Islamic money and banking [[electronic resource] ] : integrating money in capital theory / / Iraj Toutounchian

• Record Nr.: UNINA9910141195503321
• Autore: Toutounchian Iraj <1941->
• Pubbl/distr/stampa: Singapore, : Wiley & Sons (Asia); Hoboken, N.J., : Wiley, 2009
• ISBN: 1-119-20768-1; 1-283-40145-2; 9786613401458; 1-118-17867-X
• Descrizione fisica: 1 online resource (412 p.)
• Collana: Wiley finance
• Disciplina: 332.091767
• Soggetti: Money - Religious aspects - Islam; Money - Islamic countries; Banks and banking - Religious aspects - Islam; Banks and banking - Islamic countries
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Islamic Money and Banking; Contents; Acknowledgments; Preface; 1 An Evaluation of Money: A New Perspective; Commodity Money; Metallic Money; Dinar and Dirham (D-D); What is (Paper) Money?; An Impure Public Good; Quantity Theory of Money and a Country's Balance Sheet; Functions of Money in an Islamic Setting; The General Theory as Monetary Theory; Cooperation in Islam; A Just Voting System; Islamic Foundation of Norms for Cooperation; Equivalence between Functions of and Demand for Money; Notes; 2 Interest on Money and Its Scope; A Brief History of Interest; The Place of Interest in Capitalist Economics The Place of Labor; Western Justifications for Interest; Time Preference and its Relation to the Rate of Interest; Is Time Preference Positive in all Circumstances?; Some Further Thoughts on Interest; Exchange Cost, Seigniorage and Inflation; The Socially Optimal Provision of Money in the Capitalist System; Interest (Riba) in Islam; Notes; 3 A Legal Perspective on Islamic Finance; Capital Theory: A Brief Recapitulation; The Legalities of Money ; and Capital; Money and Capital Reconsidered; Supply of Money Unidentified; Extended Model; Implications of the Model Notes; 4 Interest: Fact and Fiction; The Place of Man in the Economic System; The Evils of Interest; Notes; 5 Islamic Banking versus Conventional Banking; The Structure and Functions of Banking; Underlying Conditions for Success in Islamic Finance; The Philosophical Foundations of the Place and the Ultimate Goal of Man; Islamic Modes of Finance; Islamic Bank Structure; Islamic Contracts; New Products; Notes; 6 The Role of Conventional and Islamic Banks in Investment: Certainty and Risk Conditions; Introduction; Investment in a Capitalist Economy; Investment Expenditure: A Function of Interest Rate? Investment in an Islamic Economy; Portfolio Management for Households; Notes; 7 The Role of Central Banks in Islamic Banking; Revising Roles: Learning from Experience; Revisions (Beyond Amendments); The Role of the Central Bank in Islamic Banking; Assertions; Classification of Islamic Modes of Contract; Application of IRR and Zero Cost of Capital; The Transmission Mechanism for Creating Money; Notes; Bibliography; Index
• Sommario/riassunto: This book examines how money, in the absence of interest (Riba) and money market can become an endogenous variable of an economic system. It further tries to integrate money in capital theory and to make monetary sector part of the real sector aiming at removing the problems that arise from separation of the two.