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Understanding Islamic finance

The rapid growth in importance of Islamic finance to the UK has led to changes in the tax system, the creation of specialist qualifications and a new focus on legislative changes to support the development of Islamic financial products. On this page you can access a range of material that can help you understand the basics of Islamic finance.
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The Business & Industry Guides series is produced by the Library & Information Service for ICAEW members and ACA students.

We can compile tailored key players reports, mailing lists, market reports, benchmarking reports and industry news. Our enquiry team can also research other industry-specific information, such as taxation, for you. Call us on +44 (0)20 7920 8620 or email library@icaew.com.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of eBooks on Islamic finance, including the titles highlighted below. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Financial and accounting principles in Islamic finance
  • eBook
  • 2019
  • Samir Alamad
  • Springer
This book provides an original account detailing the origins and components of a faith-based accounting system (Islamic finance) that was founded around 629 CE. By examining the historical development that the accounting systems underwent within the context of faith-based rules and values, the book explains what is meant by the term "faith-based accounting", together with a discussion of its characteristics in relation to various product structures and the underlying Islamic finance principles.
Exclusive Mastering Islamic finance: a practical guide to sharia-compliant banking, investment and insurance
  • eBook
  • 2015
  • Faizal Karbani
  • FT Publishing International
A practical and accessible guide to Islamic finance that helps demystify the differences with conventional banking, enabling practitioners to develop Sharia compliant products for customers
Exclusive Introduction to Islamic finance, An: theory and practice
  • eBook
  • 2011
  • Zamir Iqbal, Abbas Mirakhor
  • John Wiley and Sons
Guide to the theory and features of Islamic financial systems.
Exclusive Understanding Islamic finance
  • eBook
  • 2007
  • Muhammad G. Ayub
  • John Wiley and Sons
Introduction to the essential issues and products involved in Islamic finance.
Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

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Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a range of articles and books on Islamic finance. Use the links below to see what we have available to request in our Library catalogue (Libcat). Please contact us if you would like to borrow a book or request a copy of an article.
How does Islamic finance work?
  • Article
  • 2013
  • Kamal Munir
  • ICAEW
Kamal Munir outlines what sets Islamic finance apart from western models
Islamic finance’s growing pains
  • Article
  • 2017
  • Dominic Dudley
  • ICAEW
The industry is growing rapidly but it needs standardisation, argues Dominic Dudley
Mastering islamic finance: a practical guide to sharia-compliant banking, investment and insurance
  • Library book
  • 2015
  • F.Karbani
  • Pearson Education
A practical guide to provide practitioners with an understanding of the key concepts underpinning Islamic finance and the prevalent and developing market practices. It also explains the main products and service types and how they differ from comparable conventional finance instruments. Includes chapters on Sukuk and Takaful.
Understanding Islamic financial services: theory and practice
  • Library book
  • 2017
  • K.Ullah
  • Kogan Page
This book explains the basic concepts, principles, contracts and financial products of Islamic finance, using case studies and examples to bring the text to life.

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

The Islamic finance market

Cambridge Global Islamic Finance Report (Cambridge GIFR)
  • Website
  • Cambridge Institute of Islamic Finance
Annual report which includes an assessment of the size of the global Islamic financial services industry and the Islamic Finance Country Index, which ranks around fifty countries by the size of their Islamic financial assets. The Islamic Finance Country Index was first launched in 2011 and has quickly gained acceptance as a means to compare countries in this sector.
Global trends in Islamic finance and the UK market 2022
  • Website
  • TheCityUK
TheCityUK's Islamic Finance Sectoral Advisory Group publishes a regular Islamic finance research report which summarises global trends in Islamic finance, with particular reference to how the market (including the sukuk and takaful markets) is developing in the UK, and the UK's position in the Islamic banking sector.
Islamic Finance News: IFN Annual Guide
  • Website
  • IFN
The annual IFN journal guide looks at overall markets for Islamic finance. It provides individual country market reports for several countries - some of which refer to tax incentives and the regulatory framework - as well as a review of the sukuk and takaful market during the past year.
Islamic Finance in Europe
  • Website
  • European Central Bank
An online paper from the European Central Bank which provides an overview of the Islamic finance market in Europe and highlights the different approaches taken by the countries covered (France, Germany, Italy, Ireland, Luxembourg and the UK). Published in June 2013.
ZAWYA Islamic Finance news
  • Website
  • ZAWYA.com
Islamic finance gateway from ZAWYA.com, which includes latest news stories, featured research reports and economic indicators. A free Zawya Daily email newsletter alert is available.
Terms of use

