Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US and Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

'. . . the book contains an interesting collection of articles in the area of Islamic banking and finance, which describe and analyse a wide range of aspects and issues. It is hoped that this timely work will provoke more research in the important areas of Islamic finance.'

• Contents: AcknowledgementsIntroduction M. Kabir Hassan and Mervyn K. LewisPART ITHE PROHIBITION OF INTEREST 1. Imad Ahmad (1982), ‘Islamic Social Thought’2. Fazlur Rahman (1964), ‘Riba and Interest’3. Muhammad Akram Khan (1983), ‘Riba in Contemporary Literature’4. Khurshid Ahmad (1994), ‘Elimination of Riba: Concept and Problems. Response to the Supreme Court Questionnaire’5. Izzud-Din Pal (1994), ‘Pakistan and the Question of Riba’6. M. Fahim Khan (1991), ‘Time Value of Money and Discounting in Islamic Perspective’7. Timur Kuran (1995), ‘Islamic Economics and the Islamic Subeconomy’8. M. Umer Chapra (2000), ‘Is it Necessary to Have Islamic Economics?’PART IIPRINCIPLES OF ISLAMIC BANKING 9. Ingo Karsten (1982), ‘Islam and Financial Intermediation’10. B.A. Bashir (1983), ‘Portfolio Management of Islamic Banks: “Certainty Model”’11. Moshin S. Khan (1986), ‘Islamic Interest-Free Banking: A Theoretical Analysis’12. John R. Presley and John G. Sessions (1994), ‘Islamic Economics: The Emergence of a New Paradigm’13. Talla Al-Deehani, Rifaat Ahmed Abdel Karim and Victor Murinde (1999), ‘The Capital Structure of Islamic Banks under the Contractual Obligation of Profit Sharing’14. Muhammad Nejatullah Siddiqi (2000), ‘Islamic Banks: Concept, Precept and Prospects’PART IIIACCOUNTING AND REGULATORY ISSUES 15. Cyril Tomkins and Rif’at Ahmed ‘Abdul Karim (1987), ‘The Shari’ah and its Implications for Islamic Financial Analysis: An Opportunity to Study Interactions Among Society, Organization, and Accounting’16. Rifaat Ahmed Abdel Karim (1990), ‘The Independence of Religious and External Auditors: The Case of Islamic Banks’17. Luca Errico and Mitra Farahbaksh (2001), ‘Islamic Banking: Issues in Prudential Regulations and Supervision’18. Dadang Muljawan, Humayon A. Dar and Maximilian J.B. Hall (2004), ‘A Capital Adequacy Framework for Islamic Banks: The Need to Reconcile Depositors' Risk Aversion with Managers' Risk Taking’PART IVISLAMIC INSTITUTIONS 19. Syed Khalid Rashid (1993), ‘Islamization of Insurance – a Religio-Legal Experiment in Malaysia’20. Muhammad Anwar (1994), ‘Comparative Study of Insurance and Takafol (Islamic Insurance)’21. Murat Çizakça (1998), ‘Awqaf in History and its Implications for Modern Islamic Economies’22. Rajesh K. Aggarwal and Tarik Yousef (2000), ‘Islamic Banks and Investment Financing’23. Habib Ahmed (2002), ‘Financing Microenterprises: An Analytical Study of Islamic Microfinance Institutions’PART VDEVELOPMENTS IN ISLAMIC FINANCING 24. Abbas Mirakhor (1996), ‘Cost of Capital and Investment in a Non-Interest Economy’25. Mohammad Obaidullah (1998), ‘Financial Engineering with Islamic Options’26. Mahmoud A. El-Gamal (1999), ‘Involving Islamic Banks in Central Bank Open Market Operations’27. Sami Al-Suwailem (1999, 2000), ‘Towards an Objective Measure of Gharar in Exchange’28. Muhammed-Shahid Ebrahim (2000), ‘Pricing Asset Backed Islamic Financial Instruments’Name Index

Edited by M. Kabir Hassan, Professor of Finance, Department of Economics and Finance, University of New Orleans, US and Mervyn K. Lewis, Emeritus Professor, University of South Australia and Emeritus Fellow, Academy of the Social Sciences in Australia

'. . . the book contains an interesting collection of articles in the area of Islamic banking and finance, which describe and analyse a wide range of aspects and issues. It is hoped that this timely work will provoke more research in the important areas of Islamic finance.'

