| List of Illustrations Preface Glossary and Transliteration 1 Introduction Finance without Interest? 1.1 Distinguishing Features of Islamic Finance Prohibition-Driven Finance Jurists, Shari'a Boards, and Innovation Lawyers and Regulatory Arbitrage 1.2 Islamic Transactions Law as Common Law Precedents, Analogies, and Nominate Contracts Tradeoff between Efficiency and Legitimacy 1.3 Limits and Dangers of Shari'a Arbitrage Risk of Mispricing Legal and Regulatory Risks 2 Jurisprudence and Arbitrage 2.1 Islamic Law and Jurisprudence The Canon: Qur'an, Tradition, and Consensus Juristic Inference (Ijtihad) and Benefit Analysis 2.2 From Classical to Contemporary Jurisprudence Jurisprudence, Revival, and Codification Institution of Fatwa and Islamic Finance 2.3 Arbitraging Classical Jurisprudence Shari'a-Arbitraging Classical Property Law Arbitraging Classical Contract Conditions Arbitrage, Ruses, and Islamic Finance 3 Two Major Prohibitions" Riba and Gharar 3.1 The Prohibition of Riba Canonical Texts on Riba Economic Substance of the Prohibition of Riba 3.2 The Prohibition of Gharar Definition of Gharar Economic Substance of Prohibition Insurance and Derivatives 3.3 Bundled vs. Unbundled Credit and Risk 4 Sale-Based Islamic Finance 4.1 Basic Rules for Sales Trust Sales: Murabaha, Tawliya, Wadi'a Currency Exchange (Sa,f) 4.2 Same-Item Sale-Repurchase ('Ina) Same-Item Trading in 'Ina and Tawarruq Custody Sale (Bay'Al-'uhda) and Sukuk Al-ijara 4.3 Cost of Funds: Interest-Rate Benchmarks Opportunity Cost for Conventional Fund Providers Viability of Islamic Benchmark Alternatives 5 Derivative-Like Sales: Salam, Istisna , and "Urbun 5.1 Prepaid Forward Sale (Salam) Parallel Salam Conventional and Synthesized Forwards 5.2 Commission to Manufacture (Istisna') 5.3 Down-Payment Sale ('Urbun) Urbun as Call Option 6 Leasing, Securitization, and Sukuk 6.1 General Lease Conditions Flexible-Rate Financing Subleasing, Repairs, and Insurance Costs 6.2 Asset-Backed Securities Leasing and Securitization Receivable Securitization and Sale of Debt Bundling Asset-Based and Debt-Based Securities: A Paradox 6.3 Asset-Backed Leasing Bonds (Sukuk) Credit-Rating Issues Reward Pledges and Gifts Revisited 6.4 Usufruct Sukuk 6.5 Sukuk Al-Salam 7 Partnerships and Equity Investment 8 Islamic Financial Institutions 9 Governance and Regulatory Solutions in Mutualigy 10 Beyond Shari'a Arbitrage Conclusion |
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