Incentive Compatibility of Islamic Finance
[Examines] issues of equity return volatility, predictability and dynamic linkages in the stock markets of the member countries of the Organization of Islamic Conference (OIC). The GARCH-M (1,1) model is used to examine the issue of conditional volatility. The conditional International Capital Asset Model (ICAPM) is estimated for equity return predictability. Keywords: Volatility, predictability, ICAPM, asset pricing Hassan, M. Kabir. 2005. Return Volatility, Predictability and Dynamic Relationships in the Stock Markets of the Member Countries of the Organization of Islamic. In Islamic Perspectives on Sustained Development, ed. Munawar Iqbal, 185-221. New York, NY: Palgrave Macmillian. ISBN: 9781403947178

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The Implications of Globalization for Islamic Finance
[C]ontains a review of previous studies, examination of implications for Islamic finance of opening-up of domestic retail and investment banking markets, Basel Accords, and ratings given to Islamic banks, as well as the attempt to create a global market in Islamic securities. Keywords: Globalization, Basel Accords, international, global market Wilson, Rodney. 2005. The Implications of Globalization for Islamic Finance. In Poverty in Muslim Countries and the New International Economic Order, ed. Munawar Iqbal and Habib Ahmed, 27-44. New York, NY: Palgrave Macmillian. ISBN: 9781403947208

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Islamic Banking
Aim…to highlight the history and features of Islamic banking business and analyze its development. Keywords: Introduction, history, highlight Molyneux, Philip and Munawar Iqbal. 2005. Islamic Banking. In Banking and Financial Systems in the Arab World, 146-173. New York, NY: Palgrave Macmillian. ISBN: 9781403941312

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Financial Risk Management for Islamic Banking and Finance
This book presents a common framework on how to efficiently manage the risks faced, by identifying where the Islamic financial products and services are risk exposed, to effectively minimise the overall degree of Islamic financial risks. Keywords: Risk management, financial products, services Akkizidis, Ioannis, and Sunil Kumar Khandelwal. 2008. Financial Risk Management for Islamic Banking and Finance. New York: Palgrave Macmillan. ISBN: 0-230-55381-8

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Handbook of Islamic Banking
[C]omprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. Keywords: Risk management, historical analysis, introduction Hassan, M. Kabir, and Mervyn K. Lewis, ed. 2007. Handbook of Islamic Banking. Northhampton, MA: Edward Elgar Publishing, Inc. ISBN: 978-1-84542-083-3

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Risk Analysis for Islamic Banks
[P]rovides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. This approach emphasizes the accountability of key players in the corporate governance process in relation to the management of different dimensions of Islamic financial risk. Keywords: Risk management, accountability Van Greuning, Hennie, and Zamir Iqbal. 2007. Risk Analysis for Islamic Banks. Washington, DC: The World Bank. ISBN: 0-8213-7141-X

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Islamic Finance: Law, Economics, and Practice
[P]rovides an overview of the practice of Islamic finance and the historical roots that define its modes of operation..,[in an]...analytical and forward-looking [manner]. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. Keywords: Introduction, historical analysis, financial products El-Gamal, Mahmod A. 2007. Islamic Finance: Law, Economics, and Practice. New York: Cambridge University Press. ISBN: 9780521864145

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Islamic Banking and Finance in South-East Asia
To truly understand the current interest in the development of Islamic banking and finance in South-East Asia and how it is different from the conventional banking system, one must first understand the religious relationship originating from the Qur’an, and then trace the historical geographic and political developments of Islam over recent centuries. Keywords: South-East Asia, financial products, development, historical analysis, introduction Venardos, Angelo M. 2007. Islamic Banking and Finance in South-East Asia. Hackensack, NJ: World Scientific. ISBN: 981-256-888-3

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Understanding Islamic Finance
[I]ntroduces all the essential elements of this growing market by providing an in-depth background to the subject and clear descriptions of all the major products and processes associated with Islamic finance. Keywords: Introduction, historical analysis, financial products Ayub, Muhammad. 2007. Understanding Islamic Finance. Hoboken, NJ: John Wiley & Sons ISBN: 978-0-470-03069-1

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Islamic Finance: The Regulatory Challenge
[C]ollection of essays, which [illustrate the need to] adapt[e]…regulatory frameworks to the needs of the fast growing Islamic finance sector. Keywords: Regulation, supervision Archer, Simon, and Rifaat Ahmed Abdel Karim, ed. 2007. Islamic Finance: The Regulatory Challenge. Hoboken, NJ: John Wiley & Sons. ISBN: 978-0-470-82189-3

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Understanding Islamic banking: the value proposition that transcends cultures
[Examines] the fundamentals of Islamic banking to compare similarities and contrast the differences between conventional banking and the needs of Muslim finance. Keywords: Introduction, comparison, conventional system DiVanna, Joseph A. 2006. Understanding Islamic Banking: The Value Proposition That Transcends Cultures. Cambridge, UK: Leonard and Francis Press. ISBN: 1905687001

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Financial engineering and Islamic contracts
In conventional finance, derivatives and commodity futures are innovations that could be of use to Islamic banks. This volumes explains these innovations with a view to learn from different experiences. Keywords: Financial engineering, profit-sharing contracts, derivates, futures Iqbal, Munawar, and Tariqullah Khan, ed. 2005. Financial engineering and Islamic contracts. New York: Palgrave Macmillan. ISBN: 1-4039-4719-8

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An introduction to Islamic finance: theory and practice
The authors, two of the best known authorities in Islamic economics, finance and banking,…incorporate valuable examples and practical discussions that will offer better understanding of this emerging market. Keywords: introduction, history, legality Iqbal, Zammir and Abbas Mirakhor. 2007. An introduction to Islamic finance: theory and practice. New York: John Wiley and Sons. ISBN: 978-0-470-82188-6

