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"الاقتصاد الاسلامي"
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Why Economists ( and Economies ) Should Love Islamic Finance
This paper explores the advantages of Islamic finance and argues why economists and policymakers should embrace it as a viable framework for strengthening modern economies. It begins with the observation that recent global financial crises have exposed the weaknesses of conventional finance dominated by interest-based lending and short-term debt. The study highlights how Islamic finance, through instruments such as murabaha, musharakah, and mudarabah, offers a system rooted in risk-sharing and directly linked to the real economy, thereby curbing speculation and enhancing productivity. It also underscores the ethical underpinnings of Islamic finance, which aim to promote fairness, transparency, and social justice, while protecting vulnerable participants from exploitation. The research emphasizes that one of the key strengths of this model lies in balancing financial returns with social responsibility, creating pathways toward more sustainable and inclusive economic growth. Moreover, Islamic finance fosters financial inclusion by providing investment opportunities accessible to broader segments of society in line with cultural and religious values. The paper concludes that Islamic finance should not be seen merely as an alternative but as a complementary system that diversifies and stabilizes global financial structures. Ultimately, it argues that economies adopting its principles will benefit from a more resilient, equitable, and socially responsible financial order-making Islamic finance a model that economists and economies alike should embrace. Abstract Written by Dar AlMandumh, 2025, Using AI
Journal Article
Method and Substance of Islamic Economics Revisited
This paper provides fresh deliberations on the method and substance of Islamic economics by relying on the structure and contents of Nienhaus (2013). Introspective arguments are furnished to soundly argue that Islamic economics is still a widely disregarded field; it is an integrated science; its normative dimension is not a deterrent element; 'Islamic economics light' studies are one inseparable part of the discipline; and Islamic economics is a political economy. On the aforementioned issues, we essentially make further elaborations on our Islamic economics definition, 'Qur'ānic framework', Islamic epistemology and Islamic criteria originating from our paper Mahyudi and Abdul Aziz (2017). The elaborations are extended to expound on their positive impact to the 'Islamization of Knowledge' agenda. We also utilize Bakar (2016) to reduce the observed tension between Sharīʿah scholars and Islamic economists that is triggered by issues surrounding legal form and economic reasoning of Islamic banking and finance products. Armed with the latest views over some foundational topics in the philosophy of Islamic economics science, our discussions proffer some guiding points on the proper conduct of Islamic economists in engaging with conventional economists and Islamic jurisprudence experts.
Journal Article
Islamic Finance and Financial Stability
This paper provides a critical review of the Islamic Economics (IEs) and Finance (IF) literature that have examined the stability of the Islamic Financial System (IFS) and its institutions vis-à-vis the conventional interest-based system. The paper analyzes forty studies over the last thirty-year period (1983- 2013). Two sub-periods: pre-and post-subprime financial crisis are compared. The pre-crisis period focuses on theoretical investigations while the post-crisis focuses on empirical research. The results show that the crisis seems to have triggered more attention to the stability of IF. Seventy five percent of the reviewed literature has been carried out in the post-crisis era; about five studies have been produced per year during the last five years (2008-2013) in contrast to less than one study per year in its antecedent period. In addition, Z-score indicator has come out as the most commonly used proxy for measuring the stability of Islamic financial intermediaries. The results also show that there is a significant divergence between the theory and practice of IF. Theoretical studies claim the 'superiority' of the IFS based primarily on equity and participatory modes of financing, while empirical studies are not yet conclusive
Journal Article
Method and Substance of Islamic Economics : Moving Where?
Islamic economics started as a challenge and a fundamental critique of conventional economics, and the ambition of most Islamic economists of the first generation was the replacement of mainstream economics by a new paradigm based on or at least consistent with comprehensive Islamic worldview. It is questionable whether this goal has been achieved. A growing volume of literature with an ,,Islamic economics\" label follows the same quantitative approach and differs from mainstream only in so far as it deals with phenomena in Muslim countries, especially with aspects of Sharī,,ahcompliant banking and finance. Such studies of economic issues from an Islamic perspective are deeply rooted in conventional economics and lack the systemic or holistic dimension which is indispensable for the establishment of a new paradigm for a science of Islamic economics. Islamic economics as an autonomous discipline requires a systemic orientation, and it is conceptually inextricably linked with Islamic theology and law. However, the necessary intellectual interaction between economists and Sharī,,ah scholars is deficient. While Islamic economists had come forward with models of a financial system based on participatory modes of finance and widespread risk-sharing, many scholars of Islamic law were more concerned with the replication of conventional instruments for risk-free fixed-return transactions or with Sharī,,ahcompliant derivatives. Their efforts have moved Islamic finance closer to the conventional status quo and further away from an alternative system of financial intermediation. This did not contribute to the development of a new paradigm of Islamic economics, but this process is reversible.
