The book is made up of an introduction, a conclusion and eight chapters. The first chapter deals with the historical development of Islamic banking. The second chapter discusses the prohibition of riba in the Qur'an, Sunnah and Islamic law (fiqh). Chapter three deals with the modern...

There is a vast literature on regulatory, monetary and institutional aspects of traditional banking system. This is not true for the interest-free Islamic banking framework. In this paper, the functions and tools of central banking in an Islamic framework are evaluated, and suggestions for...

World has been witnessing financial crisis, emanating from the financial sector every now and then. Failed banks of bankrupt financial firms are being regularly bailed out, creating moral hazard problem and adversely affecting the health of the entire financial sector of the globe. This paper...

This paper investigate conditions under which equity funds can be sustainable source of budget deficit financing in an interest free economy. Our findings show equity fund can be sustainable source of deficit financing when the rate of return on equity fund exceeds the budget deficit expansion...