Mohammedan Theories of Finance.

Nicholas P. Aghnides’ Islamic Theories of Finance is a pioneering introduction in English to Islamic law and to fiscal issues discussed in Islamic law, based directly on the Arabic texts. Aghnides recognized the theoretical nature of this material, implicating it was not necessarily what actually happened. However, he also regarded the theories treated in Islamic law to have been based on the practices of the early Muslim state. Although accomplished nearly a century ago, Aghnides’ work has stood the test of time as an ample account of Muslim legal theories with regard to state finance, done in English, using the terms of the legal texts themselves. Since Aghnides exclusively used Sunni legal texts, what he presented amounts to a normative, or main stream version of fiscal issues.