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Explore Islamic finance at a deeper levelIntermediate Islamic Finance: Theory and Practice fills the gap for students and professionals who are already familiar with the fundamentals of Islamic finance, but would like to gain an enhanced understanding of Islamic finance theories and practices. This comprehensive text provides you with coverage of global developments and describes the role of Islamic finance within the global finance community to guide you in your understanding of this important aspect of the international financial landscape. The book references advance concepts and specific problems in the practice of Islamic finance, provides suggested further readings for each chapter, offers details of advanced analysis, and presents key data in visual form via graphs, figures, and tables.Profound changes have taken place in the financial landscape over the past few decades, including major innovations in financial instruments and substantial changes in regulation. With global financial markets becoming increasingly important players in the industry, it is critical that today's financial professionals understand the essence and implications of key Islamic finance theories and practices.* Build upon your fundamental understanding of Islamic finance* Explore some areas of convergence and conflict between Islamic finance and conventional finance* Strengthen the harmony between Islamic and conventional finance theories and their applications* Prepare for a well-rounded career in finance by better understanding how Islamic finance principles applyIntermediate Islamic Finance: Theory and Practice is an essential text for graduate and post-graduate finance students, economists, researchers, bankers, financial regulators, policymakers, and members of the business community who want to develop a deeper understanding of Islamic finance theories and practices.

Intermediate Islamic Finance

Preface xiAbout the Authors xixCHAPTER 1 Epistemology of Finance 1Epistemology of an Ideal Conventional Financial System 3Epistemology of an Ideal Islamic Financial System 17Risk-Sharing Finance in a World of Uncertainty 27Summary and Conclusions 41CHAPTER 2 Finance and Ethics 47Renewed Interest in Ethical Finance 48Embedded Ethical Issues in Financial Theory 50Cases of Ethical Issues in Finance 51Virtue Ethics Model 55Islamic Framework of Business Ethics 58Summary and Conclusions 69CHAPTER 3 The Analytics of Finance 71The Theory of Interest 73The Concept of Time Value 76Utility Theory, Risk Aversion, and Risk Premium 87The Individual's Optimal Consumption and Portfolio Choices 95Market Efficiency and the Random-Walk Hypothesis 105Risk Sharing in Finance 108Summary and Conclusions 111CHAPTER 4 Equity, Efficiency, and Firm Behavior 113Methodological Issues in Islamic Economics 114Theories of Firm Behavior in Islamic Economics 116The Profit-Sharing Principle 122A Theoretical Construct of Equity and Allocative Efficiency 125Summary and Conclusions 126CHAPTER 5 Asset Pricing and Corporate Finance 129Capital Asset Pricing Model 130Arbitrage Pricing Theory 151Capital Structure Theory 155Summary and Conclusions 167CHAPTER 6 Scope of Financial Engineering and Derivatives 171Risk Hedging with Forward and Futures Contracts 173Properties of Options Contracts 188Option Valuation Theory 200Applications of Option Pricing Theory in Islamic Finance 210Risk Hedging and the Scope of Financial Engineering in Islamic Finance 216Summary and Conclusions 220CHAPTER 7 Financing Models and Ownership Transfer 223Structure and Dynamics of Outstanding Balances 225Ownership Transfer 237Hybrid Financing Models Based on Risk Sharing 241Summary and Conclusions 255CHAPTER 8 Securitization and Structured Finance 257Risk Transfer with Credit-Default Swaps 258The Mechanics of Securitization and Structured Finance 264Complexity of Contract Structures 268Securitization, Structured Finance, and Completeness of Contracts 273Securitization, Risk Transfer with Wa'ad Structures, and Options Strategies 276Summary and Conclusions 288CHAPTER 9 Financial Stability 291The Financial System and the Real Economy 292Financial Crises and Debt Financing 299Stability of the Islamic Financial System 305Summary and Conclusions 313CHAPTER 10 Financial Regulation 315The Economics of Financial Regulation 316The Complexity of Financial Regulation 323The Regulatory Framework under Islamic Finance 329The Regulatory Challenges in Islamic Finance 336Summary and Conclusions 340Appendix A 343Appendix B 347References 349Index 375