The authors provide a comprehensive background for recent international financial crises--rapid expansion of interest-bearing debt and monetary expansion though the fractional reserve banking system. In this context, the authors provide an analysis of the experience and issues associated with...

In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Quran and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure,...

In an Islamic economy, the financial sector functions to support the real sector. There are no interest rate based debt instruments. Financial assets are based on risk and return sharing and are contingent claims. Real as well as monetary forces determine the rate of return. As in traditional...

In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Qur'ān and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure,...

The paper “Islamic Economics: Where From, Where To?” of Muhammad Nejatullah Siddiqi, a great scholar and pioneer of Islamic economics and finance, has addressed many important issues in Islamic finance and economics

Preface -- Nature and dangers of statism -- The government from a sharia perspective -- Sharia free market model -- Zakat : a mandatory redistributive principle of a Sharia model -- Fiscal policy from a sharia perspective -- Nature of money in sharia -- On the nature of inflationary financing --...

Preface -- Nature and dangers of statism -- The government from a sharia perspective -- Sharia free market model -- Zakat : a mandatory redistributive principle of a Sharia model -- Fiscal policy from a sharia perspective -- Nature of money in sharia -- On the nature of inflationary financing --...