Islamic Wealth Management

Edited by Mohamed Ariff, Chair of Economics and Finance, Sunway University and Shamsher Mohamad, Professor of Finance, International Centre for Education in Islamic Finance, Malaysia

'It is a timely book on a much neglected area of the Islamic finance discipline. It contains 21 chapters ranging from wealth management, to governance, to Islamic social finance, strewn together under 5 sub-themes. The book chapters combine both concepts and operational aspects of Islamic wealth management. The authors have done an excellent job in exploring each idea and concept thoroughly, and I highly recommend this book for academicians, scholars, practitioners and policymakers.'--M. Kabir Hassan, University of New Orleans, US'This book is a welcome contribution to Islamic finance literature. As the global Islamic market continues to grow, strengthening capacity-building has become crucial to consolidate a comprehensive ecosystem for shari`ah-compliant operations. The volume successfully addresses this need by shedding light on the rationales and tools of Islamic wealth management, where not only are the creation, enhancement, protection and distribution of wealth functional to market efficiency, but primarily conceived in the light of ultimate objectives of fairness, equality and economic justice.'--Valentino Cattelan, IE Business School, Madrid, Spain

• Contents:PrefacePart I: Definition and Concepts1. Wealth as Understood in Economics and Finance Mohamed Ariff and Shamsher Mohamad2. Wealth from the Shariah PerspectiveMohamed A. Gadhoum3. Wealth Management, its Definition, Purpose, Structure and PracticesMohamed AriffPart II: Governance of Institutions and Markets4. Governance Framework in Islamic Financial InstitutionsZulkarnain M. Sori, Shamsher Mohamad and M. Eskandar Shah Rasid 5. Shariah Boards: Practical Challenges for Islamic Financial InstitutionsShamsher Mohamad, Zulkarnain M. Sori and M. Eskandar Shah Rasid 6. Property Rights and Shariah Non-Compliance Risk Saiful A. RoslyPart III: Wealth Creating Institutions and Markets7. Sovereign Wealth Funds and Foreign Exchange Reserves as State Wealth John Farrar and Mohamed Ariff8. Sovereign Wealth Funds in OIC GroupFaruk Habib and Abbas Mirakhor9. Application of Conventional Benchmark in Islamic Wealth ManagementMohamed A. Gadhoum and Shamsher Mohamad 10. Benchmarks for Islamic Asset Pricing Abbas Mirakhor11. Sukuk as the Islamic Debt Market Securities within Islamic Finance Mohamed Ariff12. The Sukük Market in Malaysia: Issues and ChallengesGülsüm C. Dolgun and Muhammed H. Dolgun 13. Wealth Effect of Sukuk Issuance Announcement in Two Markets Ziyaad Mahomed, Mohamed Ariff and Shamsher MohamadPart IV: Preserving and Protecting Wealth14. Challenges for the Takaful IndustrySyed O. Alhabshi15. Wealth PurificationAhcene LahsasnaPart V: Wealth Distribution16. Faraid as Islamic Inheritance Laws: Socio-Economic Impact on InvestmentsAdelina Zuleikha and Shamsher Mohamad17. Waqf in Shariah: Basic Rules and Applications Mazen El Khatib 18. Framework for International Waqf FoundationJamaliah Abdul Thahir 19. Potential for Wealth Creation from Waqf AssetsMagda I.A. Mohsin and Shaikh H.A. Razak20. Zakat in Islamic Wealth ManagementZiyaad Mahomed 21. Issues in Waqf and Zakat ManagementMohamed Ariff and Shamsher MohamadIndex