Shipping Note: This item usually arrives at your doorstep in 10-15 days
Author: Dr M Muslehuddin
Publisher: Adam Publishers
ISBN/UPC (if available): 9788174354907
Modern economy, with its high technological advancement, growth of industrial and commercial organizations, and mounting expenditure in public sector by almost all Governments has become so enormous that it requires special financial agencies for its running. That is why present banking is not only expanding rapidly but is also becoming more and more specialized and sophisticated. This is as true of Muslim countries as of others, but it poses one difficulty for the former. Interest has become an integral element of banking, but it is prohibited in Islam, and the problem is how can we derive benefits of this system till we get rid of interest.
Obviously the Muslim countries cannot just do away with banking on account of the element of interest; because of the vital role which banking plays in development. So the Muslim countries face a dilemma: Whether to keep the banking system and thus keep alive the institution of interest, also, or to dispense with it entirely in order to get rid of interest. Or is there any other solution?
The problem, though complicated, calls for a solution. If modern banking operations and their ramifications are critically examined, it will be found that interest actually plays rather a sinister role and, so far as the larger interests of humanity are concerned, it vitiates the benefits which expansion of economy and development are expected to confer. And, for the matter of that, it hampers economic progress and economic justice for mankind.
Whether banking is possible under Islamic law is the problem we are confronted with. There are some who hold that no banking is possible without interest, for interest is the basis of banking, while others maintain that interest is avoidable and banks may be established free of interest. Clearly, interest is the crux of the problem. Then what is interest? Interest or RIBA, according to Islamic law, is an excess over the principal and as such covers the modern interest in all its forms. It is a monetary advantage without a counter value and, therefore, declared unlawful by the prophet (P.B.U.H.) has taken care to strike at its root by adopting preventive measures against all such possibilities as may lead to it. So the Jurists draw a mark of distinction between what is purposely and expressly forbidden and that which is prohibited by way of preventive measure.
1. Origin and Nature of Banking
2. History and Development of Banking
3. Commercial Banks
4. Loans and Advances
7. Central Bank
8. The World Bank
9. Affiliates of the World Bank
10. Concept of Banking in Islam
12. Islamic Society
13. Rule of Necessity and Need
15. Islamic Law Relating to Loan Transactions
16. Meaning of Riba
17. Islamic Bank
18. Loans and Securities
20. Central Bank of the Muslim State
21. Muslim World Bank