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| BRIAN KETTELL, the Course Director, worked at the Central Bank of Bahrain for several years and has extensive experience in Islamic banking. |
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| He has published 16 books on banking and financial markets and over 20 case studies on Islamic banking and finance. |
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Book Reviews
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"INTRODUCTION TO BANKING AND FINANCE BY BRIAN KETTELL"
| "Brian Kettell deserves the thanks of every practitioner of Islamic finance for he has brought his years of experience, in both conventional finance and Islamic finance, to help explain the fundamental points of convergence and divergence between Sharia'a compliant finance and mainstream, interest-based finance" |
Shaykh Yusuf Talal DeLorenzo. Sharia‘a Scholar, AAOIFI Sharia‘a Board |
| "This book is a must read for all those seeking to carve a niche for themselves in the Islamic banking and finance industry. It should considerably enhance the professionalism of those practitioners fortunate enough to lay their hands on a copy." |
Islamic Finance Today |
| "Comprehensive and detailed , the book is an excellent first read for banking professionals and others seeking to understand where Islamic banking comes from , what philosophies underlie it and the major components of Sharia'a compliant banking and finance." |
Islamic Business and Finance |
| I would like to take this opportunity to congratulate you for writing two excellent text books on Islamic Banking and Finance which I am sure would be of immense use to the industry. |
Iqbal Khan
Chief Executive Officer
Fajr Capital Limited |
| Without a doubt, this volume reflects the immense experience of its author in several Middle Eastern countries, including Bahrain, Saudi Arabia, Iran, and Syria. Coupled with a solid foundation in Economics and many years as a practitioner and as an academic at UK Business School the author is well placed to take a modern and rigorous look at this rising and vital area. |
Novel Approach |
| Brian Kettell‘s book is different from most other books on the subject in several ways. Perhaps a major distinguishing feature is its relative and well authenticated emphasis on what lies beneath outward appearances, as the author devotes the first two chapters to a fairly thorough explanation of Islamic beliefs and sources of Sharia law. |
These chapters go into some detail in spelling out important Muslim concepts, especially the five prime pillars of Islam (e.g. prayer, fasting, pilgrimage to Mecca), and definition of Iman (faith). In addition, the second chapter dwells on the sources of Sharia (Islamic Law), namely the holy Qu‘ran and the Sunnah, i.e. the practices and teachings of the Prophet and his close followers.
It is clear, therefore, that the author has benefited greatly from his long spell in Middle Eastern countries, working as a trainer and consultant in the field of finance and banking, particularly in areas related to Islamic finance. Also, Mr Kettell has published widely, in both Economics /Finance in general, as well as on topics related to Islamic finance. The author's list of publications include academic papers as well as books and other volumes, all in the fields of Economics, Finance, and Islamic finance and banking.
This rich profile enabled Mr Kettell to include a 7-page glossary of key terms on Islamic finance/banking. In addition, the book contains two important appendices at the back, one listing the world's 100 largest Islamic banks, along with their country of domicile, value of assets, and size of deposits. The other provides a catalogue of the top 500 Islamic financial institutions, again with details of asset-value, level of pre-tax profits and starting year for provision of Islamic financial services.
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Theory and Practice |
After covering relevant fundamental concepts, the book moves to elucidating several major instruments of Islamic banking and financing. Six main chapters are earmarked for expanding some prime Islamic techniques, namely Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a and Salaam.
However, prior to dwelling on these techniques, the author devotes a whole chapter (the third) to the definition of Islamic banking, setting it out clearly from conventional interest-based banking. The author puts forward six key principles of Islamic banking, thus:
a) Prohibition of pre-determined payments
b) Allowing sharing of profit and loss
c) Making money out of money is not permitted
d) Uncertainty is forbidden
e) Only Sharia-compliant contracts are acceptable
f) Sanctity of contract
The book contains some interesting insights and comparisons, particularly for those who are not well heeled in Islamic banking. The author rightly points out that usury was banned by the Christian church between the 12th and 15th centuries.
In addition, the book goes on to point out that the structure of an Islamic bank is radically different from its conventional counterpart. A conventional bank is ‘primarily a borrower of funds on the one hand and a lender on the other. An Islamic bank is rather a partner with its depositors, as well as with entrepreneurs, sharing profit or loss on both sides of the balance sheet‘. (Page 5)
Another distinction, according to Kettell, is that a conventional bank ‘would not stop charging interest even if the deployment of its capital fails to bear profit for the entrepreneur, whereas an Islamic bank cannot claim profit if the outcome is a genuine loss‘. (Page 5)
All in all, this volume is composed of eleven chapters. The first three furnish the fundamentals, while the next six look at a variety of instruments in Islamic finance/banking. The tenth chapter probes Islamic insurance (takaful), while the final one considers the role, membership and responsibilities of Sharia boards, which play a critical function in guiding Islamic financial institutions.
The two final chapters contain several special features. One such feature is a brief profile of several prominent Islamic scholars who are members of several Sharia boards; another is a set of criteria developed by the State Bank of Pakistan for the appointment of Sharia advisors.
Also, the chapter on Islamic insurance (takaful) provides some insights, with adequate comparisons with the world of conventional insurance. Among other things, the chapter expounds the ten principles of takaful, in addition to alternative models of takaful.
Finally, it is probably only fair to conclude with re-iterating the distinguishing feature of this book, namely thrashing out the basic ideas underlying Islamic finance and banking. As a further instance of this is the five reasons set out for the prohibition of usury in Islam, namely that fixed interest is unjust, possible corruption of society, unlawful appropriation of property, possibility of resulting in negative growth, and demeaning human nature
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Dr Kadom Shubber
Editor
International Journal of Islamic and Middle East Finance |
"ISLAMIC CAPITAL MARKETS BY BRIAN KETTELL" |
| "I read your book with great interest and wish to commend you for your insightful thoughts on the evolution of a new asset class. Thank you very much for such a wonderful contribution to the Islamic Banking industry." |
Adnan Ahmed Yousif
President & Chief Executive Al Baraka Banking Group, Bahrain |
| "Thank you very much not only for the book but for its contents. Very nicely done. Pioneering stuff!" |
Shaykh Yusuf Talal DeLorenzo. Sharia‘a Scholar, AAOIFI Sharia‘a Board |
| "Cometh the hour, cometh the man, cometh the book. Brian Kettell‘s new book, ‘Islamic Capital Markets‘ is a comprehensive read on everything that matters in this business .It‘s a nuts and bolts book that most practitioners of Islamic finance would be wise to carry around with them." |
Islamic Business and Finance |
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