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Risk-Sharing Finance : an Islamic jurisprudence (fiqh) perspective by Saad Bakkali; Abbas Mirakhor; De Gruyter Oldenbourg is a nonfiction available to read on EtoBox.

What is Risk-Sharing Finance : an Islamic jurisprudence (fiqh) perspective about?

The contemporary finance deals mainly with multilateral and multi-counterparty transactions. Islamic Jurisprudence (Fiqh) has yet to develop its conceptualization of this modality of financing. Thus far, it has become a norm for large financing projects to rely on a complex structure of interconnected bilateral contracts that in totality becomes opaque, complex and costly. An unfortunate result of the unavailability of an efficient Fiqhi model applicable to modern multilateral and multi-counterparty contracts has been the fact that the present Islamic finance has been forced to replicate conventional risk-transfer (interest rate based) debt contracts thus drawing severe criticisms of duplicating conventional finance. In 2012, a gathering of some of the Muslim world’s most prominent experts in Jurisprudence (Fuqaha) and economists issued the Kuala Lumpur Declaration (Fatwa) in which they identified risk sharing as the essence of Islamic finance. The Declaration opened the door for a new Fiqh approach to take the lead in developing the jurisprudence of multilateral and multi-counterparty transactions. This Declaration (Fatwa) provides a prime motivation to search for a comprehensive

Who reads Risk-Sharing Finance : an Islamic jurisprudence (fiqh) perspective?

Author

Saad Bakkali; Abbas Mirakhor; De Gruyter Oldenbourg

Publisher

De Gruyter De Gruyter Oldenbourg

Published

2021

Language

EN

ISBN

9783110593440

Category

nonfiction

Subjects

Finance, Islam, Business