Islam and Mammon

The Economic Predicaments of Islamism

Why is it that despite the tremendous amount of wealth that has been created over the centuries, Muslim nations still remain economically backward? Could it be due to the fact that Muslims have stayed away from conventional investments for fear of interest? Or is it a general failure of Muslims in general to truly embrace capitalism in favour of more “Islamic” economic systems?

Timur Kuran discusses these issues in a series of well-researched essays compiled in this timely book. In them, he explores the notion of Islamic Banking, the Muslim charity system and their various pitfalls which he believes has a part to play in the current state of Muslims today.

Some topics may be highly controversial, especially with regards to the discussions on “Islamic” banking and interest in Islam. Nonetheless the work successfully questions conventional wisdom and I would recommend it to everyone wishing to embark on Islamic banking or any other Islamic financial product that is widely sold in the retail markets today.