The last few decades have seen a phenomenal growth of the emerging discipline of Islamic Economics and Finance. In this paper I trace the origins and birth of this nascent science, examining the various factors that gave impetus to its emergence and development. I contrast the different characterisations of the discipline as it has developed within the broader sociopolitical context and the reasons thereof.
After decades of its birth, Islamic economics has undoubtedly gaining its strength. However, it could not be regarded as yet, inevitably, as being a zero-defect discipline. Although the debate on Islamic economics seems to be almost rather settled, but a revisit to it is still indispensable. This is exactly what this paper intends to do. It attempts to revisit the mainstream Islamic economics and explore two unresolved concerns that are observed to have prevailed in it, so as efforts to overcome them could entail with a more proper development of the discipline.
The more recent literature on Islamic economics is largely about Islamic financial instruments and institutions. It might give an impression as if the main difference between conventional and Islamic economics is in the instrumental part, rather than fundamental aspect. Islamic economics is not about the prohibition of certain goods and services. It is a vastly different economic system whose answers to the core economic questions vary significantly. As currently done, mimicking conventional economics and finance is only creating Islamic economics and finance by name.
One of the goals of Islamic banking operations is to increase the economic growth towards a better and just society. This study aims to examine the criteria and Islamic instrument of corporate social responsibility towards the creation of a sustainable economic development. Specifically, the study analyses the various approaches to improve the quality of life and alleviate poverty and the methods of applying Islamic instruments to corporate social responsibility programs in Islamic banking.
Ethics has become increasingly important in the financial services sector on the grounds that the aim of business activities in general and financial services in particular is the creation of value for the consumer. Furthermore, an ethical environment in the business and financial sectors provides vital support for maximising long-term owner value. This paper tries to address the current imbalance of emphasis and the lack of a comprehensive discussion on business ethics from a wider cultural and religious perspective with reference to
The main aim of this research is to investigate how efficient is the only existing Islamic bank in Bosnia and Herzegovina (B-H) related to average efficiency of other banks from our sample. The analysis has been conducted on the sample of 18 conventional and one Islamic bank from data published by Banking Agency of Federation of B-H for 2009. The banking and economic environment of B-H as European, post-communist and transition country is of conventional type, and it has not been analyzed in this sense ever before.
This study investigates the knowledge, perceptions and decisive factors for choosing Islamic banking in Bosnia and Herzegovina. In-depth and usual survey methods are used to identify the factors which influence the success of islamic banking applications based on the result from factor analysis. The sample is selected randomly among the users and non-users of the Islamic banking. The analysis' result indicates that general knowledge about Islamic banking is low. The perceptions of Islamic banking are not positive.
Current paper reports the outcome investigating the sustainability and efficiency of Shariah-complaint investment from the global and cross-country perspectives. Our findings, thus far, suggest that global Shariah complaint sustainable shares performed slightly better than global sustainable shares in general, during 2006-2011, and Shariah compliant shares performed substantially better than global market during the same period.
The last decade witnessed dramatic growth of the Islamic banking and finance sector, which had largely been credited to its adoption of the profit and loss sharing principles. However, in practice, the Islamic banks mostly reply on debt-like financing methods such as mark-up and leasing finance instead. Consequently, the equity investors are exposed to default risks.
This paper summarizes main points in the existing Islamic economics literature on the subject of fiscal and monetary policies. It outlines institutional framework for these policies from the Islamic economics perspective. Some fresh points on the nature and role of government in the light of the Shari’ah principles, are also noted. The general goals for macroeconomic policies are discussed along with separate goals for each of the two policies. The argument is capped with a look at practical considerations in the actual working of both the policies.