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Khan-An Introduction To Islamic Economics-1994-Contents and Introduction
Khan-An Introduction To Islamic Economics-1994-Contents and Introduction
-Islamic economics has been one of the major areas of its concern.
Some of the recent publications on Islamic Economics by the Institute
include: Elimination of Ribd from the Economy, Ecdnornic Teachings
of Prophet Muhammad: A Select Anthology of Hadith Literature on
Economics Money and Banking in Islam Fiscal Policy and
Resource Allocation in Islam Islamic Banking: Conceptual Framework
and Practical Operations.
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And hold fast, all together, unto the bond with God, and do not draw
apart from one another. And remember the blessings which God has
bestowed upon you: how, when you wre enemies, He brought your hearts
together, so that through His blessing, you became brethren; and how,
this way, God makes clear His messages unto you, that you find guidance.
(Qur'an 3: 103)
Verily, as for those who have broken the unity of their faith and have
become sects-you have nothing to do with them. Their case rests with
God and in time He will make them understand what they were doing.
(Qur'an 6: 159)
AN INTRODUCTION
TO
ISLAMIC ECONOMICS
ISLAMIZATION OF KNOWLEDGE - 15
Series Editor (in Pakistan): Zafar Ishaq Ansari
AN
INTRODUCTION TO
ISLAMIC ECONOMICS
Foreword
Preface
Acknowledgement xiii
1. Islamic Worldview
2. Basic Assumptions
2.1 Human nature
2.2 Materialism
2.3 Ownership
2.4 Universalism
3. Economic Organization
3.1 Economic Power
3.2 Equilibrium at Less than Full Employment
3.3 Islamic Economic Organization
4. Role of Money
4.1 Interest and Public Debt
4.2 Interest and Foreign Exchange Instability
4 . 3 Interest and Environment
4.4 Interest and Inflation
4.5 Islamic Concept of Money
4.6 Banking in Islamic Economy
II ISLAMIC ECONOMICS
Consumer Behaviour
5.1 Consumerism
5.2 Simple Living and Intensive Use of Resources
5.3 Islamic Values and Consumer Behaviour
5.4 Conservation of Resources
Poverty
6.1 Contemporary Economic Order
6.2 Social and Political Underdevelopment
6.3 Over-population
6.4 Urbanization
6.5 Technology
6.6 Social Security System
6.7 Fighting Poverty in an Islamic Framework
Fiscal Management
7.1 Islamic Principles of Taxation
7.2 Deficit Financing
Diffusion of Knowledge
Concluding Remarks
Introduction
1.1 Why Methodology at all?
1.2 Need for Defining the Methodology of Islamic
Economics
Methodology of Islamic Economics
2.1 The Hard Core
2.2 The Role of Reason
2.3 Inductive or Deductive Reasoning
2.4 Assumptions and Method
2.5 Problem-Solving
2.6 Process of Theorizing
3. Comparison of the two Methodologies
4. Some Related Issues
4.1 Role of Revelation
4.2 The Assumption of an Ideal Islamic Society
4.3 General Theory of Islamic Economy
5. Concluding Remarks
1. Islamic Banks
2. Zakah
3. Insurance
4. Waqf
5. Al-Hisbah
1. Introduction
2. Islamic Approach to Contemporary Econon~ic
Problems
2.1 Unemployment and Inflation
2.2 Economic Development
2.3 Technology
2.4 Economic Power
2.5 Consumer Sovereignty
2.6 Role of Public Policy
3. Concluding Remarks
1. Holistic Approach
2. Search for an Interest-free International Economic
Order
3. Technology
4. Economic Power
Notes 121
Glossary 131
Bibliography 135
LIST OF FIGURES
LIST OF TABLES
their potential. The book addresses both the common reader and the
professional economist trained in the West. It is not, however, a
detailed exposition of the subject. Instead, it attempts to give a bare
introduction to the subject of Islamic economics.
Chapter one gives a broad overview of the subject. It is
intended for those who cannot spare the time to go through the entire
book. It is a quick run-through of the main themes of the subject.
Chapters two and three are more in the nature of an
academic excursion into formalizing the basic precepts of Islamic
economics. They define the subject and spell out its scope and
methodology. They are meant for professional economists and
students of Islamic economics at the university level.
Chapter four gives a brief resume of the practice of Islamic
economics in the present day world. It shows the eagerness of the
Muslim countries to put into practice, albeit inadequately, the basic
principles of Islamic economics.
The last two chapters argue that Islamic economics is the
economics of the future and that neo-classical economics can benefit
from its principles and methodology.
Two appendices follow the main text. The first discusses the
liability of the shareholders in a joint stock company. The second
deals with discounting for project evaluation. We believe that as
compared to capitalism, Islam has a distinctive position on these
issues. But the main text could not afford their discussion as it would
have disturbed the balance and continuity of the book. Therefore, we
have made them into appendices. We have added a select
bibliography of recent writings on Islamic economics to help a
serious reader pursue the subject further. We believe that the book
will be able to stimulate further thinking toward establishing an
interest-free world economy imbued with the Islamic values and
norms of behaviour. We fervently hope that the prejudice of the
modern world against religion will not undermine the rationality and
objectivity of the contemporary man. We hope that the people of our
age, who are likely to close the present century in a state of despair,
will see a ray of hope in the principles of the Islamic economic
order.