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Recommended books on Islamic finance

I received the following email

Besides your book, what other books on "Islamic Finance" do you recommend (in
English)? It would be a good idea if you could post your answer on your blog so
that other viewers benefit.

Here's a partial list of some recent books that I have found most useful to read:

• Saeed, Abdullah, Islamic Banking and Interest: A Study of the


Prohibition of Riba and Its Contemporary Interpretation, Brill Academic
Publishers, 1997. A wonderful scholarly work.
• Lewis, Mervin and Latifa Algaoud, Islamic Banking, Edward Elgar, Pub.,
2001. A good survey with a nice interfaith introduction covering
Abrahamic religious views on usury.
• Warde, Ibrahim, Islamic Finance in the Global Economy, Edinburgh
University Press, 2000. The best political-economy coverage of Islamic
finance that I have read.
• Henry, Clement and Rodney Wilson (eds.), The Politics of Islamic
Finance, Edinburgh University Press, 2004. The best collection of essays
on the political economy of Islamic finance that I have read. See, in
particular, Dr. Monzer Kahf's chapter.
• Vogel, Frank, and Samuel Hayes, Islamic Law and Finance:Religion,
Risk, and Return, (paperback) Springer, 1998. Very scholarly work.
Vogel's part is a learned survey of classical jurisprudence and its
interpretation by contemporary participants in Islamic finance. Hayes's
part is an example of superior Islamic financial engineering (of which I am
not fond, but if one is to do it, it is better to do it right).
• Usmani, M. Taqi, An Introduction to Islamic Finance, Springer, 2002.
This book was published earlier in Pakistan and elsewhere, and free
versions were available online when I last checked. You can think of this as
the bible for Islamic financial engineers. Justice Usmani is the most
respected name on the "Shari`a scholar" circuit, so widely respected in fact
that a number of his family members are quickly becoming prominent
members of that scholar circuit as well as he nears retirement.
• Maurer, Bill, Mutual Life, Limited: Islamic Banking, Alternative
Currencies, Lateral Reason, Princeton University Press, 2005. An
anthropologist's social scientific study of Islamic finance as a social
phenomenon, with comparison to other unorthodox financial systems.
• Kuran, Timur, Islam and Mammon: The Economic Predicaments of
Islamism, Princeton University Press, 2005. A collection of earlier essays
by Timur Kuran, constituting the most blistering attack on the bulk of
Islamic economics, revealing its political and economic failures, as well as
its academic incoherence. If you are sympathetic to Islamic economics, as I
am, you have to get beyond your first (knee jerk) reaction to Timur's
relentless attack. Once you get over it, you will see that most of his points
are very valid, and accepting such criticism may be the first step toward
coherent thought about Islam and economics.

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