“Islamic Financial System and its Perspectives in Azerbaijan” is comprehensive and practical guide for anyone seriously interested in understanding the Islamic finance. The book published under the general editorship of Prof. Dr. Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication of Azerbaijan, illustrates all aspects of Islamic banking, including chapters on its creation and evolution, financing instruments of Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a, Islamic insurance of Takaful and bond markets of Sukuk. Finally, the book also covers the role of Sharia'a boards, developments of Islamic financial services industry in the world and in Azerbaijan.  Islamic finance has taken a dramatic surge in popularity in recent years. It is a large, dynamic and growing market. Few decades ago Islamic banks have been operating only in places such as Bahrain, Saudi Arabia, Malaysia and Dubai. Over the last three decades Islamic finance has experienced remarkable growth and the global demand for Islamic banking products and services is increasing day by day. Now most of Western conventional banks offer new ranges of financial products designed for Muslims. Today, everyone agrees that Islamic finance is expanding rapidly and this is the perfect book published in right time for anyone looking to understand the industry and offers an excellent overview of the principal concepts of Islamic finance.  The book presents the stance of applications of Islamic finance and banking in the global scale. In the wake of the recent financial crisis the debate is reignited over the development of a risk-sharing financial system. To guide policymakers in this challenging task the chapter on “Introduction to Islamic Finance: Theory and Practice” highlights the core principles of risk sharing in Islam, presenting it as a risk-sharing financial system that exactly what is needed to promote greater financial stability and economic resilience in the post-crisis era.  

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