Islamonomics by Akhtar Mohammed
Islamonomics
by Akhtar Mohammed
⭐⭐⭐⭐⭐
My Ratings 4.4/5
Synopsis
The Islamic finance industry will be worth $3.4 trillion in 2018. Clearly, it is nothing to sneeze at. Yet, what is it, exactly?
'Islamic finance' refers to the means used by financial institutions in the 1.7 billion-strong Islamic world to raise capital. By definition, it is compliant with shari'ah law, even as it interacts with conventional, secular financial systems.
In this groundbreaking book, Akhtar Mohammed explains the principles of Islamic finance and explores its function in the international marketplace. He argues that it holds powerful lessons for Western secular financial institutions, provided the "Islamic" in "Islamic finance" can be regarded without suspicion and with open minds.
What does Islamic finance have to teach in relation to the worldwide financial crisis and its aftermath, globalization, ethical investment practices, the growth of the Global South, and social movements such as Occupy Wall Street? Mohammed illuminates its successes, failures and future growth in secular terms, and in clear, accessible language intended for non-specialists as well as experts regardless of their religious beliefs.
My Thoughts
Akhtar Mohammed uses his own professional and personal experiences to weave together an accessible and interesting story In the aptly-titled Islamonomics, Akhtar Mohammed weaves together personal anecdotes with explanations of some of the crucial aspects of the subject - and its controversies
Islamonomics is more than just a good read and will become a major primary source for historians and financiers in researching and understanding this fascinating area
Akhtar opens a window into this fascinating world of a trillion dollar financial industry which revolutionising the global economy. Governments and corporations across the Islamic world are increasingly turning to finance that complies with Sharia law in order to fund economic growth. Even in the West, Islamic finance is rapidly becoming an important alternative source of funding at a time when the conventional finance industry is reeling from the effects of the financial crisis.
A frequent question on the minds of those interested in learning about Islamic finance is, “What’s the best book that I should read?” To answer this question is Islamonomics by Akhtar Mohammed , I have read more than 7 books on Islamic banking and finances till date and this one is my favourite. It covers all the fundamentals of Islamic finance and how it differs from conventional forms of banking and finances.
Through Islamonomics Akhtar Mohammed gives unparalleled insight into the heart of this secretive industry. From his personal experience of working as a founding President and Chairman of the Board of Governors of the Islamic Finance and Ethics Society at SOAS, he debunks the myths of Islamic banking, analyses its greatest deals and looks to the future of a system that has reprioritised the very nature of money itself.
This critical review is crucial for the young industry to improve further so it can offer real financial solutions that are ethical, fair, sustainable and effective.
A highly recommended book also for anyone interested in ethical finance for a better world for all.
Highly Recommended!
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