The Jeddah-based Islamic Development Bank Institute (IsDBI) has published a new book, ‘Essentials of Islamic Finance’, offering an in-depth analysis of the system’s foundational principles and their application to current global economic challenges, including post-pandemic inflation and debt sustainability. The book was authored by Dr. Sami Al-Suwailem, the Acting Director General of IsDBI.
Quick Facts
- New book by IsDBI Acting Director General.
- Integrates Sharīʿah principles with modern economics.
- Addresses inflation and post-pandemic financial challenges.
From Teaching Note to Foundational Text
What began as a teaching note in 2011 has been significantly revised and expanded into a comprehensive volume. The book methodically builds a framework for understanding Islamic finance by merging Sharīʿah principles with economic reasoning and practical, real-world applications. This updated English edition features new content, references, and examples relevant to today’s economic environment.
A Framework for Ethical Finance
The book centers on the core principles that distinguish Islamic finance from conventional systems. It examines key concepts like the prohibition of ribā (usury), the function of zakāh and non-profit activities, the management of gharar (excessive risk), and the critical link between financial transactions and real economic activity. Through this lens, the text presents Islamic finance as a moral and economic framework designed to foster justice, stability, and shared prosperity.
Bridging Principles with Contemporary Thought
In the book’s foreword, Prof. Bambang Susantono, a Member of IsDBI Board of Trustees and former Vice President of the Asian Development Bank, highlighted its dual value.
“This work is both a rigorous scholarly contribution and a practical guide that bridges Islamic legal principles with contemporary economic thought,” he stated. “The author presents the foundational principles of Islamic finance from an intellectually grounded perspective, while also introducing their relevance of these principles to the global financial systems.”
A Resource for Industry and Academia
‘Essentials of Islamic Finance’ is targeted toward economists, finance professionals, policymakers, regulators, and researchers looking for a structured understanding of the field. It is also written to be accessible to a wider audience interested in Sharīʿah-based economic systems, making it a valuable tool for academic instruction and professional reference.
About the IsDB Institute
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives.
Source: Zawya
