Overview

Given the propensity of the world financial system to crisis, this work explores the radical alternative put forward by Islamic (and western) theories of non-interest banking. The Islamic critique of interest and early experiments with non-interest banking are assessed against the conventional theories regarding banking, company finance and macroeconomic stability. Whilst the experience of Islamic banking has proved inconclusive thus far, the theoretical model provides a cogent alternative to a financial system made fragile by debt contracts.

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PAUL S. MILLS is Manager, UK Debt Management Office, HM Treasury, Threadneedle Street, London JOHN R. PRESLEY is Professor of Economics at Loughborough University. He has written or edited over fifteen books including Banking in the Arab Gulf (with Rodney Wilson), A Guide to the Saudi Arabian Economy (with A. J. Westaway) and Islamic Financial Institutions.

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