The next book in this list is by Sheikh Yousef Al Shubaily who is a prominent Shariah scholar specialising in contemporary Islamic finance. He is a member of the Shariah board of AAOIFI as well as Shariah advisor to numerous financial institutions globally. Alhamdulillah, I am blessed to have been able to benefit from him on an ongoing basis.
The book, which consists of two volumes, is based on the author’s PHD thesis which was supervised by Sheikh Abdullah Al Mutlaq and examined by Sheikh Abdullah Al Maneea & Sheikh Abdulrahman Al Atram, who recommended that the thesis be printed and distributed.
It is a longer read than some of the other books that have been mentioned in this reading list and consists of detailed Shariah discussions. However, for anyone seriously interested in contemporary Islamic finance and investment services in particular, it is a very beneficial read. Many a time PHD research focuses on a particular research issue, but in this research the author discusses numerous technical Shariah issues in depth regarding investment services.
It is important to note while reading this amazing work, that this thesis was written a very long time ago and refers to previous Saudi investment regulations, and there are now new regulations in place. Furthermore, some of the author’s opinions on some issues would have naturally changed with the developments in the Islamic finance industry, hence his later work should be also be referred to.
This book is a good resource in Arabic for anyone wanting to learn, in greater detail, about some of the Shariah issues regarding investment services and the Shariah basis for them in the contemporary Islamic finance industry. It is not unusual to find a copy of this book in the libraries of Shariah departments of IFIs across the Gulf.