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Islamic Economics: Principles and Analysis

With the impressive emergence of Islamic finance as a branch of Islamic economics, the need for a solid knowledge base that encompasses theories, thoughts and applications related to the subject increased in importance. However, writing about Islamic economics is a great challenge due to the differences in opinion on many of its issues. This includes methodologies for determining the Islamic perspective on economic concepts and issues as well as applicable solutions for today’s economic and social problems. It is further argued that Islamic economics topics are not as clear as those in conventional economics as they have their own religious, spiritual and social dimensions. The points of controversy have generated lengthy discussions. Moreover, Islamic economics encompasses a vast array of topics and approaches, from the purely theoretical, which may include philosophy or religious ideas, to mathematical and quantitative analyses. We tried our best throughout this textbook to simplify, clarify and summarise these concepts to make them accessible to all readers including students, practitioners, academics and even interested non-specialists. This textbook presents, discusses and analyses various topics and issues related to Islamic economics ranging from philosophical, epistemological and methodological to microeconomic and macroeconomic perspectives. In this endeavour, the social aspect of Islamic economics—an essential part of the discipline—is not neglected. The textbook compares Islamic ideas and concepts related to economics with those in conventional economics to highlight Islamic economics as a distinct field of knowledge with an emphasis on the ethical and social aspects. The authors have tried their level best to explain the theoretical concepts as simply as possible without ignoring today’s realities and without compromising Sharīʿah principles and objectives. One of the main objectives of the book is to provide the reader with Islamic economic ideas and solutions that are realistic and applicable within the current highly globalised economic and business environment, which is largely dominated by conventional interest-based systems and institutions. Despite being written for an elementary-level audience, this textbook can also be beneficial to a wide range of specialist and non-specialist readers and seekers of knowledge. For those specialising in Islamic economics, it is an appropriate source of reference to gain an overview on different topics relating to the foundations of Islamic economics. At this point, however, it must be mentioned that each topic deliberated upon, by its nature, would require a book on its own to cover all its aspects. Therefore, further exploration is required for Islamic economics specialists. A list of references and recommended readings is provided for that purpose at the end of each chapter. On the other hand, students of mainstream economics, finance and other academic majors will find this textbook an excellent resource for comprehensive knowledge of Islamic economics and its related issues. Universities may benefit from the different topics presented in this textbook in designing or preparing their economics courses at different levels based on their own curriculums and classes. This textbook could be used at the undergraduate level or even for a master’s level economics or Islamic economics course, especially in an Islamic banking and finance programme or for an MBA having a specialisation in Islamic banking and finance where an economics or Islamic economics course is offered. Furthermore, practitioners and interested readers who are seeking essential and simple knowledge about Islamic economics will also find this textbook to be a helpful guide. It is important to mention here that Islamic economics literature shows wide differences among the scholars in almost every subtopic. Presenting all opinions within a limited number of pages is almost impossible. However, with the great contribution of more than 60 scholars from a wide span of countries and from various economic schools, this book represents an important attempt to present the topics and issues from various perspectives with the maximum objectivity possible. Through comprehensive content editing, the editors have striven to improve the flow of arguments, remove inconsistencies and put the ideas together in as coherent a manner as possible. However, the editors acknowledge that some biases and overlaps may still persist.

However, with the great contribution of more than 60 scholars from a wide span of countries and from various economic schools, this book represents an important attempt to present the topics and issues from various perspectives with the ...

Islamic Economics and Finance

An Epistemological Inquiry

This volume is a scholarly work on the foundations of the role that the moral and ethical law plays on human enterprise comprising economics, finance, society and science. Divided into three parts, theoretical, empirical and application, the study covers a vast area of socio-scientific investigation and is extensively comparative in perspective.

This precept of microeconomics is of a reinforcing nature. Consequently, the economic universe becomes a domain of continuously evolving entities characterized by methodological individualism everywhere.

Methodological Dimension Of Islamic Economics

The theme of circular causation has nascent origin in the field of sociology of economics with vast development applications and with epistemological issues on modeling in the framework of the phenomenon of pervasive interconnectedness. Thus the sociological theme of epistemic unity of knowledge grounds the theory and application of the theory and models of circular causation to the vast realm of socioeconomic development issues.The theory and application of circular causation has methodological similarities with Gunnar Myrdal's theory of social causation and Joseph Schumpeter's and Hayek's learning models of evolutionary phenomena. One can re-engineer many important works by sociological economists in and by the methodology of circular causation. Among these other important works are capabilities and functioning by Amartya Sen; John Rawls' evolutionary good society aspiring for social justice; adaptation of Ilya Prigogine's theory of being and becoming to social, economic and development phenomenon; and George Soros' theory of reflexivity in history and financial markets. The proponent of this book has pioneered the area of theory and application of circular causation extensively.

