Islamic economy phenomenon is known as a separate object of research since 1940s. However, it kindled the curiosity of multinationals and policymakers much later in the 20th century - when multinationals realized the size and the growth rate of Islamic economy's main segment Halal industry and when Islamic financial mechanisms proved their resilience during global financial crises. Today, the phenomenon of Islamic economy has stepped beyond the Arab world and penetrated in everyday life of ordinary Muslims all over the world as they opt for goods and services, which correspond their religious views. This process is accelerated through digital means, social media, and tech apps. As the number of Muslims increase exponentially, the demand for Halal goods and services also will grow.Eurasia has all prerequisites to be one of the meaningful centers for development of Islamic economy and to occupy attractive niches within it. We already have several countries in the region whose Islamic economy ecosystem reached substantial levels given Halal-friendly legislations, certifications, awareness, and a formed clients segments. In this report, we give a bird view perspective on Islamic economy in the world and in Eurasia through the prism of 3 Fs: Halal food, Modest Fashion, and Islamic Finance. We discuss the current state and opportunities for local business associated with exports to conquer the markets of Muslim consumers.We believe the report will be useful for stakeholders in the region, as well as institutions and enterprises interested in participating in Islamic economy development in Eurasia. It should help all interested parties improve their understanding of the Islamic economy and to discover the underlying opportunities in Eurasia.
Islamic economy phenomenon is known as a separate object of research since 1940s.
Islam is a complete social system, a composite code, a civilization of which religion is just a part. Islamic banking is based on the universally-recognized principles of partnership. That is, the whole system of banking in based on partnership basis in with the shareholders, the deposi-tors, the investors and the borrowers participate.
Islam is a complete social system, a composite code, a civilization of which religion is just a part.
This paper presents perhaps the most viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of return are forbidden. Resources to finance government infrastructural and development projects can be mobilized by issuing a national participation paper and this instrument can also serve as an instrument of monetary management. The paper discusses various conceptional issues underpinning the introduction of such an instrument and methods of calculating a corresponding rate of return. In principle, this approach has been accepted by the Islamic Republic of Iran.
This paper presents perhaps the most viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of ...
This book challenges the interventionist stance of Islamic economics as well as its presumption that riba equals interest. An Islamic economy, it argues, is essentially a market economy, but it differs from capitalist economies because both its institutions and the structure of, for example, property rights are specifically Islamic, deriving from Qur??n and other sources of Islamic law. The book also focuses on the similarities and differences between riba and interest, establishes the often neglected connection between the two, and explores the ramifications of this connection for Islamic financial systems.
This book challenges the interventionist stance of Islamic economics as well as its presumption that riba equals interest.
In the troubled global economic environment, Islamic Banking is a dream of Muslims' faith that call for abolishing the assumed usury profits, e.g., banks interest rates, integrating small entrepreneurs into the official financing institutions and supporting national development. That requires an economic system that contains specific banking structure that cater for the mentioned targets. The so-called Islamic Banking in Sudan was introduced in the 1980's of the previous century. That banking system expanded with the Islamic National Salvation seizing of power in the country. However, its modus operandi seems similar to traditional banking in providing short term financing, less for national development projects, dubious poverty alleviation schemes and high rates of interests for financing customers. Most financing goes to big companies, importers and exporters and merchants. The case study is Omdurman National Bank which all the previously mentioned parameters typically applied for it operational mode. The study concludes that there were no visible differences between the banking rules carried out in both traditional and Islamic banks in Sudan. The financing modes are probably because of the country's instable economic performance and loose application of the Islamic finance. Moreover, it is probably of loose interpretations of the Islamic Sharia'a.
In the troubled global economic environment, Islamic Banking is a dream of Muslims' faith that call for abolishing the assumed usury profits, e.g., banks interest rates, integrating small entrepreneurs into the official financing ...
Khan and Mirakhor have imposed on their model a structure and constraints which lend a tautological character to their exercise (13). The indiscreet replacement of the rate of interest in the secular model by a profit rate makes their conclusions tentative and questionable. Formulation infirmities have further weakened their position. Still, their work is laudable for it opens up some new areas of investigation in Islamic banking.
Khan and Mirakhor have imposed on their model a structure and constraints which lend a tautological character to their exercise (13).
