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Journal of Economic Literature - Book Review

JEL Volume. 51, Issue 4 | Next Review right

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Book(s) Reviewed

What Is Wrong with Islamic Economics? Analysing the Present State and Future Agenda by Muhammad Akram Khan

Published By: Studies in Islamic Finance, Accounting and Governance. Cheltenham, U.K. and Northampton, Mass.: Elgar
ISBN: 978-1-78254-414-2
Date of Publication: 2013


Book Review Detail

Reviewed by: Mahmoud El-Gamal of Rice University
Review DOI: 10.1257/jel.51.4.1183.r1
Review Pages: 1183-85

Book Review Abstract

Mahmoud El-Gamal of Rice University reviews, "What Is Wrong with Islamic Economics? Analysing the Present State and Future Agenda" by Muhammad Akram Khan. The Econlit abstract of this book begins: "Explores the state of the art in Islamic economics and finance, analyzes reasons for perceived stagnation, and considers a way forward. Discusses Islamic economics--state of the art; the "why'' of Islamic economics; what is Islamic economics?; methodology of Islamic economics; the move from Islamic theology to Islamic economics; expanding the frontiers of economics; an Islamic economic system or spiritual capitalism?; elimination of interest--from divine prohibition to human interpretation; prohibition of riba in the primary sources of Islam; the theory of riba--the orthodox interpretation; assessment of the orthodox interpretation; modernist thinking on riba; prohibition of riba--the continuing debate; unresolved issues in the orthodox interpretation of riba; practice of interest-based finance among Muslims; prohibition of riba--the way forward; the theoretical basis of Islamic banking; problems of profit-loss sharing; practice of Islamic banking and finance; a trajectory of legal tricks--hiyal; Islamic insurance takaful; and contemporary application of the law of zakah. Khan is former Deputy Auditor General of Pakistan and Chief Resident Auditor of United Nations Peacekeeping Missions."


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Book Review Authors

Mahmoud El-Gamal of Rice University


JEL Classifications

A13: Relation of Economics to Social Values
G20: Financial Institutions and Services: General
Z12: Cultural Economics: Religion


Journal of Economic Literature


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