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Handbook on Islam and Economic Life
Handbook on Islam and Economic Life is a unique study, one of the first of its kind to consider Islam within a broader economic sphere. Covering a wide breadth of topics and research, it explores how Islam impinges upon and seeks to shape major aspects of economic life including economic organisation, business and management, finance and investment, charity, mutuality and self-help, and government. It concludes by analysing the link between religion and development, the present economic situation in Arab countries and the causes of underdevelopment in Muslim countries.
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Critical Acclaim
Contributors
Contents
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According to the most recent Pew Forum on Religion and Public Life, nearly one in four people in the world are Muslim. In light of these numbers, Handbook on Islam and Economic Life is one of the first books to consider Islam within a broader economic sphere by focusing on the ways in which Islam shapes and interacts with the economy.
With contributions from leading scholars, this unique Handbook explores how Islam impinges upon and seeks to condition major aspects of economic life including economic organisation, business and management, finance and investment, charity, mutuality and self-help, and government. It concludes by analysing the link between religion and development, the present economic circumstances in Arab countries and the vexed issue of the origins and causes of underdevelopment in Muslim countries.
Covering a breadth of topics and research, this book will be essential reading for academics in both Muslim and western universities, graduates and postgraduates of Islamic studies as well as Islamic and other research institutes.
With contributions from leading scholars, this unique Handbook explores how Islam impinges upon and seeks to condition major aspects of economic life including economic organisation, business and management, finance and investment, charity, mutuality and self-help, and government. It concludes by analysing the link between religion and development, the present economic circumstances in Arab countries and the vexed issue of the origins and causes of underdevelopment in Muslim countries.
Covering a breadth of topics and research, this book will be essential reading for academics in both Muslim and western universities, graduates and postgraduates of Islamic studies as well as Islamic and other research institutes.
Critical Acclaim
‘This volume presents carefully selected research by reputed scholars on diverse topics dealing with the economic life of Muslims. The book provides a perspective not only on key aspects of the moral economy but also on the behaviour and expectations of economic agents. The distinguished editors have made a valuable contribution by expanding the scope of typical Islamic economics literature and by including topics dealing with the day-to-day life of Muslim society.’
– Zamir Iqbal, The World Bank Global Center for Islamic Finance Development
– Zamir Iqbal, The World Bank Global Center for Islamic Finance Development
Contributors
Contributors: B.A. Al-Foul, A.A. Adeyemi, H. Ahmed, T.A. Alias, M. Ariff, M. Chaudry, M. Çizakça, H. Furqani, I.H. Genc, R. Haniffa, M.K. Hassan, M. Hudaib, Z. Iqbal, A.A. Islahi, A.G. Ismail, A.A. Jobst, M. Kahf, M. Khan, S. Kostyshak, M.A. Laldin, M.K. Lewis, N.A. Muhamed, G. Naufal, V. Nienhaus, U.A. Oseni, B.T. Possumah, J.E. Rauch C.E. Regenstein, J.M. Regenstein, M.N. Riaz, J. Rubin, M. Safari, M.N. Siddiqi, S.A. Siddiqui, A. Subhani, R. Wilson, O. Yousfi, A. Zaman
Contents
Contents:
1. Islam, The Economy and Economic Life
M. Kabir Hassan and Mervyn K. Lewis
PART I: DEVELOPMENTS IN ISLAMIC ECONOMICS
2. Muslim Contributions to Economics Science
Abdul Azim Islahi
3. Islam Versus Economics
Asad Zaman
4. Methodology of Islamic Economics
Muhammad Nejatullah Siddiqi
5. Analytical Tools of Islamic Economics: Choice and the Equi-Marginal Principle
Habib Ahmed
PART II: THE PROBLEM OF INTEREST
6. Riba, Time Value of Money and Discounting
Shamim A. Siddiqui
7. Riba in Islamic Economics and Finance
Monzer Kahf
8. Structural Compliance of Islamic Finance with Qur’anic Exegesis
Azeemuddin Subhani
PART III: ECONOMIC ORGANIZATION
9. The Halal Food Industry
Joe M. Regenstein, Mian Nadeem Riaz, Muhammad Chaudry and Carrie E. Regenstein
10. A Socio-Economic Profile of Muslim Countries
