This conceptual paper is provoked by two interrelated queries. (a) Did Islamic finance industry adopt the wrong banking structure by choosing commercial banking as its core structure? (b) Does riba prohibition requires nuanced understanding in case of financing in a mutually beneficial,...

Hadith are the second source of the Islamic way of life in general andof Islamic law and jurisprudence in particular. From a religious perspective,whether in matters of faith or practice, the details of Muslim life are shaped byhadith as the Qur'an, the revealed source of Islam, mostly provides...

Every global crisis presents a new learning experience for the humanity. Some crises also have paradigm-shifting significance. The last crisis of 2008 might be one of those. Yet, the macro-policy approach of the major industrialized economies seems to be still based on macro-stabilization or...

A key factor behind the chronic crises in modern economies is the growing dominance of financialization and the resulting disconnect between the real economy and the financial sector, to which conventional financial industry is a key contributor. In contrast, Islamic finance claims to be...

Purpose - The purpose of the paper is to explore the issue of hoarding and dishoarding in modern context, especially as it relates to circulation of wealth, an important economic objective from Islamic viewpoint.Design/Methodology/Approach - This paper presents a survey of scholarly positions on...

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...

Statistics as a modern discipline has emerged and developed as part of the development of scientific inquiry. While Islamic civilization has contributed to many key areas of modern knowledge, one of the areas that has rarely been explored in this context is statistics. This paper examines the...

In the economic literature one often encounters the reference to the real economy. The term is used to distinguish from the financial side of the economy, also known as the financial sector. Except mentioning this distinction, rarely attempts are made to explain the dynamics of the real economy...

Purpose – The purpose of this paper examines how the challenge of poverty can be effectively addressed by broadly adopting Islamic value based cooperative model (IVCM) where the members come together to overcome and eventually eradicate the curse of poverty for themselves and for their future...

In the economic literature one often encounters the reference to the real economy. The term is used to distinguish from the financial side of the economy, also known as the financial sector. Except mentioning this distinction, rarely attempts are made to explain the dynamics of the real economy...