Authors: Ibrahim W. Warde
Publisher: Pustaka Pelajar, Yogyakarta
Prints: 1, 2009
Thickness: xv + 536 pages
Reviewer: Eny Maidah *)
Recognized or not, at present, Islamic financial system into "new world order" (New World Order) which spread the charm of various countries in the world. At least 70 countries have been practicing the Islamic financial system. Assets of these banks have increased more than 40-fold since 1982 with the achievement of exceeding $ 200 billion. In 1996 and 1997 Islamic banks grew by an average rate per year respectively reached 24% and 26%.
The book "Islamic Finance: Islamic Finance in the Global Era" by W. Warde Ibrahim is trying to probe the roots of Islamic economics in a comprehensive manner. For the writer, the emergence of Islamic banking began in the 1970s termed Aggiornamento 1 (the process of modernization or renewal). Aggiornamento 1 was pioneered by King Faisal of Saudi Arabia under the support of the Organization of Islamic Conference (Organisation of the Islamic Conference). Islamic Revival (Islamism Pan) and soaring world oil prices to be the trigger.
Islamic Awakening pioneered the Middle East countries like Saudi Arabia, Iran, Sudan, Egypt and so this gave rise to a perception that Islam should serve as the financial system to answer the challenges of the times. Was held an Islamic conference in Jeddah in 1972 which produced an agreement on monetary and financial system improvements based on Islamic ethics.
Next in 1974 the organization of Islamic conference that was held in Lahore decided to Member States to establish the Islamic Development Bank (IDB), which became the foundation of Islamic banking system. IDB is funded by member States and provide services or financial assistance to member countries based fees (Fee-Based Financial Services) and profit sharing-based financial aid and the loss (Profit and Loss Sharing). Initial members of 44 countries with the largest shareholders are Saudi Arabia (25%), Libya (16%), United Arab Emirates (14%) and Kuwait (13%).
Is Dubai Islamic Bank (Dubai Islamic Bank) established in 1975 as a private Islamic banks The first modern. Before the decade ended, many banks are the same popping up in the Muslim world, such as Kuwait Finance House (1977), Faisal Islamic Bank of Egypt (1977), the Islamic Bank of Sudan (1977), Jordan Islamic Bank for Finance and Investment (1978), Bahrain Islamic Bank (1978) and the Islamic International Bank For Investment and Development (1980) in Egypt. In addition, a number of International Investment banks began to be established, such as the Islamic Investment Company in Nassau (1977), Islamic Investment Company of the Gulf (1978) in Sharjah, Shariah Investment Services (1980) in Geneva and Bahrain Islamic Investment Bank (1980) in Manama.
At the initiative of Prince Muhammad, established the Association of International Islamic bank (International Association Of Islamic Bank) in 1977 which aims to provide coordination and guidance mechanisms for new banks. Besides, it also publishes handbooks for Islamic banking titled Handbook Of Islamic Banking.
Handbook Of Islamic Banking book is about fundamental and economic benefit of Islam. Mentioned that one of its benefits is to promote and stimulate entrepreneurship through the mechanism of Profit And Loss Sharing (PLS), as mudaraba and musharaka, promote social justice, equality and eradicating poverty through the establishment of institutions of zakat and to provide interest-free loans (al-qard al-hasan) , especially to small communities.
Aggiornamento the second stage is in the late 1980s until the 1990s. Various Islamic countries and non-Islam began to establish Islamic financial institutions. In this stage, there are at least five new phenomenon that shows the trend of Islamic banking system arousal response. First, the increasing number of conventional banks opening Islamic characterized by business unit or Islamic windows offering their customers a choice between Islamic or conventional product. In this case, Arab Banking Corporation which was established jointly by Kuwait, Libya and United Arab Emirates in 1980 is that many Islamic banks offer Shariah products.
Second, financial institutions from outside the Islamic world began to establish branches of Islamic business or offer Islamic products. Large companies such as Citicorp, Merrill Lynch, Grindlays, Goldman Sachs and ABN Amro tried hard to create a global brand with the Gulf States. Third, many Islamic financial institutions are increasingly targeting their products to its customers a variety of non-Muslims. Financial institutions are not only acceptable in Islam only, but also seeks to create products that are intrinsic attract the hearts of the users of conventional products.
Fourth, a number of Islamic banks have been built outside the Islamic world in order to meet the needs of the local Islamic community. Since the 1980's Islamic banks have been built in Europe, America and Australia. This shows the world accept Islamic bank. In 1997 Russia adopted a popular communist system also founded the Islamic bank called Badr Bank. Even 51% of its shares owned by the Russian people, although his first capital came from Iran, Saudi Arabia, Qatar and Sudan.
Fifth, the number of ijtihad of Islamic clerics about Islamic finance is conducted within the framework of cooperation between Islamic and conventional institutions. Various Islamic institutions in collaboration with outside Islamic financial research about Islam. One is the research Centre for Middle Eastern Studies (Center For Middle Eastern Studies) in collaboration with Harvard Law School and Harvard Business School with the cost of the National Commercial Bank, Islamic Development Bank and Wellington Management. In December 1995, the Harvard Islamic Finance Information Program (HIFIP) was established with the cost of the Islamic Investment Company of the Gulf (IICG) which aims to promote the Islamic finance for the international community.
This book introduces the financial picture of Islam in comp-rehensif accompanied by empirical data, historical and critical analysis and discuss the moral economy, moral hazard of Islam in the context of the global economy. A book which asserts that Islamic finance is an alternative to the "New World Order" that enlighten and reconcile.
