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...

Introduction : the significance of policy -- Institutional perspective of Islamic economics -- Economic and social justice : a policy objective in Islam -- Risk sharing finance and the role of public policy -- Lessons from financial crisis : a policy failure? -- Financial and capital market...

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,...