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Islamic Banking - A $300 Billion Deception

by Muhammad Saleem
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Current price ₹801.00
Original price ₹980.00
Original price ₹980.00
Original price ₹980.00
(-18%)
₹801.00
Current price ₹801.00

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Book cover type: Paperback
  • ISBN13: 9781599268699
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Xlibris
  • Publisher Imprint: Xlibris
  • Publication Date:
  • Pages: 72
  • Original Price: USD 10.0
  • Language: English
  • Edition: N/A
  • Item Weight: 118 grams
  • BISAC Subject(s): Banks & Banking and Finance / General

Islamic banks currently control about $300 billion in assets. This book assesses the underlying rationale of Islamic banking, that the Quran prohibits all forms of interest. The author maintains that, first, a correct interpretation of the Quran, keeping in mind the context, would indicate that what the Quran prohibits is usury -exorbitant interest. Second, Islamic banks do not practice what they preach; they all charge interest, but disguised in Islamic garb. Thus they engage in deceptive and dishonest banking practices. The author also offers some policy recommendations, including the need for Ijtihad, Enlightenment, and critical thinking. Islamic banks, if they wish to practice genuine and authentic Islamic banking, should become more like venture capital firms.

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