Banking and Islamic Law

Interest is prohibited in Islam to avoid exploitation of humanity but it is an integral part of present banking system. That is why it is required to be examined that how banking system works, its impact on the society, why banking is developing very fast, Is present banking system justifiable in the context of the Islamic law and the economic need of the society? And is it possible, by certain modifications in present banking functions, to establish interest free banking system? Answers of all these questions are given in this book after studying the historical development of banking system and referring the interest free economy Practised in the early days of Islam, economic need of Islamic society which was based on the principle of neither do harm, nor be harmed’ and Islamic law according to Qur’an and Ahadeeth, It would be very useful book for the students who has little bit knowledge of economy or wants to know whether interest free banking system is possible or not.