Interest Free System in Islam

Contents: Preface. 2. Modern concept of interest. 2. Application of interest. 3. Financing without interest. 4. Interest free system. 5. Interest free economy. 6. Banking and interest. 7. Islamic taxation. 8. Taxation in practice. Bibliography. Index.

"Islam calls for benevolence, mercy, kindness, peace and love in all walks of life, strata of society, creed or colour. The economy, considered to be the backbone of society, is no exception nor are day to day activities pertaining to economic and financial matters.
Here also, Islam insists on human welfare. Therefore, Islam strictly prohibits any kind of interest in any transaction, especially fees for lending money on specific terms. Similarly, investment in trade dealing with forbidden goods is considered contrary to the tenets of Islam and is not allowed under the no-interest system of Islamic economy.

In this system, charging extra for dealing with mortgages, etc., is also not allowed. If a person borrows money against his property or a moveable assets for instance, jewellery, he should not be charged extra. This and various other principles are at the core of the interest free system of Islam.

The present book is an initiative to add another pearl to the many books which are already available on this subject. Hopefully, it will be appreciated and welcomed in concerned circles." (jacket)