Can Islamic economics cure the crises of modern capitalism?

Abstract

Based on the works of Javed Ahmad Ghamidi, Dr Shehzad Saleem has written several articles on the economic law of Islam. He argues that Islam has provided broad directives instead of an economic system that appends Islamic terminology to capitalism. Several Islamic economists concede that Islamic banking is based on riba (interest).

Saleem argues that “interest-free banking” is an oxymoron based on the analogy that running a bank without interest is like resuscitating a human being after cutting his jugular vein.