Islamic Finance: Theory and Practice

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November 1999



Given the propensity of the world financial system to crisis, this book explores the radical alternative put forward by Islamic (and Western) theories of non-interest banking. The Islamic critique of interest and early experiments with non-interest banking are assessed against the conventional theories regarding banking, company finance and macroeconomic stability. Whilst the experience of Islamic banking has proved inconclusive thus far, the theoretical model provides a cogent alternative to a financial system made fragile by debt contracts.


Islamic Economics and Banking: The Background The Islamic Critique of Interest Non-Interest Finance and Macroeconomic Stability The Interest Free Financial System Modelling Profit and Loss Sharing Non-Interest Banking in Practice Some Key Issue in the Islamic Financial System Prohibition of Interest in Western Literature Conclusions Index


PAUL S. MILLS is Manager, UK Debt Management Office, HM Treasury, Threadneedle Street, London JOHN R. PRESLEY is Professor of Economics at Loughborough University. He has written or edited over fifteen books including Banking in the Arab Gulf (with Rodney Wilson), A Guide to the Saudi Arabian Economy (with A. J. Westaway) and Islamic Financial Institutions.

EAN: 9780312224486
ISBN: 0312224486
Untertitel: 1999. Auflage. Sprache: Englisch.
Erscheinungsdatum: November 1999
Seitenanzahl: 171 Seiten
Format: gebunden
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