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Islamic Banking - A $300 Billion Deception - Dr Muhammad Saleem

Islamic Banking - A $300 Billion Deception

Paperback Published: 31st January 2006
ISBN: 9781599268699
Number Of Pages: 72

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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.

ISBN: 9781599268699
ISBN-10: 1599268698
Audience: General
Format: Paperback
Language: English
Number Of Pages: 72
Published: 31st January 2006
Publisher: Xlibris
Country of Publication: US
Dimensions (cm): 22.9 x 15.2  x 0.4
Weight (kg): 0.12

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