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The problem with both economic systems, capitalism and socialism, is that they cannot achieve the desires and aspirations of the people as actors of economic policy. Both systems prioritize profit over satisfaction or people's rights. Departing from the various problems that exist in society, the author tries to examine this problem by organizing the two Islamic economic systems. The aim is to examine the problems faced by the economic systems of capitalism and socialism in dealing with economic problems and also to see how the Islamic economic system deals with economic problems. Desk research, or "book research," is the methodology used. This is a qualitative type of research, and the data presented is more subjective and literaturefocused. Unlike capitalism, which grants ownership rights over the means of production to each person, socialism does not recognize individual ownership rights and instead grants ownership rights to the collective. [ABSTRACT FROM AUTHOR]

This study delves into the complexities surrounding the determination, interpretation, and application of maqāsid al-sharī'a within modern Islamic economics and finance. By conducting an extensive review of classical and contemporary literature, this research explores the diverse methods and criteria employed for ascertaining maqāsid. It critically examines the inherent subjectivity involved in categorizing maqāsid, shedding light on the ambiguity in delineating their boundaries. Additionally, the study scrutinizes the unintended consequences of broader utilization of maqāsid, particularly in transactions such as bay' al-'īnah, and evaluates the risks associated with prioritizing maslaha (utility) over textual evidence. The findings underscore the challenges posed by the subjective nature of maqāsid interpretation, illustrating how diverse perspectives can lead to differing conclusions. They emphasize the potential misuse of maqāsid for legitimizing practices contrary to the core principles of sharia. This research underscores the preservation of legislative intent and advocates a cautious approach to integrating maqāsid al-sharī'a into Islamic economics and finance. The objective is to strike a balance that upholds Islamic principles. It highlights the essential need for collectively establishing standards for both macro and micro maqāsid and their usage in ijtihād, promoting responsible applications within contemporary Islamic finance for informed and ethical solutions. [ABSTRACT FROM AUTHOR]

In Islamic tradition, the concept of "perfect human" or, in its traditional expression, "al-insan al-kamil" essentially refers to a person who has adopted a lifestyle in line with the revelation and has an exemplary, ideal, competent, mature personality for that purpose. Based on this general framework, the issue of the perfect human being in Sufism has generally been interpreted in two ways: The first refers to a person, who is moralized with the morals of the Qur'an, which means mature or ideal human being used in daily language, and known as ahl al-hal or ahl al-dil in Sufi circles; the others are the haqiqat al-Muhammadiyya and dawriyas approaches. Among these approaches, the main purpose of the study is to reveal the influence of the haqiqat al-Muhammadiyya on Anatolian Islamic understanding and economic life by examining the views of the leading Sufi scholars Cili and Mawlana, and some other scholars whose books are widely known. According to this understanding, the real and even the only perfect human being is the Prophet Muhammad. Because God created Him before anything else, and all creatures emerged from this truth. But it should be noted that a significant part of the Sunni Islamic scholars opposed the understanding and belief of the Prophet on the grounds that it would deify him, and they even warned that it could lead to negative consequences in terms of theology. When such a human model is transferred to social and economic life with its real context, the insurance of the peace, welfare and happiness of the society will be the perfect human himself. [ABSTRACT FROM AUTHOR]

The focal point of this study lies in the impact of the Covid-19 pandemic on the economic landscape of Micro, Small, and Medium Enterprises (MSMEs) within the Yogyakarta community, particularly in the Kotagede area. Numerous MSMEs and local trade stalls have become non-operational due to the adverse effects of the pandemic, leading to financial distress and, in some cases, bankruptcy. This article addresses this issue within the context of Islamic economics by drawing insights from its foundational theories and proponents. The aim is to provide inspiration for MSMEs and entrepreneurs in Indonesia. The research employs a literature-based qualitative methodology, utilizing sources from Google Scholar, Scopus, and relevant books on Islamic economics, MSMEs, INOVASI, and Indonesian traders. The data analysis is conducted through a robust content analysis approach. The findings reveal an innovative model within Islamic economics that fosters creativity and initiative among MSMEs, particularly in Kotagede, Yogyakarta. Despite the intermission experienced by many small businesses during the pandemic, the encouragement for innovation from local authorities, including the Minister of Tourism and Culinary, has facilitated their return to business operations. Additionally, the study sheds light on the historical perspectives of Islamic economics by examining the contributions of experts such as Boediyono, Ibnu Khaldun, Abu Hanifa, and Zaid bin Ali. The implications of this research are significant in fortifying the Islamic economic sector, specifically for MSMEs in Indonesia. [ABSTRACT FROM AUTHOR]

Price uncertainty arising in the contract of sale is one of the important issues that we encounter in some current issues. Undoubtedly, one of the important factors that prompts people to make a contract with price uncertainty is the aim of preserving the value of the goods or receivables due to the weakening of purchasing power. In this context, in periods of high inflation, futures purchases have to be made without determining the price of the commodity. In this context, in our study, the type of contract made under the name of "trust" without determining a price in some regions of our country has been discussed. Fiqh evaluations are made that point to the fact that such contracts should be based on qard and salam contracts for their validity in fiqh, and that such contracts will be valid in the context of "isticrâr" in their current form. In fact, in this study, although the fiqh status of the application in terms of trust, qard and sales contract was evaluated, it was concluded that it would not be correct to accept such a contract as a trust and qard contract when the aims and intentions of the parties are clear. On the other hand, the issue has been discussed in the context of the contract of sale, and the aspects that differ from the contract type called "isticrâr" have been tried to be determined. In this respect, some suggestions have been presented in order to evaluate the application as a contract of isticrâr. [ABSTRACT FROM AUTHOR]

