Books

This book examines a way for attaining welfare goals through banks using Islamic Economics. After the introduction, the book is divided up into ten chapters dealing with the meaning of welfare, major welfare thoughts, Islamic welfare economics, externalities and property rights, interest, Islamic modes of financing in theory, Islamic modes of financing in theory, Islamic banking and organizational layout, Islamic financial institutions in the world, and Islamic banking in Pakistan. The final chapter is a summation of the book._x000D_ _x000D_

The author presents the stages of the evolution of the field of Islamic finance. Every other economic framework underwent analogous evolution, it is believed. It is shown that capital and enterprise are two separate entities. Capital on its own is not a factor of production--thus it is not appropriate to grant returns on capital as if it were such a factor. It is believed that this new understanding of capital will make the ban on interest appear more sound. In discussing banking, the author sees a two level Mudarabah involving depositors, the bank, and firms invested in.