The Problem with Interest: Book Review by Joe Bradford

What is the problem with interest? Why is it an issue for Muslims?

This book is an attempt to answer these questions.

When Copernicus and Galileo attacked the science of their time, they suffered at the hands of established opinion.

Whilst demanding a retraction of their heresy, the church conveniently ignored the growing gulf between evidence and its own theories.

But the earth became increasingly round and drifted even further from the center of the universe.

This is the problem with interest. To my mind, the economics embodied in the religion of Islam probably constitutes the last remaining serious challenge to free-market capitalism.

However, because the Muslim world has not yet in a position to lecture the West on how to attain economic success, I hope that I strike a sufficiently modest note in offering my insights.

The above is part of the introduction of The Problem with Interest. This book, authored by Tarek El Diwany, draws heavily upon the author’s own practical experience in modern banking and finance. It challenges some of the normative assumptions behind banking and finance.