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Islamic Finance: Law and Practice

Islamic Finance: Law and Practice

Author: Craig Nethercott; David Eisenberg
Publisher: Oxford University Press
ISBN: 9780199566945
Published In: March 2012
Format: Hardback , 376 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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- The most comprehensive and practical guide to Islamic finance transactions
- Includes detailed discussion and analysis of the negotiation and structure aspects involved in Islamic finance contracts
- Addresses the entire range of financial products of current interest, including conventional structures for debt and equity financing (ijara, istisna'a, mudaraba, musharaka, sukuk, tawarruq), derivatives (salam and 'urbun), and insurance (takaful)
- Commentary supported by relevant case studies and structure diagrams
- Introductory section covers theoretical background and principles which underpin Islamic finance practices
- Respected author team from practice and academia
- Considers the role of Shariah advisory boards and Islamic finance institutions
This work is a practical and commercial guide to the fundamental principles of Islamic finance and their application to Islamic finance transactions. Islamic finance is a rapidly expanding, global industry and this book is designed to provide a practical treatment of the subject. It includes discussion and analysis of the negotiation and structure involved in Islamic finance transactions, with relevant case studies, structure diagrams and precedent material supporting the commentary throughout.

An introductory section describes the theoretical background and explains the principles (and their sources) of Islamic law which underpin Islamic finance practices, providing an important backdrop to the work as a whole. The work also considers the role of Shariah supervisory boards, Islamic financial institutions and the relevance of accounting approaches.

The work adopts an international perspective to reflect the pan-global nature of the industry and accepted practices, with the aim to bring together different schools of thought applied in international Islamic finance transactions. It also highlights any regional differences in accepted practice by reviewing the position in the Gulf states, Asia, the UK and Europe and the USA.

The second part of the book concentrates on Islamic financial law in practice and begins with a section on financial techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicability and acceptability of the underlying asset. There is a full discussion of the various types of contractual models such as Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk (participation securities: coupons etc). The nascent area of Takaful (insurance) is also covered as are matters specific to the important field of project and asset finance.

Readership: Lawyers, investment bankers, accountants and others involved in the structuring, negotiation and execution/implementation of Islamic finance transactions
Part I - Introduction
1: Ibrahim Warde: Status of the Global Islamic Finance Industry
2: David Eisenberg and Sherif O Hassan: Source and Principles of Islamic Law in Relation to Finance
3: Andrew Henderson: Islamic Financial Institutions
4: Ken Eglington, Nash Jaffer, Armughan Kausar and Alkis Michael: Accounting and Taxation Approaches
5: Barry Rider: Corporate Governance for Institutions Offering Islamic Financial Services
Part II - Islamic Law and Contracts In Practice
6: Julian Johansen and Atif Hanif: Mudaraba and Musharaka
7: Craig Nethercott: Mudaraba and Tawaruq
8: David Eisenberg and Peter Ho: Derivatives in Islamic Finance
9: Craig Nethercott: Istisna and Ijara
10: Julian Johansen and Atif Hanif: Sukuk
11: Peter Hodgins and Caroline Jaffer: Takaful
12: Andrew White: Dispute Resolution
13: Craig Nethercott and David Eisenberg: Appendix: Guide to Further Reading
Edited by Craig Nethercott, Partner, Latham and Watkins, and David Eisenberg, Partner, White & Case LLP

Contributors:
Craig Nethercott, Latham & Watkins LLP
David Eisenberg, White & Case LLP
Ibrahim Warde, Tufts University
Sheriff O Hassan, Columbia University
Andrew Henderson, Clifford Chance
Ken Eglington, Ernst & Young LLP
Nash Jaffer, Ernst & Young LLP
Armughan Kausar, Ernst & Young LLP
Alkis Michael, Ernst & Young LLP
Barry Rider, University of Cambridge
Julian Johansen, Allen & Overy
Atif Hanif, Allen & Overy
Peter Ho, Latham & Watkins LLP
Peter Hodgins, Clyde & Co
Caroline Jaffer, Clyde & Co
Andrew White, Singapore Management University
"As yet however, there are apparently not that many specialist books on the subject in Western languages - hence the timeliness of this carefully researched book." - Phillip Taylor MBE and Elizabeth Taylor, Richmond Green Chambers