The Problem With Interest

Author/Publisher:  Tarek El Diwany
Descriptions:  Tarek El Diwany's detailed and forthright commentary on the nature of usury and modern banking has attracted a wide readership since it was first published in 1997.
 

This new edition has been extended with material arising from the recent financial crisis and includes a wealth of academic and popular references for readers who wish to delve deeper into the topic. The author's critique of current practices in the field of Islamic banking and finance has also been updated and a standard transliteration scheme for Arabic terminology is now adopted throughout.

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 (1st edition review). --Muhammad Akram Khan, Muslim World Book Review, October 1999

This is a well-researched, practical and comprehensive book on the flaws of the conventional fractional reserve banking system based on riba (interest). Some background in finance is assumed, and yet it is accessible to the lay-person who wants to understand the history of money, the eradication of gold as a legal tender and store of wealth, why certain Islamic financial products are in the early stages of implementation, and why others are not fully Sharia'a compliant yet (2nd edition review). --M. Syed Hoque, American Journal of Islamic Finance, April 2004.
 
About the Author

Tarek El Diwany's experience in both secular and Islamic finance help him to provide a practical commentary on the state of the modern financial system and the Islamic alternative. In 1989 he established a bond derivatives operation for a major financial institution in London and since 1995 he has worked in the field of Islamic finance for a variety of professional and private clients across the world. He is now the senior member at Zest Advisory LLP, an Islamic finance and investment consultancy based in London. Tarek is the founder of www.islamic-finance.com, a database of researchers, institutions, books, events and other information dedicated to the field, and presenter of the film documentary Why are We All in Debt? In 2010, he completed a reference textbook as contributing editor for First Ethical Charitable Trust entitled Islamic Banking and Finance: What It Is and What It Could Be.

•  Publisher: Kreatoc Ltd.; 3rd edition (18 Oct 2010)
•  ISBN-10: 0954497414
•  ISBN-13: 978-0954497415