Banking Without Interest
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The authoritative statement on the practical alternatives to the modern day interest-based system of banking, written by one of the foremost authorities on Islamic Economics.

The book demonstrates that banking institutions can operate without difficulty if the principle of profit sharing is substituted for the practice of fixed interest payments. This applies to commercial banking as well as central banking. Explaining with numerical examples how neither the creation of credit nor control over its supply would pose any problems in the change-over from interest to profit-sharing, the book also deals with such issues as bills of exchange and supply of short-term interest-free loans to businessmen, consumers, and the government.

The author also discusses the possible role of commercial shares and loan certificates in the interest-free financial market. He suggests a number of new "instruments", which the central bank can use, in the absence of the bank Rate, for controlling volume credit.

ISBN: 0-86037-119-0
Author: Muhammad Nejatullah Siddiqi
Publisher: The Islamic Foundation, December 1983
Weight: 410 g
Size: 21x15x1 cm
Pages: 192
Binding: Paperback

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