Islamic Economics The Ultimate Alternative

In this accessible yet profound work, Dr. Mohamed Ghanem explores the significance of key Islamic principles concerning economic activity. With a focus on the nature of money and the application of shari’ah rulings to trade and investment contracts, Mohamed elucidates the impossibility of Islamizing the current commercial banking model, which relies on usury and fractional reserves. Instead, he introduces Transaction Map Theory as a tool to assess whether contracts, including those used by modern Islamic banks, adhere to shari’ah requirements.

The analysis commences with a detailed examination of understanding relevant texts in the Quran and hadith. Dr. Ghanem outlines the shari’ah rulings on money, usury, and Zakah, presenting them as components of an Islamic Monetary Triangle that contributes to the economic and social vitality of a society.

This English language first edition hardback is now available for order, making it an essential resource for those seeking to comprehend the interplay between Islamic principles and economic practices.