This paper develops an Index of Economic Well-being (IEWB) for the United States, the United Kingdom, Canada, Australia, Germany, Norway and Sweden for the period 1980 to 2001 which recognizes four components: Current effective per capita consumption flows; Net societal accumulation of stocks of...

The current global financial crisis has revealed many failures of the conventional banking system. However, this context of turbulences has presented the Islamic banking system with a great opportunity to introduce its fundamental methods and principles inspired from the Islamic Shariah law. The...

The research is an attempt to have an overview of the need for derivatives and their possible role in Islamic finance, stressing on the Shariah qualification and prohibitions on the controversial conventional derivative products. This research focuses on the derivative products and their role in...

Purpose – The purpose of this paper is to examine the short-run and the long-run relationships between Islamic banking development and economic growth in the case of Indonesia. Design/methodology/approach – Using quarterly data (2003:1-2010:2), this paper utilizes the bound testing approach...

Purpose – The purpose of this paper is to analyse the extent of the contribution of the current Islamic financial system to society in terms of social responsibility (SR) required by the concept of social maslahah. Design/methodology/approach – The paper adopts a critical analytic approach...

Purpose – This paper aims to draw the wisdom of the prohibition of Gharar through the lens of institutional and Post-Keynesian economics. Design/methodology/approach – This research applies the theoretical contributions of the Post-Keynesian economics and the new institutional economics to...

Purpose – In order to fulfill the Shari'ah objective of promoting the welfare of society, institutions offering Islamic financial services (IIFS) are expected to consciously align their decisions and actions so that they are “socially responsible”. An integral policy approach towards...