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Monetary Management in an Islamic Economy

Managed money is a new phenomenon which has gained prominence after the collapse of the Bretton Woods system in August 1971. There is no possibility of finding a precedence for it in the days of the Prophet (pbuh) or in early Islamic history. A number of questions are, therefore, continually raised about the monetary system that a Muslim country may adopt. Is it necessary to go back to the then-prevailing system or is it justifiable to continue the managed money standard that now prevails almost in every country around the world, including the Muslim countries? If so, what constraints may have to be placed upon this system to enable it to help realize the maqasid al-shari'ah (goals of Islamic teachings, referred hereafter as the maqasid), and what policy instruments may be used to realize these goals? This paper tries to answer these and some other related questions.

Managed money is a new phenomenon which has gained prominence after the collapse of the Bretton Woods system in August 1971.

The Political Economy of Theocracy

This book consists of essays by leading scholars in economics and political science which try deepen our understanding of how theocratic regimes behave, by providing up to date empirical surveys by leading scholars of the economic performance of Iran and of Muslim countries in general, and by looking at the behavior of historical theocracies.

This book consists of essays by leading scholars in economics and political science which try deepen our understanding of how theocratic regimes behave, by providing up to date empirical surveys by leading scholars of the economic ...

Islamic Political Economy in Capitalist-globalization

An Agenda for Change

Theory and practice of Islamic political economy / Masudul Alam Choudhury -- Development strategies and achievements with a focus on the sustainability with the framework of Islamic movements and political economy in Malaysia / Ataul Huq Pramanik -- The political economy of Islamic finance: the Malaysian experience / Radiah Abdul Kader and Mohamed Ariff -- Industrial relations in Islam / Sayyid Tahir -- Financial structure and institutions for economic and social development / Volker Nienhaus.

Theory and practice of Islamic political economy / Masudul Alam Choudhury -- Development strategies and achievements with a focus on the sustainability with the framework of Islamic movements and political economy in Malaysia / Ataul Huq ...

Political Economy of Islam

A Blend of Traditional Islamic Laws and Modern Political Economy

Political economy of Islam is the study of an Islamic government's internal and external political functions to establish an economic order in conformity with Islamic tenets aimed at improving the economic welfare of an Islamic country. This goal has been in conflict with the U.S. economic interests in the oil producing Islamic countries. Within the context of his academic analysis of this subject, the author makes an assessment of critical political games played by the U.S. and Islamists. With clarity, Seid Zekavat delineates the U.S. predicament and cautions both sides that militant terrorism severely damages Islam and the U.S. practice of military invasions and change of governments are bound to fail in bringing long-term solutions to Islamic resurgent issues.

Political economy of Islam is the study of an Islamic government's internal and external political functions to establish an economic order in conformity with Islamic tenets aimed at improving the economic welfare of an Islamic country.

Islam and the Moral Economy

The Challenge of Capitalism

How do modern Muslims adapt their traditions to engage with today's world? Charles Tripp's erudite and incisive book considers one of the most significant challenges faced by Muslims over the last sixty years: the challenge of capitalism. By reference to the works of noted Muslim scholars, the author shows how, faced by this challenge, these intellectuals devised a range of strategies which have enabled Muslims to remain true to their faith, whilst engaging effectively with a world not of their own making. The work is framed around the development of their ideas on Islamic socialism, economics and the rationale for Islamic banking. While some Muslims have resorted to confrontation or insularity to cope with the challenges of modernity, most have aspired to innovation and ingenuity in the search for compromise and interaction with global capitalism in the twenty-first century.

By reference to the works of noted Muslim scholars, the author shows how, faced by this challenge, these intellectuals devised a range of strategies which have enabled Muslims to remain true to their faith, whilst engaging effectively with ...

