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Islamic Economics and Banking — the Background

In: Islamic Finance: Theory and Practice

Author

Listed:
  • Paul S. Mills

    (HM Treasury)

  • John R. Presley

    (University of Loughborough
    The Saudi British Bank)

Abstract

Islam is founded upon the notion of Tawhid — a total commitment to the will of God, involving submission to the pattern of life disclosed in the expression of His revealed will. The logical conclusion from this premise, that Islam shares with other monotheistic faiths, is that all aspects of life have a spiritual dimension. There is no part of life that can be placed in a secular compartment, devoid of religious and ethical considerations. Islam is a lifestyle and worldview — not just a spiritual opinion about God’s character (Abbasi et al., 1989, p. 7).

Suggested Citation

  • Paul S. Mills & John R. Presley, 1999. "Islamic Economics and Banking — the Background," Palgrave Macmillan Books, in: Islamic Finance: Theory and Practice, chapter 1, pages 1-6, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28847-8_1
    DOI: 10.1057/9780230288478_1
    as

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