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Consistency and Viability of Islamic Economic Systems and the Transition Process

Consistency and Viability of Islamic Economics Systems and the Transition Process has the crucial intention of stimulating interest in Islamic economics by studying the Islamic Republic of Iran using the analytical framework of consistency and viability. This text develops an original analytic framework to understand the relationship between the economic, political, and ideological structures, the external environment, and the process of reform that gives rise to certain economic systems by establishing consistency. Consistency, however, is not enough; a consistent economic system must be flexible and have the internal mechanisms to be able to adapt to changes in social reality, thus making possible its survival over time. In other words, the economic system is viable when it is able to encourage increases in labor productivity and there is popular support. The collapse of centrally administered socialism in Central and Eastern Europe and the former Soviet Union resulted in what was commonly referred to as the transition problem.

Consistency and Viability of Islamic Economics Systems and the Transition Process outlines the transition problem for non-market economies and creates an analytic framework for understanding the cause and effect of these economies.

Islamic Economies

Stability, Markets and Endowments

This book explores contemporary empirical issues in Islamic economics. It begins by outlining current trends in Islamic economics and before identifying gaps in the empirical research. It then goes on to discuss the role of institutions in economic growth for Islamic countries, and the fiscal aspects of Islamic economics. It explores issues in debt and growth, as well as the instruments of monetary management in Islamic economics. It analyses the trade-off between growth and stability and concludes with discussion of Zakat and Waqf in driving growth.

This book explores contemporary empirical issues in Islamic economics. It begins by outlining current trends in Islamic economics and before identifying gaps in the empirical research.

Islamic Economics and Finance

A European Perspective

In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance. These highlights of the symposium and original articles specifically address the post-crisis application of this growing and relevant economic philosophy in Europe.

In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance.

Islamic World View

The quest for a systematic unity of the universe in all of its manifestations is a common topic in Western thought. In this book the author shows what Islam can bring to this field of human enquiry. Defining a paradigm of Islamic political economy and world systems, he presents a study of epistemology in the light of general systems derived from the Qur'anic premise. The result is an intellectual endeavour without any dogmatic or reglious and philosophoical enquiry. First published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

The quest for a systematic unity of the universe in all of its manifestations is a common topic in Western thought. In this book the author shows what Islam can bring to this field of human enquiry.

Ethical Dimensions of Islamic Finance

Theory and Practice

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice. It demonstrates how Islamic finance—a risk-sharing and asset-backed finance—has embedded universal values, ethical rules, and virtues, and how these qualities may be applied to a supposedly value-neutral social science to influence policy-making. This book argues that ethical and responsible finance, such as Islamic finance, could lead the efforts to achieve sustainable economic development. Iqbal and Mirakhor then conduct a comparative analysis of Islamic and conventional financial systems and present Islamic finance as an alternative that can address today’s growing problems of inequality, social injustice, financial repression, unethical leadership, and lack of opportunity to share prosperity.

This book provides an introductory theoretical foundation of the ethics embedded in Islamic economics and finance, and it shows how this ethical framework could pave the way to economic and social justice.

Islamic Vs Mainstream Economics

Exploring the Differences

The analysis presented here argues that the problems afflicting present-day economies arise primarily from the use of interest-based banking. Analysis shows that, in contrast to the teaching of mainstream economic theory, interest as an incentive for ensuring an efficient allocation of resources simply does not, and cannot, achieve results that are in any sense comparable to those that may be achieved when profit is used for the purpose. Significant differences exist between profit and interest as motives for the efficient allocation of capital. These differences have important consequences not just on how resources are allocated, but also on how the rewards of productive activity are distributed. To make matters worse, with a few exceptions, all analysis takes place within the Keynesian or neo-Keynesian paradigm. A number of observers have already stated that Keynesian theory is flawed and thus hardly suitable to provide the basis for serious analysis. The work presented here recommends adopting a paradigm that is free of interest as an incentive for rewarding economic activity. It tries to demonstrate that resources are allocated more efficiently when profit rather than interest is used as the primary incentive to reward economic activity. Islamic finance has not been palpably successful in addressing various macroeconomic challenges. In replicating mainstream finance, it has produced debt-like structures, with income and capital guarantees that in substance make them little different from interest-bearing bonds. Thus, as a number of observers have stated, we have witnessed what appears to be a conventionalisation of Islamic finance rather than the Islamisation of conventional finance. The main flaw in the present-day economic theory is the view that interest serves as a suitable incentive for rewarding participation in production. Analysis shows, on the contrary, that interest-based finance produces a range of harmful macroeconomic effects. These include inefficiency, indebtedness, inflation, unemployment, stagnating growth, cyclical instability and an uneven distribution of wealth. As the problems mentioned above are produced by different forms of interest-based financing, it follows that they should be addressed by implementing risk sharing as the preferred method of financing over borrowing at interest on a system-wide basis. The work presented here is based on a decade of teaching economic theory, both in Canada and in Malaysia, as well as several years of research in Islamic banking and finance at IAIS Malaysia. The research presented here draws on both sources.

The work presented here is based on a decade of teaching economic theory, both in Canada and in Malaysia, as well as several years of research in Islamic banking and finance at IAIS Malaysia.

Islamic Republic of Mauritania

Second Review Under the Staff Monitored Program and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania. Mauritania’s performance since the beginning of 2006 has been fully satisfactory. All quantitative targets and structural benchmarks under the SMP that covered the first six months of 2006 were observed. Sound macroeconomic policies reined in inflation and contributed to the elimination of the parallel foreign exchange market premium. The proposed Poverty Reduction and Growth Facility (PRGF)-supported program will consolidate the progress achieved during the SMP toward macroeconomic stabilization.

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania.

Proposed Technical Assistance to the Islamic State of Afghanistan for Poverty Assessment and Socioeconomic and Macroeconomic Statistical Capacity Building

Modern Capitalism and Islamic Ideology in Iran

Beginning with an historical perspective, the text moves to examine dimensions of "Islamic Revolution" and ideology, oil, economic crisis and Islamic banking, and post-war political and infrastructural reconstruction in Iran.

Beginning with an historical perspective, the text moves to examine dimensions of "Islamic Revolution" and ideology, oil, economic crisis and Islamic banking, and post-war political and infrastructural reconstruction in Iran.

Islamic Macroeconomics

A Model for Efficient Government, Stability and Full Employment

Islamic Macroeconomics proposes an Islamic model that offers significant prospects for economic growth and durable macroeconomic stability, and which is immune to the defects of the economic models prevailing both in developed and developing countries. An Islamic model advocates a limited government confined to its natural duties of defence, justice, education, health, infrastructure, regulation, and welfare of the vulnerable population. It prohibits interest-based debt and money, and requires full liberalization of all markets including labor, financial, commodity, trade, and foreign exchange markets. The government should be Sharia-compliant in its taxation power and regulatory intervention; it ought to reduce unproductive spending in favor of productive spending. This book is essential reading for students and academics of Islamic economics and finance, economists, practitioners, and researchers.

This book is essential reading for students and academics of Islamic economics and finance, economists, practitioners, and researchers.