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on Islamic Finance |
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Issue of 2019‒07‒08
five papers chosen by |
| By: | Mujahidin, Muhamad |
| Abstract: | This article describes the perspective of differences between monetary policy in conventional economics and Islamic economics. By using a negation approach, this study concludes that Islamic monetary policy offers an economic system that is more resistant to monetary crises because the Islamic monetary system does not use an interest rate system so that it can stabilize prices more and be able to control inflation compared to the conventional monetary system. |
| Keywords: | Islamic Economics, Sharia Economy, Monetary, Islamic Monetary |
| JEL: | A10 B22 B26 E02 E44 E52 E58 F40 |
| Date: | 2019–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:94693&r=all |
| By: | Javed Ahmad Khan (Professor, Centre for West Asian Studies Jamia Millia Islamia, New Delhi, India) |
| Abstract: | The words ‘moral’ and ‘economy’ originated in the classical intellectual world and in Aristotle’s social theory; besides the politics and ethics, economy was the third domain of practical philosophy where excessive profit making and charging of interest were not the moral practices. However, in the middle of the eighteenth century, the ‘moral economy’ got separated from the morality, and turned out to be simply a religious concept. Defining the moral economy in the 21st century on the basis of goodness, fairness, and justice is something perplexing for the proponents of market economies. But can we ignore the moral basis in our ‘ordinary business’ of life? The book under review, The Moral Economy by Samuel Bowles raises several questions in this regard and tries to show that our basic human goodness is more effective in decision making than the financial incentives. The strength of this book lies in its using different case studies and behavioral experiments with evidence-based arguments on the workable economic and financial world of the 21st century. Islamic economics is based on morality and ethics. Thus, the purpose behind the review of this path breaking work is to understand its relevance to Islamic economics that has emerged as a new paradigm in recent decades. نشأت الكلمات "الأخلاق" و "الاقتصاد" في عالم الفكر الكلاسيكي وفي النظرية الاجتماعية لأرسطو؛ إلى جانب السياسة والأخلاقيات (ethics)، كان الاقتصاد هو المجال الثالث للفلسفة العملية أو التطبيقية، حيث كان يُنظر إلى الإفراط في تحقيق الربح والتعامل بالربا كممارسات غير أخلاقية. ومع ذلك، ففي منتصف القرن الثامن عشر، انفصل "الاقتصاد الأخلاقي" عن الأخلاق، وأصبحت الأخلاق مجرد مفهوم ديني. إن محاولة تعريف الاقتصاد الأخلاقي في القرن الحادي والعشرين على أساس الخير، والعدالة، والوسطية أمر "مثير للحيرة" بالنسبة لأنصار اقتصاديات السوق (الاقتصاد الليبرالي). لكن هل يمكننا تجاهل الأسس الأخلاقية في "أعمالنا العادية" في الحياة؟ إن الكتاب قيد المراجعة، "الاقتصاد الأخلاقي" لساموئيل باولز يثير العديد من الأسئلة في هذا الصدد، ويحاول أن يوضح أن الخيرية الأساسية المرتكزة في الفطر الإنسانية أكثر فاعلية في صنع القرار من الحوافز المالية. تكمن قوة الكتاب في استخدامه لدراسة حالات مختلفة ولتجارب سلوكية متنوعة مع حجج مستندة إلى أدلة مستمدة من عالم الاقتصاد والمال القابل للتطبيق في القرن الواحد والعشرين. يعتمد الاقتصاد الإسلامي على الأخلاق والقيم. ولذا، فإن الهدف من وراء مراجعة هذا الكتاب هو فهم علاقته بالاقتصاد الإسلامي التي برزت كنموذج جديد في العقود الأخيرة. |
| Keywords: | moral economy, social theory, ethics, good incentives, good citizens. الاقتصاد الأخلاقي، النظرية الاجتماعية، الأخلاقيات، الحوافز الجيدة، المواطنون الجيدون. |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:abd:jkaubr:673&r=all |
| By: | Mtiraoui, Abderraouf; Lassoued, Mongi; Hassen Khémiri, Hend |
| Abstract: | Drawing on a review of the innovative literature, we first examine theoretically the nature of the relationship between financial development and economic growth, while taking into account the role played by Islamic finance in steering investment and public spending. which takes into account the effective human (education) in the presence of conventional finance. Finally, we try empirically to discover the influences of Islamic finance as a trend towards economic growth describing the stability and sustainability of any financial system used and hence the relationship between Islamic financial development and economic growth. Our empirical validation is based on a panel data application for our MENA region over a long period of 20 years (1990-2009). |
| Keywords: | Islamic Finance, Economic Growth and Panel Data |
| JEL: | G32 |
| Date: | 2019–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:94804&r=all |
| By: | Malakhov, Vladimir (Малахов, Владимир) (The Russian Presidential Academy of National Economy and Public Administration) |
| Abstract: | Just a few decades ago, it was a commonplace that religion is hardly combined with modernity, and that processes of modernization will contribute to further displacement of religion in a purely private sphere. However the situation has changed significantly in recent years. It is no coincident that the concept of secularization was replaced by the theories of desecularization and post-secularism. These were international migrations that became a key factor, forcing students to reconsider the usual place of religion in Western society; as for the post-Soviet space, the main role was played by the collapse of the Soviet atheistic state. The main goal of this paper is to analyze the content of collisions around the problems of secularism, religious rights and freedoms that exist in the public sphere of contemporary societies, as well as to trace the main trends in state regulation of inter-religious relations observed both in Western liberal democracies and in Russia. |
| Keywords: | religion, interfaith relations, secularism, clericalism, Islam, Orthodoxy, multiculturalism, migration. |
| Date: | 2019–06 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:061909&r=all |
| By: | Yahya Malik (Islamic Economics Institute King Abdulaziz University, Jeddah, Saudi Arabia) |
| Abstract: | -- -- |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:abd:jkaubr:674&r=all |