Participation banking has a history of nearly forty years in Turkey, including its predecessors, special finance houses. Despite this relatively long history, the point reached by the sector is discussed and criticized in many ways. Participation banking, known in the world as Islamic banking, is an important sub-field of Islamic finance. Interest in this has increased especially after the 2008 world financial crisis. In this context, the aim of this article is to identify today's participation banking problems in Turkey, both through the literature that has emerged with increasing interest since the aforementioned period, and through the users and employees from whom information was obtained through interviews, and to propose solutions. Therefore, the main methods of the article are literature research and e-mail interviews. Within the scope of the interviews, 23 users and 5 employees from the cities of Istanbul and Kayseri were interviewed. According to the findings obtained from the literature review, there has been no change in most of the problems expressed in the literature in the last ten years. The prominent ones are; inadequacy of ATMs and branches, lack of knowledge and belief of employees, and lack of product. In the interview study conducted on 28 people in total, the most prominent problem was the lack of knowledge and belief of the employees. The article ends with suggestions for solutions to the main problems identified. [ABSTRACT FROM AUTHOR]

The old parts of the political economy reveal that leading figures such as Ibn Khaldun, Weber, Bacon, Hobbes, and Smith were not apostles of pure economic rationality and a materialistic mindset. While most of these thinkers plausibly endorsed "rationality" in the context of social and cultural realities, they were also aware of the systematic irrationality of cognitive biases that were later "discovered" by contemporary behavioral economists. We are trying to answer the question, "Is there a discrepancy or non-complacency in rationality understanding of economic decisions based on differing needs of economic agents from a religious perspective?". So, based on assumptions that religion, economics, and psychology are affecting each other, it is argued that a well-defined hypothesis and assumptions on the relationship between psychology and economic behaviors need to be cleared in at least three aspects: first, "identifying key factors that influence mood"; second "exploring the relationship between behavior, faith, and psychology"; and third "considering the possible effects of psychology, faith, and behaviors of different groups of people on economic decisions.” A set of reasonable suggestions for policymakers is going to be produced in this direction. [ABSTRACT FROM AUTHOR]

The aim of this research was to examine the key factors influencing decision-making in an Islamic environment, specifically focusing on the information utilized by decisionmakers. The goal was to assess the degree of alignment between economic decision making behavior and the established Islamic thought system. The study reviewed how economic activities were managed in the Islamic context, particularly in relation to financial and managerial information. The research proposes a model for an Information System tailored to an Islamic economy. This model outlines the pathway for economic decision-making that adheres to Sharia laws and meets economic requirements. It operates within the framework of Maqasid Ash-Shari'ah (objectives of Islamic law) and Islamic Transactions Jurisprudence, while taking into account the distinctive characteristics of Islam. By implementing this model, decision-makers can make informed economic decisions that align with Islamic principles and fulfill the specific needs of an Islamic economy. [ABSTRACT FROM AUTHOR]

The world is condemned to extinction by humanity persistently through more production, consumption and waste. The economic and social efforts to stop this extinction are called "sustainability" efforts. Sustainable development, as a common task of humanity, represents the will to meet the needs of today's humanity and transfer it to future generations by wisely managing the resources necessary for the survival of generations without wasting them. The target or approach specified in the definition is accepted from the aims that naturally exist in the principles of Islamic Economics and Finance. In this study, the contribution of Islamic economics and finance to sustainability efforts and the opportunities it can offer are investigated by emphasizing this understanding that is compatible with the Islamic finance perspective. As a result of the research, it has been understood that Islamic economics can make great contributions to sustainable development through Islamic banks, social finance tools such as as zakat, waqf, sadaqah, qard-al hasan, Islamic microfinance, Islamic crowdfunding, and the human model that will be revealed by Islamic finance education. In addition, it is claimed that sustainable development efforts are unsuccessful due to financial crises and environmental problems caused by capitalist understanding. [ABSTRACT FROM AUTHOR]

Islamic finance has developed the Shariah governance mechanism to ensure compliance and control of IFIs with the principles of Islamic law. However, the levels of Shariah governance are different from each other due to the different legal affiliations of each country, the level of development of Islamic finance, and regime differences. International Islamic financial institutions such as Islamic Financial Services Board (IFSB) and The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) have published standards to define the general lines of Shariah governance and have brought Shariah governance practices to a certain point, at least in principle. After the Shariah governance standards of IFSB (2009) and AAOIFI (1997), studies on Shariah governance have increased rapidly. By 2010, while there were only 18 publications on Shariah governance in the two most well-known indexes (Scopus and Web of Science), this number increased to 42 in 2015 and 159 in 2020. This academic interest shows that Shariah governance issues are followed closely. In this context, there have been some remarkable developments at the regulatory and supervisory level in terms of Shariah governance in Turkey, and the TKBB (Participation Banks Association of Turkey) Advisory Board was established in 2018, bringing one step closer to international Shariah governance practices. Although the developments in the context of Shariah governance in Turkey have accelerated in the last ten years, the legal consultancy services that Islamic financial institutions have received since their establishment are seen as the first applications in this sense. Accordingly, some individual efforts in the past and consultancy services that continue with the institutional structure as in-bank advisory committees today, and the place and importance of this service within the framework of Shariah governance is a field waiting to be explored in the context of Shariah governance in Turkey. In Turkey, there are three separate actors in Shariah governance that are authorized to issue Shariah rulings/fatwas. The first of these is the TKBB Advisory Board, which is the central committee; the second is the High Council of Religious Affairs (DIYK) within the body of the Presidency of Religious Affairs (DIB), and the third is the special advisory committees. It is possible to consider special advisory committees in two separate categories, namely in-bank advisory committees (BIDK) and independent special advisory committees. The main purpose of this study is to explore the place and importance of BIDK in the context of Shariah governance in Turkey. The fact that the studies conducted in Turkey in the context of Shariah governance are quite limited and supported by qualitative research methods indicates that this study will have an original and important place in the literature. In this regard, a case study, which is one of the qualitative research designs, was preferred, and semi-structured interviews were conducted with seven advisory committee members. As a result of the interviews, a total of 625 minutes of interview recording was obtained and analyzed, and the analysis text was obtained. The obtained texts were analyzed through the ATLAS.ti program, a qualitative data analysis program, and three main themes and 26 sub-themes related to them were reached. Related themes provide rich content to explore the place and importance of BIDK in Shariah governance in Turkey. The study is also important in terms of its contribution to the field by evaluating the Shariah governance literature and identifying the literature gaps. Since the research question of our study is designed as “What is the place of Internal Bank Advisory Committees in Shariah governance in Turkey?”, the place (duties, responsibilities, activities) of in-bank advisory committees in Shariah governance in Turkey is investigated in a descriptive manner. The study consists of five main parts, namely the literature review, method, findings, discussion and conclusion and recommendations on Shariah governance in the world and in Turkey. In the light of the findings obtained from the interviews, the institutional structure of BIDKs is discussed in the context of their historical background, compliance department, activities, access channels and their contributions to the field of Islamic economics and finance (IEF). Since it is the most basic activity of the advisory committees, the opinions of the members were requested on key points such as the process, subjects and procedure of the committee's fatwas. In this context, nine different sub-themes were identified under the theme of the fatwa, and the interviews were analyzed. In-bank advisory committees are discussed in the context of their institutional structures and fatwa, as well as in the context of the members assigned to the committees themselves. Besides the main issues related to BIDK, two more main themes were determined: the evaluation of the current Shariah governance in Turkey and the issues discussed around the TKBB advisory board. [ABSTRACT FROM AUTHOR]