Expression (4.8) is the final single-system formulation of Islamic economy in its microeconomic and macroeconomic ... The nature of microeconomics and macroeconomics in Tawhidi methodology It is worth noting how microeconomics and ...

Islamic Economics as Mesoscience

A New Paradigm of Knowledge

This book presents the building blocks of Islamic economics as meso-science, offering an in-depth study of the Qur’anic worldview of the monotheistic unity of knowledge, which is the universal and unique message of Tawhid in the Qur’an. This primal ontological premise is formalised in an analytical approach that introduces and unpacks the philosophical concepts of ontology, epistemology, and phenomenology in relation to the Tawhidi methodological worldview. The analysis of Qur’anic logical consistency is then cast in a phenomenological perspective by applying the complete model of the unity of knowledge of the Qur’an in a specific study of the Tawhidi methodological approach to Islamic financial-economic theory. In doing so, it tackles the problems of meso-economics given its socio-scientific holism in world affairs. It hones in on the results of the symbiotic modulation of evolutionary learning processes in the world system of the unity of knowledge and its material embedding across knowledge, and knowledge-induced space and time dimensions. The author poses that Shari’ah is only partial in its scope, and excludes an analytical methodological worldview. Shari’ah is thus cast in the midst of a meso-socio-scientific absence of any appertaining methodology. The book is a landmark work in the conceptual and applied understanding of Tawhid as the methodological worldview of the monotheistic unity of knowledge in the meso-socio-scientific realm of ‘everything’, particularised to Islamic economics. Adopting an inter-disciplinary view integrating various fields, it challenges pervasive Western academic and institutional thinking in terms of economics. It will be of interest to students and researchers in Islamic economics, religious theory, Islamic philosophy, development studies, and finance.

This book presents the building blocks of Islamic economics as meso-science, offering an in-depth study of the Qur’anic worldview of the monotheistic unity of knowledge, which is the universal and unique message of Tawhid in the Qur’an.

Islamic Economics and COVID-19

The Economic, Social and Scientific Consequences of a Global Pandemic

This book is a timely exploration of an unprecedented, cataclysmic pandemic episode. It examines certain critical aspects of socio-scientific theory across a variety of diverse themes, and through an epistemic lens. The book investigates the general theory of pandemic episodes and their adverse long-term effects on human and environmental wellbeing. It includes an in-depth study of COVID-19 but also looks to the future to contemplate potential pandemics to come. The existing approach to the study of pandemics is critically examined in terms of the prevalent isolated and thus mutated way of viewing human and mechanical relations in the name of specialization and modernity. The book presents a novel model of science-economy-society moral inclusiveness that forms a distinctive theoretical approach to the issue of normalizing all forms of pandemic challenges. It is methodologically different from existing economic theory, including the critical study of microeconomic foundations of macroeconomics. Human and environmental existence along with its multidisciplinary outlook of unity of knowledge between modernity, traditionalism, and socio-cultural values is emphasized in the treatment and cure of pandemic episodes. The book is a unique reference work, offering fresh wisdom within the moral methodological worldview.

This book is a timely exploration of an unprecedented, cataclysmic pandemic episode.

An Advanced Exposition of Islamic Economics and Finance

Professor Rodney Wilson, University of Durham Institute for Middle Eastern and Islamic Studies

Professor Rodney Wilson, University of Durham Institute for Middle Eastern and Islamic Studies

Islamic Financial Economy and Islamic Banking

Islamic Financial Economy and Islamic Banking, is a thorough, deeply conceptual, analytical and applied work in the area of epistemological foundation of Islamic world-system. The book presents a new frontier of original contribution to the theme of generalized-system model of shari’ah. The model, derived from the Qur’an and Sunnah (Prophetic guidance) incorporates a wide analytical coverage of the purpose and objective of the Islamic worldview (maqasid as-shari’ah) in Islamic economics and finance in particular. The author covers issues that contrast with the existing understanding of Islamic economics and finance, including some specific goals defining the field and how they compare in today’s unstable world of financial volatility. A new heterodox thinking in economic theory is outlined. The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari’ah lead the way in this book. Its presentation and analysis, methods and approach, overarch the fields of philosophy of science, rigorous analysis, mathematical and other presentations of the understanding given, and all taken up in the light of the exegesis of the Qur’an and coverage of the Sunnah. The result is a substantive one in the field of scholarship and application; and in analytically proving the universality and uniqueness of the epistemic worldview for the academic and practitioner world at large. The totality of the multiverse diversity of issues and problems reviewed comprise the study of the world-system by the Tawhidi methodological approach. Yet this methodology and its empirical configuration are universally applicable to all users without any need for unnecessary religious overtone.

