Financial and economic policy in Islam, a platform for moral capitalism (Ph.D. Dissertation)

This thesis investigates the Islamic financial policy of usury prohibition and the Zakat system. The study emphasizes the collateral policy implications and the potential economic impact of, as well as the moral values associated with, implementing Islamic financial and economic policies Muslim countries. The definition of riba (usury) is analyzed within linguistic and a juristic frameworks, particularly with regards to the Qur'an , the sunna , and the works of early Muslim scholars. On the basis of its prescribed principles, Islam is more capitalistic than Western governments today, due to its advocacy for smaller government and for the private sector to drive the economy while still providing for social welfare. Interest prohibition is consistent with other values and virtues of Islam, such as patience, a concern for others, and financial discipline to provide future economic stability.