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weddems 's review for:
Heaven's Bankers: Inside the Hidden World of Islamic Finance
by Harris Irfan
How is Islamic Finance 'Islamic'? What has happened inside the industry that has led to its boom so much so that Goldman Sachs, the 'hedonistic poster boy of the boom years of investment banking', wants to join in on the party? Are Islamic scholars content with the interest-bearing-like financial instruments that plague the industry in current years?
The book is essentially of three parts:
1) What is Islamic finance?
2) The various breakthroughs and struggles (external and internal) of the Islamic finance industry
3) The Future of Islamic Finance and the author's reflections
I was tempted to give this a 3 instead of a 5. The book starts off easy enough to read; grasping the frameworks of a Shariah-compliant transactions, principles of being a Muslim, getting to know the pioneers of Islamic Finance such as the revered Imam Abu Hanifa was simple enough, but then the book takes a steep upwards turn epistemologically that I became completely lost at some pages. To appreciate Irfan's insight to the fullest, the reader must have prior knowledge of Islamic finance terminologies and technicalities.
Nevertheless, as an accounting student looking into the Islamic Finance industry with hopeful eyes, hopeful that this industry could become an alternative to the unethical interest-infested economy that we are living in today, Irfan has successfully opened my eyes to the various contradictions, ironies, struggles, and the most importantly: potential, of this industry. A potential that could be harnessed in order for whole nations to become pleasing in the sight of God.
With that goal in mind, that is pleasing God, Harris Irfan remarks at the end of his book: "But it might also spawn a new generation of Islamic institutions. One that will allay the fear and guilt of bankers, lawyers and scholars seeking God's pleasure."
The book is essentially of three parts:
1) What is Islamic finance?
2) The various breakthroughs and struggles (external and internal) of the Islamic finance industry
3) The Future of Islamic Finance and the author's reflections
I was tempted to give this a 3 instead of a 5. The book starts off easy enough to read; grasping the frameworks of a Shariah-compliant transactions, principles of being a Muslim, getting to know the pioneers of Islamic Finance such as the revered Imam Abu Hanifa was simple enough, but then the book takes a steep upwards turn epistemologically that I became completely lost at some pages. To appreciate Irfan's insight to the fullest, the reader must have prior knowledge of Islamic finance terminologies and technicalities.
Nevertheless, as an accounting student looking into the Islamic Finance industry with hopeful eyes, hopeful that this industry could become an alternative to the unethical interest-infested economy that we are living in today, Irfan has successfully opened my eyes to the various contradictions, ironies, struggles, and the most importantly: potential, of this industry. A potential that could be harnessed in order for whole nations to become pleasing in the sight of God.
With that goal in mind, that is pleasing God, Harris Irfan remarks at the end of his book: "But it might also spawn a new generation of Islamic institutions. One that will allay the fear and guilt of bankers, lawyers and scholars seeking God's pleasure."