Journal Article
The Risk of Notoriety in Islamic Banks
In this paper, we demonstrate the importance of the risk of notoriety for Islamic banking, in addition to other financial and non-financial risks. We present the results of a survey carried out targeting the active population of the city of Rabat in Morocco, which main objective is to detect the most decisive criteria that a consumer can adopt in order to form a perception on an Islamic bank. We also focus on the compliance variable to Islamic Sharia because it is directly related to the specificity of Islamic banking, which is conformity with the laws of Islam.
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معالجات اقتصادية إسلامية في الأزمات والجوائح
تشكل الجوائح والأزمات التي تمر بالأمم تحديات كبيرا في الجوانب الاقتصادية والاجتماعية والسياسية وكافة مجالات الحياة، تهدف هذه الورقة البحثية إلى بيان بعض المعالجات الاقتصادية والاجتماعية لهذه الأزمات والجوائح من خلال النظام الاقتصادي الإسلامي. ولتحقيق أهداف الدراسة اتبع الباحث المنهج الاستقرائي لدراسة المبادئ الاقتصادية والفقهية الإسلامية التي عالجت بعض حالات الجوائح والأزمات ومن ثم المنهج الاستنباطي لتحليل كيفية الاستفادة من هذه المبادئ والمعالجات في واقعنا المعاصر، وقد خلصت الدراسة إلى أن المبادئ الاقتصادية والاجتماعية في الإسلام تتضمن عددا من الأحكام والتشريعات التي تسهم في إيجاد الحلول للأزمات والجوائح.
Journal Article
Al-Ma'āLāT Approach in Islamic Finance
The jurisprudence of al-Ma'ālāt is an ancient jurisprudence rooted in Islamic law, and it is concerned with analyzing and taking into consideration the consequences and results people's actions can generate. The Fiqh was used by the Prophet and Sahaba, and it, thereafter, became so famous during the period of Imam Abu Hanifah, the founder of the Hanafi School of Jurisprudence. Fiqh of al-Ma'alat is a great distinctive feature and one of the important jurisprudential aspects of the Hanafi School. The school makes copious use and reference to the theory and practices of al-Ma'ālāt. Where the Hanafi school uses the term \"Ariat i.e., have you pondered if that happened\" and then builds the fatwa ruling based on this future event and also on the expected results of this event. History also mentions Al-Shaṭibī's attempts to draw the attention of the imams of his time to the importance of this jurisprudence through his book Al Muwafaqāt. But despite all the attempts, the writings on it are still few compared to Maqasid Al shariah, and the writings in it in Islamic economics and finance in the English language are almost non-existent, as there is only one source in English according to the researcher's knowledge. Unusually however, this important discipline was not given adequate attention especially by later scholars. Despite its significance. The reasons behind that, as the researcher think due to it is not easy to discover and need deep knowledge and interdisciplinary approach which not easy for each imam to discover or can do it. This article is an attempt to restore interest in it by looking at it through several Islamic, economic and administrative aspects, but to start with this jurisprudence to \"gain an understanding of the existing research and debates relevant to a particular topic or area of study, and to present that knowledge in the form of a written report. You will also gain insight into how researchers apply the concepts you are learning in your unit to real world problems.
Journal Article
Crisis in Islamic Economics : Diagnosis and Prescriptions
There is substantial evidence that the development of the discipline of Islamic Economics is currently in crisis. In this article we argue that the main reason for this is that most Muslim economists have accepted too many of the ideas of Western economists uncritically. The methodological framework, and underlying assumptions are wrong, and in conflict with Islamic views. This conflict has not been recognized, and the attempt to combine contradictory bodies of knowledge has failed. We also present alternative foundations on which a genuine Islamic economic theory could be constructed.
Journal Article
Models of Islamic Banking: The Role of Debt and Equity Contracts
This paper examines the models of Islamic banking with particular emphasis on the role of debt-based and equity-based contracts in shaping an efficient and resilient financial system. It argues that Islamic finance rests on two foundational principles: the prohibition of interest and the linkage of financial activity to real economic transactions. The study outlines instruments such as murabaha, ijarah, salam, and istisnaʿ as debt-like contracts, and contrasts them with musharakah and mudarabah as equity contracts involving risk- and profit-sharing. In practice, Islamic banks have relied predominantly on debt contracts due to their relative simplicity, lower risks, and regulatory compatibility, while equity-based contracts, though vital for ensuring fairness and proper risk distribution, remain underutilized due to legal, accounting, and risk management challenges. The paper emphasizes that achieving a balanced mix between debt and equity contracts is crucial for preserving the distinctiveness of Islamic banking, as overreliance on debt instruments risks convergence with conventional banking models. It also stresses the need for institutional reforms, regulatory support, and financial innovation to promote greater use of equity-based modes. Ultimately, the study concludes that the future of Islamic banking hinges on striking an effective balance between debt and equity contracts, thereby combining financial stability with economic justice. Abstract Written by Dar AlMandumh, 2025, Using AI
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