Intermediate Islamic Finance

Nabil Maghrebi, Abbas Mirakhor and Zamir Iqbal are well known scholars, especially for their academic works on policy formulation. The book under review is presumably intended as a sequel to another introductory work by Abbas Mirakhor and Zamir Iqbal. It comprises ten chapters: (1) Epistemology of Finance, (2) Finance and Ethics, (3) The Analytics of Finance, (4) Equity, Efficiency and Firm Behavior, (5) Asset Pricing and Corporate Finance, (6) Scope of Financial Engineering and Derivatives, (7) Financing Models and Ownership Transfer, (8) Securitisation and Structured Finance, (9) Financial Stability, (10) Financial Regulation. The authors deserve applause for successfully producing such a technical volume which will not only rekindle the readers’ interest in Islamic economics and finance, but will also pave the way for more advanced and breakthrough research work in this niche area of knowledge. This is not an easy task as the ‘body of knowledge’ on Islamic economics and finance is still considered ‘a work in progress’.