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An advanced exposition of Islamic economics and finance

This book is a challenging inquiry using the foundational epistemology that establishes the Islamic worldview and its applications to all socio-scientific theory, issues and problems. This foundational premise of all socio-scientific inquiry is the epistemology of unity of knowledge in the Qur'an combined with the Guidance of the Prophet Muhammad (Sunnah) and extensive discourse in scientific reasoning. Such a foundational epistemology called Tawhid, the Oneness of Allah in the Qur'an, is challenging and quite a different worldview of socio-scientific inquiry than the existing thinking and practice that came to be known as "islamic Economics and Finance". The latter literature is embedded in mainstream economic theory and practice. It contributes to the understanding of the methodology emanating from the fundamental epistemology of Tawhid in socio-scientific reasoning.

This book is a challenging inquiry using the foundational epistemology that establishes the Islamic worldview and its applications to all socio-scientific theory, issues and problems.

Islamic economics

ekonomi syariah bukan opsi, tetapi solusi!

Morality and Justice in Islamic Economics and Finance

øMankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a

Ibn Khaldun's theory of development: does it help explain the low performance of
the present-day Muslim world?* 4.1 INTRODUCTION The development and
decline of economies and societies has been of interest to scholars throughout ...

Introduction to Islamic Economics

Theory and Application

Gain deeper insight into the principles and theory of Islamic economics Introduction to Islamic Economics: Theory and Application provides an overview of the organizing principles and fundamentals of an Islamic economy. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book addresses the core economic principles underlying a system based on the foundational teachings of Islam, and examines the implications for economic policies. Social welfare, economic justice, market functionality, efficiency, and equity are explored from an Islamic perspective, and the role and instruments of fiscal and monetary policy in Islamic systems are used to illustrate contemporary applications. Universities around the globe are offering courses on Islamic economics and finance, but despite the industry's rapid growth, most research has been focused on the financial principles rather than underlying economic principles. The first book of its kind, Introduction to Islamic Economics brings all the key concepts together into one reference volume. By outlining the ways in which Islamic finance and Islamic economics interrelate, this book can help readers to: Develop an understanding of the Islamic economic system and its institutional scaffolding Differentiate between the major characteristics of the dominant conventional economy and one based on the fundamental sources of Islam Understand the conditions that must be met for a just, well-balanced, stable, and growing economy Clarify the role of State, public policy, and risk-sharing in the Islamic financial system The Islamic financial system is expanding quickly, and those looking to increase their relevance in a changing economic landscape must get up to speed. Introduction to Islamic Economics provides a comprehensive overview of underlying economic system offering a deeper understanding of the feature of the system. This book is an excellent complement to Introduction to Islamic Finance, 2E by Iqbal and Mirakhor.

Thus today, the Western concept of development is focused on efficient
institutions; a political system that nurtures institutions and prohibits rent-seeking
activities and the confiscation of legitimate wealth; and a social outlook that
embraces ...

Essays in Islamic economics

"Precisely the kind of book that Western economists have been waiting for."-John Presley, former professor of economics, University of LoughboroughThis systematic and applied exposition places Islamic macroeconomics on a par with Keynsian and neo-classical theories. Ideal for undergraduates, it covers consumer behavior, the macro consumption function, banking and finance, production and investment, growth and development, and public policy.M. Fahim Khan is the president of the Islamic Society of Institutional Economics at the International Institute of Islamic Economics, Islamabad, Pakistan, and is the author of ten monographs on Islamic economics.

"Precisely the kind of book that Western economists have been waiting for.

Notes on Islamic Economics: Theories and Institutions

Notes on Islamic Economics: Theories and InstitutionsIn this book I present the basic theories and the institutional set up of Islamic economics. It consists of chapters one through eleven. Chapters one and two attempt to answer the questions of 'what is Islamic Economics' and 'why we need to study it', they also discuss issues of definition, scope, sources of knowledge and relevance. The third chapter deals with the basic values and ethical questions of Islamic economics both as a branch of science and as a study of the Islamic economic system. It briefly studies ethical values which affect economic behaviour of men and women like of efficiency, performance, self-reliance, perfection and benevolence. Chapter four discusses the fundamental institutional setup of the Islamic economic system. It argues that the Islamic institutional set up is based on nine pillars which are: 1) Property rights, 2) Exchange and contracts, 3) Economic freedom, 4) Market structure, 5) Wealth and income, 6) State of law, 7) Economic activity of the state, 8) Internal ethical monitor, and 9) Mercy and caring. The next two chapters are devoted to the discussion of the position and place of the state and the private sector in the system and the interrelations between them. The main argument of these chapters is that while the Islamic system adores private ownership and economic freedom, it assigns an important role to the state, in all its branches, and charges it with important functions including the management of public properties and natural resources, which may be huge under certain circumstances. Islamic theories of consumer behavior and producer behavior are discussed in chapters seven and eight. The basic theorem of these two chapters is that human beings are not one dimensional. They rather have a benevolent facet of their behaviors which is present both in the consumers and the firms as well. The analysis in these two chapters tries to take this behavioral element into consideration. Chapter nine revisits the market and deals with the structure of prices at the micro level. It argues that the market reforms introduced by the Prophet, pbuh, himself were very exemplary in setting the desired structure for the market on the basis of fair play of market forces of demand and supply without elements of injustice which may come from monopoly, financial power, unethical practices by some actors or insufficient power of enforcement of exchange contracts. At the same time the Islamic market structure does not assume conditions of perfect competition. The last two chapters are devoted to discussing the effect of market structure on the factors of production and on the allocation process of resources. They also discuss regulations in the market and their extent and effects.In this book as in the other three books of this series, I deal with the fundamental issues of Islamic economics and finance in a realistic yet innovative manner while observing fundamental relations, ties and inspiration from the basic sources of the Islamic religion and its Shari'ah rulings; the Qur'an and the Sunnah.

Notes on Islamic Economics: Theories and InstitutionsIn this book I present the basic theories and the institutional set up of Islamic economics.