Financial Services Board (IFSB), Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and International Islamic Rating Agency (IIRA) have been duly focussed.
The book deals with Islamic bonds (sukuks), which did not exist until very recent times. The author holds it is a bold innovation in the field of finance. Islamic funds, providers for Islamic financial services and Islamic indexing have been well placed. Islamic mortgage (Shariah-compliant) home financing has been discussed, which are now available in many countries including the UK and the USA. The last chapter deals with Islamic insurance (takaful), which is gaining increasing popularity in all Muslim countries including Bangladesh. The elements of gambling and uncertainty as well as the interest on investments used to maintain the life funds were the factors why the traditional insurance products were not acceptable to Shariah, the author notes.
The book is a significant addition to the increasing number of works on Islamic banking and finance. It's virtues are considerable for those who care to know the subject more closely. By marshalling a wealth of empirical details and discussion, the writer has succeeded to guide a reader with a better appreciation of the concept that has become so relevant to contemporary audience. The book's brisk clarity and lucidity are worth noting. It is an essential read for any student of Islamic banking, finance and insurance.
The book has been acclaimed in the Oxford journal Journal of Islamic Studies 2007 vol. 18, pp. 152-156 and the New Horizon, July/August 2006, pp. 45-46 (Institute of Islamic Banking and Insurance, London). The book is available through Internet like All Bookstores.com, Epinions.com and has achieved '4.5-star' rating (see CERT Publications).
(Salahuddin Ahmed, studied law at the University of Dhaka and King's College of the University of London. He is a Barrister-at-Law of Lincoln's Inn, London and the Supreme Court of New South Wales, Australia and an Advocate of the Supreme Court of Bangladesh. He has taught law in the United Kingdom in the early seventies and later at the Law School of the University of New South Wales, Sydney, Australia for 25 years. He is a former Visiting Professor at the Law School of the University of North Carolina, United States. He is author of a number of books published from London, Sydney, New Delhi and Kuala Lumpur.)