Islamic Financial Institutions and Markets

This book explores the historical foundations, operational frameworks, and contemporary innovations within the Islamic financial landscape. It brings together distinguished scholars and experts to examine the diverse institutional structures that define Islamic finance, including non-banking financial entities, social finance mechanisms, fintech solutions, and regulatory bodies that uphold Shariah compliance across the financial sector.Structured across five sections, the book begins by examining savings-based finance, agricultural finance, and Islamic asset management institutions, tracing their historical roots and contemporary operational models. The book further highlights the role of Islamic financial markets including the Ottoman Esham system, sukuk, stock markets, and commodity trading in fostering ethical and risk-sharing investment environments. A dedicated section on Islamic social finance explores the transformative potential of Waqf and cash waqfs, Zakah, Qard al-Hasan, and Islamic microfinance in economic empowerment and poverty alleviation. The book also provides insights into the governance frameworks of regulatory institutions such as Islamic central banks and the Hisbah system, including country case studies of capital market governance, before examining the intersection of financial technology and Islamic finance, addressing innovations like crowdfunding platforms, digital banking, central bank digital currencies, decentralized finance, and the digital transformation of Islamic financial institutions. Drawing on historical evidence, contemporary data, and comparative case studies from across the Muslim world, the book combines theoretical analysis with practical insights.This is an essential reference for academics, policymakers, practitioners, and researchers seeking an in-depth understanding of the principles, structures, and future directions of Islamic financial institutions and markets globally.