In this study, four different views on Islamic economics are discussed and critically evaluated. The first is the view that the origin of capitalism is in Islam. It is seen that those who support this view understand Islamic economics through an anachronistic reading, focusing on the similarities between institutions and relations and ignoring the differences. The second view is the Islamic understanding of economics, which is defined as the removal of secular and un-Islamic information from economic views in the context of the Islamization of knowledge and replacing it with knowledge extracted from an Islamic worldview. Two points to consider in this view are (1) the possibility of recognizing and truly purifying the elements that need to be purified, and (2) how Islamic the Islamic views that need to be placed will be. The third view is to make sense of Islamic economics in the context of the objectives of Shariah. As a view that determines the approaches of Islamic economics, especially in the context of macro policies, the aims and maslaha concepts of Shariah are a position that should be approached carefully because they are abstract and carry the danger of distorting the objectives of Islam and bringing the aims of capitalism to the forefront due to the minds shaped by enlightenment education. The last view is the Islamic political economy view, which expresses an Islamic order built on the ontological and epistemological sources of Islam and the framework of the systems in this order. The most important criticism of this view is how successful such a macro-transformation and normative construction can be under the hegemony of the capitalist system. [ABSTRACT FROM AUTHOR]

A joint stock company with legal personality, which is counted as a type of equity company in the Turkish Commercial Code, is defined as a type of company whose capital is determined and divided into shares, and which is liable only for its assets due to its debts. In this study, the economic and fiqhi approaches to the acceptance and adaptation process of the joint stock company, which originally belonged to the legal system and economic system of the West and were transferred to the Islamic world, are questioned. In this direction, first of all, the historical process of the emergence and development of joint stock companies is explained, and it is shown what kind of needs and purposes cause the existence of joint stock companies and how this process differs in the West and the Islamic world. However, within the framework of the innovations brought by joint stock companies and the basic features they have, the prominent issues to be discussed and the main problem areas to be solved in terms of Islamic law and Islamic economy are emphasized. Due to the simplistic and superficial approach in the adaptation process of joint stock companies that are not an Islamic institution, it is considered that the aims of Islamic law are not taken into account sufficiently and comprehensively, and its existence as an institution in the Islamic economy as such is problematic. [ABSTRACT FROM AUTHOR]

Youth unemployment is a growing, global issue with regions of the Muslim world being particularly exposed to the problem. This paper examines a sub-set of this issue; graduate unemployment. In particular, it seeks to understand the role of student aspirations, knowledge, and motivation in tackling this issue. The paper draws on the Islamic literature to develop a theoretical framework of ‘Uluww-al-himmah, high-aiming aspirations, and Rajaa, true hope. These concepts are studied with the aim of improving not only graduate employment rates but also the well-being of graduates who do not find employment. The theoretical framework provides a more holistic approach through which policy-makers may address the issue of graduate unemployment by delineating four interrelated axes that impact graduate employment, namely, Reach, Purity of Purpose, Knowledge and Strength of Intention. By doing so, the framework facilitates the appraisal of educational spending by intervention type, thus highlighting underserved priority areas; allows policy interventions to be evaluated through the tracking of student progress against each axis; and allows policy interventions to be customized at the individual student level to reflect the heterogeneity present between students. The paper therefore provides a fresh perspective for policy-makers and institutional leaders to pursue. [ABSTRACT FROM AUTHOR]

In the world and Turkey, it is observed that the increasing inequity in income distribution. According to TUIK (2019) data, in Turkey, the share of the country with the highest income of 20% decreased by 1.3 points compared to the previous year and decreased by 46.3%, while the share of the 20% group increased by 0.1 points compared to the previous year and increased by 6.3%. Banking services also play a major role in this unfair distribution. Today’s banking services can be regarded as a reflection of Friedman’s (1953) understanding that economic activities cannot be built according to ethics and norms. However, Islam also wants to establish justice in social and economic life. The role of Islamic banks in this matter should not be exactly like conventional banks. Participation banks cannot only pursue profit like other commercial banks, but they must also fulfill the distributive justice role of banks in accordance with Islam. One of the most important problems of Islamic finance, it is noteworthy that the social justice concept offered by the participation banks was not enough to propose solutions and create alternatives. The aim of this study is to examine the role of participation banks in providing social justice and to make inferences about their commercial goals and social responsibility activities. In line with this purpose, “Should participation banks have a social responsibility mission besides their commercial goals?” and “How will they carry out their social responsibility mission together with their commercial goals?” The answers to the questions are sought. In the study, a literature search was conducted on the subject, the activity reports of participation banks were examined and the findings were evaluated with the descriptive research method. According to the results of the study, it has been determined that there is a difference between the performance of the social justice role expected from participation banks in practice. In addition, it has been observed that participation banks do not use Islamic economic instruments sufficiently, that participation banks do not make enough efforts to offer solutions and create alternatives in providing social justice, and cannot provide sufficient support to other alternative institutions. In this context, examples where participation banks can provide social justice in practice have been examined and various suggestions have been presented. Due to the limited number of studies dealing with the role of participation banking in ensuring social justice, it is aimed to contribute to the literature. Keywords: Islamic economics, Islamic finance, Islamic banking, Social justice, Participation banking [ABSTRACT FROM AUTHOR]

