During the past several decades hundreds of valuable books and research papers have been published on the justness and completeness of Islamic economic system and about two hundred Islamic banks have been established and many web sites have been opened for dealing with Islamic finance. But most unfortunately for the Muslim ummah professional Islamic economists and bankers have not yet come up with any practicable Islamic alternative of interest with the result that in spite of having mobilized billions of dollars of Muslim ummah Islamic banks do not have any system of advancing interest-free loans which should be their main function and therefore for meeting their own short-term needs of liquidity they get loans on interest from conventional banks.

Fortunately for the Muslim ummah, a non-professional and little known but most outstanding economist and Islamic research scholar late Professor Shaikh Mahmud Ahmad devised a financial instrument based on Qard Hasan and named it Time Multiple Counter Loan-TMCL which can perform in Islamic way all the financial intermediation functions as are performed by interest in the modern banking system. He pleaded for eliminating interest by replacing it with TMCL in the banking system.

This web site is dedicated to true Islamic banking based on TMCL. Herein are displayed contents of two books titled 'Interest-Free Banking' and 'Replacement of Interest by Time Multiple Counter Loan'.

contact writer at awkhan192@hotmail.com

Prohibition of interest in Islam and role of Islamic banks in eliminating
Use of fake Murabaha by Islamic banks
The most grievous calamity for Muslim Ummah
Some Bitter Truths about Inaction of Islamic Economists
For Urgent Attention 7th Islamic Conference
Deliberations Of 7th Intl Islamic Conference
Basic Principles & Methodology for True Islamic banking
How Islamic Banks can get themselves rid of interest


 










 
 

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