Developments in Islamic Banking Practice
The Experience of Bangladesh
Developments in Islamic Banking Practice: The Experience of Bangladesh examines global developments in the Islamic banking practice, and provides an in-depth analysis of the theory and practice of Islamic banking in Bangladesh, the third-largest Muslim country in the world, with over 150 million Muslims. This book is the first of its kind to examine Islamic banking principles and practices in Bangladesh on such a broad scale.
Learners, teachers, researchers, and those practically involved in the burgeoning financial industry will derive value from this book. Readers from all disciplines will become familiarized with the key differences between the principles and practices of two distinct banking systems: the interest-free Islamic banking and the interest-based conventional banking. With the inclusion of citations from authentic references, a well-defined methodology of research, relevant data, tables and figures, coupled with the extensive field work and experience of the author in this sector, this book will serve as a reliable resource to understanding Islamic banking and finance as they function in the general world of finance, and in particular, Bangladesh.
REVIEWS"This is an exceptional book for any learner seeking an all-inclusive and well-written guide to Islamic banking. It has successfully linked the modern theory and practice of conventional banking with the theoretical and practical aspects of Islamic banking, and identified the distinctive features of Islamic banking. Dr. Ahmad is a highly respected authority on Shari`ah and Islamic banking and finance who has demonstrated throughout the book, the outstandingly comprehensible appraisal of Islamic banking and the development of its practice in Bangladesh. The book explores the complexity of Islamic law and distributive justice in Islam underpinning Islamic banking. It also provides an extensive case analysis of the operations of Islamic banks in Bangladesh, a country of over 150 million Muslims. This book is the first of its kind to examine theory and practice of Islamic banking in Bangladesh on such a wide spectrum. An updated list of 417 Islamic banks and financial institutions around the world provided by the author in its appendix is information most sought after by academia."
Professor M. Kabir Hassan, University of New Orleans
Professor Ahmad has in this book successfully identified the challenges and prospects of interest-free banking by Islamic banks in Bangladesh. I believe this work will be of great benefit to students, academicians, bankers, regulators, and others interested in the subject.
Professor Razeen Sappideen, University of Western Sydney Law School
About the Author
Dr. Abu Umar Faruq Ahmad is a world-renowned Shari'ah Scholar who advises on a wide range of matters relating to the laws of Islamic banking and finance, as well as Shari`ah compliance of Islamic banks (IBs) and Islamic financial services providers (IFSPs), and promotes Islamic financial products in the global financial markets. He is Senior Researcher at International Shari`ah Research Academy for Islamic Finance (ISRA), and Associate Professor at INCEIF – the Global University of Islamic Finance, Kuala Lumpur, Malaysia.
Dr. Ahmad received his Master of Laws (Hons) and PhD at the University of Western Sydney, Australia, with two prestigious University wide research scholarships for his doctoral study in which he earned an ‘A’ (high distinction) for the quality of his research.
Dr. Ahmad has published several books, book chapters, and refereed journal articles. He has also presented papers at a number of conferences in Asia, Australia, America, Europe and Africa. He is the founding editor of the International Journal of Excellence in Islamic Banking and Finance and Co-editor of ISRA International Journal of Islamic Finance. He also currently sits on the Editorial Advisory Board for 3 Emerald published journals, namely International Journal of Islamic and Middle Eastern Finance and Management, Journal of Islamic Accounting and Business Research, Humanomics: The international journal of systems and ethic; and Australian Journal of Basic and Advanced Sciences, The Open Law Journal, and Global Islamic Finance Magazine. In Addition, he acts as an ad-hoc reviewer of American Journal of Islamic Social Sciences, Thunderbird International Business Review, Review of Islamic Economics, African Journal of Business Management, and Islamic Economic Studies.