Islamic economics as a subject has deep historical roots. However, the present body of knowledge known as ‘Islamic economics' originated in the second half of the last century. During the last four decades, a lot of literature has appeared. However, most of it can be accepted as ‘Islamic...

Making a critical review of the conventional classification of factors of production, this paper presents a new classification based on the modes of payments for them approved by shariah. Entrepreneurial and hired factors of production are then described and their demand and supply conditions...

For developing a viable Islamic banking system, protection of depositor's money is a basic and crucial question. A depositor wants both security and growth for his saving but Islamic banking provides him only one. This would have led the majority of household to shy away from the system which no...

Islamic economics is not a social science yet. It is a work in progress. Islamic economists differ on methodology for developing Islamic economic thought into a social science. They face several dilemmas surrounding religion, Islamic law, conventional economics, contents of Islamic economics,...

Islamic economics is not a social science yet. It is a work in progress. Islamic economists differ on methodology for developing Islamic economic thought into a social science. They face several dilemmas surrounding religion, Islamic law, conventional economics, contents of Islamic economics,...

The existing literature on Islamic economics has not undergone any of the processes of verification or falsification. It is mostly restatement of the postulates as found in the Qur'an or hadith. The literature on methodology of Islamic economics is either superfluous, or ambiguous or confusing....

The paper aims at explaining the need for a starting point for developing an Islamic theory of economics. The paper emphasizes that what is needed is not a ‘theory of Islamic economics' but an ‘Islamic theory of economics'. It is not merely semantics. The paper explains what difference it...

About 1.2 billion people around the globe live in extreme poverty and 870 million go to bed hungry every night. The ILO estimates that almost 202 million people were unemployed last year, an increase of five million over 2012.1 In this perspective a lot of thinking is going on to find practical...