By Shafiullah Jan, Karim Ullah & Mehmet Asutay Abstract Appropriation of development goals is important for the effective socio-economic policy making. This paper presents a discursive and analytical account of the literature on maqasid al-Shari’ah and Islamic Moral Economy (IME) to draw conclusions on what goals should the policy makers prioritize for the socio-economic development. […]
By Shafi A. Khaled Abstract: Part of a trilogy, this paper deepens microeconomic understanding of profit-loss shared (PLS) financing and contextualizes it by connecting it to the reality of industrially aspiring economies or to Development Economics. Virtual Market Model is its analytic umbrella. While incorporating bureaucratic inefficiency, systemic corruption, human resource training cost, exchange rate, […]
By Hafas Furqani, Zaki Fuad Khalil & Abdul Hamid Abstract The immense development of Islamic banking and finance in the last three decades has moved the industry into global integration in the international financial market. From a local system of finance with limited assets and market shares, Islamic banking and finance now emerges as a […]
By Syafaat Muhari, Muhamad Nadratuzzaman Hosen Abstract Islamic Rural Bank (IRB) in Indonesia are placed in diverse geographical conditions. Indonesia is an archipelago with a centralized economy in the Java Island. Thus the performance of IRB between Java region and out of Java region has different characteristics. This study aims to measure the level of […]
By Camille Paldi Abstract: Riba (interest) was prohibited in both Judaism and Christianity long before Islam and the Qu’ran is just re-stating what the two previous Holy Books have already mentioned. However, the modern day economic system is built upon and operates around interest-based lending, which allows one class of people to grow rich at […]
By Khalid Ishola Bello Abstract The six states of South Western Nigeria zone share the same cultural and ethnical background; socioeconomic and religious features. With the advent of Islam (and Christianity the people of the regions gradually gave up their traditional identities like naming, dressing etc for either of the two religions. This paper examines […]
By Ruslan Sabirzyanov and MohamadHaidirHashim Abstract The aim and focus of the foundations and principles of the modern Islamic finance is to revive the justice and equity in the society, and that formulates the core objective of the Islamic system. However, in the current situation, Islamic banking and finance (IBF) is apparently mixing up the […]
By Zubair Hasan Abstract Some recent writings on Islamic finance have resuscitated the old ‘no risk, no gain’ precept from the earlier literature in the wake of current financial crisis. They argue that the basic reason for the recurrence of such crises is the conventional interest-based financial system that subsists purely on transferring of risks. […]
By Abdullahi Saliu Ishola, & Isa Olawale Solahudeen Abstract The emergence of the Islamic banking system led to the introduction of some financial transactions which were not hitherto considered in the classical books on Islamic financial system. Murabahah is one of such innovations. Like most of those newly introduced products of the Islamic Financial System […]
By Abdul Azeez Maruf Olayemi, Aznan Hasan, Uzaimah Ibrahim, Ahmad Hidayah Buang, & Riaz Ansary Abstract One of the major challenges before the emerging Islamic financial Institutions is the dearth of Shariah compliant money market platform for the management of their liquidity. However, a viable panacea to the problem has been developed in Malaysia. One […]
