What is Islamic banking? What is Islamic economics? These two books provide the answers. Islam and Mammon, in six fine essays that appeared earlier in different scholarly publications, sets out the genesis of these ideas and criticizes, severely but still sympathetically, both the performance and the underlying logic of this Islamic approach to economic activity.
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Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? It is refreshing to see a work that stands apart from the mishmash of cultural relativism of Islamophiles and the ideological warfare of the Islamophobes.
Moreover, he has managed to package this major achievement in a book that is well-written, timely, and accessible to a broad audience. Iannaccone, George Mason University. The doctrine of "Islamic economics" entered debates over the social role of Islam in the mid-twentieth century.
Since then it has pursued the goal of restructuring economies according to perceived Islamic teachings. Beyond its most visible practical achievement--the establishment of Islamic banks meant to avoid interest--it has promoted Islamic norms of economic behavior and founded redistribution systems modeled after early Islamic fiscal practices.
In this bold and timely critique, Timur Kuran argues that the doctrine of Islamic economics is simplistic, incoherent, and largely irrelevant to present economic challenges. Observing that few Muslims take it seriously, he also finds that its practical applications have had no discernible effects on efficiency, growth, or poverty reduction. Why, then, has Islamic economics enjoyed any appeal at all? Kuran's answer is that the real purpose of Islamic economics has not been economic improvement but cultivation of a distinct Islamic identity to resist cultural globalization.
The Islamic subeconomies that have sprung up across the Islamic world are commonly viewed as manifestations of Islamic economics. In reality, Kuran demonstrates, they emerged to meet the economic aspirations of socially marginalized groups. The Islamic enterprises that form these subeconomies provide advancement opportunities to the disadvantaged.
By enhancing interpersonal trust, they also facilitate intragroup transactions. These findings raise the question of whether there exist links between Islam and economic performance. Exploring these links in relation to the long-unsettled question of why the Islamic world became underdeveloped, Kuran identifies several pertinent social mechanisms, some beneficial to economic development, others harmful.
Read more Read less. Review "[A] timely book, one that just about anyone aiming to do business in the Islamic world should read A good read. What is Islamic economics? Islam and Mammon Carl Brown, Foreign Affairs "[Kuran's] writing is lively, his arguments are cogent, and the scholarship is wide ranging Pryor, EH. NET "The clear theme unifying these essays is that Islamic economics as such is not a genuine answer to the world's economic problems, but an 'invented tradition' that serves as an adjunct to the broader, anti-Western, Islamist or Islamic fundamentalist political and religious movement Timur Kuran's book makes this case all too clearly and eloquently.
His books include "Private Truths, Public Lies". Read more. No customer reviews. How does Amazon calculate star ratings? The machine learned model takes into account factors including: the age of a review, helpfulness votes by customers and whether the reviews are from verified purchases.
Review this product Share your thoughts with other customers. Write a customer review. Most helpful customer reviews on Amazon. Verified Purchase. The author tries to argue that almost all Muslims fail to understand the hang-up that Prophet Muhammad had against common interest riba. The author argued that the Quran prohibits "is the pre-Islamic Arabian institution of riba, whereby a borrower saw his debt double following a default and redouble if he defaulted again.
Because it tended to push defaulters into enslavement, riba had long been a source of communal friction p. I am unaware of an Arabic word for the author's contention besides riba. Economics is a recently "invented business" concept c.
The author discusses how Muslims are trying to 'accept' the use of interest riba by calling it instead a "management fee" and thereby avoid the opprobrium of 'riba'. Islamists realize that acceptance of "riba" would contradict Allah's commandment against riba; they all-to-well properly realize: "accept riba, denounce Allah!
An excellent scholarly book. Great detail and very in depth analysis. Inevitable conclusion is the impossibility of molding an economic system out of a moral philosophy, not just Islam. That is where the problem with traditional Islamic thought arises, for most of its adherents, Islam is not just a set of moral principles but a way of life, dictating every aspect of it.
Unavoidably, there was much effort by Islamists to set up a distinct system of banking and economy based on pure Islamic traditions.
Kuran delves into the history of these movements, but he does more than that, he puts all this in cultural and political context. At the end, he bravely expands more on the general failure of Islamic culture and tradition to bring wealth and prosperity to the masses that follow it.
Writing is very formal, not the easiest read and surley apporpriate only for the truly intersted in the general topic, but it was well worth it for this reader. The central and most important point in this highly useful volume is that Islamic finance is an "invented tradition," which empowers Islamic radicals.
Now, coming as it does from the University of Southern California King Faisal Professor of Islamic Thought, that statement represents years of study, and a great deal of courage. Western securities and banking regulators, legislators, bankers, money managers and securities lawyers, take note: Muslim Brotherhood founder Hassan al-Banna concocted the idea of Islamic banking in the s to unite Muslims in one global Islamic nation umma , to create a parallel financial system, and ultimately to help reestablish a global Islamic empire, subservient to shari'a law.
These and many other such facts are things that radical sheiks and "shari'a finance scholars" do not want readers to know. Which is why anyone even remotely interested in shari'a finance should purchase and read this book, and keep it on their desk. It's invaluable. The subject is "Islamic economics," a system which has the goal that all dealings be of equal benefit to all parties and, through the use of the "tax" for charity and inheritance law, there be a high degree of economic equality.
Kuran examines all these issues seeing some advantages and the many quandaries that result. Importantly, in view of current problems and events, he explores the political significance of this type of economy in the lack of prosperity and the isolation of Muslims from the rest of the world. In his exploration of why the Islamic economy has lagged Europe for several centuries he calls into use his work on preference falsification See his "Private Truths, Public Lies" in the inability of the economy and its rulers to self-correct when the economy was sliding downhill.
Carol M Fuller. The author is very likely a Kurdish nationalist, not implausibly a quite supporter of the PKK. As a Communist, he has no room for religion. His analysis is misleading, basically he runs after Muslims under the banner of Islamism, he seeks to undermine the Islamic religion to satisfy his own psychological needs.
The author has suppervised the work of others who also claimed to have proved that Islam does not work. The author does not use objective scientific methods, he basically writes in a way that confirms his own priori conclusions. Read the book, if you wish, but with such qualifications in mind.
You may read it to understand how the bigot's mind actually works. Go to Amazon. Back to top. Get to Know Us. Shopbop Designer Fashion Brands. Alexa Actionable Analytics for the Web.
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Islam and Mammon: The Economic Predicaments of Islamism; The Politics of Islamic Finance
Many of our ebooks are available through library electronic resources including these platforms:. Since then it has pursued the goal of restructuring economies according to perceived Islamic teachings. In this bold and timely critique, Timur Kuran argues that the doctrine of Islamic economics is simplistic, incoherent, and largely irrelevant to present economic challenges. Observing that few Muslims take it seriously, he also finds that its practical applications have had no discernible effects on efficiency, growth, or poverty reduction.
Islam and Mammon: The Economic Predicaments of Islamism
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Would you like to tell us about a lower price? If you are a seller for this product, would you like to suggest updates through seller support? It is refreshing to see a work that stands apart from the mishmash of cultural relativism of Islamophiles and the ideological warfare of the Islamophobes. Moreover, he has managed to package this major achievement in a book that is well-written, timely, and accessible to a broad audience. Iannaccone, George Mason University.