Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest to replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. The represent a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underlying the system.
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About the Author
Mohsin S. Khan is Assistant Director, Research Department, International Monetary Fund. He was previously on the staff of the World Bank and has taught at the London School of Economics. He received his PhD from the London School of Economics and has published widely in the fields of macroeconomics, money and banking and international economics. Abbas Mirakhor is an economist in the Research Departmnet of the International Monetery Fund. He was formerly Professor of Economics at the Florida Institute of Technology. He received his PhD from Kansas State University, and has published in a variety of areas, including microeconomics theory, mathematical economics, and Islamic Economics.
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This review is from: Theoretical Studies in Islamic Banking and Finance (Paperback)
This is a careful study of a very complex topic written by a major figure in the field who knows his subject well and in many dimensions...the one book to read if this subject fascinates you.
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First Sentence:
The resurgence of fundamental Islamic values in many parts of the world has manifested itself on the economic front as well, with a number of Muslim countries moving toward the transformation of their economic systems-especially the banking systems-to conform more closely with the precepts of Islam. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
fiat assets, expected monitoring costs, asset characterization, traditional banking system, cent reserve ratio, fiat means, transactions cost functions, investment deposits, satiation level, percent reserve requirement, excess aggregate demand, overall portfolio return, lending costs, uncertain rate, loanable funds, real money balances, nominal units Key Phrases - Capitalized Phrases (CAPs): (learn more)
Abbas Mirakhor, Islamic Republic of Iran, International Monetary Fund, Research Department, United States, State Bank of Pakistan, Assistant Director New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
The resurgence of fundamental Islamic values in many parts of the world has manifested itself on the economic front as well, with a number of Muslim countries moving toward the transformation of their economic systems-especially the banking systems-to conform more closely with the precepts of Islam. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
fiat assets, expected monitoring costs, asset characterization, traditional banking system, cent reserve ratio, fiat means, transactions cost functions, investment deposits, satiation level, percent reserve requirement, excess aggregate demand, overall portfolio return, lending costs, uncertain rate, loanable funds, real money balances, nominal units Key Phrases - Capitalized Phrases (CAPs): (learn more)
Abbas Mirakhor, Islamic Republic of Iran, International Monetary Fund, Research Department, United States, State Bank of Pakistan, Assistant Director New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 46
books:
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8
books
cite this book:
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- Studies in Islamic Economics (Perspectives of Islam) by Khurshid Ahmad on page 37, Back Matter (1), and Back Matter (2)
- Essays on Islamic Philosophy and Science (Studies in Islamic Philosophy and Science) in Back Matter (1), and Back Matter (2)
- Money and Banking in Islam by Ziauddin Ahmad in Back Matter (1), and Back Matter (2)
- The Optimum Quantity of Money by Milton Friedman on page 73, and Back Matter
- Sayings of Muhammad by G. Ahmad in Back Matter
See all 46 books this book cites
- Money in Islam: A Study in Islamic Political Economy (Routledge International Studies in Money and Banking) by Masudul A. Choudhury on page 105, and page 219
- Islam and Mammon: The Economic Predicaments of Islamism by Timur Kuran in Back Matter
- Social Welfare in Muslim Societies in Africa by Holger Weiss on page 64
- The Strategy Pathfinder: Core Concepts and Micro-Cases by Duncan Angwin in Back Matter
- Challenging the New Orientalism: Dissenting Essays on the "War Against Islam" by M. Shahid Alam in Back Matter
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