Dr. Mehboob Makhdoomi book, ‘Understanding Islamic Banking & Finance’ was released online in view of COVID-19 pandemic.
“The publisher, Jay Kay books and the author have been waiting since last year for the book-release to happen, but any gathering even in the near future seems highly unlikely. Orders could be placed on these publisher’s numbers: 7889411551,7298807671,
9419000117,” said a statement, released by the author.
This book is the follow-up to the first book named ‘Fiqh eConomics is the Way Forward’.
The Foreword of the book has been written by Dr. Syed Musa Al Habshi- who was the Dean of the Institute of Islamic Studies at the International Islamic University of Malaysia, at the time of writing it.
Professor Shabir Ahmad Bhat, who is the Director UGC-HRD and a Professor in the Department of Management Studies, University of Kashmir, has edited the book.
As per the statement, the first book introduced readers to the concepts and facts about the subject, but six new chapters have been added to this edition, which talk about its applications in the real world.
“These chapters have been placed in a way that ensures better coherence for our readers. The 2nd chapter has been added to talk about the basic economics of how fiat currency is generated in debt that creates a bubble, and how the economy comes crashing down when it bursts.
“It builds a case for Gold-currency to be the solution of our economic woes. Chapters 17 and 18 explain how Shari’ah-compliant finance can alleviate unemployment, boost businesses -small as well as big, and thereby improve the overall economic health.”
“Attempt has been made to present Venture–Capital finance as a Sharia’h-compliant model, primarily to the Muslim markets, where it can have a religious sanctity too, but offers universal solutions to all. Chapter 22 informs readers about the IMF recognition and appreciation of Islamic finance and spells out the possible reasons. Chapters 25 and 26 have been added to talk about the cutting-edge financial concept of Crypto-currency, and it argues that it is much closer to the Islamic finance than the conventional one. This booklet has been made even more relevant for the Islamic Finance course(s) taught at the Undergraduate and Postgraduate level.”
The book has been priced economically for the benefit of students, since the author has not charged his royalty and the publisher is keen to disseminate knowledge, added the statement.