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This detailed and forthright commentary on the nature of usury and modern banking has attracted a wide readership since it was first published in 1997. Discussions of secular economics are undertaken with reference to the ideas and laws found in other religious belief systems to show that practical alternatives do exist to the institutional frameworks and product ranges of interest-based finance. This third English language edition has been extended with material arising from the recent financial crisis. The discussions of current practices in the field of banking and finance have also been updated and a standard transliteration scheme for Arabic terminology is now adopted throughout. The book is now available in English, Arabic, Turkish, Bahasa, and Urdu. Further details are available here. (Kreatoc Ltd, 268 pages, 2010).
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In this accessible but profound work, Dr. Mohamed Ghanem illustrates the importance of some key Islamic principles as they affect economic activity. Focusing on the nature of money and the shari'ah rulings applying to contracts of trade and investment, Mohamed explains the impossibility of 'Islamising' the current model of commercial banking, given its foundations in usury and the use of fractional reserves. He goes on to define and explain the use of Transaction Map Theory as a tool for determining whether any given contract, including those applied by modern day Islamic banks, satisfies shari'ah requirements. His analysis begins with a detailed examination of the methods by which relevant texts in the Qur'an and hadith should be understood. The various shari'ah rulings on money, usury and zakah are depicted as an 'Islamic Monetary Triangle' which helps to ensure the economic and social vitality of a society (Kreatoc Ltd, 260 pages, 2013).
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Since its foundation in 1997, www.Islamic-finance.com has maintained an independent editorial and sought to promote open debate on critical contemporary issues in the field of Islamic banking and finance. The site offers an inclusive approach to the subject matter, with the full range of juristic and technical opinion represented on its various databases. These include over one thousand PhD's and other researchers in over forty countries, an institutions database comprising academic commercial and public institutions, a books list, details of forthcoming events, occasional job opportunities and an extensive glossary. Over 100 critical editorial essays and a library of important papers from a range of academics are available for free download. For serious students new to the field, a free six hour on-line study course is available, providing audio-visual and reading resourses. The Study Centre curriculum can be seen here and the home page here.
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This paper analyses the fractional reserve banking system and proposes a reform programme for application in Malaysia. The ceding to commercial banks of the right to create money has provided these institutions with a substantial economic advantage over the non-bank sector. This has resulted in a distortion in the allocation of society’s resources towards the provision of banking and financial services, and simultaneously damaged economic welfare in areas as diverse as wealth creation, wealth distribution, price and output volatility, and environmental sustainability. Removing the right of commercial banks to create money will lessen distortions in resource allocation, improve the quality of economic performance, and allow large scale net gains in wealth creation within the non-bank and non-financial sectors of the economy. A Phase One reform is proposed in which the right to create money would be removed entirely from the commercial banks and placed under the control of the state. An optional Phase Two reform is proposed in which the creation of money by the state authorities will be abandoned in favour of a market-led commodity based monetary system (Kreatoc Ltd., London, 2005, 57 pages).
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The first edition of Islamic Banking and Finance: What It Is and What It Could Be was published by First Ethical Charitable Trust on 31 March 2010 with editorial and publishing services provided by Kreatoc Zest Ltd. This comprehensive work has been designed for use by professionals new to the field of Islamic banking and finance and by students at undergraduate level or above. It covers the historical, theological, commercial, legal, institutional and macro-economic factors affecting the modern world of Islamic banking and finance and is organised into four main sections: Islam and the Shariah, Traditional Contract Forms, Contemporary Practices, and A Response to Capitalism. Views both for and against the current direction of the Islamic banking and finance industry are provided, and a number of reforms are suggested at the institutional and contractual levels. The book includes fourteen detailed case studies, an extensive Arabic glossary, self-tests, thorough indexing and contents tables, and suggestions for further advanced reading at the end of each section (First Ethical Charitable Trust, 532 pages, 2010).
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Our documentary film Why are We All in Debt? provides a 26 minute introduction to the crucial facts on money and banking that every layman should know. Using simple terminology and clear graphics, the film explains why the current financial system inevitably produces boom and bust, endemic inflation and unrepayable debt. Emphasising both Muslim and Christian viewpoints, the film is highly suited for use in inter-faith discussion groups, and as an educational tool for new students who are not satisfied with mainstream explanations of financial economics. Produced by Fig Tree Film. Camera by Barry Jacklin and Abu Bakr Patterson. Sound by Ann Bradnam. Editing by Ahmed Khelloufi. Design by Spark Associates (Kreatoc Ltd. & MRDF, 26mins, 2009).
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