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Book Review: M. Umer Chapra: Towards a Just Monetary System The Islamic Foundation Leicester, Reviewed by مراجعة علمية لكتاب: نحو نظام نقدي عادل - تأليف: محمد عمر شابرا - مراجعة: جون بريسلي وأي جي واتساوي

Author

Listed:
  • John R. Presley

    (Prof. of Economics and Director of the Banking Centre at Loughborough University)

  • A. J. Westaway

    (Lecturer in Economics, Loagh borough University)

Abstract

The development of Islamic economics has been profound over the last twenty years. The excellent survey of Muslim Economic Thinking by Mohammad Nejatullah Siddiqi (Ahmad 1980) demonstrates the progress that has been made in every avenue of economic thought; the recent work by M. Khan and A. Mirakhor on Islamic Banking in Pakistan and Iran represents the first major study to quantify the effectiveness of an Islamic monetary system. The book by Dr. Umer Chapra, Towards a Just Monetary System, which is the subject matter of this review article, is an attempt, or so we are told by Khurshid Ahmad in the preface, to provide a comprehensive and interpretative study of the Islamic monetary system (P. 12), to integrate theory and practice and to give a vigorous analysis of some key concepts (P.13) in Islamic monetary economics. The reader is therefore given very high expectations of the book as the beginning of the fourth phase of Islamic economies - a more integrative as well as more critical approach to the entire theory and practice of money and banking in Islam (P.11). If these expectations are fulfilled Chapra has claim to pioneering work in Islamic macroeconomics but is this the case?

Suggested Citation

  • John R. Presley & A. J. Westaway, 1990. "Book Review: M. Umer Chapra: Towards a Just Monetary System The Islamic Foundation Leicester, Reviewed by مراجعة علمية لكتاب: نحو نظام نقدي عادل - تأليف: محمد عمر شابرا - مراجعة: جون بريسلي وأي جي وات," Book reviews and book reports published in the Journal of King Abdulaziz University: Islamic Economics. 496, King Abdulaziz University, Islamic Economics Institute..
    • Handle: RePEc:abd:jkaubr:496
    DOI: 10.4197/islec.2-1.7
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    References listed on IDEAS

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    1. Sherman J. Maisel, 1981. "Risk and Capital Adequacy in Commercial Banks," NBER Books, National Bureau of Economic Research, Inc, number mais81-1.
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    Cited by:

    1. Shamim Ahmad Siddiqui, 2008. "An Evaluation of Research on Monetary Policy and Stability of the Islamic Economic system تقييم الأبحاث المتعلقة بالسياسة والاستقرار المالي لنظام الاقتصاد الإسلامي," Papers and books based on the proceedings of the Conferences organized by the Islamic Economics Institute, KAAU. 51, King Abdulaziz University, Islamic Economics Institute..

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