Islamic Banking By Dr. Muhammad Imran Ashraf Usmani
Title of the book is “Islamic Banking” Written by Dr. Muhammad Imran Ashraf Usmani. A Meezan Banks guide to interest free Islamic Banking. Today the world economic system, that is based on interest, has in the making of wealth. In contrast, Islam encourages the circulation of wealth and its role as important to an economy as the flow of blood to our human body. Just as clotting of blood paralyzes human body, concentration of wealth paralyzes economy. The fact is that today 10 richest men in the world have more wealth than 48 poorest countries of the world. Millions are malnourished, lack access to safe water, can not be read or written, in short of the quality of life has decayed and the graph continues to go down.
Economic justice requires a viable economic system. Interest based banking has proved to be inefficient as it can to equitably distribute wealth. On the other hand.
On the other hand, Islamic banking is efficient and guaranteed equitable distribution of wealth by laying foundation for an inflation free economy and socially responsible banking. The last few years have seen a dramatic increase in Islamic banking. At least two hundred five Shared banks and financial institutions have been set up. According to a research report, the growth rate of these institutions is 15% per annum. At least two hundred billion US dollars are invested in this system. Many multinational banks have opened Islamic banking.
There are a number of scholars on the Shariah boards of the Islamic Republic of Iran, who have compiled Fatwas resolutions and articles on various issues of Islamic banking and finance. In Pakistan, we have at least two very comprehensive reports on the Islamic Banking System, prepared by the Islamic Ideological Council of 1980 and the Commission for the Islamicization of Economy in 1992. Therefore, Islamic banking is not a utopian idea. There is a need for develop insight, education and training in the Islamic economic and banking system. Without having a deep understanding of the principles of Islamic banking, it is difficult to offer its products and services that conform to the true spirit of Islamic shariah.
This book is containing the series of lectures included, such as the Islamic Economic System, Riba, its prohibition and classifications, Islamic Contract, Islamic Islamic Bank of Israel, Islamic Investment and their Applications.
