Appearance
Islam and Mammon: The Economic Predicaments of Islamism
"Islam & Mammon: The Economic Predicaments of Islamism" by Timur Kuran (2004). [The author is a libertarian, free-market professor of economics; somehow, he was once the "King Faisal Professor of Islamic Thought and Culture" at the Univ. of Southern California (c. 2004), but (c. 2011) he is at the Fuqua Business School at Duke Univ.] This book is a very insightful book regarding how the supporters of "Islamic Banking" ("I.B.") have hoodwinked virtually everyone into believing that their anti-interest (anti-riba) concepts are "superior" to free-market, pro-interest (pro-riba) theories. The author tries to argue that almost all Muslims fail to understand the hang-up that Prophet Muhammad had against common interest (riba). The author argued that the Quran prohibits "is the pre-Islamic Arabian institution of riba, whereby a borrower saw his debt double following a default and redouble if he defaulted again. Because it tended to push defaulters into enslavement, riba had long been a source of communal friction (p. 14)." The author calls this type of riba: "mammon" which is not an Arabic term, but is derived from the Christian Bible (see Wikipedia). I am unaware of an Arabic word for the author's contention (besides riba). [Nonetheless, the author details how I.B. or I. Economics is a recently "invented business" concept (c. 1970s).] I don't believe that the author really "proves" his point regarding mammon/riba with his book - he doesn't cite any Quranic or ahadith references to his contention (not that I recall anyway). Nonetheless, I highly recommend this book for the MANY OTHER topics that the author analyzes in debunking Islamic Economics. A reader should be familiar with free-market concepts: interest theory, P/L, etc. The author discusses how Muslims are trying to 'accept' the use of interest (riba) by calling it instead a "management fee" and thereby avoid the opprobrium of 'riba'. Apparently, the author has expanded his arguments against the silliness (okay, anti free-market theories) of Islamic Banking/Economics history in "The Long Divergent: How Islamic Law Held Back the Middle East." Islamists are not going to like this book for revealing (shouting out) about I.E.: "Look, the Emperor (I.E.) is wearing no clothes!" Essentially, the author is claiming that I.B. is not really "economics", but more of a politico-socio (religious) "feel good" populist concept ballyhooed by those ignorant of market economics. Islamists realize that acceptance of "riba" would contradict Allah's commandment against riba; they all-to-well properly realize: "accept riba, denounce Allah!" That is the Islamists' conundrum: how to admit that Allah got it wrong about interest/riba (this would then lead to inquiring if Allah made other errors in the Quran -- or maybe Muhammad misunderstood what Allah was saying). I.E. ranks alongside with those who believe in the "Flat World Society" or Stalinism.
Islam and Mammon: The Economic Predicaments of Islamism
The central and most important point in this highly useful volume is that Islamic finance is an "invented tradition," which empowers Islamic radicals. Now, coming as it does from the University of Southern California King Faisal Professor of Islamic Thought, that statement represents years of study, and a great deal of courage."Neither classical nor medieval Islamic civilization featured banks in the modern sense, let alone `Islamic' banks...," Kuran continues.Western securities and banking regulators, legislators, bankers, money managers and securities lawyers, take note: Muslim Brotherhood founder Hassan al-Banna concocted the idea of Islamic banking in the 1920s to unite Muslims in one global Islamic nation (umma), to create a parallel financial system, and ultimately to help reestablish a global Islamic empire, subservient to shari'a law.These and many other such facts are things that radical sheiks and "shari'a finance scholars" do not want readers to know. Which is why anyone even remotely interested in shari'a finance should purchase and read this book, and keep it on their desk. It's invaluable.--Alyssa A. Lappen
Islam and Mammon: The Economic Predicaments of Islamism
The subject is "Islamic economics," a system which has the goal that all dealings be of equal benefit to all parties and, through the use of the "tax" for charity and inheritance law, there be a high degree of economic equality. Kuran examines all these issues seeing some advantages and the many quandaries that result. Importantly, in view of current problems and events, he explores the political significance of this type of economy in the lack of prosperity and the isolation of Muslims from the rest of the world.In his exploration of why the Islamic economy has lagged Europe for several centuries he calls into use his work on preference falsification (See his "Private Truths, Public Lies") in the inability of the economy and its rulers to self-correct when the economy was sliding downhill.Carol M Fuller
Islam and Mammon: The Economic Predicaments of Islamism
The author is very likely a Kurdish nationalist, not implausibly a quite supporter of the PKK. As a Communist, he has no room for religion. His analysis is misleading, basically he runs after Muslims under the banner of Islamism, he seeks to undermine the Islamic religion to satisfy his own psychological needs. The author has suppervised the work of others who also claimed to have proved that Islam does not work. The author does not use objective scientific methods, he basically writes in a way that confirms his own priori conclusions. Read the book, if you wish, but with such qualifications in mind. You may read it to understand how the bigot's mind actually works.
Islam and Mammon: The Economic Predicaments of Islamism
This is not a good book. It is rather descriptive in nature, poorly referenced, tests no hypotheses empirically and is too wordy. The author makes claims without any substantive evidence. He accumulates paragraphs and twists them in the way that leads him to his pre-assembled conclusions. The author does not seem to have the statistical tools of analysis, a great deficiency for a university professor. The author does not seem well-versed in the history of the Islamic world nor does he understand Islamic economics. He picks up few concepts he thinks will lead him to the conclusions he already knew, so he squeezes Islamic economics into a small area. Contrary to his claims, the main factor leading to the economic decline of the modern Muslim world is the adoption of Marxist ideology - almost every single Muslim country has adopted a Communist regime (leading to political repression by definition). This is not Islamic but rather Jewish Economics. Another factor, among others, would be colonization. Professor Kuran is not an expert on Islam, he would have done better had he sought endeavors in other areas that do not require rigorous empirical testing, perhaps literary work?.
Gorilla
Ugly duckling, move over! This is the new version written for everyone, young and old! A fun and sensitive story. Expertly written and pleasing to read. You won't put it down until you finish!