Mohamed Ariff and Meysam Safari
11. Female Labor Force Participation in Islamic Countries
Ismail H. Genc, George Naufal and Bassam Abu Al-foul
PART IV: BUSINESS AND MANAGEMENT
12. The Islamic Accounting Triangle: Measurement, Disclosure and Enforcement
Roszaini Haniffa and Mohammad Hudaib
13. Principles of Islamic Corporate Governance
Mervyn K. Lewis
14. Economics and Morality from an Islamic Perspective
Rodney Wilson
15. The Islamic Position on Corruption
Zafar Iqbal and Mervyn K. Lewis
PART V: FINANCE AND INVESTMENT
16. The Islamic Debate on Derivatives
Andreas A. Jobst
17. Meeting Expectations: The Roles and Responsibilities of Shari’ah Scholars in Islamic Finance
Mohamad Akram Laldin and Hafas Furqani
18. Moral Hazard in Islamic Profit-loss Sharing Contracts and Private Equity
Ouidad Yousfi and M. Kabir Hassan
19. Globalizing Islamic Investment Funds
Nurul Aini Muhamed and Mervyn K. Lewis
20. The Regulation and Supervision of Sukuk in Global Capital Markets
Umar A. Oseni and M. Kabir Hassan
21. Islamic Micro-financing
Adewale Abideen Adeyemi and M. Kabir Hassan
PART VI: CHARITY, MUTUALITY AND SELF-HELP
22. Poverty and Social Security in Islam
Abdul Ghafar Ismail and Bayu Taufiq Possumah
23. Zakat and the Economy
Zafar Iqbal and Mervyn K. Lewis
24.The Gift Economy: Waqf in the Islamic World today
Tunku Alina Alias
PART VII: GOVERNMENT
25. The Economic Role of the State in Islam
Murat Çizakça
26. Political Authority in Islam
Muqtedar Khan
27. Budget Deficit and Instruments of Public Borrowing in the Islamic System
Monzer Kahf
PART VIII: RELIGION AND DEVELOPMENT
28. Religion and Development
Volker Nienhaus
29. Islamic Institutions and Underdevelopment
Jared Rubin
30. The Three Arab Worlds on the Eve of the ‘Arab Spring’
James E. Rauch and Scott Kostyshak
31. An Islamic Perspective on the Global Financial Crisis and its Aftermath
Mervyn. K. Lewis
Index
1. Islam, The Economy and Economic Life
M. Kabir Hassan and Mervyn K. Lewis
PART I: DEVELOPMENTS IN ISLAMIC ECONOMICS
2. Muslim Contributions to Economics Science
Abdul Azim Islahi
3. Islam Versus Economics
Asad Zaman
4. Methodology of Islamic Economics
Muhammad Nejatullah Siddiqi
5. Analytical Tools of Islamic Economics: Choice and the Equi-Marginal Principle
Habib Ahmed
PART II: THE PROBLEM OF INTEREST
6. Riba, Time Value of Money and Discounting
Shamim A. Siddiqui
7. Riba in Islamic Economics and Finance
Monzer Kahf
8. Structural Compliance of Islamic Finance with Qur’anic Exegesis
Azeemuddin Subhani
PART III: ECONOMIC ORGANIZATION
9. The Halal Food Industry
Joe M. Regenstein, Mian Nadeem Riaz, Muhammad Chaudry and Carrie E. Regenstein
10. A Socio-Economic Profile of Muslim Countries
Mohamed Ariff and Meysam Safari
11. Female Labor Force Participation in Islamic Countries
Ismail H. Genc, George Naufal and Bassam Abu Al-foul
PART IV: BUSINESS AND MANAGEMENT
12. The Islamic Accounting Triangle: Measurement, Disclosure and Enforcement
Roszaini Haniffa and Mohammad Hudaib
13. Principles of Islamic Corporate Governance
Mervyn K. Lewis
14. Economics and Morality from an Islamic Perspective
Rodney Wilson
15. The Islamic Position on Corruption
Zafar Iqbal and Mervyn K. Lewis
PART V: FINANCE AND INVESTMENT
16. The Islamic Debate on Derivatives
Andreas A. Jobst
17. Meeting Expectations: The Roles and Responsibilities of Shari’ah Scholars in Islamic Finance
Mohamad Akram Laldin and Hafas Furqani
18. Moral Hazard in Islamic Profit-loss Sharing Contracts and Private Equity
Ouidad Yousfi and M. Kabir Hassan
19. Globalizing Islamic Investment Funds
Nurul Aini Muhamed and Mervyn K. Lewis
20. The Regulation and Supervision of Sukuk in Global Capital Markets
Umar A. Oseni and M. Kabir Hassan
21. Islamic Micro-financing
Adewale Abideen Adeyemi and M. Kabir Hassan
PART VI: CHARITY, MUTUALITY AND SELF-HELP
22. Poverty and Social Security in Islam
Abdul Ghafar Ismail and Bayu Taufiq Possumah
23. Zakat and the Economy
Zafar Iqbal and Mervyn K. Lewis
24.The Gift Economy: Waqf in the Islamic World today
Tunku Alina Alias
PART VII: GOVERNMENT
25. The Economic Role of the State in Islam
Murat Çizakça
26. Political Authority in Islam
Muqtedar Khan
27. Budget Deficit and Instruments of Public Borrowing in the Islamic System
Monzer Kahf
PART VIII: RELIGION AND DEVELOPMENT
28. Religion and Development
Volker Nienhaus
29. Islamic Institutions and Underdevelopment
Jared Rubin
30. The Three Arab Worlds on the Eve of the ‘Arab Spring’
James E. Rauch and Scott Kostyshak
31. An Islamic Perspective on the Global Financial Crisis and its Aftermath
Mervyn. K. Lewis
Index
