Considerations on Islamic Economic Thought Regarding Monetary Matters in the Middle AgesWelcome to CRCPress. Please choose www. Your GarlandScience. The student resources previously accessed via GarlandScience. Resources to the following titles can be found at www. What are VitalSource eBooks?
Introduction to Islamic Finance: Concepts and Structures
Social Justice and Islamic Economics: Theory, Issues and Practice
Sources agree that muamalat includes Islamic "rulings governing commercial transactions" Islamic Banking and Finance Institute of Malaysia  and Majallah al-Ahkam al-Adliyyah  [Note 1]. Mu'amalat provides much of the basis for Islamic economics , and the instruments of Islamic financing , and deals not only with Islamic legality but also social and economic repercussions and the rationale of its prohibitions according to Monzer Kahf. According to at least one author Monzer Kahf , Mu'amalat "sets terms and conditions of conduct for economic and financial relationships in the Islamic economy " and provides the "grounds on which new instruments" of Islamic financing are developed. It also extends beyond discussions of Islamic legality "to the social and economic repercussions of alternative legal forms of economic or financial relationship and analyze the rationale behinds [sic] it. According to Hosein Askar, Zamir Iqbal, and Abbas Mirakhor, a "significant subset" of muamalat "defines the conduct of economic activities" within the economic system, which "ultimately lays down the rules for commercial, financial and banking system. According to Aznan Hasan, basic principles of muamalat, are that dealings and contracts in Islam According to Abdullaah Jalil, Asharaf Mohd Ramli, Syahidawati Shahwan there are four "theories" that underlie the framework of Mu'amalat dealings: .
The purpose of this paper is to lay down the methodological structure of the epistemology of tawhid Oneness of Allah. In this paper, the meaning of tawhid also refers to the monotheistic unity of knowledge consilience in the cast of its organic pairing by circular causation relations between the moral and material possibilities.
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Islamic monetary and credit theory has its roots in the line of thought developed during the Middle Ages by scholars such as Al-Ghazali, Ibn Khaldun, and Al-Maqrizi whose work is still of great interest today. The explorations carried out in the monetary field are characterized by a multi-disciplinary perspective which takes into account the relationship between the economic, legal, ethico-religious and social fields. This resulted in the appraisal of the nature and role of money, which is rich in implications for both economic theory and economic policy. A number of these analyses raise important questions which may help further our understanding of the connection between ethics and economics. A theoretical current has gradually formed, articulated around various points, which can be distinguished, based on arguments which often go beyond solely economic questions, both from the dominant theory and theories that stray away from it. Islamic theoretical considerations on monetary and credit issues are indebted to the Middle Ages analyses, which also prove to be of great interest for having a number of points in common with similar analyses developed in a Christian context. In this context, considerable attention should be given to a deeper study of the topics of a monetary nature.
Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems. The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance.
Gain deeper insight into the principles and theory of Islamic economics Introduction to Islamic Economics: Theory and Application provides an overview of the organizing principles and fundamentals of an Islamic economy. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book addresses the core economic principles underlying a system based on the foundational teachings of Islam, and examines the implications for economic policies. Social welfare, economic justice, market functionality, efficiency, and equity are explored from an Islamic perspective, and the role and instruments of fiscal and monetary policy in Islamic systems are used to illustrate contemporary applications. Universities around the globe are offering courses on Islamic economics and finance, but despite the industry's rapid growth, most research has been focused on the financial principles rather than underlying economic principles. The first book of its kind, Introduction to Islamic Economics brings all the key concepts together into one reference volume. By outlining the ways in which Islamic finance and Islamic economics interrelate, this book can help readers to: Develop an understanding of the Islamic economic system and its institutional scaffolding Differentiate between the major characteristics of the dominant conventional economy and one based on the fundamental sources of Islam Understand the conditions that must be met for a just, well-balanced, stable, and growing economy Clarify the role of State, public policy, and risk-sharing in the Islamic financial system The Islamic financial system is expanding quickly, and those looking to increase their relevance in a changing economic landscape must get up to speed. Introduction to Islamic Economics provides a comprehensive overview of underlying economic system offering a deeper understanding of the feature of the system.