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Surname 1
Name:
Course:
Date:
Book Review: Islamic Capitalism and Finance: Origins, Evolution and the Future
Islamic Capitalism and Finance: Origins, Evolution and the Future is a book written by
Murat Cizakca. It is a book based upon the foundations of finance in the modern world.
However, as the book suggests, it is mainly skewed towards the financial theories and practices
from an Islamic point of view. Murat is a well known academic scholar and his credentials
helped him to defend his choice of the title of the book. Islam is generally opposed to the values
of the capitalistic system. However, Murat drew some fundamental principles of Islamic finance
that mimic the institutional structures of western capitalism. Some of the principles include the
protection of property rights, modified profit maximization as well as competitive pricing, and
the emphasis on the principles of a free market. As a result, Murat explains that Islamic finance
can supplement the present capitalistic practices in the world economy (izaka).
The book is divided into five main parts. The first part looks at the value systems that
govern institutions. It describes the two main approaches to Islamic finance as well as the basic
principles of Islamic capitalism. The second part of the book delves into history. It reveals the
processes that led to the development of Islamic finance in the present state. The wealth of
information in this chapter enables one to understand the relationship between Islamic finance
and western capitalism. The third part of the book is also involved in understanding the historical
aspects of capital redistribution and public finance. It discusses the concepts of taxation and
philanthropy in relation to Islamic finance. In the fourth part of the book, the author delivers the
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Surname 2
present perspectives that surround Islamic finance. It looks at where the journey of Islamic
capitalism has brought the state into. It also looks at the principles of modern Islamic banking as
well as Islamic insurance. The final part of the book delves into the dynamics of the future of
Islamic finance. As such, issues such as the Islamic gold dinar, venture capitalism and
democracy are discussed (izaka).
Indeed, the content of the book is broad and not limited to banking and insurance. Murat
reveals that the specialized systems that focus purely on financial transactions did not exist in
medieval Islam. However, the author notes that the practice of shirkah as well as the transfer of
funds across space and time laid the foundations to some of the practices of modern capitalism.
In this aspect, the author argues that Islamic finance is more than the 40 years it is purported to
be. Indeed, Murat explains that the Islamic financial system is as old as the religion itself.
Throughout the book, the author raises concerns over the institutional borrowing that seems to
change the very nature and structures of Islamic finance. Through a careful analysis of history,
the author tries to instill a sense of responsibility over the discourse of Islamic finance into the
future.
Murat is also keen to look at some of the inefficiencies of western capitalism and tries to
make a case for Islamic capitalism as an alternative. The careful juxtaposition of the two systems
reveals that Murat is passionately opposed to the idea that Islamic capitalism be
conventionalized. He sees Islamic capitalism as a possible and viable solution to the problems
that the world financial economy experiences time and time again. As such, he calls for a careful
deliberation on the current practices of Islamic finance in the context of the wider financial
movements facing the current global economy. The future of Islamic finance looks to be riddled
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Surname 3
by questions of integrity to the foundational principles that made it such a successful form of
operations in finance (izaka).
Of interest is the focus on Islamic banks and their role in Islamic finance. Murat seems to
be specifically concerned with the manner of their operations in the future. In his discussion on
Maqasid al-Shariah, the author warns that Islamic banks stand the risk of stagnation thus
becoming peripheral to the operations of Islamic capitalism. He criticizes the operations of the
Islamic banks in today’s financial operations. He notes that their methodologies on both assets
and liabilities are disenchanted from the principles of the Shariah. As such, they run the risk of
being shunned away by the masses. Due to such a trajectory, the author calls for a reformation to
the practices of the Islamic banks. He advocates for a framework that incorporates the principles
of Maqasid al-Shariah as a measure of preserving the sanctity of Islamic finance.
Murat is guided by a strong vocation to elucidate the values of the Islamic financial
systems. He is also passionately devoted at ensuring that the unique identity and culture of
Islamic finance is not eroded away by the practices of western capitalism. By revealing the rich
and ancient history of Islamic capitalism, the author is in essence calling out for an appreciation
into its forms and structures. He is in essence crying out for ways and means by which players in
the market can be creative enough to come enhance Islamic capitalism. Through the rich
references to the past, the book is indeed a worthy read for academics as well as researchers on
matters pertaining economics and finance (izaka).
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Surname 4
Works cited
izaka, Murat. Islamic Capitalism And Finance. Cheltenham, UK: Edward Elgar, 2011. Print.

