1st Edition

Contemporary Issues in Islamic Law, Economics and Finance A Multidisciplinary Approach

Edited By Flavia Cortelezzi, Alessandro Ferrari Copyright 2023
    222 Pages 12 B/W Illustrations
    by Routledge

    This book explores how Islam can impact the structures and performance of firms, financial institutions and capital markets across a range of countries and industries.

    The Islamic finance industry represents an important reality not only because of the oil wealth of the Gulf states, which have fueled demand for such financial services, but also for an increased demand from a growing Muslim population in the West that aspires to express a full and all-inclusive religious identity. The increased demand for Muslim financial institutions has prompted Western non-Islamic firms to begin providing these services in an interesting effort of acculturation to the new plural scenario.

    By adopting a multidisciplinary approach, which also takes into account the theological, legal and geopolitical framework, the book offers a comprehensive picture of Islamic financial tools, contracts and business opportunities. Drawing on different fields of expertise, it deals with various themes, such as the theological roots of Islamic economics and finance and its geopolitical impact; the EU policy of cooperation with MENA and GCC countries; the instruments of Islamic finance, its legal principle and ability to become an instrument for enhancing business opportunities; the functioning of Islamic banks; the development of capital markets within a financial model influenced by religious constraints and, finally, the new relationships of this religious financial system with Western legal systems. The book thus provides a complete and extensive overview of the practice of Islamic finance through the lenses offered by studies of economics and management.

    Providing a careful analysis and an integrated framework of geo-economic and political issues, the book will be a valuable resource for academics, researchers and professionals in International Business, Entrepreneurship and Small Business Management, Law and Religion and Intercultural Studies.

    Flavia Cortelezzi and Alessandro Ferrari

    Part 1: Fundamental and comparative perspectives

    1. Reconciling Islam and Finance: Challenges in Integrating Muslims into Financial Markets
    Murat Çokgezen

    2. When Can Finance be Called "Islamic"? Reflections on the Relation between Islamic Ethics, Law and Economics
    Deborah Scolart

    3. Preconditions and Suggestions for Islamic Finance to Generate Sustained Economic Growth
    Murat Çizakça

    Part 2: Fundamentals of Mediterranean Economics and Finance

    4. The Economics and Finance of the Middle East and North Africa
    Jamus Jerome Lim

    5. The EU Cooperation Policy with the Northern African Mediterranean Countries and the Middle East
    Giuseppe Colangelo

    Part 3: Banking, finance and business opportunities

    6. Global Islamic Finance: Principles and Products
    Flavia Cortelezzi

    7. Framework and Functioning of the Islamic Bank and Differences with Conventional Banks
    Paolo Biancone and Silvana Secinaro

    8. Marketing of Islamic Banks
    Cedomir Nestorovic

    9. Islamic Finance to Enhance Business Opportunities: Private Investment
    Michael J.T. McMillen

    10. Islamic Finance to Enhance Business Opportunities: Capital Markets
    Michael J.T. McMillen

    11. Application of the Legal Principles of Islamic Finance to Our Legal System
    Fabrizio Vismara


    Flavia Cortelezzi is Associate Professor of Political Economy in the Department of Law, Economics and Culture, and Deputy Director of the Research Center "Religions, Rights and Economies in the Mediterranean Space" (REDESM) at Insubria University (Como), Italy.

    Alessandro Ferrari is Full Professor of Law and Religion and Director of the Research Center "Religions, Rights and Economies in the Mediterranean Space" (REDESM) at the University of Insubria (Varese and Como), Italy.