Praise for The Art of RF (Riba-Free) Islamic Banking and Finance
"The Art of Islamic Banking and Finance gives a powerful, practical, and proven answer to the question of the hour: how to make banks responsible to the public they are meant to serve. The book offers not a theory but a report on how Islamic banking has successfully functioned in modern America."
Richard Bushman, Professor of History Emeritus, Columbia University
"The Art of Islamic Banking and Finance is an insightful and sometimes surprising comparative study of the impact of Judeo-Christian-Islamic religious principles on the evolution of banking and finance in its various forms. One of Dr. Abdul-Rahman's key observations is this: it is not so much the fundamental principles that are different between Islamic and conventional finance, but rather their interpretation and application in modern practice. This fine work will appeal not only to those who wish to understand Islamic banking, but to anyone with an interest in our financial institutions and how and why they have evolved to what they are today."
Guy David, Partner, Gowling Lafleur Henderson LLP
As a result of several recent disclosures and financial catastrophes, skepticism of the interest-based (riba-based) banking system has increased. As an alternative, riba-free (RF) Islamic banking is gaining ground. The Art of RF (Riba-Free) Islamic Banking and Finance is a thorough introduction to the principles of this brand of banking. By focusing on community development rather than renting money and collecting interest, RF banking offers a path to avoiding the greedy, unethical, and predatory practices that can often be encountered in traditional finance, while abiding by the laws of both the United States and the Judeo-Christian-Islamic system.
Based on traditional Judeo-Christian-Islamic principles, RF banking adds value to the business of the financing community's needs and has proven to be more prudent and economically effective than traditional banking in economic bubble crises. The Art of RF (Riba-Free) Islamic Banking and Finance demonstrates how RF financing can cut costs and reduce risks, resulting in fewer nonperforming loans and lower overhead.
In this second edition, the disciplines of RF banking are explained in great detailfrom its historical, conceptual, and religious foundations in the Jewish, Christian, and Islamic faiths to its practice in contemporary institutions and compatibility with U.S. financial and banking regulations. The Art of RF (Riba-Free) Islamic Banking and Finance is the only book on the market to deal comprehensively with these topics, and this new edition includes bonus features to assist readers who want to understand RF banking by putting it into practice.
One of the most exciting new features in this edition is the companion website, which provides real-time price charts, updates, and price history on commodities and housing markets in America. The website also examines traditional, interest-based markets and presents analyses based on this book's pioneering RF pricing theories. All the charts from The Art of RF (Riba-Free) Islamic Banking and Finance are also reproduced on the website for easy reference.
New to this edition:
- A detailed study of financial products and their use in RF finance, with comparisons to riba-based banking
- Expanded information on RF capital markets and updated historical stochastic data
- Review questions and exercises at the end of each chapter
- A dedicated companion website containing market analysis, charts, and real-time application of RF theories
About the Author
YAHIA ABDUL-RAHMAN came to the United States from Egypt in 1968. In 1987, he founded LARIBA, a highly successful RF (riba-free) finance institution in Pasadena, CA. Today, LARIBA continues to specialize in RF financing and is frequently profiled in media outlets around the world. Dr. Abdul-Rahman has also co-funded numerous Islamic schools and community centers in the United States and Canada, and is a frequent lecturer worldwide on Judeo-Christian-Islamic issues including banking and finance in the United States, Canada, Europe, Asia, and the Middle East.
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