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Surname 1 Name: Course: Date: Book Review: Islamic Capitalism and Finance: Origins, Evolution and the Future Islamic Capitalism and Finance: Origins, Evolution and the Future is a book written by Murat Cizakca. It is a book based upon the foundations of finance in the modern world. However, as the book suggests, it is mainly skewed towards the financial theories and practices from an Islamic point of view. Murat is a well known academic scholar and his credentials helped him to defend his choice of the title of the book. Islam is generally opposed to the values of the capitalistic system. However, Murat drew some fundamental principles of Islamic finance that mimic the institutional structures of western capitalism. Some of the principles include the protection of property rights, modified profit maximization as well as competitive pricing, and the emphasis on the principles of a free market. As a result, Murat explains that Islamic finance can supplement the present capitalistic practices in the world economy (Çizakça). The book is divided into five main parts. The first part looks at the value systems that govern institutions. It describes the two main approaches to Islamic finance as well as the basic principles of Islamic capitalism. The second part of the book delves into history. It reveals the processes that led to the development of Islamic finance in the present state. The wealth of information in this chapter enables one to understand the relationship between Islamic finance and western capitalism. The third part of the book is also involved in understanding the historical aspects of capital redistribution and public finance. It discusses the concepts of taxation and philanthropy in relation to Islamic finance. In the fourth part of the book, the author delivers the Surname 2 present perspectives that surround Islamic finance. It looks at where the journey of Islamic capitalism has brought the state into. It also looks at the principles of modern Islamic banking as well as Islamic insurance. The final part of the book delves into the dynamics of the future of Islamic finance. As such, issues such as the Islamic gold dinar, venture capitalism and democracy are discussed (Çizakça). Indeed, the content of the book is broad and not limited to banking and insurance. Murat reveals that the specialized systems that focus purely on financial transactions did not exist in medieval Islam. However, the author notes that the practice of shirkah as well as the transfer of funds across space and time laid the foundations to some of the practices of modern capitalism. In this aspect, the author argues that Islamic finance is more than the 40 years it is purported to be. Indeed, Murat explains that the Islamic financial system is as old as the religion itself. Throughout the book, the author raises concerns over the institutional borrowing that seems to change the very nature and structures of Islamic finance. Through a careful analysis of history, the author tries to instill a sense of responsibility over the discourse of Islamic finance into the future. Murat is also keen to look at some of the inefficiencies of western capitalism and tries to make a case for Islamic capitalism as an alternative. The careful juxtaposition of the two systems reveals that Murat is passionately opposed to the idea that Islamic capitalism be conventionalized. He sees Islamic capitalism as a possible and viable solution to the problems that the world financial economy experiences time and time again. As such, he calls for a careful deliberation on the current practices of Islamic finance in the context of the wider financial movements facing the current global economy. The future of Islamic finance looks to be riddled Surname 3 by questions of integrity to the foundational principles that made it such a successful form of operations in finance (Çizakça). Of interest is the focus on Islamic banks and their role in Islamic finance. Murat seems to be specifically concerned with the manner of their operations in the future. In his discussion on Maqasid al-Shariah, the author warns that Islamic banks stand the risk of stagnation thus becoming peripheral to the operations of Islamic capitalism. He criticizes the operations of the Islamic banks in today’s financial operations. He notes that their methodologies on both assets and liabilities are disenchanted from the principles of the Shariah. As such, they run the risk of being shunned away by the masses. Due to such a trajectory, the author calls for a reformation to the practices of the Islamic banks. He advocates for a framework that incorporates the principles of Maqasid al-Shariah as a measure of preserving the sanctity of Islamic finance. Murat is guided by a strong vocation to elucidate the values of the Islamic financial systems. He is also passionately devoted at ensuring that the unique identity and culture of Islamic finance is not eroded away by the practices of western capitalism. By revealing the rich and ancient history of Islamic capitalism, the author is in essence calling out for an appreciation into its forms and structures. He is in essence crying out for ways and means by which players in the market can be creative enough to come enhance Islamic capitalism. Through the rich references to the past, the book is indeed a worthy read for academics as well as researchers on matters pertaining economics and finance (Çizakça). Surname 4 Works cited Çizakça, Murat. Islamic Capitalism And Finance. Cheltenham, UK: Edward Elgar, 2011. Print. Name: Description: ...
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