Book Review of "Heaven's Bankers: Inside the Hidden World of Islamic Finance" by Harris Irfan
"Heaven's Bankers: Inside the Hidden World of Islamic Finance" by Harris Irfan is a comprehensive and informative read that delves deep into the world of Islamic finance and the challenges it faces in today's global financial landscape. The author takes readers on a journey through the history of Islamic finance, from its origins to the present day, providing a clear and detailed picture of the evolution of the industry. He also provides a detailed analysis of the current state of the industry, highlighting its strengths and weaknesses, and giving readers a clear understanding of the challenges it faces.
One of the key strengths of the book is its ability to provoke cognitive dissonance and challenge readers' preconceptions about Islamic finance. The author does an excellent job of illuminating the reasons behind the industry's tendency to mimic conventional products and provides insight into the struggle between idealism and political survival that practitioners face. He also provides an in-depth examination of the reasons behind the limited scope of Shariah-compliant products and the challenges faced by the industry in promoting additional values to general Muslims. The author also explains why it is difficult for Islamic finance to push through due to the conventional framework it has to operate under.
The book also provides answers to some of the most pressing questions surrounding Islamic finance, such as why it is limited to "Shariah-compliant" products, why some additional values cannot be observed by general Muslims, and why it is difficult for Islamic finance to push through due to the conventional framework it has to operate under. The author also gives a detailed analysis of the impact of the global financial crisis of 2008 on Islamic finance and how the industry has evolved since then.
In addition to providing a thorough examination of the issues facing the industry, the book also offers practical solutions and recommendations for practitioners and scholars in the field. The author provides a clear and actionable plan for how Islamic finance can overcome its challenges and move forward in a positive direction.
Overall, "Heaven's Bankers" is an essential read for anyone interested in the world of Islamic finance and the challenges it faces today. The author presents a well-researched and thought-provoking analysis of the industry, providing readers with a detailed understanding of its history, current state, and future prospects. The book is well-written, easy to understand, and provides a wealth of information and insights that will be of great value to practitioners, scholars, and anyone else interested in this rapidly growing and important field. It is a must-read for anyone looking to gain a deeper understanding of the intricacies of Islamic finance and the challenges it faces in today's global financial landscape.
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