Understanding Islamic Finance--------------------------------------------------In Understanding Islamic Finance Muhammad Ayub introduces all the essentialelements of this growing market by providing an in-depth backgroundto the subject and clear descriptions of all the major products andprocesses associated with Islamic finance. Key features include:* Discussionof the principles of Islamic finance,* Introduction to the key productsand procedures that International Financial Institutions are usingor may adopt to fund a variety of clients ensuring Shari'ah compliance,*Discussion of the role Islamic finance can play in the developmentof the financial system and of economies,* Practical and operationalexamples that cover deposit and fund management by banks involvingfinancing of various sectors of the economy, risk management, accountingtreatment, and working of Islamic financial markets and instruments.This book is not only an important text for all banks and financialinstitutions entering this particular market with a commitment to buildingIslamic financial solutions, but is also essential reading for undergraduateand postgraduate students of Islamic finance.--------------------------------------------------Author Biography: MUHAMMAD AYUB is Director Training, Development andShari'ah Aspects at IIBI, London. Formerly, he was with the State Bankof Pakistan (central bank) where he headed the Islamic Economics Divisionand Shari'ah Compliance Division as Senior Joint Director in the Researchand Islamic Banking Departments. He also served as Head of IslamicBanking at NIBAF, the training wing of SBP. Besides contributing alarge amount of material, he has been serving as Master Trainer ontheory and practice of Islamic finance. For last two decades, he hasbeen involved in R&,D for facilitating I.B. Industry, Products Development,IB Prudential regulations, Risk management and Shari'ah related controlsand audit of Islamic banking institutions. This, along with his associationwith various Commissions set up from time to time on application ofIslamic banking system, has lent him a pragmatic and balanced approach,a prerequisite for presenting such a book.