Marketing has become today a vital function because it is the basis for the success of companies and their survival in markets. The existence and continuity of companies in the market depends on their ability to implement marketing activities effectively. In this research we aim to identify the marketing mix in Islam and to show its importance in distinguishing companies in markets within the context of the Islamic economy. The study concluded that marketing based on legal determinants emerging from the Islamic approach and the Islamic faith can face difficulties in the market due to their adherence to the principles of the Islamic religion, which stipulate not to harm the company or the consumer. [ABSTRACT FROM AUTHOR]

I think that the fact that the bazaar / bazaar almost always results in customer satisfaction is because the solidarity paradigm is kept alive by the Ahis. However, discussing the role of the Ahi community and the vision of the 21st century while the economy is entering a new phase should be seen as a need for a projection that will encompass the next centuries. In this way, the study focuses on why Akhism has an increasing importance in the 21st century vision. The article firstly opens a discussion around the phases of the economy and its paradigm value by making use of literature sources. It establishes a connection between the spiritual world of Akhism from the point of view of Islamic economics, which is a renewed call together with what this context tells, and the future. Thus, in this study, it can be said that the problem is analyzed and a result that improves or replaces the existing one. It is decisive in this to show that the difference that Ahi-order values will make in the economy of tomorrow will be the gain of all creatures. [ABSTRACT FROM AUTHOR]

This study aims to critically evaluate the institution of a legal personality from the perspective of Islamic economics. The legal personality of commercial entities plays an integral role in the emergence of the capitalist system. This system, in turn, is characterized by capital accumulation. We argue that although the social relations based on the solidarity envisaged by Islamic economics have weakened with the individualization of modern societies, the primary negative effect of individualization has been the commodification of several services provided by solidarity among the members of society in the capitalist market system. Typically, such a system has spurred the practice of leveraging the limited liability of commercial legal entities to earn unlimited profits. Furthermore, because corporations prefer earning profits by selecting the most efficient and cost-effective approaches developed by means of rational decision mechanisms, it leads to the increase of material inequality in society and the expansion of debt-based financial instruments. In addition, corporations move investments from the real sector to the financial field, therefore playing a significant role in the development of financial capitalism. In other words, incidental problems such as lack of regulation and supervision are effective in regulating the situation in the wake of the crises caused by financial capitalism and other social adversities; however, a pertinent issue that remains overlooked is the existence of commercial legal entities and the goal of obtaining unlimited profit, which has emerged as the mission imposed on these legal entities within the capitalist system. [ABSTRACT FROM AUTHOR]

It is observed that the act of "consumption", which is in a functional differentiation, has become a communication tool in the modern age, has been the subject of sociological and psychological studies, and may has been defined as a disease. This situation brings forward the concept of need, which can be described as the main driving force behind the consumption, and makes the meaning formed by the “need” in human minds significant. Besides its lexical meanings such as strong desire and requirement, it also means everything that is necessary for the continuation of life. Today, it can be said that the concept has experienced a semantic shift/expansion. The possibility of evaluating expensive cars, luxury houses and ostentatious lifestyles, which can be considered within the concept of taḥsīnīyyāt (amendatory) in classical thought, in the phenomenon of need has become debatable today. In the capital system, where consumption is strongly supported, the issue of what is needed appears as a Fiqh problem. It is a fact that many people go beyond the realm of real need and turn incline to commodities that they will never use to attain instant pleasure and happiness. It can be determined that the industrial revolution and the advancement of the production means have played a significant role in this semantic shift. Shopping, which was made to meet real needs in the past, has also begun to be used for creating an image and determining status recently. In today's world, where the concept of need has changed in the abundance of consumption and imaginary needs have been created, it is seen that many individuals turn shopping into a means of relaxation and temporary happiness. In addition, various advertisements present that the key to the individual's participation in or belonging to a group as the shopping from certain brands. With the advancement of technology, the need for manufacturing workers has decreased and hence most of the people have the opportunity to consume directly without the hassle of production. Undoubtedly, this situation has led mankind to undergo a mental evolution, and this evolution has contributed to turning many people away from their natural selves into endless pleasure machines. Both external effects and internal reasons have a significant role in this transformation. The most spectacular one is that sales organizations constantly make people feel that there is a need of buying something and urge them to purchase. At this point, the impact of manipulative advertisements is undeniable. The biggest trump card of the companies on the supply line in the economic system of our age is that they have opened a market to almost the whole world by taking advantage of the internet environment. A person can purchase any products he/she wants by making a few transactions on his/her phone at any time, twenty-four hours a day. As a result of motivation, the masses who do not want to miss the "consumption trend" can purchase goods that they will never actually use and can bliss the pure act of spending. Thus, it is paved the way for the emergence of a global waste, and it is posed a risk of a consumption society in which human values are lost. It can be said that unplanned expenditures put the society under a great financial burden and cause both economic problems and psychological distress to increase. In this study, a criticism has been voiced to the situation of today's consumer society within the scope of the principles found in Islamic culture. In the study, the basic concepts have been discussed, the factors in the said change have been emphasized, and determinations have been made on the ground of the basic sources and historical context of Islamic law. [ABSTRACT FROM AUTHOR]

