Islamic Banking and Interest: A Study of the Prohibition of Riba and its Contemporary Interpretation
This important book critically examines the traditional interpretation of riba (translated as usury of interest) and the attempts of modern Islamic banks to put that interpretation into practice. The first part of the book examines the prohibition and interpretation of riba in Islam, as well as the controversies surrounding it. The second part examines the alternatives to interest-based financing utilised in Islamic banking and the problems associated with such alternatives with particular...
Search in google:
\ \ \ Acknowledgments\ \ \ \ \ Introduction\ 1\ \ \ I\ Development of Islamic Banks\ 5\ \ \ II\ Riba in the Qur'an, Sunna and Fiqh\ 17\ \ \ III\ Interpretation of Riba in the Modern Period\ 41\ \ \ IV\ Profit and Loss Sharing: Mudaraba and Musharaka\ 51\ \ \ V\ Murabaha Financing Mechanism\ 76\ \ \ VI\ Deposits and Depositors\ 96\ \ \ VII\ Religious Supervisory Boards and Islamic Banking\ 108\ \ \ VIII\ Islamicity of Islamic Banking: Riba and Ijtihad\ 119\ \ \ \ Conclusion\ 142\ \ \ \ Glossary\ 147\ \ \ \ Bibliography\ 153\ \ \ \ Index\ 165\ \
\ BooknewsExamines the traditional interpretation of "riba" (translated as "usury" or "interest") and the attempts of modern Islamic banks to put that interpretation into practice. The first part discusses the prohibition and interpretation of "riba" in Islam. The second part examines the alternatives to interest-based financing. Saeed questions the legalistic approach and argues for a moral understanding of the issue in light of the authoritative texts of Islam and lessons learned from the Islamic banking experiment. Annotation c. by Book News, Inc., Portland, Or.\ \
