Observations and Arguments on Riba (interest or usury), Islamic Banking Practices, Venture Capital and Enlightenment. Paperback – January 31, 2006
by Muhammad Saleem (Author)
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.
source https://www.amazon.com/Islamic-Banking-Deception-Observations-Enlightenment/dp/1599268698
Categories: Book, Book Review, Book Reviews, Islamic Banking, Islamic Finance, Islamic Society, Islamic Training
This book is from 2006. Probably the deception is now 500 billion dollars…