Kansas City, MO - infoZine - Islamic Finance has emerged in recent decades as one of the most important trends in the financial world. There has always been a demand among Muslims for financial products and services that conform to the Shariah (Islamic law). With the development of viable Islamic alternatives to conventional finance, Muslims are beginning to find Shariah compliant solutions to their financial needs.
Published by John Wiley & Sons (Asia) Pte Ltd, Islamic Money & Banking: Integrating Money in Capital Theory (ISBN: 978-0-470-82319-4) seeks to prove that Islamic economics, in general, and Islamic banking, in particular – with their premises of cooperation among individuals, and ultimate goal of justice – are the answers to restoring positive synergy to the ailing capitalist system. The concept is lauded an effective solution to check greed and remove the conflict between equity and efficiency.
Islamic Money & Banking presents many new and original ideas that hail the Islamic Banking system as the path to full employment, stable prices, equitable wealth and income distribution, and sustained growth, and finally counter-cyclical apparatus built in the system. It also investigates the nature and functions of money in an interest-less banking system and then for the first time, integrates money in capital theory.
This authoritative study is a maverick amongst the existing literature in Islamic Finance and a must-read for anyone who is interested in this field or in search of an ideal economic system.
Dr. Iraj Toutounchian is a Professor of Economics at Az-Zahra University, Tehran, Iran, where he was the Head, Department of Economics and Social Sciences. He is the author of three books and dozens of papers, all of which are on Islamic banking and finance. His last book, Comparative Money and Banking in Capitalistic and Islamic Systems, was named Economic Book of the Year in Iran.
He was appointed as Chief of Academic Affairs, Bank of Industry and Mine, Tehran, Iran, responsible for implementing Islamic banking. Dr. Toutounchian was formerly the Deputy-Minister for Economics and International Affairs, Ministry of Economic Affairs and Finance and he has also served as a member of the Money and Credit Council, Central Bank of Iran.
Toutounchian earned his doctorate at Texas A&M University. Prof. Arthur S. DeVany, his Ph.D. dissertation adviser, described him as "a superior economic theorist". His dissertation clearly exhibits his ability to do original theory and to bring economic theory to bear upon such complex socio-economic phenomena.
Professor Toutounchian proves once again, in this book, his ability to produce fascinating and original work.
Islamic Money & Banking:
Integrating Money in Capital Theory
Published by John Wiley & Sons, Inc.
Publication Date: 24 April, 2009
US$90.00; Cloth; 412 pages; ISBN: 978-0-470-82319-4
