Articles
Monetary management in an Islamic economy
Due to the restriction of riba, monetary management in an Islamic economy differs from the conventional capital system in a basic and important way. Interest is prohibited and considered unjust, because when money is lent, it is used to create either a debt or an asset. If it creates debt, it is not justifiable for the lender to receive a return.
Islamic economics and the Islamic subeconomy
The field of Islamic economics was nearly totally theoretical for a few decades before the movement beginning in the 1970's to set up Islamic banks in various parts of the world. In some countries such as Saudi Arabia and Malaysia, the religious tax is collected and distributed by the state.
The concept of Islamic socio-economic development in contemporary perspectives
The author offers an Islamic approach to development that stands, in his mind, quite a distance apart from the understandings of development that currently dominate the field. He asserts that the general movement towards Islamisation amongst
Principles and instruments of Islamic economic co-operation in contemporary times
The author seeks to discuss the notion of international economic co-operation in a general context, in the particular context of the Bretton Woods establishments, and in the case of a number of states within the Muslim world.
The Islamic economic system
There are over 720 million Muslims on the globe today, and thus the movement amongst them towards Islamic economies are consequential for the world in general. Al-Qu'ran does not promote socialism, but the capitalism permitted in
Determinants of the financial strategy of Islamic banks
A study was undertaken of two Islamic banks, Faisal Islamic Bank of Sudan and Kuwait Finance House, over the period of 1979-1985. The two institutions, which avoid interest in all their dealings in accordance to the dictates of al-
Principles of Islamic economics
The author attempts in the article to explain the philosophical structure and basis of the Islamic economic system in terminology easily understood by non-economists. The author cites and elaborates on the: 1. Principle of Tawheed and brotherhood in the religion; 2. Principle of work and productivity in
The liability of partners in an Islamic shirkah
Shirkah is a partnership in which two or more individuals combine capital, labor, or good credit standing in order to share profits and take on losses together. Various forms of shirka include:
Fundamentals of an Islamic financial system
The principal aims in Islamic economic interactions are the improvement of the total community, harmony within the society, and good relations between the members of the community and Allah. All things belong to Allah, and justice is an element of the economic and social systems. Interest is forbidden, in order to increase the level of justice in financial transactions. Risk ought to be shared between both parties in a venture, since risk is inherent in all businesses. By the concept of