The Law of Riba in Islamic Banking: Conventional and Unconventional Approaches to Interest-Free Financing

Name: The Law of Riba in Islamic Banking: Conventional and Unconventional Approaches to Interest-Free Financing
Brand: Taylor & Francis
SKU: 9781032631516
Price: 14551.0 INR
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by Hasan Gürak

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ISBN13: 9781032631516
Binding: Hardcover
Subject: N/A
Publisher: Taylor & Francis
Publisher Imprint: Routledge
Publication Date: March 12, 2024
Pages: 256
Original Price: GBP 171.99
Language: English
Edition: N/A
Item Weight: 513 grams
BISAC Subject(s): Finance / General, Investments & Securities / Bonds, and Islamic Banking & Finance

About The Book

The issue of riba, that is, interest/the "excess" or "surplus" on loans is crucial for both Islamic and non-Islamic countries. Western economic systems use interest to distribute financial resources efficiently for investment and/or consumption, while Islamic economies pursue a completely different strategy for financing loans, which adheres to Islamic laws and prohibits the activities of conventional banking systems with regard to interest. This book argues that there is scope for new definitions and analysis based on alternative concepts which respect Islamic values and principles, yet pave the way for modification and debate.

The book comprises of two parts. Theoretical issues are dealt with in the first section. The first two chapters examine conventional Islamic views on the prohibition of riba, while Chapters 3 and 4 contain unprecedented and alternative theoretical analysis based on concepts such as "earned" (halal-permitted-legal) vs. "unearned" (haram-impermissible-illegal) income and SUKUK, that is, Islamic interest-free bonds. The second part of the book tackles another unconventional aspect of Islamic finance, that is, the concept of NAS. The book considers whether the NAS-influenced anti-inflationary interest policy was a success or failure. Empirical data is evaluated in terms of bank incomes, inflation rate, interest rate, and the distribution of income.

This book will be a useful guide for students, scholars, and researchers of Islamic banking and finance.

About The Author

Hasan Gürak is a Senior Researcher at the School of Economics and Management, University of Lund, Sweden.

Neelambar Hatti is Professor Emeritus in the Department of Economic History, School of Economics and Management, University of Lund, Sweden.

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