Islamic Finance

This dissertation argues that conflicts between Islamic beliefs and Western banking practices are not necessary if financial institutions are created that correspond with the institutional structure of Saudi society. There are low levels of participation in the Saudi banking system because of the interest-based nature of most banking institutions. The Saudi banking system has a much higher share of bank deposits in non-interest (demand) deposits when compared to both advanced and developing countries.

This thesis studies problems pertaining to capital accumulation in the context of 20th century Middle Eastern economic development. Chapter two outlines economic growth in inter-war Egypt, focusing on the pattern and determinants of Egyptian physical and human capital accumulation, and also distinguishing internal factors from those operating in the inter-war global economy. Chapter three examines the Egyptian cotton policy regime in the first half of the 20th century, and evaluates Egypt's ability to impose an export cotton tariff to its advantage.

Originally presented as the author's thesis (doctoral--JÄ'miat al-Azhar, 1982).