The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari’ah lead the way in this book.

Konsep Rate of Profit Perspektif Ekonomi Islam

Aplikasi di Bank Syariah

Buku ini menyimpulkan bahwa cita-cita bank syariah untuk mewujudkan distribusi pendapatan dan kekayaan yang berkeadilan sesuai tujuan ekonomi syariah belum terlaksana. Struktur penentuan rate of profit dan pembebanan pendapatan pada produk-produk aset bank syariah tidak menciptakan distribusi pendapatan yang adil (equitable distributive income) baik bagi nasabah maupun bank itu sendiri, sehingga tujuan tercapainya keadilan ekonomi dalam masyarakat (social justice) secara makro maupun mikro tidak dapat terlaksana. Penyamaan konsep rate of profit dengan rate of interest (bunga) dan penerapan time value of money di dalam prakteknya di bank syariah pada transaksi pinjaman dan investasi telah menyebabkan ketidakstabilan dalam sistem keuangan dan menurunnya distribusi pendapatan pada nasabah dana serta tingginya biaya modal pada nasabah financing. Akibatnya sesuai dengan hasil penelitian penulis, bank syariah memiliki risk profile yang sama dengan bank konvensional, sehingga tidak menciptakan equitable distribution of income (distribusi pendapatan yang berkeadilan) pada transaksi investasi di bank syariah. Praktek penggunaan rate of interest sebagai dasar penentuan rate of profit di bank syariah secara esensi telah menghilangkan sifat keadilan (justice) yang merupakan tujuan pokok syariah (maqashid sha‘riah). Dalam rangka menemukan konsep rate of profit yang menciptakan equitable distribution of income and wealth (keadilan distributif dalam pendapatan dan kekayaan), penulis menawarkan konsep rate of profit yang sesuai dengan perspektif Islam baik dari sisi kajian fikih, pendekatan teori ekonomi Islam maupun studi empiris di bank syariah, dengan harapan akan terjadi penyatuan pemikiran di kalangan ekonom Islam terhadap konsep rate of profit ini. Solusi yang utama adalah: Dengan tidak menggunakan lagi benchmark suku bunga bank konvensional dalam pricing/margin/ujrah atau rate of profit di bank syariah. Tujuannya agar: (1) Industri perbankan syariah, memiliki metode yang Islami dalam penentuan rate of profit sebagai pengganti rate of interest yang selama ini digunakan sebagai benchmark (2) Konsep rate of profit yang Islami dengan prinsip economic value of time ini dapat diaplikasikan di bank syariah untuk tercapainya keadilan ekonomi melalui distribusi pendapatan berkeadilan pada transaksi investasi di produk-produk bank syariah. Konsep rate of profit Islami yang akan menciptakan keadilan distributif pada pendapatan dan kekayaan itu adalah konsep yang menghilangkan komponen riba (baik nasi’ah maupun fadl) dan komponen maysir (spekulasi). Komponen riba al-nasi’ah dalam penentuan harga pembiayaan di bank syariah yang dihilangkan adalah komponen cost of fund yang mengikuti siklus rate of interest (suku bunga) sedangkan komponen riba al-fadl dan maysir yang dihilangkan adalah komponen risk premium untuk mengatasi gagal bayar (default) dan jangka waktu pembiayaan yang panjang. Secara khusus komponen maysir yang dihilangkan adalah komponen jangka waktu (uncertainty dalam pembiayaan jangka panjang) yang bersifat fixed. Sedangkan komponen overhead cost dan spread (kuntungan/rate of profit bank) tetap ada.

... Monetary System with 100 per cent Reserve Requirement and The Gold Standard , in An Advanced Exposition of Islamic Economics and Finance , ( Wales : The Edwin Melten Press , 2004 ) , 187 . 123M.A. Choudhury , Generalized Theory of Islamic ...

