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Theory of Profit with Islamic Directions

THEORY OF PROFIT WITH ISLAMIC DIRECTIONS deals with a controversial and neglected, but nonetheless important subject. Readers will find the narration interesting and innovative, for it does not discuss profit theories of various writers separately in chronological order; instead, it identifies issues in the area and analyses the views of various writers on each to propose restructuring of the theory as per Islamic directions. The issues raised include the definition and seat of profit, the cause of its emergence and sources, the motivational aspects and their impact on allocation of resources and incomes distribution, the nature of profit and the regulatory policy role. The work concludes that the source of prevalent confusion on the subject lies in defining profit as a costs/revenues differential of firms and the insistence that it is exclusively attributable to the entrepreneurs who tend to be vanishing in the modern corporate era. For a reformulation of the theory to get rid of inconsistencies, the work suggests that profit should be viewed only as a cost/revenue differential delinked from reward; the firm – not the entrepreneur – should be the focal point for its study, the surplus beyond normal profit must be shared between capital and labour, subject to a minimum wage constraint, to promote social harmony and distributive justice. This book will appeal to the general reader who is looking for a lucid narration on a topic of common interest. Academics will find it interesting because of its historical updating and novelty of treatment. University students of economics will find this work an invaluable resource.

Hasan has authored several books including Theory of profit (Vikas, 1975), Introduction to Microeconomics: An Islamic perspective, Pearson-Prentice Hall, 2006, Macroeconomics Oxford 2009, ...

USŪL- AL-FIQH -AL-ISLᾹMI

A Gateway to understanding Islāmic Jurisprudence

Usūl Fiqh is that special branch of Islamic knowledge dealing with the methodology in elucidating and comprehending the Sunna (actions) of the Holy Apostle (Shuhūd), derived from the Aḥkām-Al-Qur’ān (Ghā’ib) and covering a period of 40 years. It is that portion of knowledge taught, explained and practiced by the Holy Apostle. No one is exempted from learning it according to one’s capacity, ability and opportunities. It is the knowledge determining the fate of a follower of the Holy Apostle on the Day mankind will stand for reward and punishment. The Holy Apostle said, “If Allah wishes al-Khayr (honor and all the worldly goods) on one, He expounds his breast to learn and understand Ad-dīn.” It is the base on which rests prosperity, progress, growth, stability and peace – not only of the Muslim Umma but of the world in general. It is devoid of differences of opinion, but contains only elucidations to marry and justify the prevailing circumstances and the need of mankind. It is that knowledge on which the heavens and earth have always stood.

Usūl Fiqh is that special branch of Islamic knowledge dealing with the methodology in elucidating and comprehending the Sunna (actions) of the Holy Apostle (Shuhūd), derived from the Aḥkām-Al-Qur’ān (Ghā’ib) and covering a period ...