KUALA LUMPAR, Malaysia, April 19, 2005 (PRIMEZONE) -- In the Islamic world, the Shariah guides the actions of Muslims to constantly be accordance with Allah's wishes. The laws also apply to monetary dealings, and Saiful Azhar Rosly explains the brevity of these rules in his new book, Critical Issues on Islamic Banking and Financial Markets (now available through AuthorHouse).
"The main objective of Islamic financial systems is the promotion of justice. In this manner, both legal and ethical dimensions of product choice and development are equally important," Rosly says. "It means that market players, and Shariah advisors should not produce Shariah complaint products along the juristic plane alone but also how the products impact economic justice and efficiency."
Rosly explains the ins and outs of Islamic economics, banking and finance, investments and financial planning. The book consists of 11 sections containing short articles on Islamic financial markets. The sections explain the proper practices to Muslim bankers or those who do business with Islamic countries. The first deals with basic principles, such as the prohibition of interest and games of chance involved in these transactions. Rosly highlights trading and commerce as legitimate ways to earn profits instead of usury and indulging in ambiguities. The second section looks at Islamic banking financing products, while the third discusses deposit products. "Section 4" deals with the principle of partnership and shows how it can be applied in the Islamic banking business. The remainder of the book is spent examining the myriad issues that arise when the Shariah and finances mix. From legal disputes to capital markets to bonds, the book offers clear explanations of complex ideas.
For Muslim bankers or those who do business with predominately Islamic countries, Critical Issues in Islamic Banking brings readers up to speed on the monetary processes dictated by Allah.
Rosly is a professor of economics at the International Islamic University in Kuala Lumpar, Malaysia. He earned his undergraduate and master's degree from Northern Illinois University and a doctorate from National University of Malaysia. He has published articles in international journals and has served as an advisor for several institutions, such as the Ministry of Finance in Malaysia and the National Economic Advisory Council. Critical Issues on Islamic Banking is his first book.
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