Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

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Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download. The past decade has been one of unprecedented financial turmoil. Banking systems from the US and UK to Scandinavia, East Asia, Russia and now Japan have come under severe strain, if not collapse. Major economies have witnessed asset price bubbles, fuelled by easy credit terms, followed by slumps and credit contractions. Economists have resurrected the `debt deflation’ analysis of the 1930s as Japan suffers a falling price level and negative nominal interest rates are charged in yen deposits.

Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

Meanwhile the high level of indebtedness of the world’s poorest nations remains largely unresolved. Each of these financial dislocations have their proposed individual remedies, usually involving large amounts of taxpayers’ money to subsidise risk-taking by private sector banks and financiers. It is ironic that when Western government state aid to manufacturing industries has been largely eliminated, the safety net provided to private sector banks goes unchallenged.

Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

This book is motivated by the suspicion that there is another way. In particular, that the critique of interest-bearing debt finance has
more economic cogency than is assumed by mainstream economics. This position is of long standing in Judaeo-Christian and early Western economic thought, but is now most clearly developed in the Islamic analysis of banking and finance. Hence, this book begins by setting the Islamic critique of interest and proposals for a non-interest banking system in the context of the Islamic approach to economic
analysis.

Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

It then develops the theoretical properties of the non-interest model and assesses the recent experience of Islamic banking in practice, before outlining the economic benefits (and costs) of a noninterest financial system. At a time when the financial headlines continually bear testimony to the recurring problems of our current approach to banking and finance, it is right to consider whether a more fundamental response than the usual palliatives of more bailouts and regulation is needed.

Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

There are many people who have contributed to the publication of this book over several years. We would like to thank John Sessions, in
particular, for allowing us to use an adaptation of `Islamic Economics: the Emergence of a New Paradigm’ (Economic Journal, 1994, with
John Presley) for much of Chapter 4; John Presley would also wish to thank a host of postgraduate students who over the last decade have
undertaken research projects into Islamic economics and banking at Loughborough University; these include amongst others Haitham
Kabbara, Hussein Sharif Hussein, Bandar Al Hajjar, Tariqullah Khan, Khadija Harery, Mansour Al Fadhli and Jerry Wright. Most especially John Presley wishes to thank his co-author Paul Mills; although the book appears under joint authorship, the vast majority of the work associated with it was undertaken by Paul Mills and, therefore, most of the credit for the book must, as of right, go to him.
Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download
Paul Mills’ contribution is derived largely from his Ph.D. thesis at Cambridge University. He would like to thank Dr Tony Cramp for his
wisdom and advice in supervising the thesis, and Magdalene College, Cambridge, for financial support. He would also like to thank Dr Roy
Clements and Dr Michael Schluter for their encouragement and example in applying the Bible to economics. We wish also to thank the Islamic Foundation for its assistance and, in particular, would acknowledge the support of Professor Khurshid Ahmad, Dr Manazir Ahsan and Dr A. Chachi.
Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download
John Presley is grateful for continued encouragement and help from Professor Umer Chapra, Professor Fahim Khan, Professor Ziaddin Ahmed, and Dr Munawar Iqbal. Professor Rodney Wilson of Durham University also deserves particular thanks for sharing a research agenda with John Presley for several years, as does, more recently, Humayon Dar. The authors also wish to express their sincere thanks to Mrs Joyce
Tuson, who has typed and helped organise the manuscript with her usual efficiency, and to Barbara Presley for completing the index.

Islamic Finance Theory and Practice by Paul S Mills and John R Presley pdf free download

Islamic Finance Theory and Practice by Paul S. Mills and John R. Presley pdf free download

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