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Islamic Economic Systems

This major new study examines the central tenets of Islamic economics, both in theory and in practice. The authors pinpoint the uniqueness of the Islamic approach, both in its conception of the world's resources and in its attitude to human endeavour. Their book illuminates the distinctive nature of an economics which is based neither on meeting the demands of the individual consumer, nor on increasing the level of general welfare, but on maximising the pleasure of God. The different schools of Islamic thought are then compared and their interpretations analysed in terms of their approaches to plan and market, centralisation and decentralisation, property rights, profit and social obligation. A detailed historical survey follows of the experience of four very different Muslim countries: Libya, Saudi Arabia, Pakistan and Iran. The authors examine how the implementation of Islamic economic solutions has worked out in reality, often in the context of a tense political situation. They look at the practicality of such solutions in the present day, assessing both their economic performance and their success in guiding society towards the Islamic ideal. The book as a whole allows the reader to grasp the multifarious nature of Islamic thought in economic matters, its contradictory and often contentious character, and the uses to which Islam has been put by governments with clearly diverse aims. Students of economics and of the Middle East will find it a useful guide to the new terms in which an old and fierce debate is being conducted.

The book as a whole allows the reader to grasp the multifarious nature of Islamic thought in economic matters, its contradictory and often contentious character, and the uses to which Islam has been put by governments with clearly diverse ...

Consistency and Viability of Islamic Economic Systems and the Transition Process

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.

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 Economic System and Poverty Reduction

Poverty is an economic condition of lacking basic necessities needed to live a reasonable life. This include need for money, food, water, education, and shelter. Poverty reduction is a process, aiming to reduce the level of poverty in a group of people or countries. World Bank suggests that poverty can be reduced by various means and methods, which includes economic growth (increase in income and living standard) and direct aid/private charity. World so far has followed two economic systems, communism and capitalism. The communism was based on an emotional reaction against evil consequences of the capitalist economy, specially, against the element of inequitable distribution of wealth. But capitalism prevails, which still suffer from inequities in the distribution of wealth. The world needs a Third Economic System. Elements of Islamic Economic System involve: financing/trading, Zakat and Interest free loans. Even poor persons, with some credibility, can survive in this economic system. Islamic economics prefers co-operation to competition. This aspect of co-operation is a key to poverty reduction. It is possible to reduce poverty by following Islamic economic system because it takes care of society and social justice.

Poverty is an economic condition of lacking basic necessities needed to live a reasonable life.

Redefinig Economic Systems as an Islamic Economic System

Objective: Need for the new economic model has been realized at the international level, as numerous and significant flaws have appeared in both two systems capitalism and socialism, which are becoming a great cause for economic crises in almost every economy of the word, in this regard, this study has been carried out on the redefining Islamic economics as a new model, that how it can take out those problems and flaws which has appeared in both structure. Methodology: Islamic economic system doesn't emphasize only on the economic variables it also considers the social variables which have been neglected by both previously and currently practicing systems (socialism and capitalism).current study is a comparative analysis of all said systems. Findings: It has been also observed that in spite of having great strength to winkle out all the economic problems, without interest how we are able to get the profit and what different types of new loan system that is RIBA free and helpful for getting a good profit. Practical Implication: In Islamic economic system the private property is being debated. Government or state should be involved in the only condition if the market is failed to provide public good and education.

Objective: Need for the new economic model has been realized at the international level, as numerous and significant flaws have appeared in both two systems capitalism and socialism, which are becoming a great cause for economic crises in ...

Stakeholders Model of Governance in Islamic Economic System

The paper discusses the design of an efficient and optimal corporate governance structure of a firm within Islamic economic system. The objective of this paper is to identify factors, which will influence corporate governance within an Islamic economic system and to examine if corporate governance model will be 'shareholder'- or 'stakeholder'- centered? The paper argues that the governance model in Islamic economic system is a stakeholder-oriented model where governance structure and process at system and firm level protect rights of stakeholders who are exposed to any risk as a result of firm's activities. Whereas conventional system is struggling with finding convincing arguments to justify stakeholders' participation in governance, the foundation of a stakeholder model is found in Islam's principles of property rights, commitment to explicit and implicit contractual agreements and implementation of an effective incentive system. The paper also discusses the implication of a stakeholder model on depositors, Islamic financial institutions, and regulators.

The paper argues that the governance model in Islamic economic system is a stakeholder-oriented model where governance structure and process at system and firm level protect rights of stakeholders who are exposed to any risk as a result of ...