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Author: Nabil El Maghrebi Publisher: Springer Nature ISBN: 303141134X Category : Business & Economics Languages : en Pages : 392
Book Description
This book discusses the need for a paradigm shift from Islamic economics universe of discourse to Iqtisād, a socio-economic system that is entirely independent from other economic doctrines and systems of thought. It provides an overview of critiques of the science and dogma of mainstream, orthodox, neoclassical, or simply Economics, with its axioms of rationality, scarcity, and unlimited wants. There is also a critical analysis of Islamic economics, and its failures to set its own policy agenda and development objectives. Our contention in this book is that Iqtisād--the Qur’an’s vision of how the economy is to be arranged—provides such a paradigm with a radically different philosophical foundation from that of Economics to the point that makes grafting one onto the other Impossible. Iqtisād offers a genuine and authentic Islamic paradigm with unique etymological and philosophical foundations. It is a unique system that derives its organizing principles from the principal source of the Quran, rather than Economics. The logical coherence of its immutable system of rules compliance, institutional structures, and risk-sharing relations provides the foundations for economic dynamism, financial stability, and shared prosperity. It ensures that resources are efficiently managed, poverty is eradicated, income and wealth mal-distributions are corrected, and the internal sources of economic injustices gripping human societies are eliminated. The Impossibility Theorem proposed in this book implies that, metaphysically, ontologically, epistemologically, axiologically, and teleologically, the two polar cases of Iqtisād and Economics are so radically different to rule out any grafting of one onto the other in order to present an intermediate paradigm with a synthetic discipline called Islamic economics. Given its multidisciplinary contents, this book will be of interest to a wide audience, including economists, policymakers, philosophers, theologians, and jurists, and can guide also free-thinking readers to a clarity of understanding about the conditions of humanity and the imperative of change with a sincerity of purpose and coherence in knowledge.
Author: Nabil El Maghrebi Publisher: Springer Nature ISBN: 303141134X Category : Business & Economics Languages : en Pages : 392
Book Description
This book discusses the need for a paradigm shift from Islamic economics universe of discourse to Iqtisād, a socio-economic system that is entirely independent from other economic doctrines and systems of thought. It provides an overview of critiques of the science and dogma of mainstream, orthodox, neoclassical, or simply Economics, with its axioms of rationality, scarcity, and unlimited wants. There is also a critical analysis of Islamic economics, and its failures to set its own policy agenda and development objectives. Our contention in this book is that Iqtisād--the Qur’an’s vision of how the economy is to be arranged—provides such a paradigm with a radically different philosophical foundation from that of Economics to the point that makes grafting one onto the other Impossible. Iqtisād offers a genuine and authentic Islamic paradigm with unique etymological and philosophical foundations. It is a unique system that derives its organizing principles from the principal source of the Quran, rather than Economics. The logical coherence of its immutable system of rules compliance, institutional structures, and risk-sharing relations provides the foundations for economic dynamism, financial stability, and shared prosperity. It ensures that resources are efficiently managed, poverty is eradicated, income and wealth mal-distributions are corrected, and the internal sources of economic injustices gripping human societies are eliminated. The Impossibility Theorem proposed in this book implies that, metaphysically, ontologically, epistemologically, axiologically, and teleologically, the two polar cases of Iqtisād and Economics are so radically different to rule out any grafting of one onto the other in order to present an intermediate paradigm with a synthetic discipline called Islamic economics. Given its multidisciplinary contents, this book will be of interest to a wide audience, including economists, policymakers, philosophers, theologians, and jurists, and can guide also free-thinking readers to a clarity of understanding about the conditions of humanity and the imperative of change with a sincerity of purpose and coherence in knowledge.
Author: Ayesha Bhatti Publisher: Routledge ISBN: 1317064089 Category : Business & Economics Languages : en Pages : 112
Book Description
Islamic finance’s phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with ‘juristically sound’ Islamic principles. This book aims to reconcile the above dispute. It argues that the financial impact of instruments is a consequence of the way they are priced and structured. The similarity in pricing and structures is an outcome not of the underlying Islamic financial modes but of the competitive environment in which Islamic instruments compete. Even risk-sharing and trade-based Islamic structures, if implemented in such an environment, would have a financial impact similar to that of conventional instruments. This book has a wider appeal for both academic and non-academic audiences. It can complement undergraduate and graduate courses as an additional reading on the intricacies of Islamic financial instruments and markets. For PhD students, it would help identify future research areas. To non-academics, it offers a deeper understanding regarding the working of the Islamic finance industry.
Author: Sami Al-Daghistani Publisher: Cambridge University Press ISBN: 1108997546 Category : Business & Economics Languages : en Pages : 337
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: Timur Kuran Publisher: Princeton University Press ISBN: 0691126291 Category : Business & Economics Languages : en Pages : 215
Book Description
The economic impact of Islamism -- Islamic economics and the Islamic subeconomy -- Islamism and economics : policy prescriptions for a free society -- The genesis of Islamic economics : a chapter in the politics of Muslim identity -- The notion of economic justice in contemporary Islamic thought -- Islam and underdevelopment : an old puzzle revisited.
Author: Hossein Askari Publisher: John Wiley & Sons ISBN: 1118732960 Category : Business & Economics Languages : en Pages : 416
Book Description
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.
Author: Toseef Azid Publisher: Routledge ISBN: 1351364545 Category : Business & Economics Languages : en Pages : 240
Book Description
Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years. This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue. It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.
Author: Syed Nawab Haider Naqvi Publisher: Routledge ISBN: Category : Business & Economics Languages : en Pages : 216
Book Description
The Islamic perception of the socio-economic process is dynamic and its insistence on social justice is uncompromising. To produce the best social structure, according to this view, man's economic endeavours should be motivated by a meaningful moral philosophy. In the face of the challenges presented by the modern world, the practice of Islamic economics raises many complex and profound issues. These are addressed in this highly important work, which must be considered essential reading for all those who live in the vision of the 'right'.
Author: Monzer Kahf Publisher: Createspace Independent Publishing Platform ISBN: 9781512312065 Category : Banks and banking Languages : en Pages : 296
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: Management Association, Information Resources Publisher: IGI Global ISBN: 1799834360 Category : Social Science Languages : en Pages : 825
Book Description
Religion is considered by many to be something of the past, but it has a lasting hold in society and influences people across many cultures. This integration of spirituality causes numerous impacts across various aspects of modern life. The variety of religious institutions in modern society necessitates a focus on diversity and inclusiveness in the interactions between organizations of different religions, cultures, and viewpoints. Research Anthology on Religious Impacts on Society examines the cultural, sociological, economic, and philosophical effects of religion on modern society and human behavior. Highlighting a range of topics such as religious values, social reforms, and spirituality, this publication is an ideal reference source for religious officials, church leaders, psychologists, sociologists, professionals, researchers, academicians, and students.
Author: Taha Eğri Publisher: Cambridge Scholars Publishing ISBN: 1443879207 Category : Business & Economics Languages : en Pages : 255
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: Nabil El Maghrebi
Author: Nabil El Maghrebi
Author: Ayesha Bhatti
Author: Sami Al-Daghistani
Author: Timur Kuran
Author: Hossein Askari
Author: Toseef Azid
Author: Syed Nawab Haider Naqvi
Author: Monzer Kahf
Author: Management Association, Information Resources
Author: Taha Eğri