ISBN: 9780470823194

In "Islamic Money and Banking," Dr. Iraj Toutounchian re-evaluates the principles of liberal capitalism. He shows how the global crises which have emerged from fluctuations in the success… More...

In "Islamic Money and Banking," Dr. Iraj Toutounchian re-evaluates the principles of liberal capitalism. He shows how the global crises which have emerged from fluctuations in the success of this economic system throughout time could have been avoided if the underlying values of a truly humane economy had been taken into consideration. Rebuilding the framework of Islamic banking as a system which potentially can generate profit and keep national economies running to the good of a global economy, whilst at the same time being based on virtue and benevolence, Toutounchian provides a compelling case for the fundamental need to reconsider the global economy, going back to the fundamentals outlined centuries ago by Francis Hutcheson, Adam Smith and other theorists of liberal capitalism. Joseph DiVanna "Author, " Understanding Islamic Banking "and" The Future of Retail Banking " Islamic Money and Banking" is the result of many years of serious thinking and continuous thorough research on why the prevailing capitalist economic woes have repeatedly been and will certainly continue to recur. Prof. Iraj Toutounchian has successfully dismantled the decades of confusion between interest for money and profit for capital not based on Islamic injunctions and verdicts but rather on the views expressed by Western economists such as Keynes, Ricardo and John Stuart Mill. He concludes that as long as money is used as a store of value, it will encourage speculative activities that will give birth to interest and its derivatives. The main purpose of this is to completely remove this cancer cell from the capitalist body. The absence of interest will transform banks from monetary institutions of the conventional type to financial institutions of the Islamic type. Money market which are the result of speculation with money will be eliminated and replaced by commodities markets. Prof. Datuk Dr. Syed Othman Alhabshi "Chief Academic Officer & Dean of Faculty" "Head of Takaful and Wealth Planning Department" "The International Centre for Education in Islamic Finance (INCEIF)" Capital theory is the least understood in economics. Treating monetary theory independently of the real sector leads to unpalatable conclusions in capitalism. Prof. Toutounchian has made a serious attempt to explain the role of money and capital in Islamic economics. Money has to undergo a legal process to become capital and earn profit. The legal process changes the nature of money (potential capital) by combining with labor into actual capital. The author uses the principles of institutional economics with positive transactions cost to advance the case of Islamic economics, which can be both internally consistent and welfare-improving. I thoroughly enjoyed reading the book and enriched my own understanding of capital theory from an Islamic perspective. I am confident that the readers will benefit from it as the author tried to provide a comprehensive capital theory from an Islamic perspective. Kabir Hassan "Professor, University of New Orleans" Media >, [PU: Wiley]<

2009, ISBN: 9780470823194

John Wiley & Sons, Hardcover, 412 Seiten, Publiziert: 2009-06-05T00:00:01Z, Produktgruppe: Book, 0.89 kg, Verkaufsrang: 7082061, International, Accounting, Business, Finance & Law, Subjec… More...

John Wiley & Sons, Hardcover, 412 Seiten, Publiziert: 2009-06-05T00:00:01Z, Produktgruppe: Book, 0.89 kg, Verkaufsrang: 7082061, International, Accounting, Business, Finance & Law, Subjects, Books, Banking, Professional Finance, International Finance, John Wiley & Sons, 2009<