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From: Zifri Baharudin
Sent: Wednesday, March 02, 2005 11:23 PM
Subject: Book Review: Islamic Economics and Finance: A Glossary
(Second Edition) From: Abdul
Sent: Monday, February 28, 2005 10:22 AM
Subject: Re: Meaning of Arabic Words Used in Islamic
Finance Assalamu alaikkum, wrwb,
Yes, a second edition of this book has been
published by Routledge, London (2003, ISBN 0-415-31888-2, 197+ pages). It
is comprehensive. I was asked to write a review by the publishers which I
did and is reproduced below for the benefit of the members. The review was
also published in Islamic Economics and Finance magazine (London) Issue
3.
Sincerely,
Abdul Gafoor
===============================
Book Review Islamic Economics and Finance: A Glossary
(Second
Edition) By Muhammad Akram Khan (Routledge, London, 2003, ISBN 0-415-31888-2,
pp.xii+197) Islamic Economics and Finance literature,
because its sources are in Arabic, is full of Arabic technical terms. Today the majority of the Muslims in the
world are non-Arabic speaking and this proportion is reflected in those studying
the subject as well. There are also
non-Muslims interested in the subject.
To all these the Arabic terms are a nightmare. This Glossary eases their difficulties
by explaining practically every term found in the literature. The explanations are comprehensive and
are written in clear modern-day language so that even a novice can understand it
easily. This is a great
achievement. Both the descriptions and the coverage are
extensive. Typically, each entry
provides the literary meaning, technical meaning, its history, function(s) and
more. For example, the entry for
al-diwan begins as follows: �Lit: Account books of the
treasury. Tech: The finance
department of early Muslim states. Initially established by the second
caliph of Islam, Umar bin al-Khattab (13-23 AH), as a department to manage state
finances, but later adopted by the Muslim states as a regular institution. ��
The rest of the entry covers another quarter of a page. Then there are 21 more entries relating
to different types of diwans.
For example, �diwan al-azimmah A supreme audit office established by
Abbasids (AD 750-945) to control and check the accounts of
other diwans. This was also
termed as diwan zimmam al-azimmah.�
Taking another example, �al-bai Lit: A contract of sale. �� has 97 other entries relating to its
derivatives and alternatives. Cross
references are also available. Besides the Arabic terms, it also has several
modern English terms and abbreviations found in the literature. For example, IDB (Islamic Development
Bank), TFC (Term Finance Certificate), trust deposits,
lease-cum-equity financing, and two-tier mudarabah. Processes such as Islamic interbank
check clearing system are also explained: �Started by Malaysia from 3
January 1994, the Islamic banks and other financial institutions dealing in
Islamic Finance participate in this system. �� It has nine lines of further
description. Mr. Akram Khan is a well-known author in this
field and his three volumes of Annotated Sources in Islamic Economics are a
treasure trove of published and unpublished material in English and Urdu. Having had access to such a vast
collection of material, perhaps no other person could have done justice to this
very demanding task of compiling a glossary in this relatively new field. This second edition is published by Routledge
of London & New York, under their International Studies in Money and Banking
series. This is a very valuable
contribution to Islamic Economics and Finance and is a must in every
library. It is a necessary
reference volume to every student of the subject and practitioner in the
field. A.L.M. Abdul Gafoor Appropriate Technology
Foundation Groningen, the
Netherlands. 1 December 2003. -------------------------------------------------------------------------- All views expressed herein belong to the individuals concerned and do not in any way reflect the official views of Hidayahnet unless sanctioned or approved otherwise. If your mailbox clogged with mails from Hidayahnet, you may wish to get a daily digest of emails by logging-on to http://www.yahoogroups.com to change your mail delivery settings or email the moderators at [EMAIL PROTECTED] with the title "change to daily digest".
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