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Islamic Vs Mainstream Economics

Exploring the Differences

The analysis presented here argues that the problems afflicting present-day economies arise primarily from the use of interest-based banking. Analysis shows that, in contrast to the teaching of mainstream economic theory, interest as an incentive for ensuring an efficient allocation of resources simply does not, and cannot, achieve results that are in any sense comparable to those that may be achieved when profit is used for the purpose. Significant differences exist between profit and interest as motives for the efficient allocation of capital. These differences have important consequences not just on how resources are allocated, but also on how the rewards of productive activity are distributed. To make matters worse, with a few exceptions, all analysis takes place within the Keynesian or neo-Keynesian paradigm. A number of observers have already stated that Keynesian theory is flawed and thus hardly suitable to provide the basis for serious analysis. The work presented here recommends adopting a paradigm that is free of interest as an incentive for rewarding economic activity. It tries to demonstrate that resources are allocated more efficiently when profit rather than interest is used as the primary incentive to reward economic activity. Islamic finance has not been palpably successful in addressing various macroeconomic challenges. In replicating mainstream finance, it has produced debt-like structures, with income and capital guarantees that in substance make them little different from interest-bearing bonds. Thus, as a number of observers have stated, we have witnessed what appears to be a conventionalisation of Islamic finance rather than the Islamisation of conventional finance. The main flaw in the present-day economic theory is the view that interest serves as a suitable incentive for rewarding participation in production. Analysis shows, on the contrary, that interest-based finance produces a range of harmful macroeconomic effects. These include inefficiency, indebtedness, inflation, unemployment, stagnating growth, cyclical instability and an uneven distribution of wealth. As the problems mentioned above are produced by different forms of interest-based financing, it follows that they should be addressed by implementing risk sharing as the preferred method of financing over borrowing at interest on a system-wide basis. The work presented here is based on a decade of teaching economic theory, both in Canada and in Malaysia, as well as several years of research in Islamic banking and finance at IAIS Malaysia. The research presented here draws on both sources.

The work presented here is based on a decade of teaching economic theory, both in Canada and in Malaysia, as well as several years of research in Islamic banking and finance at IAIS Malaysia.

Research Methodology in Marketing

Theory Development, Empirical Approaches and Philosophy of Science Considerations

This textbook describes and explains the fundamentals of applying empirical methods for theory building and theory testing in marketing research. The authors explain the foundations in philosophy of science and the various methodological approaches to readers who are working empirically with the purpose of developing and testing theories in marketing. The primary target group of the book are graduate students and PhD students who are preparing their empirical research projects, e.g. for a master thesis or a dissertation.

The primary target group of the book are graduate students and PhD students who are preparing their empirical research projects, e.g. for a master thesis or a dissertation.

American Government and Politics: Deliberation, Democracy and Citizenship

Bessette/Pitney's AMERICAN GOVERNMENT AND POLITICS: DELIBERATION, DEMOCRACY, AND CITIZENSHIP is based on the idea of deliberative democracy: political systems work best when informed citizens and public officials deliberate to identify and promote the common good. Emphasizing citizenship, the text examines the way that civic culture and immigration impact students and shape the country. It offers solid historical coverage and a close look at civic responsibility. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Emphasizing citizenship, the text examines the way that civic culture and immigration impact students and shape the country. It offers solid historical coverage and a close look at civic responsibility.

Subject Headings for the Literature of Law and International Law, and Index to LC K Schedules

Accountability for International Crimes and Serious Violations of Fundamental Human Rights

BASSIOUNI , INTERNATIONAL CRIMINAL LAW ( Vols . I , II & III , 1986-1997 and 2d . rev . ed . 1997 ) ; INTERNATIONAL CRIMINAL LAW : A COLLECTION OF INTERNATIONAL AND EUROPEAN DOCUMENTS ( Christine Van den Wyngaert ed . , 1996 ) ; ANDRE ...

Law and Policy in International Business

Georges Washington University National Law Center, Law and Policy International Business Association. The MOU effectively guarantees Swiss cooperation in SEC investigations despite the absence of criminal sanctions inSwitzerland4 and ...

Yearbook of the International Law Commission

Several days must elapse before the report on item 4 (law of treaties) was available in French. 27. ... report on previous sessions, such as the question of an international criminal court and the question of defining aggression. 30.

Why Punish Perpetrators of Mass Atrocities?

Purposes of Punishment in International Criminal Law

Examines the purpose of international punishment and how different theories of punishment influence the practice of the International Criminal Court.

Examines the purpose of international punishment and how different theories of punishment influence the practice of the International Criminal Court.

International Criminal Law, Volume 2: Multilateral and Bilateral Enforcement Mechanisms

Third Edition

Volume 2 addresses jurisdiction and the various mechanisms and modalities of international cooperation in penal matters, which for all practical purposes, apply to both the direct and indirect enforcement methods of ICL. These mechanisms and modalities of international cooperation are used not only in bilateral interstate cooperation in penal matters but they are also employed by international tribunals, including the ICC, in their relations with states. This volume is divided into 5 chapters which are titled as: Chapter 1: Policies and Modalities (Modalities of International Cooperation in Penal Matters; The Duty to Prosecute and/or Extradite: Aut Dedere Aut Judicare; Globalization of International Enforcement Mechanisms: The Problem of Legitimacy; Globalization of Law Enforcement and Intelligence Gathering and Sharing); Chapter 2: Jurisdiction (Extraterritorial Jurisdiction; Universal Jurisdiction; Competing and Overlapping Jurisdictions; Immunities and Exceptions; The European Union and the Schengen Agreement); Chapter 3: Extradition (Law and Practice in the United States; The European Approach; Commentary on the United Nations Draft Model Law on Extradition); Chapter 4:Judicial Assistance and Mutual Cooperation in Penal Matters (United States Treaties on Mutual Assistance in Criminal Matters; Commentary on the United Nations Draft Model Law on Mutual Legal Assistance; Inter-State Cooperation in Penal Matters in the Commonwealth; The Council of Europe and the European Union; European Perspective on International Cooperation in Matters of Terrorism; Freezing and Seizing of Assets: Controlling Money Laundering); Chapter 5: Recognition of Foreign Penal Judgments, Transfer of Criminal Proceedings, and Execution of Foreign Penal Sentences (Introduction to Recognition of Foreign Penal Judgments; Introduction to Transfer of Criminal Proceedings; Transfer of Criminal Proceedings: The European System; The Lockerbie Model of Transfer of Proceedings; International Perspective on Transfer of Prisoners and Execution of Foreign Penal Judgments; United States Policies and Practices on the Execution of Foreign Penal Sentences).

This volume is divided into 5 chapters which are titled as: Chapter 1: Policies and Modalities (Modalities of International Cooperation in Penal Matters; The Duty to Prosecute and/or Extradite: Aut Dedere Aut Judicare; Globalization of ...