• Contents: AcknowledgementsIntroduction M. Kabir Hassan and Mervyn K. LewisPART ITHE PROHIBITION OF INTEREST 1. Imad Ahmad (1982), ‘Islamic Social Thought’2. Fazlur Rahman (1964), ‘Riba and Interest’3. Muhammad Akram Khan (1983), ‘Riba in Contemporary Literature’4. Khurshid Ahmad (1994), ‘Elimination of Riba: Concept and Problems. Response to the Supreme Court Questionnaire’5. Izzud-Din Pal (1994), ‘Pakistan and the Question of Riba’6. M. Fahim Khan (1991), ‘Time Value of Money and Discounting in Islamic Perspective’7. Timur Kuran (1995), ‘Islamic Economics and the Islamic Subeconomy’8. M. Umer Chapra (2000), ‘Is it Necessary to Have Islamic Economics?’PART IIPRINCIPLES OF ISLAMIC BANKING 9. Ingo Karsten (1982), ‘Islam and Financial Intermediation’10. B.A. Bashir (1983), ‘Portfolio Management of Islamic Banks: “Certainty Model”’11. Moshin S. Khan (1986), ‘Islamic Interest-Free Banking: A Theoretical Analysis’12. John R. Presley and John G. Sessions (1994), ‘Islamic Economics: The Emergence of a New Paradigm’13. Talla Al-Deehani, Rifaat Ahmed Abdel Karim and Victor Murinde (1999), ‘The Capital Structure of Islamic Banks under the Contractual Obligation of Profit Sharing’14. Muhammad Nejatullah Siddiqi (2000), ‘Islamic Banks: Concept, Precept and Prospects’PART IIIACCOUNTING AND REGULATORY ISSUES 15. Cyril Tomkins and Rif’at Ahmed ‘Abdul Karim (1987), ‘The Shari’ah and its Implications for Islamic Financial Analysis: An Opportunity to Study Interactions Among Society, Organization, and Accounting’16. Rifaat Ahmed Abdel Karim (1990), ‘The Independence of Religious and External Auditors: The Case of Islamic Banks’17. Luca Errico and Mitra Farahbaksh (2001), ‘Islamic Banking: Issues in Prudential Regulations and Supervision’18. Dadang Muljawan, Humayon A. Dar and Maximilian J.B. Hall (2004), ‘A Capital Adequacy Framework for Islamic Banks: The Need to Reconcile Depositors' Risk Aversion with Managers' Risk Taking’PART IVISLAMIC INSTITUTIONS 19. Syed Khalid Rashid (1993), ‘Islamization of Insurance – a Religio-Legal Experiment in Malaysia’20. Muhammad Anwar (1994), ‘Comparative Study of Insurance and Takafol (Islamic Insurance)’21. Murat Çizakça (1998), ‘Awqaf in History and its Implications for Modern Islamic Economies’22. Rajesh K. Aggarwal and Tarik Yousef (2000), ‘Islamic Banks and Investment Financing’23. Habib Ahmed (2002), ‘Financing Microenterprises: An Analytical Study of Islamic Microfinance Institutions’PART VDEVELOPMENTS IN ISLAMIC FINANCING 24. Abbas Mirakhor (1996), ‘Cost of Capital and Investment in a Non-Interest Economy’25. Mohammad Obaidullah (1998), ‘Financial Engineering with Islamic Options’26. Mahmoud A. El-Gamal (1999), ‘Involving Islamic Banks in Central Bank Open Market Operations’27. Sami Al-Suwailem (1999, 2000), ‘Towards an Objective Measure of Gharar in Exchange’28. Muhammed-Shahid Ebrahim (2000), ‘Pricing Asset Backed Islamic Financial Instruments’Name Index