Purpose: Islamic banking was developed to serve two objectives: to replace interest-based loan system with profit and loss sharing investment modes and to promote equity in resource allocation. The first objective is called procedural whereas the second one is termed consequential. Scholars...

Urdu Abstract: جس بینکاری نظام کے اندر اسلامی بینکاری کا تجربہ کیا گیا وہ جزواثاثہ جاتی بینکاری نظام پر مبنی ہے جس میں بینک کے پاس بغیر کسی عوض کرنسی تخلیق کرنے کی صلاحیت...

Islamic banking was launched as an alternative of interest based banking. Pioneers of Islamic banking defined profit-and-loss sharing as the desirable alternative. As far modes involving fixed return, they were either not considered by the pioneers or were deemed only permissible but not...

Literature on Islamic finance/banking claims that this discipline differs significantly from its counterpart both in its business forms as well as underlying values which guide those business practices. Given the growth performance of Islamic finance/banking, it is important to develop a...

Neoclassical economic theory is often criticized for neglecting some essential elements in models of economic decision making. These criticisms can be categorized into external and internal ones. This paper summarizes a number of incoherence built into the models of neoclassical economic theory....

The discipline of Islamic economics emerged making a claim of providing a viable alternative to the then prevailing social orders; namely capitalism and socialism. However, both ideological as well as empirical development of this discipline has made it clear that it seeks its foundation in...

This paper contrasts the economics and the management discourse paradigms to identify the purposes these discourses serve in sustaining and reproducing capitalist order. The paper begins with an identification of the major characteristics of capitalist order. Section 2 and 3 compare and contrast...

Economists disagree; this is a matter of fact. Economics has an empirical methodology to verify whatever theories economists from different schools of thought advance in order to explain the economic phenomenon. This empirical methodology lends economists the confidence that most of the...