Muslims in Indian Economy

The 130 million Muslims in India form the second largest Muslim population in the world. Scholarship on them has however focused on a limited range of issues. There is little by way of macro studies on the economic condition of Muslims in various parts of India. What is the condition of the Indian Muslims at the dawn of the twenty first century? What is the demographic profile of the community? What is the percentage of its population in agriculture, industry and the tertiary sector? How do Muslims fare at the national level? Does the Muslim economic condition differ from state to state, given the regional imbalances in the country resulting from unequal develop-ment? How does Muslim economic condition in the early twenty first century compare with the recent and distant past? To what extent can the political changes account for these varia-tions? How does the economic profile of the Muslims compare with the majority Hindus, Dalits, and minorities like Christians, Sikhs and Parsis? Historians, politicians, journalists and others agree that Muslims in general lag behind other communities. Does Islam, or Islam as interpreted and lived, have anything to do with it? What is the role of the State in this matter? What is the record of the post-independence central and state governments? The author tries to answer some of these questions. He argues that understanding these issues is not only a matter of academic enquiry, but also necessary for taking appropriate corrective measures by the community leader-ship as well as by the state. The various chapters focus on the pre-Independence legacy, the impact on Muslims of Partition and politics on ownership of assets, employment, access to education, public services or their role in labour, commerce and industry. It is a report on the current status of the Muslim minority in India, particularly the Urdu-speaking Muslims. Densely documented, with hard to find statistical data, written with an economy of words, no one remotely interested in Indian economy, society or politics can afford to ignore this immensely readable book.

Densely documented, with hard to find statistical data, written with an economy of words, no one remotely interested in Indian economy, society or politics can afford to ignore this immensely readable book.

A Political Economy of the Middle East

A Political Economy of the Middle East is the most comprehensive analysis of the political economy of development in the contemporary Middle East over the past several decades, examining the interaction of economic development processes, state systems, state policies, and social actors in the Middle East. The fourth edition, with new authors Melani Cammett and Ishac Diwan, has been thoroughly revised, with two new introductory chapters that provide an updated framework with which to understand and study the many changes in demography, education, labor markets, urbanization, water and agriculture, and international labor migration in the recent years. The new edition also includes: a new chapter that charts the political economy of the Gulf states and in particular the phenomenal growth of oil economies; a new chapter on the growth of the private sector and its effects in the region; a new chapter on the rise of "crony capitalism;" and increased coverage of the changes in civil society and social movements in the region including an exploration of the causes, dynamics, consequences, and aftermath of the Arab uprisings.

The fourth edition, with new authors Melani Cammett and Ishac Diwan, has been thoroughly revised, with two new introductory chapters that provide an updated framework with which to understand and study the many changes in demography, ...

Political Economy of the Muslim Middle Class in Southeast Asia

Religious Expression Trajectories in Indonesia, Malaysia, and Thailand

The growth of Muslim middle class in the three Southeast Asian countries namely Indonesia, Malaysia and Thailand are heavily influenced by each state's political development policy as well as the growing phenomenon of the Muslim market as part of the global market dynamics. This paper aims to describe the phenomenon of state and society relations in regards to policies that influence the growth of the Muslim middle class and how the market contributes to their expansion. The research shows that Muslim middle class in Indonesia is a result of the ever-crisscrossing force between state-driven pro-market policies, market-driven mechanisms, and the development of information technology that creates the demands of modern lifestyles. In terms of the Malaysian context, the Muslim middle-class formation is closely linked to a state driven policy in the form of ethnicity-based policy: an affirmative policy to strengthen the Malays, which is identical with Islam. While for the case of Muslim middle class in Thailand, the formation is largely determined by the central government's political policy. The Thai government uses different political approaches, which varies depending on the level of the Muslim community's compromise in each region. In the end, the differences in the process of Muslim middle-class formation in these countries shaped their Muslim communities' religious expressions both economically and politically in the public sphere.

The growth of Muslim middle class in the three Southeast Asian countries namely Indonesia, Malaysia and Thailand are heavily influenced by each state's political development policy as well as the growing phenomenon of the Muslim market as ...