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

Videos

Differences between Islamic and conventional retail banking
  • Website
  • 2014
  • IIBI
Part of a collection of video presentations from the Institute of Islamic Banking and Insurance (IIBI), intended to increase understanding of Islamic finance practices.
Introduction to Islamic Finance: Concepts & Structures
  • Website
  • 2014
  • LSE
Video of an October 2013 presentation given by Farmida Bi (Partner and European Head of Islamic Finance, Norton Rose Fulbright LLP) as part of the LSE Department of Law's Islamic Finance Seminar Series. The presentation provides an overview of the particular features of Islamic finance, traditional Islamic contracts and Islamic finance in the UK.
The state of Islamic finance: challenges and prospects
  • Website
  • 2023
  • IIBI
London Institute of Banking & Finance podcast episode in which Dr Martina Garcia talks to Natalie Schoon, an expert in Islamic finance, who outlines the challenges – and the potential avenues for future growth – that Islamic finance should explore to reach its full potential in the years ahead.
Terms of use

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

Publications and guides

Differences between Islamic and conventional retail banking
  • Website
  • Nov 2014
  • IIBI
Part of a collection of video presentations from the Institute of Islamic Banking and Insurance (IIBI), intended to increase understanding of Islamic finance practices.
IMF Islamic Finance factsheet
  • Website
  • Feb 2017
  • IMF
International Monetary Fund (IMF) factsheet concisely answering the question 'What is Islamic finance?' and covering recent developments.
Introduction to Islamic Finance: Concepts & Structures
  • Website
  • Jan 2014
  • LSE
Video of an October 2013 presentation given by Farmida Bi (Partner and European Head of Islamic Finance, Norton Rose Fulbright LLP) as part of the LSE Department of Law's Islamic Finance Seminar Series. The presentation provides an overview of the particular features of Islamic finance, traditional Islamic contracts and Islamic finance in the UK.
Investing within shariah: A guide to Islamic financial products
  • Website
  • Mar 2019
  • Zawya
The framework of Islamic finance, main types of contracts and key terms such as Riba, Haram and Gharar are explained in this March 2019 Zawya.com guide for investors.
Islamic Finance in Europe
  • Website
  • Jun 2013
  • European Central Bank
An online paper from the European Central Bank which provides an overview of the Islamic finance market in Europe and highlights the different approaches taken by the countries covered (France, Germany, Italy, Ireland, Luxembourg and the UK). Published in June 2013.
Islamic finance 101: Debunking the common myths
  • Website
  • Oct 2019
  • Cityam.com
A City A.M. overview article debunking some of the common misconceptions about Sharia-compliant investment products, including 'Do you have to forgo returns?' and 'Is it purely focused on charity?'
The state of Islamic finance: challenges and prospects
  • Website
  • Oct 2023
  • The London Institute of Banking & Finance
Natalie Schoon outlines the challenges – and the potential avenues for future growth – that Islamic finance must explore to reach its full potential in the years ahead. The article covers Islamic finance in the UK since 2000, branding and perception, lack of standardisation, uncertainty and cost. It recommends that the industry should work closely with its existing customer base and develop products that meet local needs to find a path to sustainable growth.
The state of Islamic finance: challenges and prospects
  • Website
  • Oct 2023
  • IIBI
London Institute of Banking & Finance podcast episode in which Dr Martina Garcia talks to Natalie Schoon, an expert in Islamic finance, who outlines the challenges – and the potential avenues for future growth – that Islamic finance should explore to reach its full potential in the years ahead.
Terms of use

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

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