The aim of this study is to critically analyze a modern concept -the commodification of risk as a result of the financialized economic system and the consequences of this commodification process from an Islamic economics perspective. As the uncertainties in the pre-modern period have a measurable and quantitative character in the modern period, especially thanks to the development of statistical theories, calculable uncertainties have turned into the concept of risk. Risks, which are produced by people and can no longer be kept "implicit" in the globalizing world, have formed the "Risk Society" in Beck's words. Risk, which has now become a commodity in the risk society, has become easily tradable via derivative instruments in the economic system that has become financialized thanks to neoliberal policies. The facilities offered by technology and the opportunity to make fast transactions have served not only to manage the risk by using the products of the financial market, but also to make transactions to earn money on risk. Derivative instruments, which started to be traded in the over-the-counter markets in the 20th century, have basically three uses: hedging, speculation, and arbitrage. While the risk that the real sector is inevitably exposed to in globalized markets pushes people to hedge, a different segment has emerged that tries to make money on risk by speculation and arbitrage thanks to financialization. In the globalized economic system, companies engaged in importing and exporting have to be protected from exchange rate risk to conduct their commercial activities in a stable manner and to ensure their economic growth. As a result, in this extreme risk environment created by globalization, people aim to avoid risk by making derivative transactions. On the other hand, contrary to the sectors that produce real goods, the financial system we are in is a sector dominated by speculation and expectations; The financial system, which is based on risk speculation and expectations, has a determining character in all markets. While expectations express negativity for those who use derivatives for hedging purposes, speculators and arbitragers are those who benefit from the risk environment created by negative expectations, since such investors with rational thought aim to gain the maximum profit with the least effort through commodification of risk in the derivatives market. In the study, to analyze the problems caused by commodification of the risk from an Islamic economics perspective, first, the consequences of financialization are discussed, and then how the derivative instruments have commodified the risk is evaluated. Derivative instruments, which have an important place in meeting the financial needs of the society, increase the economic injustice by enabling the capital owners to speculate and arbitrage to make profit easily and to increase their capital. In summary, the financial system that should serve the needs of the society cannot provide this; on the contrary, the increase in transactions such as speculation causes the accumulation of capital in certain people and causes the economic order of the society to deteriorate. Although companies engaged in commercial activities based on imports and exports need derivative instruments for the stability of the real economy due to the exchange rate risk, investors using derivative products also use these tools to make profit in a short time. The use of derivative instruments in this way increases the financialization of the economy and acts as an intermediary for the capital owners to increase their capital rather than contributing to real production. The fact that capital owners channel their resources to derivatives and similar financial instruments rather than real production causes bigger problems on a large scale, especially financial crises. Derivative instruments do not seem appropriate in terms of maslahā, since this situation is not suitable for public utility and, according to the general acceptance in Islamic law, the benefit of the society comes before the interests of individuals. The aim of this article is to emphasize that even if derivative instruments offer a solution to the risks produced in the modern period, this solution leads to more financialization of the economy and a financial environment that leads investors to earn income from ways that are not suitable for the purposes of Islam. In this study, which includes the evaluation of derivative instruments according to Islamic law, the importance of evaluating the context in which derivative instruments arise in the fatwa process is emphasized, along with the compliance of contract conditions with Islamic law. [ABSTRACT FROM AUTHOR]

Futuwwa can be called the institutionalized name of the ideal of building a moral life and society based on the principle of doing good things and not doing bad things in the Islamic framework. Akhizm is the institutional form of it, which was formed by the Turks in Anatolia, mostly over the tradesmen and craftsmen. This understanding maintains its currency especially in Turkey; it continues to be remembered with longing and admiration, and many researches and programs are being conducted on it. However, there are important deficiencies in the studies and programs about the essence and integrity of the subject. Chief among these is the serious lack of information on the basis and sources of futuwwa and akhism. The aim of this study is to systematically examine the sources of futuwwa and akhism studies as a whole. Although the number of studies in this field has increased in recent years, the number of original studies made by reaching first-degree sources is quite limited. In studies based on sources, the diversity of sources seems to be very low. First of all, certain futuwwatnamas are applied to a great extent in futuwwa and akhism studies. However, the diversity and depth of these documents need to be taken into account with a holistic approach. Moreover, although there are many sources in this field other than futuwwatnamas, the number of studies based on some of them is either very little or not at all. Considering that mistakes occur in the principles when there is a mistake in the procedure, the sources of futuwwa and akhism were examined under 13 sub-headings for the first time in the present study; it was even stated which ones would be more suitable for futuwwa studies in general and which ones would be more suitable for akhism studies. [ABSTRACT FROM AUTHOR]

This article examined if the implementation of tax policies in Indonesia adopts the Islamic concepts or not. In doing so, the article refers to Ubaid's concepts on tax collection as advocated in the Islamic community. The main concern of the article was at exploring realities and practices during the implementation of tax policies to the Indonesian citizens, which in turns affecting the Muslim societies as well. This inquiry was explored using qualitative method, in which the socio-economics approach was used as the basis of analysis. The data was collected using interviews of reputable figures in the field of Islamic economics and tax policies. The research findings disclosed that the Indonesian tax policies have partially adopted the Ubaid's concepts on tax collection. In term of legal sources, the Indonesian tax policies have fully referred to the Indonesian tax law, and few of them have similarities with Ubaid's concepts of the tax collection. [ABSTRACT FROM AUTHOR]

This article aims to provide a comparative study on the role of state on market in the eyes of founding fathers of Islamic economics. Wael B. Hallaq’s core arguments in his book ‘The Impossible State’ are adopted since he develops an authentic approach towards the role of state on the relationship between sharia, ethics and market beyond orientalist perspective. While founding fathers’ approaches on the role of state in economics are examined, state is assumed to have transcendental, omnipotent and benevolent characters. This article, however, argues that modern state should be analyzed in Islamic economic studies with its subversive aspects. [ABSTRACT FROM AUTHOR]

