusses the emphasis placed by many literatures on Islamic banking, the historical backdrop of the Islamic financial institution and the need for interdisciplinary approach to capture the many facets of Islamic finance.

Keywords:   Islamic finance, Islamic law, Shariah, riba, gharar, zakat, halal, geo-economics of Islam, fundamentalism

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