Introduction to Islamic Finance and Investment

Allah SWT] for his great love for mankind has set limits which we are not permitted to transgress, and has set out prohibitions which we are not allowed to violate (haram). The things which have been prohibited are the boundaries or limits set by Allah SWT]. Acts that are haram are typically prohibited in the the Quran and the Sunnah of the Prophet (SAW). The category of haram is the highest status of prohibition. If something is considered haram, it remains prohibited no matter how good the intention is or how honourable the purpose is. In this book I have discussed Islamic finance and investment free of all such prohibitions. This book consists of thirteen (13) Chapters. Chapter 1 consists of Introduction. Chapter 2 consists of Distinctive Features of Islamic Economics and Islamic Financial Contracts. Chapter 3 consists of Principal Advantages of Islamic Finance Over Conventional Finance and include: Islamic Finance Promotes the Principle of Financial Justice; Islamic Finance Assists in Financial Inclusion; Islamic Finance Accelerates Economic Development; Islamic Finance Encourages Stability in Investments; Islamic Finance Reduces the Impact of Harmful Products and Practices; and Islamic Finance Progress and Challenges. Chapter 4 consists of Prohibitions and Business Ethics in Islamic Economics and Finance and include: Introduction; Prohibition of Interest, The Usury (Al-Riba); Gharar (Uncertainty); Maysir and Qimar (Gambling); Prohibited Products and Industries; Some Form of Contracts Which Involve Expliotation are Forbidden; and Islamic Business Ethics and Norms That Must Be Adhered.Chapter 5 Consists of the Philosophy and Salient Features of Islamic Banking and Finance and include: Introduction; the Philosophy of Islamic Finance; and Salient Features of Islamic Finance. Chapter 6 consists of an Overview of Islamic Law of Contracts and Commerce in Islamic Finance and consists of: Introduction; General Framework of Contracts Under Islamic Law; Requirement for Valid Contract: Essential Elements of a Valid Contract covering: Offeror and Offeree, Offer and Acceptance, and Subject Matter (Mahal al-Aqd); W