This study, which focuses on the concepts of human and social capital that emerged as a result of the transformation of the relationship that a person establishes with himself and with his environment, aims to critically analyze these concepts, based on the understanding of the ontology and epistemology of Islamic economics. From the perspective of Islamic economics, the form of relationship that a person should establish with herself, family, relatives, neighbors and friends and the requirements of this relationship are normatively determined according to Islamic moral principles. In societies that are shaped by contemporary capitalist market system, defining these relations as human and social capital and attributing meaning to their nature that can be transformed into an economic capital signifies that the capitalist perspective shapes the nature of the relationship among the people. It is emphasized that these relations, which have been shaped by the capitalist market system, should be defined in terms of servitude to Allah, the purpose of human creation, and the necessity of these relations not to become a commodity from the ontological framework of Islamic economics. After the analysis of the concepts of human and social capital, the study focuses on a critical analysis of the school institution, which is the main instrument of internalizing these relations at the societal level, through the titles of (i) the purpose of education, (ii) the way of delivery of education, and (iii) the content of the education curriculum. [ABSTRACT FROM AUTHOR]

In this study, güns (singular: gün) from non-bank financial structures (money-gold, foreign exchange, etc.) are discussed and whether these practices, which are a part of social relations, are an alternative solution in terms of coinciding with the goals of Islamic economics. In the framework of the research, a mixed method was preferred in order to discover the functioning of the güns with social, economic, and fiqh aspects and the characteristics of the participants and to determine the factors affecting the participation in the güns. Due to the informal type of the gün phenomenon, exploratory sequential design was used in the study. In this design, firstly, qualitative method and secondly, quantitative method is used in order to discover the phenomenon discussed. In the qualitative part of the study, eight themes were discovered for the phenomenon of the gün: trust, socialization, solidarity, religious sensitivity, saving, investment, consumption and inability to access financial markets. As a result of the exploratory factor analysis carried out in the quantitative part, it was determined that the inability to benefit from formal financial markets, spiritual dimension, socialization, contribution to the family budget, basic consumption, avoidance of interest, forcing savings and investment factors affect participation in the gün. Afterwards, it was tested whether there are significant differences in these factors according to gender, education level, profession and household monthly income level. Investigating the phenomenon of güns with mixed method and determining the spiritual dimension as a factor constitute the original aspects of this study. Accordingly, it is claimed that the güns with social, economic and fiqh dimensions are an Islamic financial phenomenon outside the bank. [ABSTRACT FROM AUTHOR]

One of the main indicators of economic development is the welfare level. The welfare level symbolizes that the policies implemented by the state in a society are in the context of social justice. Social justice aims to reduce social inequalities between people. In this framework, states provide social transfers to individuals through taxes and play an intermediary role in the redistribution of income. In this sense, the role of welfare states is not merely to benefit through social transfers. Further, states ensure social welfare by including other welfare stakeholders, market and non-governmental actors, through their regulations. However, the welfare understandings of countries differ in terms of holistic social welfare. In this respect, the welfare approach of Islamic economics is an approach that essentially prioritizes moral values and aims to ensure economic prosperity by considering social balance. In this regard, beyond social assistance and meeting the basic needs of people, it is envisaged that economic policies that reduce income and wealth inequality will be implemented for the transformation of the economic structure. However, as the Islamic economics and the neoliberal economic understanding differ in many respects, similarly, the neoliberal-based social investment and the welfare approach of Islamic economics also differ. In this context, the study aims to discuss the social welfare understanding of Islamic economics and neoliberalism-based social investment approach theoretically together with social welfare and conservative approaches and to reveal their perspectives in detail. [ABSTRACT FROM AUTHOR]

Participation banks, operating in Turkey, provide banking services to their customers due to carry out the principles of Islamic economics and finance. Customers who want to use their savings in interest-free investment tools apply for information are usually participation banking branches the first places to apply. Therefore, branch staff, especially those who appeal to customers, should have sufficient knowledge and equipment in terms of Islamic economy and finance. This study aims to determine whether Islamic economy and finance trainings given to branch employees have an impact on branch performance and which training methods are more efficient. Firstly, Islamic economy and finance trainings were given to the branch staff working in participation banking through the standard classroom method. Secondly, distance education method was used through virtual classrooms. Thirdly, VR (virtual reality) application was developed and trainings were given using the virtual reality method. After the trainings made with three different methods, the results obtained by effect and result analysis were compared. Within the framework of the results, VIKOR research method was used to determine which method contributed to branch performance for the Islamic economics and finance trainings for participation banking personnel. According to the findings obtained from this research, it has been determined that the Islamic economy and finance trainings given to the participation bank employees positively affects the branch individual performances and the best methods in terms of performance efficiency are the trainings provided in virtual reality and distance. [ABSTRACT FROM AUTHOR]

This paper aims to study the price bargaining as a tool of practicing price discrimination, which aims at profit maximization. The study focuses on analyzing the nature of price bargaining and its determinant factors in economics based on Islamic Shari'a and its rules. The seller, through price bargaining, practices price discrimination against the buyers; selling to each buyer at a different price. This implies that the seller sells each buyer according to his/her willingness-to-pay. There are many factors that affect price bargaining and determine the price at which the transaction takes place. The paper concludes that price bargaining is a legitimate practice in Shari'ah under certain guidelines and ethics that lead to the lowering of transaction cost and hence increasing economic efficiency, and among these guidelines and ethics is the prevention of Excessive Ghabn, the prevention of rebargaining, and the encouragement of tolerance in the preactrice of selling. [ABSTRACT FROM AUTHOR]

