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Author: Monzer Kahf
Publisher: Createspace Independent Publishing Platform
ISBN: 9781512312065
Category : Banks and banking
Languages : en
Pages : 296
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Book Description
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.
Author: Monzer Kahf
Publisher: Createspace Independent Publishing Platform
ISBN: 9781512312065
Category : Banks and banking
Languages : en
Pages : 296
Get Book Here
Book Description
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.
Author: Sami Al-Daghistani
Publisher: Cambridge University Press
ISBN: 1108997546
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
Interrogating the development and conceptual framework of economic thought in the Islamic tradition pertaining to ethical, philosophical, and theological ideas, this book provides a critique of modern Islamic economics as a hybrid economic system. From the outset, Sami Al-Daghistani is concerned with the polyvalent methodology of studying the phenomenon of Islamic economic thought as a human science in that it nurtures a complex plentitude of meanings and interpretations associated with the moral self. By studying legal scholars, theologians, and Sufis in the classical period, Al-Daghistani looks at economic thought in the context of Sharī'a's moral law. Alongside critiquing modern developments of Islamic economics, he puts forward an idea for a plural epistemology of Islam's moral economy, which advocates for a multifaceted hermeneutical reading of the subject in light of a moral law, embedded in a particular cosmology of human relationality, metaphysical intelligibility, and economic subjectivity.
Author: Muhammad Akram Khan
Publisher: Edward Elgar Publishing
ISBN: 1782544151
Category : Business & Economics
Languages : en
Pages : 529
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Book Description
ÔI read with great interest the current state of Islamic economics and finance as examined by Muhammad Akram Khan, who has given a fresh outlook for the readers to find out its limitations and to search for its solutions. Khan has read widely in the subject matter, and presented his views with reference to literature and thoughtful and logical arguments. While many may not agree with his arguments or will have a better explanation, I find his arguments at least worthy of examination to strengthen the arguments of those who might oppose him. Although Khan is critical of the subject matter, he is very sympathetic to the greater objectives of Islamic economics and provides his own prescriptions to achieve those objectives.Õ Ð M. Kabir Hassan, University of New Orleans, US ÔThis is a very thought provoking book coming at a crucial stage in the development of Islamic economics and finance. Although the reader may not agree with some of the conclusions reached, it is clearly a scholarly and extensively researched piece of work; it should be read by all serious students of the subject area. Amongst other things, it throws light on the reasons why the practical implementation of Islamic economics and finance, particularly in relation to the financial system and financial institutions, has not always conformed to the true theoretical foundations laid down by Islamic scholars.Õ Ð John Presley, Loughborough University, UK and recipient of Islamic Development Bank Prize in Islamic Finance, 2001Ð2002 ÔÒIslamic economic system is a type of capitalism with a spiritual dimensionÓ is a major conclusion of this book. I applaud this insight of Muhammad Akram Khan. The same can be perhaps said of Islamic finance, which, in its hurry to build viable and efficient financial institutions, has ignored the very same need to start with profits-and-risk-sharing principle and no-riba principles to build pricing models to anchor the new sub-discpline. The good news is that, in the course of time to come, AkramÕs advocacy may be realised since such serious works have already begun.Õ Ð Mohamed Ariff, University Putra Malaysia and Bond University, Australia ÔAlthough there are many books on Islamic economics, this critical, but sympathetic, account by Muhammad Akram Khan is worthy of attention. The author has clearly read widely on the subject and appreciates the limitations of much that he has read. Islamic economics is a work in progress and by focusing on its shortcomings, Khan challenges the assumptions of many working in the field. His discussion of methodology is insightful, and even the prohibition of riba, for many the defining characteristic of Islamic finance, is examined from a fresh perspective. While many will not agree with the analysis and the conclusions, even critics should be able to appreciate the strengths of the arguments made. In summary this is a worthwhile, and in many respects an innovative, survey of the state of Islamic economics and finance. It deserves to be widely read.Õ Ð Rodney Wilson, Durham University, UK What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward. As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst Islamic banks now position themselves more closely to conventional banks. The book also offers insights into how certain traditional thinking has seemingly ignored the egalitarian spirit of the law of zakah and created a scenario where zakah is not able to help the billions of poor people around the globe. This detailed book will appeal to students, professors, researchers, Islamic banks and finance houses, consulting companies, accounting firms, and regulatory bodies. Professional economists, libraries in research and training organizations, as well as anyone with a general interest in the topic will find much to interest them.
Author: Monzer Kahf
Publisher: CreateSpace
ISBN: 9781514131381
Category :
Languages : en
Pages : 474
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Book Description
This is the fourth in a series of four books on Notes on Islamic Economics. It deals with three important subjects: 1) the Money and development theory in Islamic economics, 2) Islamic public finance, and 3) sustainable development in the Muslim countries. In part one, we discuss the Islamic development theory, money as a central issue in development and inflation. This part consists of chapters one to seven. Chapter one deals with the Islamic theory of economic development, chapter two deals with the role of government in economic development, chapter three deals with money in Islamic economics, chapter four discusses inflation, chapter five discusses economic policy and its tools Islamic economics and chapters six and seven deal with issues of privatization in Islamic perspectives. Part two consists of five chapters; eight through twelve and deals with public finance and part three deals with sustainable development for the Muslim countries in chapters thirteen through sixteen. The conclusion of this book looks for the future of Islamic economics. The theme of my argument in all of them is that the Islamic system looks at economic development is a process determined by the institutional set up of a society which is changeable only by changing the value/cultural system of the society. The religion of Islam attempts to implant values conducive to development and prepares human beings to undertake necessary changes which bring about economic progressiveness. Besides, there are many similarities between Islamic and conventional economics when it comes to the general objectives and approaches while a number of details differ considerably.
