To some extent this book is more useful than its title suggests, as it is concerned specifically with contracts and is not merely yet another general work on Islamic banking. Habib Shirazi is head of the English department of the Banking Training Centre of the Central Bank of the Islamic Republic of Iran. The book is his translation of a Farsi text on Islamic banking contracts, published in Tehran in 1988. Habib Shirazi edited this earlier version himself, and the chapters were written by a number of unnamed members of the Banking Traning Centre in Iran.

The book will certainly be of considerable use to all those who have dealings with Iranian banks, as it provides a wealth of factual information on Islamic banking law. It will be of less use to those dealing with Islamic banks in Arab and other Moslem countries, as both the law and banking practice differs from that of Iran. The basic principles of Islamic finance are the same, and there are no unique Shiite concepts as far as banking is concerned. However, in Iran the terminology used in financial dealings is unique, reflecting not only linguistic differences, but also contrasts in interpretation of the sharia, the Moslem holy law.

Habib Shirazi’s translation is excellent, and the style of the book makes the subject-matter readily comprehensible to the Western-trained lawyer, economist or banker. There is no problem of cross cultural misunderstanding with this work. The presentation is precsie and specific, and there are none of the sweeping and misleading generalizations found in some