Economics and Business

Islamic Banking

Mervyn K. Lewis and Latifa M. Algaoud, Cheltenham, UK: Edward Elgar, 2001. 274 pages.

Islamic Banking is an outstanding example of collaboration among Muslim and non-Muslim scholars interested in integrating “Western-based literature with that developed in the Islamic tradition.” Stating that Islamic banking, although widespread, remains “poorly understood” in the Muslim world and an “enigma” in the West, the authors seek to clarify many matters. The book’s main themes are Christian and Islamic positions on usury/riba’ (chapter 8); the foundations (chapters 2 and 3), theories (chapter 5), application (chapters 5, 6, 7, and 9), and progress (chapters 1 and 9) of Islamic banking; and an analysis of Islamic banking in light of current theories of financial intermediation (chapter 4) and corporate governance (chapter 7).

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