Synopsis
Islam calls for benevolence, mercy, kindness, peace and love in all walks of life, strata of society, creed or color. The economy, considered to be the backbone of society, is no exception nor are day-to-day activities pertaining to economic and financial matters. Here also, Islam insists on human welfare. Therefore, Islam strictly prohibits any kind of interest in any transaction, especially fees for lending money on specific terms. Similarly, investment in trade dealing with forbidden goods is considered contrary to the tenets of Islam and is not allowed under the no-interest system of Islamic economy. In the system, charging extra for dealing with mortgages, etc., is also not allowed. If a person borrows money against his property or a moveable assets, for instance, jewelry, he should not be charged extra. This and various other principles are at the core of the interest-free system of Islam. The present book is an initiative to add another pearl to the many books which are already available on this subject. Hopefully, it will be appreciated and welcomed in concerned circles.
About the Author
Vanda Felbab-Brown is a fellow in the Foreign Policy Program and a member of the 21st Century Defense Initiative at the Brookings Institution. She also teaches in the Security Studies Program at Georgetown University's School of Foreign Service. An expert on international and internal conflict issues, including counterinsurgency, she has published widely on the interaction between illicit economies and military conflict and has testified before Congress about her work. The research on which this book is based received the American Political Science Association's Harold D. Lasswell Award for the Best Dissertation in the Field of Public Policy.
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