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Dr. Iraj Toutounchian is a Professor of Economics at the Az-Zehra University, Tehran, Iran and has also written several books on Islamic Banking. His latest publication “Comparative Money and Banking in Capitalistic and Islamic Systems”, received “The Economic Book of the Year” award in Iran
www.toutounchian.com

Dr. Iraj Toutounchian

Prof. C. G. Harcourt:
“…ideologies…affect the topics discussed, the manner of discussion, the factors included or left out or inadequately stressed in arguments, comments, and models and attitudes shown, sympathetic or hostile,…to past and contemporary economists’ works and views. ”

Based upon above statement it can be argued that there are a lot of differences between Islamic and conventional banking systems both at micro and macro levels. These differences are in approach, in concepts, and in the resulting behaviour.

My presentation is based upon the following primary and secondary assertions, which are the result of 27 papers and 3 books. The last book: “Comparative Money and Banking in Capitalistic and Islamic Systems”, in 856 pages, has been recognized in February 2002 in Iran as “The Economic Book of The Year”. These assertions and the final conclusion may seem rather unorthodox, but they are the product of their own logical reasoning. The essence of my paper is thus nothing but one of the logical consequences, among others, of the following assertions everybody is able to derive.
Primary assertions are those, which can directly be used to reach the final conclusion of this paper. Secondary assertions are key issues to be used, one way or another, to lead one to the problems in implementing Islamic Banking. These two types of assertions, however, constitute separable sets.

 

continue reading this essay………..http://evisyari.wordpress.com/2008/08/10/the-role-of-central-banks-in-islamic-banking/

 

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