Islamonomics: Islamic Finance, Commerce and the Global Muslim Market

Akhtar Ismail Mohammed

Coming Soon Feb 2021

The economic growth of six diverse Muslim majority countries (Egypt, Iran, Bangladesh, Indonesia, Pakistan and Turkey) has been projected to reach the level of the G7 nations by 2050, with the growth of Islamic finance mirroring this growth (PWC ‘The World in 2050’). Evidently, Islamic finance is playing an increasingly important role in the global economy. But, what exactly do we mean by Islamic finance?

In general, ‘Islamic finance’ refers to the means used by corporate and financial institutions to raise capital, both in the Western and the Islamic World. The ‘Islamic’ in ‘Islamic finance’ distinguishes it from secular finance, as the former complies – by definition – with shari’ah (Islamic) law.

In this groundbreaking book, Akhtar Mohammed explains the principles of Islamic finance and explores its function in the international marketplace. Islamic finance interacts with conventional financial systems and has always attempted to reconcile the reality of international finance with the principles of Islam. Moreover, Mohammed argues, it holds powerful lessons for Western secular financial institutions, provided its Islamic origins can be viewed without suspicion and with an open mind.

What does Islamic finance have to teach us in the aftermath of the 2008 Global Finance Crisis, Mohammed asks. Looking to the future, what role will Islamic financing play in building China’s ambitious Belt and Road Initiative of the 21st century? And does the re-emergence of the Silk Road provide the opportunity for Muslims to become important conduits of overland trade, as they were in the 7th century? By studying Islamic finance through the lens of the international political economy, globalisation and the re-emergence of the Global South, Mohammed contextualises its successes, failures and future growth in secular terminology

Whereas most of the literature on Islamic finance is written by religious and secular academics, Mohammed eschews the insular view of the industry put forth by many shari’ah scholars. He opts instead for clear and accessible explanations, intended for non-specialists as well as experts regardless of their religious beliefs.

Akhtar Mohammed

Akhtar Mohammed was born in Vancouver, to Fijian Muslim parents of Indian/Pashtun descent. He obtained a BA in Political Science and History from the University of British Columbia and an LLB at the School of Oriental and African Studies, University of London. He received his LLM in Toronto, at York University’s Osgoode Hall Law School, specialising in Capital Markets. His maternal grandfather was a veteran
of the Second World War, serving with the Fijian Regiment.

Paperback • 216 x 138mm • £13.99 • ISBN 9781902932613