Interest-free Financial System: Principles and Practices

Interest-free (Islamic)finance is an innovation of the world in the present scenario. The prohibition of interest in Islam raises the question of how financial inter-mediation will take place in the economy; this book provides a conceptual framework to the study Islamic financial system embedded with interest-free banking, bonds, insurance, assets/fund management, and micro-finance. The book also depicts the overall profile of the Islamic Financial Industry around the world by examining its growth and developments. Given its holistic approach in the discussion of principles, techniques and practices of Islamic finance; both students and practitioners of Islamic finance would find this book of immense practical utility. A unique feature of the book is that operational aspects of each of the interest-free financial products are illustrated with the help of flow chart/pictorial presentation. A detailed glossary of Arabic literary terms and references are provided at the end of the book for the benefit of students.