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The following English language texts provide a range of opinions on financial laws and practices in Islam. These texts contain arguments that are both for and against the current model of Islamic banking and finance, arguments that the serious student should be familiar with whether or not he or she supports the direction that the industry is presently taking. Some important works from modern secular thinkers have been included. These highlight how Western thought is changing in matters of finance and economics, often in ways that are compatible with the principles of Islam. The reading list can be used as the basis for deeper self-study by students who have completed the Study Centre course. The material is graded according to beginner (B), intermediate (I) and advanced (A) level.

No.Author & DateDescription
1)An Introduction to Islamic Finance, Usmani, M. T., UK, 2001BEasy reading introduction to mainstream ideas behind modern Islamic banking, finance and investment

2)All You Need to Know About the City, Stoakes, C., UK, 2009BStraight-talking beginner's guide to financial institutions, financial markets, and how they work

3)Islam and the Economic Challenge, Chapra, U., UK, 1998BA readable summary of several major issues facing Muslim thinkers in economics, giving the outline of some responses suggested in Islam

4)The Shock Doctrine, Klein, N., USA, 2007BA stimulating secular discussion that exposes the gulf between theory and practice in modern economic thought

5)23 Things They Don't Tell You About Capitalism, Chang, H., UK, 2010BA vibrant challenge to modern economic thinking from one of the world's leading heterodox economists, with many ideas that will resonate among students of Islamic thought; enjoyable reading too

6)The Crisis in Islamic Civilization, Allawi, A., USA, 2010IStimulating and well written discussion pertaining to the current condition of the Muslim world from a leading modern thinker

7)Understanding Islamic Finance, Ayub, M., USA, 2007IWell written and wide-ranging piece of work for early to intermediate students

8)AAOIFI Shari`ah Standards, Bahrain, 2008IEssential and easy reading for both intermediate students and professionals on the shari`ah justifications for a wide range of major Islamic financial products

9)Bidayat al-Mujtahid, Ibn Rushd (Garnet edition), UK, 1996IFamous classical work summarising the main schools of Islamic thought on matters of mu`amalat. Helps to contrast how and where modern ideas depart from classical Islamic thought

10)The Concept of Riba and Islamic Banking, Nyazee, I., Pakistan, 1995IExcellent and well referenced discussion of key issues ignored elsewhere in the literature

11)Islamic Law of Business Organization: Corporations, Nyazee, I., Pakistan, 2000IComprehensive work setting out key legal principles and raising critical questions for both legal theorists and practitioners

12)Islamic Finance: Law, Economics, and Practice, El-Gamal, M. A., UK, 2006IWell informed critique of a range of concepts and practices applied in modern Islamic banking and finance

13)Critical Issues on Islamic Banking and Financial Markets, Rosly, S., Malaysia, 2005IUseful discussion of practical hurdles facing practitioners, written from a Malaysian perspective

14)Islamic Banking and Finance: What It Is and What It Could Be, various authors, UK, 2010ITextbook designed for use by undergraduates and new professionals, providing a broad treatment of several key areas including Islamic commercial law, modern Islamic financial practice, and some discussion of economic aspects

15)The Problem With Interest, Eldiwany, T., (3rd edition), UK, 2010IDiscussion of flaws in the theory of interest and the practice of fractional reserve banking, highlighting the economic implications in modern times

16)The Church and Usury, Cleary, Rev. P., Ireland, 1914IExcellent discussion from a Catholic theologian, raising many vital parallels for those working in Islamic banking and finance today

17)The Creature from Jekyll Island, Griffin, E., USA, 1996ISuperbly stimulating historical account that uncovers the politics behind the establishment of the Federal Reserve System in the United States, and discusses its economic implications

18)The Muqaddimah, Ibn Khaldun (trans. Rosenthal), USA, 1967IPerhaps the most famous historical review of political economy from the Islamic perspective

19)Economic Concepts of Ibn Taimiyah, Islahi, A., UK, 1998IA useful and detailed discussion of macro- and micro-economic principles from Ibn Taimiyah's perspective

20)The Question of Ideas in the Muslim World, Bennabi, M., UK, 2003IStimulating discussion of the values and processes underlying economic and social development
21)Debunking Economics, Keen, Prof. S., USA, 2011IA strong critique of neo-classical thought from within the economics profession, highlighting basic theoretical errors and weaknesses

22)Islamic Commercial Law: An Analysis of Futures and Options, Kamali, M., UK, 2000AExcellent and well informed discussion of Islamic commercial law from one of the more liberal thinkers in the field

23)Islamic Jurisprudence and Its Proofs, Al-Zuhayli, W., Syria, 2003ATwo encyclopaedic volumes of highly detailed legal discussion on all of the major Islamic contract types and the concepts behind them. Probably the most detailed work of its kind available in the English language, well translated by Professor Mahmoud El-Gamal

24)The Scholastic Analysis of Usury, Noonan, J., USA, 1957AHigh quality discussion and essential reading for Muslim lawyers and scholars with regard to the defeat of the usury prohibition in the Christian world
25)Kitab al-Amwal (Book of Revenue), Ibn Salaam (trans. Nyazee), Pakistan, 2002AA valuable study of day to day management of zakat, tax revenues, and land, which gives a flavour of the detailed policy-making of the state in the early Islamic period
26)Murabahah and the Credit Sale, Nyazee, I., Pakistan, 2010AAn essential piece of critical work on modern implementations of murabahah