This text investigates the implications of eliminating "riba" from the financial system and brings the problem into the domain of mainstream economics.
This text investigates the implications of eliminating "riba" from the financial system and brings the problem into the domain of mainstream economics.
This study deals with the Islamic financial system and investigates the financial instruments utilized in it. Apart from the problems related to the prohibition of interest, the suggested concept for the Islamic financial system could not be applied in practice. Profit and Loss-Sharing instruments have been utilized on a small scale so far and it would be very difficult to increase the attractiveness of these financial instruments without easing Islamic legal restrictions or at least reconsidering relevant issues from both, the Islamic socio-economic and ethical viewpoint, as well as the position of conventional finance. An improvement of efficiency may not be possible without taking a fresh look at Islamic injunctions while considering at the same time contemporary financial realities and needs such as investment opportunities, risk diversification and regulatory issues.
This study deals with the Islamic financial system and investigates the financial instruments utilized in it.
The Systems Approach and Its Enemies (C. West Churchman, 1979) is one of Churchman’s most significant works. In this particular writing he displayed two main tendencies, that he was a Skeptic and that he showed Socratic Wisdom. In this book the editors seeks to follow up on these two themes and reveal how modern authors interpret Churchman’s ideas, apply them to their own line of thinking and develop their own brand of Systemics.
In this book the editors seeks to follow up on these two themes and reveal how modern authors interpret Churchman’s ideas, apply them to their own line of thinking and develop their own brand of Systemics.
From its genesis in the seventh century onwards, Islam has been a major paradigm that has shaped the politico-economic life of a vast portion of the world population, nearly a quarter at present. In view of the underdeveloped or developing structures of Muslim-majority nations, it has mostly been assumed that Islam predicates an autocratic theocracy and a conservative, rather than a progressive, economic policy that retards scientific research and entrepreneurial innovation. Conversely, with a reactive consciousness, orthodox Muslims take it for granted that Islam's divinely ordained normative axioms would be enough for them to spontaneously establish the most conciliatory political regime on the earth and an advanced economic system irrespective of the power and money-oriented dimensions of human interaction and the assimilative potential of capitalist world economy. To clarify this ambiguity between the reductionist and mythicising perceptions over the theory and praxis of Islamic political economy, this paper first and basically examines its framing institutions at the level of theory and then the causes and consequences of [in]consistencies between its theoretical axioms and their praxis by the Muslim nations.
From its genesis in the seventh century onwards, Islam has been a major paradigm that has shaped the politico-economic life of a vast portion of the world population, nearly a quarter at present.
