Understanding Islamic Financial Services ─ Theory and Practice

Understanding the Islamic Finance System offers a fresh perspective on the Islamic Financial System. The importance of this system cannot be underestimated. Experts expect that it is likely to sustain double digit growth globally over the next few years, and demand for professionals in the area has never been higher, both in the UK and around the world.

While other texts on the subject look at the basic concepts, principles, contracts and financial products used in Islamic banking and finance, Understanding the Islamic Finance System goes one step further and provides a new context, identifying four levels on which the Islamic Financial system operates: product level, institution level, market level and inter-market level. It considers Islamic Banking and Finance as a multi-level service system, an approach which will enable students and professionals of Islamic Finance to gain a more in-depth, holistic understanding of how the system functions.

Understanding the Islamic Finance System covers contemporary developments in service science (e.g. service theories, service visualization tools and service co-creation concepts) and implications for the development and sustainability of the Islamic Financial System. Examples from practice enliven the text and allow the reader to relate the theories and principles discussed to current practice.

Karim Ullah is Assistant Professor and Islamic Financial Services Co-ordinator, Centre for Excellence in Islamic Finance at the Institute of Management Sciences. He has taught extensively in the areas of Islamic banking and finance, business finance and managerial finance, amongst others.

Wafi Al-Kalaghouli is Senior Lecturer in Operations and Project Management, Brunel University. He has extensive experience within multinational companies and Higher Education.