Transition to a Riba-Free Economy
This book is based on t he author’s presentation before the Shariat Appellate Bench of the Supreme Court of Pakistan in 1999. The author touches on issues to be addressed in transition to a riba-free economy
Towards an Interest—free Islamic Economic System
Argues that the Islamic financial system is superior to the interest-based financial system. Explains that the present-day prevalence of debt-financing is because of the information cost that the Islamic system involves. A decision to adopt the Islamic system should be based on a comparison of cost and benefit. Considers that the PLS system of Pakistan and the PTC of Bankers’ Equity (Pakistan) do not represent the Islamic system. They are other names for interest. A rigorous analysis. Uses mathematics to prove his point. Integrates the Islamic concept of PLS into mainstream economics. For economists only. Based on secondary as well as primary sources. Documented.