Towards a just monetary system
Book Description
In a world grappling with economic inequality and financial instability, M. Umer Chapra presents a thoughtful exploration of how Islamic principles can reshape our understanding of money and banking. This comprehensive work examines the spiritual and practical dimensions of creating a more equitable financial system rooted in justice and ethical values.
Chapra begins by identifying the roots of contemporary economic crises and the role traditional banking systems play in perpetuating inequality. He introduces readers to the Islamic concept of ribā (interest) and explains why this prohibition forms the foundation for an alternative approach to finance. Rather than simply critiquing existing systems, the author offers concrete solutions through equity-based financing, partnership models, and cooperative structures that align economic activity with moral principles.
The book delves into fundamental reforms needed to transform how societies save, invest, and allocate resources. Chapra addresses common objections to interest-free banking while demonstrating how such systems can promote stability, growth, and social welfare. He outlines the institutional framework required for this transformation, including the roles of central banks, commercial institutions, and regulatory bodies in supporting ethical finance.
Through detailed analysis of monetary policy, transitional strategies, and historical precedents, this work provides both theoretical foundation and practical guidance for those seeking to understand how spiritual values can inform economic structures. The extensive appendices offer deeper insights into Islamic jurisprudence and financial concepts, making this essential reading for anyone interested in the intersection of faith, ethics, and economic justice.
Who Is This For?
📖 Reading Level: Medium (200-400 pages) (~8 hours)
📄 Length: 292 pages
What You'll Discover
- ✓ Explore Geldpolitik
- ✓ Explore Wirtschaftssystem
- ✓ Explore Economic aspects
- ✓ Explore Economic aspects of Islam
- ✓ Explore Banks and banking, islamic countries
- ✓ Explore Religious aspects of Economics
- ✓ Explore Geld
- ✓ Explore Religious aspects