Author: Abul Hassan
Publisher: Routledge
ISBN: 0429777930
Category : Business & Economics
Languages : en
Pages : 357
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Book Description
This book is a comprehensive study, which provides informed knowledge within the field of Islamic economics. The authors lay down the principal philosophical foundation of a unique and universal theory of Islamic economics by contrasting it with the perspectives of mainstream economics. The methodological part of the theory of Islamic economics arises from the ethical foundations of the Qur'an and the Sunnah (tradition of the Prophet) along with learned exegeses in an epistemological derivation of the postulates and formalism of Islamic economics. This foundational methodology will be contrasted with the contemporary approaches of the random use of mainstream economic theory in Islamic economics. The book establishes the methodological foundation as the primal and most fundamental premise of the study leading to scientific formalism and the prospect of its application. By way of its Islamic epistemological explanation (philosophical premise) in the form of logical formalism and the use of simple real-world examples, the authors show the reader that the scientific nature of economics in general and Islamic economics in particular rests on the conception of the scientific worldview. With its uniquely comparative approach to mainstream economics, this book facilitates a greater understanding of Islamic economic concepts. Senior undergraduate and graduate students will gain exposure to Islamic perspectives of micro- and macroeconomics, money, public finance, and development economics. Additionally, this book will be useful to practitioners seeking a greater comprehension of the nature of Islamic economics. It will also enable policymakers to better understand the mechanism of converting institutions, such as public and social policy perspectives.
Author: Ahmed El-Ashker
Publisher: BRILL
ISBN: 9047409620
Category : Social Science
Languages : en
Pages : 467
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Book Description
This comprehensive survey of Islamic economic thought covers the development of ideas from the early Muslim jurists to the period of the Umayyads and Abbasids. The economic concerns of the Ottomans, Safawids and Moghuls are examined, as is the profusion of more recent writing.
Author: Monzer Kahf
Publisher: Al Manhal
ISBN:
Category : Religion
Languages : en
Pages : 309
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Book Description
This is the one he wrote a series of notes about the Islamic economy consists of 11 chapters, and revolves around, Islamic Economics, What is it and what is it for? .. Further Notes on Definition and Methodology of Islamic Economics.. The Role of Values, Ethics and Culture in Economics .. Institutional Structure of the Islamic Economic System ..Economic Role of State in Islam .. The Role and Importance of the Private Sector .. The Demand Side or Consumer Behaviour Theory .. Supply Side or Producer Behaviour .. The Institution of Market .. Institutional Guidelines of Market Regulation..Allocation of output to factors of production and the implicit Descriptor(s): ISLAMIC BANKING | FINANCING | ECONOMIC DEVELOPMENT | CONSUMER BEHAVIOUR | ECONOMIC ASPECTS
Author: Taha Eğri
Publisher: Cambridge Scholars Publishing
ISBN: 1443879207
Category : Business & Economics
Languages : en
Pages : 255
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Book Description
Studies conducted in the field of Islamic economics lose their relevance over time. Works examining Islamic economics since the 1970s have been co-opted by the existing economic system and have become limited to a large extent, as they are now only concerned with financial transactions. In fact, ""Islamic economics"" as a concept should actually be conceptualized as an alternative economic system. However, because of the financial and commercial transactions implemented in daily economic life ...
Author: Ahmet Suayb Gundogdu
Publisher: Emerald Group Publishing
ISBN: 1789731372
Category : Business & Economics
Languages : en
Pages : 181
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Book Description
This book aims to develop a blue print for Islamic economics and finance by starting at the grass roots of trade and commerce. It positions Islamic finance within the economic priorities of Islam while providing a cohesive understanding of Islamic economics and finance in a clear and practical manner.
Author: Necmettin Kizilkaya
Publisher: Routledge
ISBN: 1000732444
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
In its pursuit to equip the reader with a basic knowledge of Islamic economics, this book divulges the micro-foundations of the discipline, and highlights the predominant schools of thought that exist in the field. It explains, in simple terms, what Islamic economics entails and how it can be studied as a science in relation to the Holy Quran, the Sunnah and the Islamic intellectual tradition based on these two sources. The book familiarizes the reader with knowledge of the basic maxims of the discipline. It then establishes the arguments that are presented by the proponents of religion-based economics, specifically Islam, and apprises readers about the aforementioned schools as they exist. A number of chapters consider the dimension of the dilemmas the discipline is facing, and the chronological progress of the field is reviewed, hence providing a comprehensive overview of the topic. The book deals with the issues about the origins of Islamic economics, the basic methodological questions, the use of the opportunities offered by fiqh in the methodological discussions and the main problems arising from the encounter with other cultures and civilizations. It offers practical solutions, despite the differing schools of thought, not unlike the development of conventional Economics where radical differences between Keynesian, Classical and Monetarist approaches existed. It concludes by incorporating some of the finest works that explain to the reader how Islamic economics may progress as a discipline. This guide will provide both students and researchers in Comparative Economic Studies, Islamic Economics and Islamic Finance with an essential overview of the field.
