This book is for the first time in the history of Islamic finance makes a powerful case for floating Human Capital Certificate based on the Profit-dependent wage system, mobilizing other half of the Mudarabah. It tends to redefine the role of Islamic Banks.
It is argued that such a certificate can help solve the problem of stagflation, increase productivity, ensure industrial peace, reduce operation costs, and also achieve the dual objectives of Shariah: providing a guarantee of livelihood and encouraging workers to participate in profit-sharing. Explaining the Frontiers of Corporate, Non-Corporate and Voluntary Sectors of Islamic Finance and Banking in the 21st Century.
this book deals with Islamic Finance in Corporate Sector and helps understanding the conceptual and theoretical framework of Islamic Securities Market. It is demonstrated that almost all the existing western financial instruments such as preference shares, debentures, commercial papers as well as the operation of a stock exchange, purchase of stocks against 'margin' over-the-counter stocks and operation of options are not lawful in the light of Shariah.
