Updated and expanded insights into Islamic banking and finance
From Yahia Abdul-Rahman-the father of Riba-Free (RF) banking-comes the expanded edition of the definitive resource that offers an understanding for applying Islamic banking and financial practices. No matter what your faith or religious beliefs, the book shows how to take a modern American approach to incorporating Islamic financial principles into banking and investment techniques.
The Art of RF (Riba-Free) Islamic Banking and Finance describes the emergence of a culture of Islamic banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and has proven very effective when compared to 20th century models that use financial engineering and structural techniques to circumvent the Shari'aa Law. The author also reveals information about how fiat money is created, the role of the Federal Reserve, and the US banking system. Abdul-Rahman includes a wealth of real-life examples and offers an analysis of how this new brand of banking and financing yields superior results. * Offers the fundamentals on Riba-Free (RF) banking * Shows how to apply RF to everything from joint ventures and portfolio management to home mortgages and personal finance * Reveals what it takes to incorporate Shariah Law into US financial systems * Includes information on why RF banking is a socially responsible way to invest
Thoroughly revised and updated, this resource offers a handbook for applying Shari'aa law to American banking and finance.
Preface to the Second Edition vii
Preface: My Story with RF (Islamic) Banking and Finance in America xiii
Acknowledgments xxix
About the Book Cover xxxvii
CHAPTER 1
Introduction 1
CHAPTER 2
The Faith-Based Judeo-Christian-Islamic Foundation of the Prohibition of Interest and the RF (Riba-Free) Banking System 15
CHAPTER 3
The RF Valuation Disciplines of Commodity Indexation and Marking to the Market 55
CHAPTER 4
The Law: The Judeo-Christian-Islamic Shari aa 75
CHAPTER 5
Money and Its Creation: The U.S. Federal Reserve System (Central Banks) and Interest Rates 101
CHAPTER 6
Towards an RF Monetary Discipline: The RF Commodity Indexation Discipline 137
CHAPTER 7
Civility and Social Responsibility of the RF Banking System 179
CHAPTER 8
The Conventional Riba-Based Banking System 207
CHAPTER 9
Comparing RF Banking and Conventional Riba-Based Banking: What Is the Difference? 247
CHAPTER 10
RF (Islamic) Banking in the Twentieth Century 261
CHAPTER 11
RF Banking Model for the Twenty-First Century: The LARIBA RF Model 285
CHAPTER 12
Putting the RF Finance Movement and Discipline Together 345
CHAPTER 13
Starting an RF Bank in the United States 361
CHAPTER 14
RF Capital Markets 399
CHAPTER 15
Case Studies 431
CHAPTER 16
RF Credits (Loans) in Contrast to Types of Riba-Based Loans 449
CHAPTER 17
The RF Approach to Handling Troubled and Nonperforming Credits (Loans) 463
CHAPTER 18
Visions for the Future of RF Banking 471
CHAPTER 19
RF Banking: A New Banking Brand for the Twenty-First Century 483
About the Companion Website 487
Index 489
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