Discussant: Dr. Ajit Singh
Date and time: 12th of February 2013 11:30-1:00 p.m.
Location: Lecture Room 9, Mill Lane Lecture Theatre
For almost 1300 years, Muslim societies across the world adopted an economic model in which commercial banking and the charging of interest was absent. A commodity money system prevailed in place of fiat money. Wealth taxes predominated over income taxes, and charitable endowments fulfilled a major portion of the funding in education, welfare and medical care. How did this model work, what was the legal framework that supported it, and does modern Islamic banking embody it? Tarek El Diwany, a specialist in Islamic finance and long-time campaigner for banking reform, offers some theological and commercial insights.
Dr. Ajit Singh, will briefly discuss his op-ed pieces co-written with Andrew Sheng in 2011 and 2012 on the ‘Internationalisation of Islamic Finance’.