- Paperback: 224 pages
- Publisher: Kreatoc Ltd; 2Rev Ed edition (19 May 2003)
- Language English
- ISBN-10: 0954497406
- ISBN-13: 978-0954497408
- Product Dimensions: 20.6 x 14.6 x 1.8 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (8 customer reviews)
- Amazon Bestsellers Rank: 532,860 in Books (See Top 100 in Books)
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More About the Author
Product Description
Review
"After much waiting a refreshing book on the subject of interest has finally appeared. In the din of confusing voices for and against interest, this is an enjoyably frank treatment of the subject ... I recommend it as compulsory reading for all those interested in the subject of interest and the Islamic position on money and banking." --Muslim World Book Review
"This is a well-researched, practical and comprehensive book on the flaws of the conventional fractional reserve banking system based on riba (interest)." --American Journal of Islamic Finance
"This is a well-researched, practical and comprehensive book on the flaws of the conventional fractional reserve banking system based on riba (interest)." --American Journal of Islamic Finance
About the Author
Tarek El Diwany has worked at a senior level in both secular and Islamic finance, throughout Europe, the Middle East and Asia. He completed the first edition of The Problem With Interest in 1997, and in the same year launched the world's first website dedicated to issues in Islamic banking and finance. Tarek works as a consultant at Zest Advisory LLP in London and is a frequent international speaker on topics related to Islamic finance and monetary reform.
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Customer Reviews
Most Helpful Customer Reviews
7 of 7 people found the following review helpful
Format:Paperback
If you have ever wondered why with all our technological developments and supposed increased efficiency in the running of our economies, that people are actually getting in more debt? why inequality between rich and poor is growing? and millions are still dying in the "Third world"? All the while the banks are getting richer and more powerful? - then this may help answer some of those queries. A comprehensive and fairly complex analysis of economic and monetary systems in the west today, yet an eye-opener to the self-destructive system we live in.
As much an encouragement to use reason as a proposal for the only fair and viable alternative economic system for our world, Tarek El Diwany provides a refreshing insight to the world of finance that few of us understand, but all of us are affected by on a daily basis.
Thoroughly recommended.
6 of 6 people found the following review helpful
Format:Paperback
I received this book as a present and, as usual with books I don't really want to read, decided to take it on holiday. I wish I hadn't though because it made compelling reading.
Being an accountant I thought I understood money but here was a very interesting Islamic viewpoint which challenges our notions of 'orthodox' economics. In fact, it's not exclusively an Islamic voice but rather the voice of reason. Christian and Jewish doctrine also forbade interest, and for good reason. Whilst the latter two were relieved of such notions through sophisticated transactions, modern day Islam is helped along this same path by the simple technique of renomination: call a mortgage an islamic mortgage and the banks bring in Islamic funds and at higher interest rates than a standard mortgage.
3 of 3 people found the following review helpful
Format:Paperback
This is a fantastic book which really provides a convincing argument for the rational of why interest is forbidden in islam (and in Christian and Jewish faiths). I really highlights how society in general has closed its eyes to finding better alternative economic theories and accepting current form of capitalism as the defacto standard - I highly recommend reading this book to open your mind to alternatives in terms of how humanity governs its economic infrastructure
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Most Recent Customer Reviews
Essential Reading
If there is one book you must read to understand the modern money system this is it, esp in light of current developments in the world of finance. Read more
Published 2 months ago by rehanj
Great book!
This book is a phenomenal piece of work, which sheds light to multiple aspects of current monetary policy, its history, development, main drivers and principles and how it has... Read more
Published 10 months ago by T.I.M.
Great explanation of problems with banking and interest bearing debt
What Tarek has been saying since 1997 (year of first edition) is now also picked by others and one gets to come across these ideas more often. Read more
Published 17 months ago by Reviewer-UK
The truth well presented
Highly recommended book from an author who sincerely wants to educate people about the reality of the financial system we live in. Read more
Published on 7 Jan 2010 by M. Uddin
A powerful and compelling case for an ethical, interest-free, monetary...
Monetary economics may appear to be a kind of hidden black art understood only by an elite handful pulling all the strings. Read more
Published on 18 Sep 2008 by LEJ Brouwer
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