In its current dimensions, Islamic finance is known as "Shari'a-compliant" finance, which is essentially "prohibition-driven". This means that contemporary Islamic finance is focused on avoiding some key prohibitions in Islam. However, Islam is more than prohibitions, as it also has...

Analogical reasoning (Qiyas) is one of the four sources of Islamic fiqh. It is recognized that the outcomes of Qiyas are generally speculative in nature. However, a vast portion of the corpus of Islamic law is derived based on Qiyas. One such area is marital relationship and mutual rights of the...

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...

Proponents of Islamic financial institutions (IFIs) regard their conventional counterparts as Islamically unacceptable, because the latter are interest-based, not based on fair profit-loss sharing (PLS) and risk sharing. Idealization of the PLS mode is questionable as it is not explicitly...

Modern economies have experienced unprecedented growth and prosperity, enabling a large majority of their societies to rise above poverty. The economics of wealth accumulation seems to have steadily unfolded offering better standards of living to the majority of those living in the developed...

Purpose – The purpose of the paper was to explore the issue of hoarding and dishoarding in a modern context, especially as it relates to circulation of wealth, an important economic objective from the Islamic viewpoint. Design/methodology/approach – This paper presents a survey of scholarly...

Purpose – The purpose of this paper is to provide a critical appraisal of the theme of zulm (injustice/exploitation) in light of the Islamic finance literature and the general attitude and approach of the Islamic finance industry and its advocates. Design/methodology/approach – Based on an...

Purpose – The purpose of this paper is to examine the phenomenon of debt culture in the conventional financial systems and then to compare the existing or emerging trends in the Islamic finance industry. It provides critical insight into why economic policies that are delinked from some...

Purpose – The purpose of this paper is to apply technical analysis to some leading Islamic indices and explore if these indices are amenable to the same kind of analysis as applied to conventional indices and whether technical analysis, in contrast with fundamental analysis, produces distinct...