Islamic finance

Book Description

This thoughtful exploration examines how Islamic principles challenge conventional financial thinking and offer alternative pathways for economic organization. Mills presents a comprehensive analysis of why Islamic tradition opposes interest-based systems, tracing these concerns through broader religious contexts including Judaeo-Christian perspectives.

The book delves into the methodology behind Islamic economic thought, providing readers with a foundation for understanding how spiritual values can shape financial practices. Mills systematically examines various Islamic financial contracts that operate without interest, demonstrating practical alternatives to conventional banking structures.

Drawing from real-world evidence, the author evaluates how Islamic banks have performed in practice, offering concrete insights into whether these principles can function effectively in modern economies. The work includes a theoretical model showing how financial resources might be allocated within a non-interest system, bridging abstract concepts with practical applications.

Rather than advocating for a particular position, Mills presents a balanced assessment that acknowledges both strengths and limitations of interest-free economic systems. His analysis extends beyond Islamic contexts to consider what contemporary Western economies might learn from these alternative approaches.

For readers interested in how spiritual principles intersect with economic life, this book offers valuable perspectives on reimagining financial systems through the lens of religious values. Mills provides tools for understanding complex economic questions while respecting diverse religious traditions and their practical implications.