By Hossein Askari, Zamir Iqbal, Visit Amazon's Abbas Mirakhor Page, search results, Learn about Author Central, Abbas Mirakhor,
Gain deeper perception into the foundations and thought of Islamic economics
Introduction to Islamic Economics: concept and Application offers an outline of the organizing ideas and basics of an Islamic economic climate. With deep dialogue of the features, motive, key associations, goals, and tools at paintings, the booklet addresses the middle monetary rules underlying a procedure according to the foundational teachings of Islam, and examines the results for financial regulations. Social welfare, fiscal justice, industry performance, potency, and fairness are explored from an Islamic standpoint, and the position and tools of monetary and financial coverage in Islamic structures are used to demonstrate modern applications.
Universities around the world are providing classes on Islamic economics and finance, yet regardless of the industry's swift development, such a lot learn has been interested in the monetary rules instead of underlying fiscal rules. the 1st ebook of its variety, Introduction to Islamic Economics brings the entire key options jointly into one reference quantity. via outlining the ways that Islamic finance and Islamic economics interrelate, this publication may help readers to:
- Develop an knowing of the Islamic financial system and its institutional scaffolding
- Differentiate among the foremost features of the dominant traditional financial system and one in response to the elemental assets of Islam
- Understand the stipulations that has to be met for a simply, well-balanced, strong, and transforming into economy
- Clarify the position of country, public coverage, and risk-sharing within the Islamic monetary system
The Islamic economic climate is increasing quick, and people trying to elevate their relevance in a altering fiscal panorama needs to wake up to hurry. Introduction to Islamic Economics presents a accomplished evaluation of underlying economic climate supplying a deeper realizing of the function of the method. This booklet is a wonderful supplement to Introduction to Islamic Finance, 2E through Iqbal and Mirakhor.
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Additional info for Introduction to Islamic Economics: Theory and Application
Why justice is so important in Islam. The role of Shariah in Islamic economics and ﬁnance. The meaning of maqasid-al-Shariah (objectives of Shariah). The foundational elements of Islamic teachings. The importance of agent-trustee in Islam and in preserving the rights of all generations. F our fundamental concepts support the rules-based religion that is Islam. First is walayahh, the unconditional, dynamic, active, ever-present love of the Supreme Creator for His creation, which is manifested through the act of creation and the provision of sustenance for all humans.
By the ninth century, many of these ideas had appeared in writing in the form of Islamic legal (ﬁqh) manuals. Udovitch’s studies on commercial techniques, credit, and credit instruments existing in the world of Islam by the ninth century was based on analysis of these types of manuals as well as mercantile manuals of early periods of Islam. 15 Similarly, the works of Abul-Fadl Ad-Dimashqi, a ninthcentury scholar, show advanced ideas regarding value theory, cost and price determination. As discussed in Chapra, historical records reveal a number of important early contributions by Muslim scholars to the development of Western economic thought and the Enlightenment movement in Europe.
Reading the Revelation to humans, cleansing them, and teaching them how to internalize the Revelation by the messengers activates the áql. When intelligence is dormant, man can reason only through intellect. Without áql, the decision-making process takes place through reasoning via the intellect alone.