Top 5 books on Islamic Finance #Finance

today we are talking about my top five favorite books in islamic Finance now often people ask me to recommend them some kind of books or resources to study islamic

Finance and i think about these things and today i decided to make a little CashNews.co to tell you about some of my favorite books that i think in some way encompass most of

the important chapters and points regarding islamic Finance so bismillah let’s start i don’t need to mention of course first and foremost as muslims the holy

quran is the most important book of guidance it’s contains laws recommendations prohibitions everything that we need to live this life so most of our rulings ethos and recommendations come from from this book but we are not talking today about this particular book this deserves its own

program today we are talking about other books that that are very useful and i hope that you’ll find them useful as well so first book that i always recommend one of the most important books uh is by our dear mufti takusmani very famous muslim scholar who is well known he was a jurist and the

judge on supreme court most of you remember in 90s when we had a famous case in pakistan where the supreme court was deciding on the ruling regarding riba and mufti wrote a book about that subject which is very interesting even today and i should include this book as well because it deals with such

important topics of riba at that time when bankers would say we believe riba is prohibited just we don’t know what is riba so i i feel that this same issue is repeating today so mufti is very famous a scholar following these issues for a long time and beside the book on the historic judgment

of riba he also after a global financial crisis wrote beautiful paper points to ponder where he is discussing core reasons for economic crisis whether it’s a ariba or speculations and things like that i forget to mention that in this uh little CashNews.co i i’m not saying any particular

book is better than other although we are going from five four three to number one but it doesn’t mean that any one of these books is better or worse it’s just five books that holistically make one whole piece so introduction to islamic

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance book by mufti taki usmani is one of those books that deals with the core concepts of islamic none;">Finance in easy to understand deals with all of the transactions and clearly explain uh what’s the difference between conventional banking and islamic one when we’re dealing with money for money transaction and generate some Profit versus when we

engage in real economy and making money from engaging in buying and selling Assets and things like that so that book is available on mufti’s personal website you can download it as a pdf and that’s book number five the next book that i think every serious students of

islamic Finance should take time to study is sharia standards by ayoffi now ayoffi is a standard setting industry body very well respected working with key scholars dealing

with a lot of issues when it comes to standardizing the rules and regulation for islamic Finance many countries choose voluntarily to follow these rules now this standard

deals with many different issues in fact every situation that you can come across in Finance industry trading in currency Credit cards musharraka murabaha

you know Loans leases zakat wakuf anything you can think of 50 60 almost topics they are all in detail explained in this topic and what i love about this book is that at the end of each standard which highlights each point very specifically what to do what not to do it gives you

islamic rules regarding uh those standards so if you for example you flip and you go subject of let’s say leasing appendix b sharia basis for this standard it would tell you that it would give you a verse for instance on leasing where allah almighty says and verse is that said one of the

daughters or my father engage him or hire him on wages or another verse if you had wished surely you could have extended some recompense for it so we see that they go directly to primary sources and they extract the rules and the wisdoms for legitimacy of uh their ruling so the book is excellent

read of course i have been doing fantastic work they have various courses they have a number of different books that go into more details and case studies so standard is available for free at ayoffy’s website i will put a link in the description okay let’s get into more of these books

number three all right so this particular book is a very interesting book i find it fascinating it’s called financial transactions in islamic jurisprudence and there are two volumes okay so it’s written by dr zuhali it’s a beautifully written book that deals with so many issues in

terms of Finance from all schools of thoughts and this is what i particularly find quite interesting that author collected in almost 1000 plus pages on every little details

in terms of transactions all kinds of opinions and so you just open the things that you know selling of what you don’t have is it the fact that subject matter doesn’t exist or that there is uncertainty of a delivery then it goes in all kinds of opinions and different kinds of subtopics

and i i find that this is a must read together with sharia standards from ayoffi for any serious students of islamic Finance who want to explore principles that underpin

islamic Finance and the reason why this is important is when you come to let’s say new topics new issues you need to understand what is the reason for for our thinking

so that you can apply to some of these contemporary transactions so i think this is a must read um again i’ll put the details where you can find this beautiful book number two and again i’m not saying this is a ranking of these books these are again my favorite books that i find very

useful when i’m putting my courses together when i’m teaching my students i find some of these books uh really useful on the daily daily basis i use them as a reference and together they make up the one whole unit i i would say they cover most of the topics that anybody need to know

this particular topic economic concepts of ibentemia is a book by abdullah azeem islahi who wrote this as a part of his phd dissertation and it’s a very interesting book dealings with the events and life of ebenetemia who live in very interesting times when people introduce all kinds of new

ways of dealing with business and transactions and a lot of different questions were raised and even tamiya is quite interesting character in terms of thinking very very sharp very very innovative in terms of thinking some of the points analyzing book are so advanced so sophisticated that you can

apply them easily in whatever you are uh analyzing today and so i think whether you’re talking about riba or market mechanisms and you know the other concept regarding the role of state and economy and money and things like that we talk about you know in economy adam smith and all of these

other people different schools of thought austrian school of thought you know i think even tamiya uh should have his own school of thought when it comes to economy and you know just just to see how really advanced some of his thinking is in in one of these points he for instance is talking about

how uh the states when they mean the coin they should not do it for the Profit minting coin other than gold and silver should be for sake of public good and not to debase currency and so he talks about the fact that if the state is minting the coin they should pay from beitul mal

in order to preserve really uh the salary and objective production of this important public good which is money or currency so these ideas when we today look at Inflation look at all of the questions whether it’s a bold; color: #1a73e8; text-decoration: none;">Crypto or any other way we use money or make money privately or as a state these points are very important to be understood so this is one of those books that i definitely recommend and the last book number one again uh really a book that i

recommend to to everyone you know this is the first book that i recommend genuinely yes i love mufti uh usmani’s book i think that’s that’s that’s my all-time favorite i i teach this book actually it forms the basis with all the other material this forms the basics of the

courses that i teach but this particular book understanding islamic Finance by professor dr mohammad ayub i find this book to be one of those books that is a result of some

really serious hard thinking well thought out presented in a way where it covers really everything uh you you need to know about islamic Finance all the core concepts and

what i particularly love is just the way that all of these topics are approached uh from from the introduction and objectives of the sharia and makkah of sharia understanding islamic economics main prohibitions avoiding what is prohibited and unethical and so on and then going into the islamic law

of contract business transactions how things work so mechanics of of everything and then going more into commercial law modes of financing you have everything that you can think of from uh you know takaful securitizations to cook even some criticism of islamic

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance and the way forward and this is exactly how i put my course together i find this to be the most efficient way to teach someone the rules of islamic

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance is to go exactly this way particularly focusing on the contracts transactions and prohibitions and that opens the way for the student to understand why we do things that we do

so that’s my number one book and i think in totality all five of these books i would probably be using more than any other book on islamic fines and there are many there are many books many books everywhere so what i would like to know is what are some of your uh favorite books when it comes

to this topic and if you enjoy this uh please share this CashNews.co with those that might be interested we are also doing very shortly islamic Finance course that will

utilize much of the information from these books the links are in the description you can check it out and inshallah i will see you in our next CashNews.co salam ali you