Islamic Finance

This book is the most comprehensive and authoritative practical guide to financial transactions under Islamic law. Global interest in Shari'a-compliant financial practices continues to increase, but Islamic financial products can often be hard to understand, not least because they often cut across rather than strictly align with more conventional financial products. This book provides the necessary explanation by explaining the theoretical underpinnings ofIslamic finance as a whole before going on to examine the major individual transaction structures in detail. The first part of the book informs the reader about the general background toIslamic Finance and the relevant aspects (and sources) of Islamic law. It also considers the role of Shari'a supervisory boards, Islamic financial institutions and accounting approaches.The second part of the book concentrates on Islamic financial law in practice by focusing on individual concepts and techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicabilityand acceptability of the underlying asset. Arrangements discussed include Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk (participation securities:coupons etc). Takaful (insurance) is also examined in detail. A new chapter has also been added to this second part of the book detailing the principles of Islamic investment funds and commonly applied structures.

“"I would be surprised if practitioners, economists, Shariah scholars and students of Islamic finance would not benefit from such a comprehensive introductory course to the law and practice of Islamic finance laden with insightful case law, case studies, and useful precedents. ... It wouldundoubtedly make a good present for anyone just venturing on Islamic finance for the first time as well as conventional financial experts." --Umar A. Oseni, European Journal of Law Economics 01/04/2014”

I would be surprised if practitioners, economists, Shariah scholars and students of Islamic finance would not benefit from such a comprehensive introductory course to the law and practice of Islamic finance laden with insightful case law, case studies, and useful precedents. ... It would undoubtedly make a good present for anyone just venturing on Islamic finance for the first time as well as conventional financial experts.'Umar A. Oseni, European Journal of Law Economicsprovides extremely useful insights and evidence for academics and practitioners specialising in aspects of Islamic finance from the legal and regulatory perspectives. ... the book stands out as a must read for academics, students and law practitioners in the area of finance.'Abul Hassan, The Muslim World Book Review..this book is one of the most detailed analyses of different aspects of Islamic finance from the legal and regulatory perspectives. ... The discussions in various chapters of the book are enriched with relevant case studies and legal precedents which makes it a practical guide for both students of Islamic finance and practitioners who are engaged in the day-to-day practice of Islamic finance.'Umar A. Oseni, European Journal of Law and Economics..it provides something for everyone-very technical chapters for practitioners as well as historical and theoretical chapters which will no doubt help place Islamic Finance in the wider context of studies of law and religion and in particular those who wish to relate modern Islamic law developments against the historical and textual background of the classical tradition..The text of Nethercott et al. is therefore a welcome contribution in the field.'Peter Petkoff, Oxford Journal of Law and ReligionThe volume presents in a clear and convincing fashion the internal debates and developments from which Islamic Finance emerges as being as much indebted to a classical tradition of Islamic jurisprudence as to identity politics and the modern political and ideological constructs of the emerging modern Islamic nation-states.'Peter Petkoff, Oxford Journal of Law and ReligionThis book is one of the most detailed analyses of different aspects of Islamic finance from the legal and regulatory perspectives.'Umar A. Oseni, European Journal of Law and Economics`As yet however, there are apparently not that many specialist books on the subject in Western languages - hence the timeliness of this carefully researched book.'Phillip Taylor MBE and Elizabeth Taylor, Richmond Green Chambers

Craig Nethercott is a Partner in the Finance group and is Co-chair of the global Islamic Finance Practice at Latham & Watkins LLP.The late David Eisenberg was Partner at White & Case LLP.

This book is the most comprehensive and authoritative practical guide to financial transactions under Islamic law. Global interest in Shari'a-compliant financial practices continues to increase, but Islamic financial products can often be hard to understand, not least because they often cut across rather than strictly align with more conventional financial products. This book provides the necessary explanation by explaining the theoretical underpinnings ofIslamic finance as a whole before going on to examine the major individual transaction structures in detail. The first part of the book informs the reader about the general background to Islamic Finance and the relevant aspects (and sources) of Islamic law. It also considers the role of Shari'a supervisory boards, Islamic financial institutions and accounting approaches.The second part of the book concentrates on Islamic financial law in practice by focusing on individual concepts and techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicability and acceptability of the underlying asset. Arrangements discussed include Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk(participation securities: coupons etc). Takaful (insurance) is also examined in detail. A new chapter has also been added to this second part of the book detailing the principles of Islamic investment funds and commonly applied structures.

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