As some of you may know, I am enrolled in an Islamic Finance course at Wharton. The Professor, Michael McMillen is a renowned expert, with an impressive and diverse background (to say the least). He has a BBA, MD and JD in the bag. Some of his achievements:
He has twice been a recipient of the Euromoney award for Best Legal Advisor in Islamic Finance (2004 and 2007) and has also received the Sheikh Mohammed Bin Rashid Al-Maktoum award for Best Legal Advisor in Islamic Finance for North America. He is currently the Chair of the Islamic Law Forum, a division of the International Law Section of the American Bar Association
I will be covering the course-work through part of the Spring semester next year (my last semester, yoo hoo). So, I thought that as I studied this material, I would share it with all of you. I know there is a lot of interest in Islamic finance, especially in light of the current financial turmoil, and interestingly Islamic financial principles take a big stab at one of the main sources of the financial collapse, debt. I touched upon this in this article.
I have to caution you that some of the stuff may be a bit too technical, but it is not necessary to grasp every word of this. Rather, I hope to give a general understanding in the simplest terms possible. If you don’t understand something, ask, and I’ll try to answer (“try” is a key word, because I am hardly an expert on finance myself!)
Before I embark on this journey with you all, I have been wanting to share an interesting learning from my core finance course last year. This is not part of the Islamic finance course, just something I found quite remarkable.
This revolves around the theory by two Professors, (more…)