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Volume :18 Issue : 1 1990      Add To Cart                                                                    Download

Development Financing and Banking Systems in Islamic and Capitalist Economies

Auther : Mokhtar A. Khattab

 

Despite their many differences, both capitalist and Islamic banking systems rely on the market for resource allocation and money in exchange. This study compares the ability of these two banking machineries to create the money supply necessary to finance development and expansion. It includes a review of the early Islamic banking experiences which led to the domination of the capitalist banking system. The Islamic banking machinery is then analyzed from viewpoints suggested by contemporary Muslim scholars, and it is found that no agreement has been reached between scholars on the ability to finance development. The paper discusses the results of each opinion, and concludes that it is essential to keep the mechanisms for creating bank money, which necessitates Islamic banking machinery to pay a return on current accounts and thus achieve the principle of ‘ again and loss ‘. Jurists will thus have to issue new codes ( Idjtihad ) to satisfy the requirements of contemporary banking work .

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Aug 09, 2020

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