The Science Factory
Frankfurt Book Fair 2015
BACKLIST TITLES
HEAVEN’S BANKERS Inside the Hidden World of Islamic Finance HARRIS IRFAN One of Grant Thornton’s 10 Best Business Books of 2014 His message ought to be recited by bankers of every creed – WALL STREET JOURNAL Weaves together personal anecdotes with explanations of some of the crucial aspects of the subject – and its controversies… a superb introduction to a fascinating subject – LOS ANGELES TIMES Irfan tells the story of high jinks and deceitful behaviour with great relish…. The debate between scholars attacking and defending Islamic finance is particularly illuminating – INDEPENDENT Irfan uses his own professional and personal experiences to weave together an accessible and interesting story – TELEGRAPH
The first book aimed at a general audience to tell the story of the development of the Islamic finance industry from the perspective of someone deeply embedded in it. Islamic finance today is a trillion-dollar industry. It is fast becoming the main way in which large projects get funded globally (such as buildings, aircraft, shipping) and many financial analysts expect Islamic banking assets worldwide to double within five years. This is because the system is seen as equitable to all parties and has built-in transparency – so it’s much in demand despite today’s gloomy global economic climate. Harris Irfan has been at the centre of this world for around 15 years. Here he provides an authoritative yet entertaining account of how a system of finance invented in the seventh-century Middle East is fast taking over the world of modern banking. Drawing on his firsthand relationships with some of the world’s leading bankers, scholars and lawyers, he provides a warts-and-all description of the industry, debunks some myths about Islamic finance and asks whether today’s Islamic finance industry is true to the fundamental principles of a faith committed to social justice. Was for example the recent Islamic bond issued by Goldman Sachs to fund its conventional trading activities a legitimate use of Islamic investors’ funds or a cynical exercise in preying on people’s religious insecurities by offering a conventional, interest-bearing bond by another name? In issuing fatwas, or edicts, on Sharia-compliant financial products, were the religious scholars complicit in this alleged subterfuge or were they duped by the bankers of Goldman Sachs? Has the industry forgotten its basic premise of ethical finance and learnt instead how to replicate the excesses of the conventional banking industry? Irfan is in an ideal position to explain to the non-expert reader the mechanics of the most complex and innovative financial products. With his strong yet informed opinions about the ethical practices and direction of the industry, this is a book that should appeal not only to all those fascinated by the business and finance worlds but also to readers with a more general interest in moral philosophy, politics and religion. HARRIS IRFAN is one of the world’s leading Islamic finance bankers. He is the founder and managing partner of Cordoba Capital, an independent Islamic finance advisory firm, and was formerly global head of Islamic finance at the Barclays Group. Before working at Barclays, he was a cofounder of Deutsche Bank’s world-leading Islamic finance team. He has represented various institutions to media organizations such as the BBC, CNBC, Bloomberg, Reuters and the Financial Times. Publisher: Constable/Overlook (UK) (Editor: Andreas Campomar, UK) Publication: 19 June 2014 Length: 352 pages All rights available excluding UK & Commonwealth, US, Korea (Cheomnetworks) 42