Following the successful Workshop on Textbook on Islamic Economics and Special Workshop on Islamic Economics held at The IDB Headquarters, Jeddah on February 27-28, 2006 and in Malacca on 28th April 2006 (or known as Malacca Islamic Economists Circle) respectively, the Islamic economists have agreed to prepare textbooks that can be used to support the Islamic economics programme offered at the university level around the globe. To support this effort, we successfully managed to compile the applied and practical oriented papers focusing on the application of fiqh muamalat in financial transactions. The aim is to drive innovative financial products that can be used to enhance the development of Islamic finance field. Each paper gives an account of the current state of the art in the selected products and indicates clearly the structure of the product (including shari'ah principle, and product description) and risk management infrastructure and processes.