Ekonomi Pembangunan Islam

Buku ini terdiri dari beberapa bahasan, mulai dari bahasan tentang konsep dasar ekonomi pembangunan, dilanjutkan dengan pembahasan teori-teori pembangunan ekonomi, hingga pembahasan tentang kebijakan dan konstruksi pembangunan ekonomi Islam. Dengan bahasan yang cukup lengkap tersebut, kehadiran buku ini diharapkan dapat menjadi salah satu referensi bagi pihak-pihak yang memerlukannya. Pembahasan dalam buku ini : Bab 1 Konsep Dasar Ekonomi Pembangunan Bab 2 Teori-Teori Pembangunan Ekonomi Bab 3 Ekonomi Pembangunan Dalam Perspektif Sejarah Islam Bab 4 Karakteristik Dan Persoalan Umum Negara Sedang Berkembang Bab 5 Indikator Keberhasilan Pembangunan Bab 6 Sumber Daya Manusia Dalam Ekonomi Pembangunan Islam Bab 7 Masalah Empiris Dalam Pembangunan Ekonomi Islam Bab 8 Pembangunan Sumber Daya Ekonomi Islam Bab 9 Kebijakan Dan Konstruksi Pembangunan Ekonomi Islam

Pembahasan dalam buku ini : Bab 1 Konsep Dasar Ekonomi Pembangunan Bab 2 Teori-Teori Pembangunan Ekonomi Bab 3 Ekonomi Pembangunan Dalam Perspektif Sejarah Islam Bab 4 Karakteristik Dan Persoalan Umum Negara Sedang Berkembang Bab 5 ...

Ekonomi Pembangunan Islam

Sebuah Prinsip, Konsep dan Asas Falsafahnya

Bukan menjadi isu yang baru lagi, sebuah teori ilmu ekonomi pembangunan hanya bertolakkan dari unsur-unsur materi saja, dimana indikator pembangunan hanya diartikan sebatas bagaimana kepuasan manusia dapat dipenui dengan cara menaikkan GNP (Gross Nasional Produk). Sehingga agama sebagai suatu keterasingan (alineasi) dari kehidupan manusia, agama menjadi penghalang pembangunan (cultural block hypothesis) dan lebih radikal lagi doktrin kapitalisme dan sosialieme diamini bersama dengan lantang menyatakan bahwa perbedaan disebabkan adanya penindasan dan eksploitasi manusia yang lebih berkemampuan, berpeluang dan berkuasa. Maka lahirlah satu kaedah Marx bahwa hukum kemajuan yaitu dengan cara pemusnahan masyarakat tradisi (yang mengedepankan akhlak, moral dan etika) membungkam ajaran-ajaran samawi, dan Barat sebagai qiblat kemajuan peradaban ekonomi. Inilah yang disebut sebagai sistem ekonomi hewani (siyasah haywaniyyah) lebih mengutamakan nafsu ekonomi dan meyakini kebenaran hanya di tangan penguasa politik maupun penguasa ekonomi. Surah al rum ayat 41 menjadi bukti hancurnya toeri di atas, kesejahteraan yang diidolakan bersama (Surah Quraish ayat 1-4) hanya isapan jempol belaka. Tahun 1920 Jepang mengalami depresi ekonomi, disusul 1923 Jerman hyperinflasi, 1931 perbankan di Australia tidak mendapat kepercayaan, 1944 Prancis dan Hungaria krisis moneter, 1982 Mexico, Argentina, Brazil dan venezuela utangnya semakin mengunung, 1997 Krisis keuangan terjadi di seluruh belahan dunia Asia; Thailand, Malaysia, Indonesia dll, 1998 Korea, Rusia dan 1999 Brazil dan Argentina turut menyusul krisis moneter dan 2011 Eropa mengalami gonjang ganjing keuangan yang berdampak ke seluruh jagat raya hingga Amareka Serikat dibuat kocar kacir sperti MF Global Holding, AMR Corp, Dynergy Holding, PMI Group, NewPage Corp, Integra Bank Corp, General Maritime Corp dll mengalmi kerugian yang luar biasa. Buku yang ada di tangan para pembaca ini, diperuntukkan bagi para mahasiswa dan para pegiat ekonomi umumnya dengan sedikit memaparkan perbandingan teori liberal dengan teori Islam agar pembaca membandingkan konsep ekonomi pembangunan manakah yang releven yaitu mampu memanusiakan manusia, pembangunan yang meletakkan manusia sebagai khalifah bukan hamba pembangunan, mardhotillah sebagai tujuan akhirnya dan falah fi daraini sebagai natijah dari pelaksanaannya. Selain daripada itu keunikan buku ini adalah, memasukkan beberapa unsur Islamisasi ilmu ekonomi seperti konsep Tauhid, konsep agama, konsep manusia, konsep tujuan hidup, konsep ilmu pengetahuan dan lainnya diawal pembahasan agar para pembaca bisa menyadari dengan baik fitrah manusia yang sebenarnya dan kehendak tuhan disebalik penciptaan manusia.

Buku yang ada di tangan para pembaca ini, diperuntukkan bagi para mahasiswa dan para pegiat ekonomi umumnya dengan sedikit memaparkan perbandingan teori liberal dengan teori Islam agar pembaca membandingkan konsep ekonomi pembangunan ...