This study aims to determine the development and trend map of Halal Value Chain (HVC) outbreak research that is published by a reputable journal in the theme of Islamic economics and finance. The data analyzed were more than 163 publications of indexed research publications. The export data is then processed and analyzed using the R Biblioshiny application program to find out the bibliometric map of the development of the role of Islamic economics and finance in the Halal Value Chain. The results showed that the number of publications on the development of the role of Islamic economics and finance research experienced a significant increase. The results show that the highest number of document types are journaling articles. The most popular authors are Tieman M, and the most popular keyword topics are halal, supply, and chain. [ABSTRACT FROM AUTHOR]

There are many sources of Islamic economic thought left by Muslim Scholars. For decades, contemporary Muslim economists have been trying to explore and examine the contribution of Muslim Scholars. Among the efforts is to produce the book of the history of Islamic economic thought (HIET) either by thematic approach or by a personal approach. The current study aims to explore how often and profoundly the discussion of the economic thought of the Muslim scholars among authors of HIET, especially on a personal approach. Therefore, to extract and analyze the data will use a simple content analysis and descriptive approach. Twenty-two books of HIET were selected to satisfy this study. The result showed that more than ninety Muslim scholars showed by HIET's authors. However, only a few scholars got more attention and in-depth discussion by HIET's authors. While the rest are still getting less attention. Additionally, even though some scholars might have great contributions, but their contributions discussed briefly even ignored. Thus, some extra efforts are needed to produce the book of the history of Islamic economic thought (HIET), and the history of the Muslim Economy (HME). [ABSTRACT FROM AUTHOR]

The orders of Islam are not only directed to the hereafter. Every worship reported as an order has positive reflections on the life of the world as well as the hereafter. Some of these reflections are social, some legal, some economic. Some are reflected in all areas of life. As in the examples of Zakat, Sadaka and Karz-ı Hasen. The most important aspect of Islamic economics is that it is a supply-side economy. The basic principle is to meet the needs of people within the framework determined by Allah. In order for such a production structure to emerge, each worship has a mission. At this point, just like Zakat and Sadaka, the practice of karz-ı hasen was encouraged. While achieving the goal of social solidarity on the one hand, on the other hand, an additional resource was provided to those who want to start a business, invest and do not have sufficient capital. In this article, the place and importance of Karz-ı Hasen as one of the financing instruments of the investments in Islamic economics will be emphasized. [ABSTRACT FROM AUTHOR]

Although its history as a separate branch of science cannot be very old, it is possible to take the roots of Islamic economics until the time of the birth of Islam. İslâm, encompassing all aspects of life, has set principles and rules in economic content to its first interlocutors who live in an area where commercial activities. In the tradition of classical Islamic sciences, although there is no special branch dedicated to economic subjects, it is seen that some of the Islamic sciences, including fiqh, deal with these issues. In this context, fiqh, which aims to the understanding of Nass, how to apply it correctly and to apply it to new situations, has made a great contribution to the development of economic understanding. A close examination of the fiqh accumulation of fourteen centuries of rich will be instrumental in achieving sound information on Islamic economics as well as many other fields of science. The determination of the place of economic thought in classical fiqh works is also important in this regard. In this article, nature, sources, characteristics, aims and historical accumulation of Islamic economy will be covered in the context of fiqh science and the role of fiqh in the development process of Islamic economy will be discussed. In addition, based on the classification of scholars who pioneered the thought of Islamic economics, the role of fukaha in the emergence of Islamic economics in the 20th century will be emphasized. [ABSTRACT FROM AUTHOR]

Timur Kuran is an important theorist who criticizes Islamic economics. In the majority of Kuran's studies, he discusses whether Islamic economy discourse founds itself on a realistic ground, He claims that Islamic economics does not have a coherent theory and that Islamic law has left the Middle East economically back. While researching about Islamic economics and the development of the Middle East, he has been attempting to associate economics in general and Islamic economics in particular, with elements such as non-economic law, morality, and identity. The basic methodology of Kuran draws attention to institutional economics, which attempts to analyze economic activities through institutional social structures. Kuran attempts to account Islamic economics and the economic development process of the Middle East by employing the institutional economic framework. However, the main problem in his analysis is that both institutional and Islamic economics as well as the Middle East's development process are evaluated according to the conclusions that Orthodox economics will accept, not in terms of their own existence. Kuran's critique of Islamic economics is also similar to the criticisms that Orthodox economists have directed particularly to institutional economics, and heterodox economics in general. In this respect, many of Kuran's critiques of Islamic economics are also the problems of modern orthodox economics, and the same criticisms apply to modern economics. The formalist economic discourse which escapes from reality, the free rider problem, the market failure theory are the major problems facing modern economics, and these are not solely the problems of Islamic economics. Therefore, it is not appropriate to criticize Islamic economy discourse over these problems. [ABSTRACT FROM AUTHOR]

Systematical and political solutions in Muslim world cannot be independent form western capitalism. Production and consumption behaviors are also having their share from this tendency. Our argument is that since approaches of Islamic economics are valid and pervasive, its results are more congruent, logical and beneficial in providing human happiness, easing burden of worldly life and providing a balance between needs and resources. Therefore, in comparing western capitalism that centralizes worldly life in primer focus by subjugating everything that can serve material progress and capital accumulation as means of production or productive relations, with İslamic approach that takes production and consumption activities within the world only as a temporary actions but worthwhile to the extent that it preserves sincerity and sharing with the neediest and serves for eternal life of the hereafter by subjugating whatever exist that serves humanity as divine bounties. Should the perception and application of production relations and consumption tendencies should be based on real needs of human being by sharing and without putting into extravaganza, realized sincerely then life of societies can be in compliance with prerequisites of Islamic economics. [ABSTRACT FROM AUTHOR]

