Economics of an Islamic Economy

This book challenges the interventionist stance of Islamic economics as well as its presumption that riba equals interest. An Islamic economy, it argues, is essentially a market economy, but it differs from capitalist economies because both its institutions and the structure of, for example, property rights are specifically Islamic, deriving from Qur n and other sources of Islamic law. The book also focuses on the similarities and differences between riba and interest, establishes the often neglected connection between the two, and explores the ramifications of this connection for Islamic financial systems.

Review:

[Azhar] makes a good case in arguing that pro-market views are closer than those of anti-capitalist Islamic economists to mainstream Sunni jurisprudence...Recommended for comprehensive graduate, research, and professional collections. P. Clawson, Washington Institute for Near East Policy, in CHOICE July 2010