Publisher: Pustaka Pelajar, Yogyakarta
Prints: 1, 2009
Thickness: xv + 536 pages
Reviewer: Eny Maidah *)
Recognized or not, at present, Islamic financial system into "new world order" (New World Order) which spread the charm of various countries in the world. At least 70 countries have been practicing the Islamic financial system. Assets of these banks have increased more than 40-fold since 1982 with the achievement of exceeding $ 200 billion. In 1996 and 1997 Islamic banks grew by an average rate per year respectively reached 24% and 26%.
The book "Islamic Finance: Islamic Finance in the Global Era" by W. Warde Ibrahim is trying to probe the roots of Islamic economics in a comprehensive manner. For the writer, the emergence of Islamic banking began in the 1970s termed Aggiornamento 1 (the process of modernization or renewal). Aggiornamento 1 was pioneered by King Faisal of Saudi Arabia under the support of the Organization of Islamic Conference (Organisation of the Islamic Conference). Islamic Revival (Islamism Pan) and soaring world oil prices to be the trigger.
Islamic Awakening pioneered the Middle East countries like Saudi Arabia, Iran, Sudan, Egypt and so this gave rise to a perception that Islam should serve as the financial system to answer the challenges of the times. Was held an Islamic conference in Jeddah in 1972 which produced an agreement on monetary and financial system improvements based on Islamic ethics.
Next in 1974 the organization of Islamic conference that was held in Lahore decided to Member States to establish the Islamic Development Bank (IDB), which became the foundation of Islamic banking system. IDB is funded by member States and provide services or financial assistance to member countries based fees (Fee-Based Financial Services) and profit sharing-based financial aid and the loss (Profit and Loss Sharing). Initial members of 44 countries with the largest shareholders are Saudi Arabia (25%), Libya (16%), United Arab Emirates (14%) and Kuwait (13%).
Is Dubai Islamic Bank (Dubai Islamic Bank) established in 1975 as a private Islamic banks The first modern. Before the decade ended, many banks are the same popping up in the Muslim world, such as Kuwait Finance House (1977), Faisal Islamic Bank of Egypt (1977), the Islamic Bank of Sudan (1977), Jordan Islamic Bank for Finance and Investment (1978), Bahrain Islamic Bank (1978) and the Islamic International Bank For Investment and Development (1980) in Egypt. In addition, a number of International Investment banks began to be established, such as the Islamic Investment Company in Nassau (1977), Islamic Investment Company of the Gulf (1978) in Sharjah, Shariah Investment Services (1980) in Geneva and Bahrain Islamic Investment Bank (1980) in Manama.
At the initiative of Prince Muhammad, established the Association of International Islamic bank (International Association Of Islamic Bank) in 1977 which aims to provide coordination and guidance mechanisms for new banks. Besides, it also publishes handbooks for Islamic banking titled Handbook Of Islamic Banking.
Handbook Of Islamic Banking book is about fundamental and economic benefit of Islam. Mentioned that one of its benefits is to promote and stimulate entrepreneurship through the mechanism of Profit And Loss Sharing (PLS), as mudaraba and musharaka, promote social justice, equality and eradicating poverty through the establishment of institutions of zakat and to provide interest-free loans (al-qard al-hasan) , especially to small communities.
Aggiornamento the second stage is in the late 1980s until the 1990s. Various Islamic countries and non-Islam began to establish Islamic financial institutions. In this stage, there are at least five new phenomenon that shows the trend of Islamic banking system arousal response. First, the increasing number of conventional banks opening Islamic characterized by business unit or Islamic windows offering their customers a choice between Islamic or conventional product. In this case, Arab Banking Corporation which was established jointly by Kuwait, Libya and United Arab Emirates in 1980 is that many Islamic banks offer Shariah products.
Second, financial institutions from outside the Islamic world began to establish branches of Islamic business or offer Islamic products. Large companies such as Citicorp, Merrill Lynch, Grindlays, Goldman Sachs and ABN Amro tried hard to create a global brand with the Gulf States. Third, many Islamic financial institutions are increasingly targeting their products to its customers a variety of non-Muslims. Financial institutions are not only acceptable in Islam only, but also seeks to create products that are intrinsic attract the hearts of the users of conventional products.
Fourth, a number of Islamic banks have been built outside the Islamic world in order to meet the needs of the local Islamic community. Since the 1980's Islamic banks have been built in Europe, America and Australia. This shows the world accept Islamic bank. In 1997 Russia adopted a popular communist system also founded the Islamic bank called Badr Bank. Even 51% of its shares owned by the Russian people, although his first capital came from Iran, Saudi Arabia, Qatar and Sudan.
Fifth, the number of ijtihad of Islamic clerics about Islamic finance is conducted within the framework of cooperation between Islamic and conventional institutions. Various Islamic institutions in collaboration with outside Islamic financial research about Islam. One is the research Centre for Middle Eastern Studies (Center For Middle Eastern Studies) in collaboration with Harvard Law School and Harvard Business School with the cost of the National Commercial Bank, Islamic Development Bank and Wellington Management. In December 1995, the Harvard Islamic Finance Information Program (HIFIP) was established with the cost of the Islamic Investment Company of the Gulf (IICG) which aims to promote the Islamic finance for the international community.
This book introduces the financial picture of Islam in comp-rehensif accompanied by empirical data, historical and critical analysis and discuss the moral economy, moral hazard of Islam in the context of the global economy. A book which asserts that Islamic finance is an alternative to the "New World Order" that enlighten and reconcile.
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