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Interest in Islamic Economics: Understanding Riba
With Islamic banking gradually becoming a more influential factor in the West, an analysis of the concept of riba – a definition of which is not given in the Qur’an – is long overdue. This text presents readers with various interpretations of this Islamic economic concept – generally perceived as ‘interest’. Keywords: riba, interest, usury Thomas, Abdulkader, ed. 2006. Interest in Islamic Economics: Understanding Riba. New York: Routledge. ISBN: 978-0-415-34242-1

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Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretations
This important book critically examines the traditional interpretation of riba (translated as usury of interest) and the attempts of modern Islamic banks to put that interpretation into practice. Keywords: riba, interest, usury Saeed, Abdullah. 1996. Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretations. Leiden, The Netherlands: E.J. Brill. ISBN: 90-04-10565-4

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The Politics of Islamic Finance
[E]xplore the political implications of the slow but steady accumulation of Islamic capital, the connections between Islamic finance and Islamic political movements in Middle Eastern and North African countries, and to show that the commonly-perceived connection between Islamic finance and money laundering and terrorism is by no means the complete picture. Keywords: politics, terrorism, money laundering Henry, Clement M. and Rodney Wilson, ed. 2004. The Politics of Islamic Finance. Edinburgh: Edinburgh University Press. ISBN: 0-7486-1836-8

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Thirty Years of Islamic Banking: History, Performance and Prospects
During the last thirty years Islamic banking has emerged as another viable way of financial intermediation. It has gained credibility and respect in international financial circles. The practice of Islamic banking has spread to all corners of the globe. It is one of the fastest growing industries posting double-digit annual growth rates for almost thirty years. The size of the industry has reached hundreds of billions of dollars. While it is the preferred way of banking for one fifth of humanity, it offers a wider choice of financial products to all. This text explains how this fascinating model of financial intermediation works, what it offers and how Islamic bank performance compares to that of conventional banks. Will Islamic banks survive in highly competitive and globalized financial markets? What are their prospects and potentials? The text aims to provide objective answers to these and similar questions. It is an essential read for anyone who wants to know about the features, participants and practices of Islamic banking and finance. Keywords: introduction, historical analysis, modern Islamic banking Iqbal, Munawar, and Philip Molyneux. 2005. Thirty Years of Islamic Banking: History, Performance and Prospects. New York: Palgrave Macmillan. ISBN: 1-4039-4325-7

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Islamic Law and Finance: Religion, Risk, and Return
Offers a comprehensive review of Islamic banking and finance as a joint contribution from a legal and a finance expert. Keywords: Introduction, origins, legality, ethics, classic reading Vogel, Frank E., and Samuel L. Hayes, III. 1998. Islamic Law and Finance: Religion, Risk, and Return. Cambridge, MA: Kluwer Law International. ISBN: 9041105476

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Profit and Loss Sharing: An Islamic Experiment in Finance and Banking
[E]xamines the origin of, and the institutional and ethical issues underlying, the Islamic banking movement and its adoption of various financial instruments. Keywords: Introduction, origins, legality, ethics, classic reading Khan, Shahrukh Rafi. 1987. Profit and Loss Sharing: An Islamic Experiment in Finance and Banking. New York, NY: Oxford University Press. ISBN: 0195773802

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An Introduction to Islamic Finance
Guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. [D]eals masterfully with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance. Keywords: Introduction, origins, legality, ethics, classic reading Usmani, Muhammad Taqi. 2002. An Introduction to Islamic Finance. New York, NY: Kluwer Law International. ISBN: 904111619 (widely available by different publishers)

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IBFNet
Publisher: International Journal of Islamic Financial Services Format: e-group

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Harvard Islamic Finance Information Program, Center for Middle Eastern Studies
Publisher: Harvard Islamic Finance Information Program, Center for Middle Eastern Studies Format: database

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Islamic Corporate Reports
[A]rticle develops a theory about the form and the content of the financial information that should be contained in Islamic financial statements. Keywords: Corporate reports, accounting principles, rule of full disclosure, social accountability, financial statements Baydoun, Nabil and Roger Willett. 2000. “Islamic Corporate Reports.” Abacus 36, No. 1: 71-90. ISSN: 0001-3072

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Bookkeeping and accounting control systems in a tenth-century Muslim administrative office
An integrated accounting system existed in Muslim administrative offices of the tenth century. Evidence suggests that some modern-day-like bookkeeping and accounting control procedures may have been practiced Keywords: Accounting principles, bookkeeping, historical analysis, CPA, Muhtasib Hamid, Shaari, Russell Craig and Frank Clarke. 1995. “Bookkeeping and accounting control systems in a tenth-century Muslim administrative office.” Accounting, Business and Financial History 5, No. 3: 321-333. ISSN: 0958-5206

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Islamic Muhtasib and American CPAs: A Comparative Study of Institutions Meant to Protect Public Interest
In Islamic history, marketplace inspection and control to prevent fraudulent exploitation of consumers goes back to the time of Prophet Muhammad [pbuh] and the first four Caliphs. The official in-charge of this function was called Muhtasib..[is compared with the]…contemporary public auditor—CPAs. The paper recommends that with adaptation of his role to contemporary environment, Muhtasib could serve as a useful antecedent for more credible accounting and auditing standards in Islamic countries. Keywords: Accounting principles, bookkeeping, historical analysis, CPA, Muhtasib Murtuza, Athar, and Wagdy Abdallah. 2007. "Islamic Muhtasib And American CPAs: A Comparative Study Of Institutions Meant To Protect Public Interest." JABM: Journal of Accounting, Business & Management 14: 41-52. ISSN: 0216-423X

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