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Tarek El Diwany
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The Problem with Interest Paperback

by Tarek El-Diwany (Author)
5.0 out of 5 stars 7 ratings
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  1. Language
    English
  2. Publisher
    Kreatoc Ltd
  3. ISBN-10
    0954497406
  4. ISBN-13
    978-0954497408
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Product details

  • Publisher ‏ : ‎ Kreatoc Ltd
  • Edition ‏ : ‎ 2nd
  • Language ‏ : ‎ English
  • ISBN-10 ‏ : ‎ 0954497406
  • ISBN-13 ‏ : ‎ 978-0954497408
  • Item Weight ‏ : ‎ 12.6 ounces
  • Customer Reviews:
    5.0 out of 5 stars 7 ratings

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Tarek El Diwany

Tarek El Diwany

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5 out of 5 stars
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Top reviews from the United States

  • Zaid Hayyeh
    5.0 out of 5 stars Loved it!
    Reviewed in the United States on July 12, 2013
    Verified Purchase
    Very informative and has an excellent summary of the history of the financial services sector. After reading this book I had a much better understanding of why the system has cycles.
    2 people found this helpful
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  • LEJ Brouwer
    5.0 out of 5 stars A powerful and compelling case for an ethical, interest-free, monetary economy
    Reviewed in the United States on September 22, 2008
    Monetary economics may appear to be a kind of hidden black art understood only by an elite handful pulling all the strings. But as one reads Mr Diwany's book it becomes clear that the conditions for a just and fair monetary system are actually technically rather restrictive. Indeed if one follows the discussion closely one is led, seemingly unavoidably, to a monetary system of the kind prescribed in Islam which disallows interest completely, and requires the payment of 'zakat', which is a form of annual charitable tax fixed at 2.5% of assets owned.

    Mr Diwany's logic is impeccable, and his arguments are backed up by numerous poignant illustrative examples, which leave the reader in little doubt regarding the conclusions reached. The case put forward for an ethical, interest-free, monetary economy is powerful and compelling, and this book should be mandatory reading for anyone concerned about the illnesses plaguing the economy today and wondering if there might exist a more just and fair alternative.
    10 people found this helpful
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Top reviews from other countries

  • T.I.M.
    5.0 out of 5 stars Great book!
    Reviewed in the United Kingdom on July 26, 2011
    Verified Purchase
    This book is a phenomenal piece of work, which sheds light to multiple aspects of current monetary policy, its history, development, main drivers and principles and how it has shaped our current economic life. It is a must read not only for the ones interested in finance and economics, but to everybody, as the issue of interest is touching all of us!

    Indeed, the impact of interest on economy, its role in creation of paper money and debt is quite devastating. Author touches upon the issue of infinite growth of debt, hidden thieve of our hard-earned wealth and compounding rate of exploitation of resources on the Earth and issue of sustainability.

    The matters raised in this book are quite enlightening and numerous views from famous thinkers of their time, such as Thomas Jefferson, Abraham Lincoln, Benjamin Franklin etc. add strong argumentation points on the true problem of interest.

    More importantly, Tarek El-Diwany touches upon issue of prohibition of interest in Judaism, Christianity and Islam, and then elaborates how profit-seeking groups have maneuvered this prohibition by different mechanisms throughout history up until now.

    The author doesn't stop with just giving the above mentioned facts, opinions and analysis, but also suggests practical recommendations on eliminating interest and achieving true justice and equity in the world, which I'm sure most, if not all, would support. He tackles main foundations of interest-based financial system, which is interest charged on money lending (including creation of paper money) and fractional reserve banking, which creates several time of private (bank) debt out of deposits made.
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  • Abdul Haseeb Basit
    5.0 out of 5 stars Finally someone tells it like it is
    Reviewed in the United Kingdom on March 14, 2014
    Verified Purchase
    Finally someone has written a definitive work on our broken economic system, which aspects of it are broken and why. I find this book very refreshing for two reason. Firstly the author makes pure economic arguments against why the systems such as fractional reserve banking and fiat currency just do not work and moreover create problems rather than solve them. This debunks a lot of what is taught as given in our educational institutions today. Secondly the author tackles the growing manipulation of Islamic Finance and the efforts in the industry to mimic conventional finance, presenting a view of what true Islamic Finance is and why it the solution in light of the problems highlighted.
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