The third edition of The Problem With Interest is now available. Tarek El Diwany's detailed and forthright commentary on the nature of usury and modern banking has attracted a wide readership since it was first published in 1997. Discussions of secular economics are undertaken with reference to the ideas and laws found in other belief systems, in particular Islam, to show that practical alternatives do exist to the institutional frameworks and product ranges of interest-based finance. The latest English edition has been extended with material arising from the recent financial crisis. The discussions of current practices in the field of Islamic banking and finance have also been updated and a standard transliteration scheme for Arabic terminology is now adopted throughout. The book is now available in English, Arabic, Turkish, Bahasa, and Urdu. Further details are available here and orders can be placed here. (Kreatoc Ltd, 268 pages, 2010).
		Since its foundation in 1997, www.islamic-finance.com has maintained an independent editorial and sought to promote open debate on critical contemporary issues in the field of Islamic banking and finance. The site offers an inclusive approach to the subject of Islamic banking and finance, with the full range of juristic and technical opinion represented on its various databases. These include over one thousand PhD's and other researchers in over forty countries, an institutions database comprising academic commercial and public institutions, a books list, details of forthcoming events, occasional job opportunities and an extensive glossary. Over 100 critical editorial essays and a library of important papers from a range of academics are available for free download. For serious students new to the field, a six hour on-line study course is available for purchase, providing audio-visual and reading resourses with a final on-line examination by multiple choice. The Study Centre curriculum and schedule can be seen here and the home page here.
		Our documentary film Why are We All in Debt? provides a 26 minute introduction to the crucial facts on money and banking that every layman should know. Using simple terminology and clear graphics, the film explains why the current financial system inevitably produces boom and bust, endemic inflation and unrepayable debt. Emphasising both Muslim and Christian viewpoints, the film is highly suited for use in inter-faith discussion groups, and as an educational tool for new students who are not satisfied with mainstream explanations of financial economics. Written and presented by Tarek El Diwany, with Peter Challen and Ahmad Thomson. Produced by Fig Tree Film. Camera by Barry Jacklin and Abu Bakr Patterson. Sound by Ann Bradnam. Editing by Ahmed Khelloufi. Design by Spark Associates. Why are We All in Debt? can be ordered here (Kreatoc Ltd. & MRDF, 26mins, 2009).
		This paper analyses the fractional reserve banking system and proposes a reform programme for application in Malaysia. The ceding to commercial banks of the right to create money has provided these institutions with a substantial economic advantage over the non-bank sector. This has resulted in a distortion in the allocation of society’s resources towards the provision of banking and financial services, and simultaneously damaged economic welfare in areas as diverse as wealth creation, wealth distribution, price and output volatility, and environmental sustainability. Removing the right of commercial banks to create money will lessen distortions in resource allocation, improve the quality of economic performance, and allow large scale net gains in wealth creation within the non-bank and non-financial sectors of the economy. A Phase One reform is proposed in which the right to create money would be removed entirely from the commercial banks and placed under the control of the state. An optional Phase Two reform is proposed in which the creation of money by the state authorities will be abandoned in favour of a market-led commodity based monetary system (Kreatoc Ltd., London, 2005, 57 pages).
		The first edition of Islamic Banking and Finance: What It Is and What It Could Be was published by First Ethical Charitable Trust on 31 March 2010 with Tarek El Diwany as contributing editor. Orders can be made here. This comprehensive work has been designed for use by professionals new to the field of Islamic banking and finance and by students at undergraduate level or above. It covers the historical, theological, commercial, legal, institutional and macro-economic factors affecting the modern world of Islamic banking and finance and is organised into four main sections: Islam and the Shari`ah, Traditional Contract Forms, Contemporary Practices, and A Response to Capitalism. Views both for and against the current direction of the Islamic banking and finance industry are provided, and a number of reforms are suggested at the institutional and contractual levels. The book includes fourteen detailed case studies, an extensive Arabic glossary, self-tests, thorough indexing and contents tables, and suggestions for further advanced reading at the end of each section (First Ethical Charitable Trust, 532 pages, 2010).
		Naomi Klein's superb contrast between the theories of modern economics and the realities of what is happening in both the rich and poor countries of the world. Evidenced by detailed research in Asia, Africa, the Middle East, South America and the United States, Klein puts together one of the most powerful critiques of modern capitalism, its political drivers, and its impact on ordinary people. An essential read for people of all beliefs and backgrounds, this book tells a history that is rarely heard in the mainstream media. First published in the USA by Metropolitan Books, Henry Holt and Company 2007. Order here.
		Robert Kenner's disturbing investigation of the American food industry is one of the most powerful documentaries of recent years. Kenner shows how corporate greed and disregard for the environment has combined with consumer ignorance and corruption of regulatory mechanisms to produce a highly destructive system of agriculture, food processing and food distrubution. Although the film-makers themselves do not highlight the fact, there are several points in this documentary where students of usury and fractional reserve banking will recognise the underlying causes of the problem under discussion. This DVD is essential viewing for everyone who cares about the future of our planet and its people. Order here.
		Reverend Patrick Cleary's detailed essay on usury and its prohibition in Christianity was written in 1914 but retains its relevance for students of finance and law today. Containing discussions on the ideas and tools that were used by the money lending classes to overturn the prohibition of usury in the Christian world, Cleary's work offers important lessons for Muslim scholars who are today confronted by similar pressures. Some attention is given to relevant Greek and Roman laws, but the bulk of this work looks at the arguments employed in Europe among both the Catholic and Protestant churches from the time of Jesus, peace be upon him, to the beginning of the twentieth century. Reprinted in 2000 by the Christian Book Club of America at 38602 6th St E, Palmdale, California, USA, telephone: + 1 661-274-2240.
		In Freedom Next Time John Pilger asks why there is such a lack of freedom for so many of the world's people and concludes that the answer often lies with the political and economic power structures imposed by Western nations. He writes: "From South Africa to India, Palestine to Afghanistan and all the other 'invisible' communities, a rapacious economic system condemns millions to poverty while men in decorous offices far away impose a ruthless political order with tariffs and embargoes, bombs and bullets, distorting the very language of freedom, causing suffering they never know, spilling blood they never smell". An essential read for those seeking an alternative narrative on the relationship between power and democracy at the international level. First published in 2006 by Bantam Press in the UK. Orders can be made here.
		Established in 1991 to capitalise on the pioneering work of E. F. Schumacher (author of Small is Beautiful), Schumacher College offers an MA in Economics for Transition and an MSc in Holistic Science, frequent courses, occasional retreats, seminars and a wealth of supporting material for those who seek to understand and find solutions for the most pressing ecological and social concerns of modern life. Located on the Dartington Hall Estate in the south west of England, the college's courses include the Certificate in Education for Sustainability, the Certificate in Sustainable Horticulture (in conjunction with Duchy College) and the Certificate in Natural Building. Recent seminars have included Awareness Wisdom and Compassion in the Workplace, Building Social Movements and Organising for Change, and Cultivating an Ecoliterate Worldview. See the Schumacher College website here.
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