This book challenges the interventionist stance of Islamic economics as well as its presumption that riba equals interest. An Islamic economy, it argues, is essentially a market economy, but it differs from capitalist economies because both its institutions and the structure of, for example, property rights are specifically Islamic, deriving from Qurʾān and other sources of Islamic law. The book also focuses on the similarities and differences between riba and interest, establishes the often neglected connection between the two, and explores the ramifications of this connection for Islamic financial systems.
Rauf A. Azhar , Ph.D. (1980) in Economics, McMaster University, currently teaches at Guelph University. He has previously taught at universities both in Canada and Pakistan, and has published articles in several journals, including Economic Development and Cultural Change.
“[Azhar] makes a good case in arguing that pro-market views are closer than those of anti-capitalist Islamic economists to mainstream Sunni jurisprudence…Recommended for comprehensive graduate, research, and professional collections.”P. Clawson, Washington Institute for Near East Policy, in CHOICE July 2010
All those interested in Islamic position on economic issues, specifically the form of Islamic economy, its financial system, and the crucial issue of what riba means.