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Pakistan, Islam, and Economics

Failure of Modernity

It's a pioneering effort to present a comprehensive view of the issues involved, from riba to the status of women in Islam.

It is whether modaraba type financing would dispense with interest as we know it
in modern times. The Islamic economists often point out that there is no
consensus about the theory of interest among the neoclassical economists. What
determines interest rate and which theory best explains the phenomenon is not
the real issue. There is the well-known Keynesian approach to interest rate, and
there are the nonmonetary theories which make an attempt to explain the
phenomenon.