Master of Science in Islamic Finance

Information and Islamic Finance in the Digital Era

Submitted by pmoraes on Sat, 02/20/2021 - 15:04

The fact that information is valuable is not a surprise to a layperson, yet economists outside the realm of new institutional economics (NIE) would be amazed by this fact (Stigler 1961). This is because information in neoclassical economics is assumed to be perfect and costless, and such an assumption is a foundation stone for much economic theory, including the efficient market hypothesis. Refuting the costless information assumption renders many neoclassical economic interpretations of reality irrelevant and naive (Furubotn and Richter 2005).

Revitalization of the Traditional Islamic Economic Institutions (Waqf and Zakat) in the Twenty-first Century: Resuscitation of the Antique Economic System or Novel Sustainable System?

Submitted by Issaka Razak A… on Thu, 02/18/2021 - 21:19

The rapid growth of Islamic finance after 2000 has led to a new question of its practice. Critics of the current situation of Islamic finance contend that the newly developed Islamic financial products are not compatible with the ideal of Islamic economics, because these products are approved at patchwork screenings by a Sharia advisory board. After the middle of the first decade of the twenty-first century, in order to overcome this situation, several new ideas were proposed by those who aspire to the ideal of Islamic economics.

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