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AnIntroduction toIslamic Finance by Mohammed Taqi Usmani, Kluwer Law International, 2002

AnIntroduction toIslamic Finance by Mohammed Taqi Usmani, Kluwer Law International, 2002 The main achievement of this useful work which consists of a limited number of pages - another feat attained by the author because of his academic and practical credentials - is that Mr Usmani gives a full and balanced examination of the Islamic products used by Islamic banks and finance houses. It is a lucid scrutiny too, for he does not hesitate to warn and remonstrate where necessary; in one instance among others he points out that using Murabahah and Ijarah as modes of financing is not what these two con- cepts were meant for and therefore, when they are applied outside their original pur- pose, additional requirements which he outlines must be fulfilled. The experience acquired by the author as a lecturer allowed him not to follow the unambitious approach often adopted by Muslim scholars with regard to the prohibi- tions edicted by the Sharia concerning financial matters. He gives the reasons which justify these prohibitions, instead of merely raising them and shielding behind them without providing an explanation. By way of example, I will mention that he tells the reader that combining two transactions to achieve one is not allowed by Sharia and that the deferred http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Yearbook of Islamic and Middle Eastern Law Online Brill

AnIntroduction toIslamic Finance by Mohammed Taqi Usmani, Kluwer Law International, 2002

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
eISSN
2211-2987
DOI
10.1163/221129802X00373
Publisher site
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Abstract

The main achievement of this useful work which consists of a limited number of pages - another feat attained by the author because of his academic and practical credentials - is that Mr Usmani gives a full and balanced examination of the Islamic products used by Islamic banks and finance houses. It is a lucid scrutiny too, for he does not hesitate to warn and remonstrate where necessary; in one instance among others he points out that using Murabahah and Ijarah as modes of financing is not what these two con- cepts were meant for and therefore, when they are applied outside their original pur- pose, additional requirements which he outlines must be fulfilled. The experience acquired by the author as a lecturer allowed him not to follow the unambitious approach often adopted by Muslim scholars with regard to the prohibi- tions edicted by the Sharia concerning financial matters. He gives the reasons which justify these prohibitions, instead of merely raising them and shielding behind them without providing an explanation. By way of example, I will mention that he tells the reader that combining two transactions to achieve one is not allowed by Sharia and that the deferred

Journal

Yearbook of Islamic and Middle Eastern Law Online – Brill

Published: Jan 1, 2001

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