Islamic Banking and Interest: A Study of the Prohibition of Riba and Its Contemporary Interpretation

Examines the traditional interpretation of riba (translated as usury or interest ) and the attempts of modern Islamic banks to put that interpretation into practice. The first part discusses the prohibition and interpretation of riba in Islam. The second part examines the alternatives to interest-based financing. Saeed questions the legalistic approach and argues for a moral understanding of the issue in light of the authoritative texts of Islam and lessons learned from the Islamic banking experiment. Annotation c. by Book News, Inc., Portland, Or.