Islamic Finance

This new second edition features fully updated, insightful chapters by leading practitioners in Islamic financing (including from Hogan Lovells, White & Case and Taylor Wessing), and analyses market trends, key developments and structures for sukuk, syndications, funds, takaful, project financing and Islamic liquidity management.

Islamic finance has seen unprecedented growth in recent years and the pace of this growth is accelerating. This is evidenced not only by the size of the Islamic finance market, but also by the increasing range of sophisticated products and services. The markets for Shariah-compliant funds and takaful (Islamic insurance) are sectors in their own right.Today, Islamic finance attracts sovereigns, financial institutions, multinationals, corporates and customers across the retail spectrum who are looking to tap Islamic liquidity from sukuk (Islamic bonds), corporate, retail, acquisition, development and project financings.This second edition features fully updated, insightful chapters by leading practitioners in Islamic financing and analyses market trends, key developments and structures for sukuk, syndications, funds, takaful, project financing and Islamic liquidity management. New to the second edition are chapters on the regulation of Islamic finance and an overview of the sukuk market.This unique title is essential reading whether you are already engaged in Islamic financing transactions or interested in understanding the Islamic finance market and the structures underpinning the world's fastest-growing finance sector.

Preface 5Rahail AliHogan LovellsPart 1. Islamic finance overviewIslamic finance: introduction to the market and key principles 7Rahail AliHogan LovellsLegal issues and standards in Islamic finance 19Rahail AliHogan LovellsPart 2. Equity and fundsOverview of Islamic asset management 31Imtiaz ShahHogan LovellsSharia screening and Islamic equity indexes 41Kamal MA MianFast Cables LimitedPart 3. FinanceIslamic finance in the syndicated bank markets 59Rahail AliHogan LovellsIslamic project finance 73Shibeer AhmedSajjad KhoshrooWhite & Case LLPPart 4. Capital marketsIslamic finance and documentation 91Rahail AliHogan LovellsThe global sukuk market and legal structuring considerations 109Rahail AliImran MuftiHogan LovellsThe sukuk market: resilience and resurgence – the foundations for future growth 119David TestaArmila Capital LimitedPart 5. InsuranceTakaful and conventional insurance: a comparative overview 137Mamoon AshrafMichael KortbawiRima MradBin Shabib & Associates (BSA) LLPIslamic insurance products: a case study 161Omar Clark FisherKhidr Solutions ConsultancyPart 6. RegulationMalaysia and GCC regulation: comparisons and contrasts 175Mustafa KamalHogan LovellsRegulating Islamic finance 183Hari BhambraPraesidium LLPAbout the authors 197