Purpose - The purpose of this paper is to explore the concept of rent-seeking behaviour and rentier state in the context of ẓulm (injustice and exploitation), which is one of the key concerns in Islam in general and Islamic economics and finance in particular. Design/methodology/approach - As...

This paper reports on the convergence of Basic Needs Approach (BNA) and institutionalism in their views about technological development and the role of institutions. There exists a vast literature on BNA, including empirical works on almost all the least developed countries. However, despite its...

Contemporary Islamic economic thought has its roots in the Islamic revivalism of the twentieth century. Since the time of Prophet Muhammad, Muslims had a vibrant and dynamic civilization, where the economic life did go on both at the individual and collective level. While economics as a...

Among all topics discussed during the International Conference on Multidimensional Finance, Insurance and Investment (ICMFII' 2013) held at the College of Business Administration of University of Bahrain from 23 to 25 November 2013, Islamic finance generated a lot of interest from conference...

Prohibition of riba (as part of the Riba-Interest equation) is one of the key dimensions of Islamic economics and finance. While it is recognized that riba is a form of unjust and unearned income or gain, the focus on riba is too narrow to capture the wider implications of unearned income or...

An important Islamic imperative is prevention of concentration of wealth among a few so that wealth circulates widely to enhance shared prosperity. In contemporary economic discourse inequality and concentration of wealth have emerged as among key causes of instability and crisis. Unfortunately,...

The Muslim world is facing stagnation due to a lack of balance between two opposing forces: the force for continuity/stability and the force for change. This paper makes the case that these forces must be in balance for healthy, Islamic progress of the Muslim society. This paper analyzes the...