This text is the first of its kind on financial engineering and risk management in Islamic finance. It sets out guidelines for financial engineering from an Islamic perspective.
It then goes on to explain the Islamic position on commodity futures, derivatives, options and financial contracting. The text also presents some practical issues concerning futures contracts and how they can be handled from an Islamic perspective. It brings out the different points of view in this respect and reflects the current state of knowledge as well as the challenges that lie ahead for Islamic financial engineers. The context helps in understanding the complex phenomenon of commodity futures. It explores the prospects of some Islamic contracts having similarity with commodity futures, forward contacts, especially in agriculture, and Islamically permissible contractual arrangements for resource mobilization by the public sector. It also makes an analytical comparison between debt and equity contracts with regard to incentive compatibility and efficiency.
Munawar Iqbal is Chief of Research in Islamic banking and Finance at the Islamic Development Bank, Jeddah, the largest Islamic financial institution in the world. He has served as Economic Adviser to the Al-Rajhi Banking and Investment Corporation, Saudi Arabia, the largest Islamic commercial bank in the world. He has also served as Director at the International Institute of Islamic Economics at the Islamic University in Islamabad, Pakistan. He has taught there and at McMaster and Simon Fraser Universities in Canada and has published and edited many books and papers in the area of Islamic Banking.
Tariqullah Khan is Senior Economist at the Islamic Research and Training Institute, Islamic Development Bank, Jeddah. He has published several papers in the areas of Islamic banking and finance, financial instruments, risk management, regulation and supervision, and has delivered lectures in conferences in these areas.
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