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The Problem With Interest
Author: Tarek El Diwany
Published: 2010
Now in its third edition, The Problem With Interest is one of the world’s best-selling titles on the subject of Islamic finance and economics. In this revised text, evidence arising from the recent financial crisis has been included to to support the main themes of the 1997 and 2003 editions. The author’s experience in both secular and Islamic finance, help him to provide a practical and relevant commentary on the state of the modern financial system and the Islamic alternative. A description is given in detailed but accessible terms of the extent to which interest-based finance is now affecting humanity, and a passionate case is made for reform of the fractional reserve banking system. In a critique of the modern Islamic banking and finance, some searching questions are asked of the practices that are currently in vogue, and a new model is proposed based upon traditional understanding of Islam.