Muslim Children How to bring up ? (Set of 3 vols.)
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This study contains seven chapters. Chapter one explains the develop ment of the institution of interest in the West despite strong moral, social religious opposition. The institution of interest was exported to other co tries by the West, including the Muslim countries. Today most of these coun tries are searching for ways and means to abandon the Western practices because such practices have multiplied, rather than reduced their economic problems Muslim countries in particular, seem anxious to bring about Islamic economic reforms, especially in the area of finance.
In the second chapter, principles of Islamic Economics, interest-free Islamic financial methods, the application of an interest-free Islamic system, and pro spects of an interest-free system in the West are reviewed to highlight the im portance of this system. It is also stressed that economic theory be modified to be consistent with interest-free practices. Chapter three outlines the methodology for obtaining a general equilibrium model for interest-free societies. One such model is developed in chapter four. The model is analyzed in chapter five to predict its response to monetary and fiscal policies. Application of the interest-free system for economic develop ment is discussed in chapter six. Chapters three through six are primarily meant for professional economists and economic planners, consequently the material in those chapters may ap pear very technical to some readers. Therefore a brief summary, at the end of each of the chapters, is given for the benefit of the general reader.
The final chapter is devoted to a comparison of economic rationalities for the use of interest-bearing and interest-free systems to demonstrate the feasibility of the latter.
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Dr. Muhammad Anwar