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Money in Islam

A Study in Islamic Political Economy

This volume takes a unique and challenging look at how money has operated in Islamic society and at how Islamic theoretical frameworks have influenced perceptions of money. The author draws upon historical, data and policy analysis to present a comparative study of monetary theories, including recent treatment of money by Islamic economists. Discussion also covers the nature of joint venture, stock markets, banks and financial intermediaries, price stability and international trade. This work sheds pioneering light in this area, and will be of interest to academics, graduates and researchers internationally.

There is also no method of isolating the rate of interest from the rate of profit in the
theory of roundaboutness of production (Sraffa 1960, Bohm-Bawerk [1889] 1891)
. It is not possible to isolate the subjective elements from the exogenous
determination of time-preference rates (Robinson 1961). There is no
independent price of money as interest rate in the money market, which the
monetarists and the Keynesians would have us believe (Cagan 1989). Thus
there can then be no concept ...