Islamic Finance: Theory and Practice [Hardcover]

Paul S. Mills (Author), John R. Presley (Author)

Book Description

Publication Date: October 15, 1999

This book reviews the Islamic opposition to interest and assesses the feasibility of a non-interest financial system in the light of current economic theory. The Islamic critique of interest is set against a discussion of the methodology of Islamic economics and the opposition to interest within the Judeo-Christian tradition. The range of Islamic non-interest financial contracts is then detailed along with a review of the performance of Islamic banks to date; a model of the allocation of finance within a non-interest system is then presented. Assessment of the issues raised is made within the context of economic literature concerning debt versus equity finance; this includes an examination of banking instability and the business cycle, the determinants of levels of saving and the implications for public finance. The conclusions outline the advantages and disadvantages of a theoretical case for the prohibition of interest, and draws practical lessons for contemporary Western economies.

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About the Author

Paul S. Mills is an Economist and is Manager at UK Debt Management Office at the HM Treasury.

John R. Presley is Professor of Economics at Loughborough University and Chief Economic Advisor at Saudi British Bank.

Product Details

• Hardcover: 183 pages
• Publisher: Palgrave Macmillan (October 15, 1999)
• Language: English
• ISBN-10: 0312224486
• ISBN-13: 978-0312224486
• Product Dimensions: 8.8 x 5.7 x 0.7 inches
• Shipping Weight: 15.5 ounces (View shipping rates and policies)
• Amazon Best Sellers Rank: #3,674,615 in Books (See Top 100 in Books)

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