The Framework and Practice of Islamic Banking
Monetary and Financial Theory and Institutions
The Financial System and Monetary Policy in an Islamic Economy
In the first part, surveys the theoretical literature on Islamic banking. In the second part, develops a model of an Islamic economy on the pattern of IS-LM. Concludes that in the absence of interest, an Islamic economy would have such instruments available which would perform exactly like the monetary policy of an interest-based economy. Points out areas for further theoretical research. Analytical. For economists. Documented.
Principles of Monetary Theory and Policy
Paper presented to the International Seminar on Islamic Economics for University Teachers organised by I.I.I.E. in August-September 1987. Presents a model of interest-free banking on the pattern of IS—LM theory. Concludes that Islamic banking will be more stable than traditional banking. The Islamic central bank will have all the tools of monetary theory except re-discounting. Mathematical. Uses diagrams. Analytical. Documented.
Theoretical Studies in Islamic Banking and Finance
A collection of papers on Islamic banking. The papers deal with economic analysis of the Islamic banking operations. The papers in the book have been annotated in this volume at appropriate places. Mathematical. For economists. Documented.
Islamic Banking: Getting the Priorities Right
An abridged version of the author’s paper Islamic Interest-free Banking, A Theoretical Analysis, an I.M.F. Staff paper.
Islamic Banking: Getting the Priorities Right
Monetary and Financial Theory and Institutions
The Framework and Practice of Islamic Banking
Summarises the basic principles of the Islamic economic system. Islamic banking has been conceived as a component of the system. The rationale of prohibition of interest lies in the fact that it creates unjustified and instantaneous property rights for the lender. Islamic banking uses the concept of mudaraba and mushéraka besides many other financing techniques. There is no fundamental change in the way monetary policy affects the economic variables in an Islamic economy. On the practical side about 45 countries have some form of Islamic financial institutions. Iran and Pakistan have started the process of complete transformation of their economies on Islamic lines. Both countries have to pass through a transition period and face many challenges. A brief but comprehensive treatment for the uninitiated. Undocumented .
Comments on ‘Macro-economic Planning Models for an Islamic Economy’ by M. Anwar
Dr. Anwar has used the standard neo-classical macroeconomic analysis by changing the terminology. For example, if we replace profit-sharing by interest and falah by utility, we get exactly what the neo-classical model gives us. The analysis is over-simplified. A genuine effort would need to be selective in the use of Western economic analysis. Analytical. For Muslim economists. Documented.
Islamic Interest-Free Banking
Monetary and Financial Theory and Institutions
The Framework and Practice of Islamic Banking
Monetary and Financial Theory and Institutions