It is a foregone conclusion and there is no second opinion
that interest-oriented economy is a social evil-personal as well as universal and one of
the most effective satanic tools of exploitation.
Developing countries start realizing the fact but still they
find in impossible to liberate themselves from the shackles of ‘interest’ due to
lack of initiative of new nations and more vigorous exploiting methods adopted, from time
to time, by the dominant imperialist economies. An array of books is floating with this
Quranic injunction. However, the book at your hands is quite different because it does not
stop after explaining the evils of interest but goes beyond to form a stepping stone for a
pure and interest-free banking. It does not satisfy with merely explaining the theory but
has formulated the procedures necessary for establishment of a bank and various banking
operations and has drawn practical guidelines for administrative, housekeeping and allied
matters for a proper function with a long-term perspective. The finer points of the
guidelines are made simple with a number of specimen calculations worked out for various
situations. It is an immense potential for those who have initiative and crave for
interest-free banking, with an exploitation-free society at heart.
Contents: Forewords (Maulana Mujahidul Islam
Alqasmi) Preface (Prof. M.I. Bagsiraj) Acknowledgement 1.Introduction 2.The Model
2.1Types of Accounts 2.2 Term Investment Accounts 2.3 Share Capita/Sponsor’s
Shares 2.4 Investments 2.5 Procedure of Assessment of Proportionate
2.6Inter-Bank Placement/Acceptance Interim Service Cost 2.7 Letter of Guarantee 2.8 Letter
of Credit 2.9Foreign Exchange Business 2.10 Standard Forms for Operation of IFB
2.11Definition of General Ledger Accounts 2.12A Model of Profit Plan 3.Basic Guidance of
Granting a Facility 4.Banking Account Relationship 5.Management Glossary Index
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