A systematic study of the process of developing Islamic financial
products for banks. Islamic banking began in the 1970s with the aim
of providing financial services compatible with Islamic law. Driven
by market forces it has grown rapidly in Muslim countries and in
international financial sectors. It is projected to grow at an
annual rate of 15-20% and a key factor determining this future
growth is the availability of new products that will satisfy the
needs of various segments of society. While other texts discuss the
basic principles and contracts used in Islamic banking and finance,
few discuss how these can be used to develop financial products.
This book fills that gap, starting with the basic principles that
form the building blocks of contemporary Islamic financial products
and then discussing the more intricate issues relating to product
development processes. Key Features Discusses the different stages
of the product development cycle in detail Includes case studies
showing the structures of various products Critically evaluates the
issues related to product development including the types of
products used by Islamic banks and the approaches adopted in
developing them The author is well-positioned to write this text,
having been an economist at the Islamic Development Bank Group in
Saudi Arabia (1999-2007)
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