A comprehensive look at the innovations, applications, and bestpractices of Islamic finance
Islamic-compliant finance is transacted in every major worldfinancial center, and the need for information on the topic inlight of its global reach has grown exponentially. As an expert inthis field, author Karen Hunt-Ahmed understands the intricacies ofthis area of the capital markets. Now, along with the help of anumber of experienced contributors, she skillfully addressesIslamic finance from the perspective of practitioners, examiningissues in wealth management, contract law, private equity, assetmanagement, and much more.
Engaging and accessible, Contemporary Islamic Financeskillfully explains the practices and innovations of Islamicfinance in everything from banking and real estate to privateequity, asset management, and many other areas. It is intended tobe the go-to resource for both Muslims as well as non-Muslims withan interest in the subject. Divided into three comprehensive parts,it will put you in a better position to understand, and excel at,this important endeavor.
* Introduces you to the history, legal structures, and basicfinancial contracts in the industry
* Highlights the various issues facing contemporary Islamicfinance practitioners, and details their significance in thecontemporary financial and cultural environment
* Includes case studies of United States-based transactions andrelated challenges and successes
Filled with in-depth insights and expert advice, this detailedanalysis of Contemporary Islamic Finance will help you gaina firm understanding of how effective this proven approach canbe.

Acknowledgments xi
1 Introduction: Islamic Finance in the World Economy 1
Karen Hunt-Ahmed
PART I The Contemporary Islamic Finance Landscape
2 Contemporary Islamic Economic Thought 19
Mohammad Omar Farooq
3 The Legal Framework of Islamic Finance 39
Cynthia Shawamreh
4 Globalization and Islamic Finance: Flows and Consciousness 63
Karen Hunt-Ahmed
5 Islamic Science and the Critique of Neoclassical Economic Theory 75
Waleed El-Ansary
6 Juristic Disagreement: The Collective Fatwa Against Islamic Banking in Pakistan 103
Shoaib A. Ghias
7 Managing Liquidity Risk in Islamic Finance 121
Dr. Muhammad Al-Bashir Muhammad Al-Amine
8 Elements of Islamic Wealth Management 147
Paul Wouters
9 Sukuk and the Islamic Capital Markets: An Introduction 165
Michael J. T. McMillen
10 Shari'a-Compliant Mutual Funds 189
Monem Salam
11 The Evolution of Shari'ah-Compliant Indexes and Why They Outperform Conventional Indexes over the Long Term 195
Tariq Al-Rifai
12 Takaful 203
Farrukh Siddiqui
13 Islamic Human Resources Practices 215
William Marty Martin
14 An Integrated Islamic Poverty Alleviation Model 223
Ali Ashraf and M. Kabir Hassan
15 How Does an Islamic Microfinance Model Play the Key Role in Poverty Alleviation? The European Perspective 245
Sabur Mollah and M. Hamid Uddin
PART II Case Studies
16 Islamic Finance in an Almost Postcrisis and Postrevolutionary World: As in Politics, All Islamic Finance Is Local 257
Mark Smyth
17 Stepping Forward, Backward, or Just Standing Still? A Case Study in Shifting Islamic Financial Structures Offshore 267
Umar F. Moghul
18 Islamic Mortgages 283
David Loundy
19 Shari'a Quality Rating 293
Nasir Ali Merchant
20 Islamic Mutual Funds' Performance in Saudi Arabia 303
Hesham Merdad and M. Kabir Hassan
21 Shari'ah-Compliant Real Estate Investment in the United States 323
John L. Opar
22 Risk and Derivatives in Islamic Finance: A Shariah Analysis 331
Dr. Muhammad Al-Bashir Muhammad Al-Amine
23 Islamic Microfinance 353
Blake Goud
About the Editor 367
Index 369