Since its formal inception in the early 20th century, Islamic economics has been considered a modern phenomenon, even though its foundations can be traced back to the earliest of Muslim civilizations. However, despite Islamic economics being more than half a century old, there are many serious issues, such as epistemological and methodological concerns, that need to be resolved. In order to delve into such matters, a clear understanding of the origins of modern Islamic economics is necessary. Hence, some of the important questions are: who are its initiators, what were they especially interested in, and how have its subject matter, agenda and intentions changed through different time-periods. Accordingly, the aim of this paper is to focus on and evaluate the course of the early development of Islamic economics via two bibliographies of Siddiqi (1975), and Zaim (1980). In order to attain this aim, content analysis using excel-generated heat maps are used to facilitate contextualized interpretation. More specifically, heat maps for the two selected works mentioned above are created from the two bibliographies in order to make comparisons between them. [ABSTRACT FROM AUTHOR]

Production factors and pricing mechanism are shaped according to the modern theory of economics and requirements of capitalism. In this study, with an approach of Islamic point of view, the underpinning basis of production factors and pricing mechanisms are being searched with a comparative analysis of western economic theory. With the reference to our assumption that in every society economic policies and administrative regulations cannot be differentiated from philosophical basis, a multidisciplinary analysis is conducted over economics, philosophy and related Islamic jurisprudence. Our argument is that in comparing modern approach that centralizes worldly life in primer focus by subjugating everything that can serve material progress and capital accumulation as means of production or productive relations, with İslamic economics that takes world only as a temporary place but worthwhile to the extent that it preserves life of the hereafter by subjugating whatever exist as creature means relation of which should be based on Divine consent. The production relations and methods are not exalted and sanctified in İslamic economics but rather respected due to their functionalities of easing human needs and temporary worldly life which are a transient to hereafter. The price of capital as mean of production is not interest but profit and another mean of production is accepted as "thanksgiving" while pricing mechanism is close to liberal system but requires market intervention in case of disruption or failures. [ABSTRACT FROM AUTHOR]

This paper examines some of the methods of reasoning and judgment in the process of producing judicial (fiqhi) solutions for modern problems and the jurists' approaches to and evaluation of judicial-historical experience in this process. Such an examination may provide us with an opportunity to understand the approaches of the modern jurists (and Muslims) to the new issues/problems through fiqh heritage and their ijtihād methodologies. This article aims to shed light on the relationship of the contemporary jurists with classical fiqh heritage in the context of the murābaḥa contract. The study's main question is: "do the jurists maintain a sound and consistent relationship with the classical fiqh heritage in the process of the formation and development of the murābaḥa contract?" In terms of the study's methodology, a number of important modern fiqh books and articles on the murābaha such as al-Qaradāwī's Bay' al-murābaḥa li-al-āmir bi al-shira kamā tujrīhi al-maṣarif al-islāmiyya and its relationship with classical fiqh are the main starting point. The article, based upon a scrutiny of these primary sources, first lays out how the murābaḥa relates to the classical fiqh in terms of process and structure. Further on, the paper analyses the contemporary jurists' approaches to the subject, particularly focusing on how their handling of the modern murābaḥa reveal their mindsets and (changing) attitudes toward the classical heritage in the process of the modernization of murābaḥa on the one hand, and the effect of their madhhab perceptions on the subject, on the other. The paper concludes with a number of specific propositions regarding the modern murābaḥa's position vis-a-vis the classical fiqh. [ABSTRACT FROM AUTHOR]

This article deals with the nature of Islamic economics as a scientific paradigm which claims to be alternative to conventional economic thinking. To critically evaluate this claim, the work investigates the peculiar religious and moral principles that shape the idea of social justice in Islam. Subsequently, it outlines how Islamic economics derives from these principles a specific conceptualization of property rights and commercial relations that embraces parameters of (1) primacy of real economy; (2) transactional equilibrium; (3) and profit- and risk-sharing. By endorsing the conceptual autonomy of Islamic economics from conventional capitalism, the article also refers to the current emergence of the Islamic financial market at a global stage, and the possible implications for a plural financial system in the future. [ABSTRACT FROM AUTHOR]

The existing literature on Islamic economics suggests that Islamic economics is a twentieth-century phenomenon with its roots in medieval Islamic intellectual and theological history, thereby leaving a centuries-long gap in the history of Islamic economic thinking. This study aims at taking a first step towards filling this gap by examining a nineteenth-century example of Islamic economics in late Ottoman economic literature. Suggesting a broader definition of Islamic economics, this article investigates a prominent Ottoman intellectual's efforts to define, reveal, and revive a tradition of Islamic economics in historical and intellectual context. [ABSTRACT FROM PUBLISHER]

Economic choices influenced by animalistic instincts in an ethically neutral framework have not only resulted in huge disparities in distribution of income, wealth and standards of living, but, as we now realise, they have also resulted in an unprecedented loss to ecology and environment with catastrophic consequences for future generations. More than ever, economics as a discipline of knowledge needs an ethical base in order to rekindle a spiritual rationality that can enable us to take into account equity considerations more explicitly in economic choices, both at the individual and at the societal level. This paper explains how Islamic economics can help in bridging the gap. The paper explains the teachings of Islam on different environmental issues and shows how the Islamic worldview can help to encourage and reinforce environmentally friendly behaviour and choices. [ABSTRACT FROM AUTHOR]

This study aims to identify the ethics in marketing and from the perspective of the Islamic economic thought on the light of contemporary variables, by linking marketing practices system of Islamic morals in order to adjust these practices and put them on the right track. The study found out that the success of the marketing function is associated with the extent of their compliance with the code of ethics emanating from the Islamic religion, the Koran and the Sunnah. Thus, the goal of this value is to take a marketing decision, which is not an easy task, especially because of the rapid developments in the field of information and communication technology and the resulting impact on the marketing relationship that has become more interactive, and the rest of the Islamic marketing practices in today's world need to do revisions that elevate them to the upper value contained in Sharia level, so we'll be in the level of a good example for the non-Muslim world, which is quite different from us in judgment and morality. [ABSTRACT FROM AUTHOR]

Islam encourages people to earn halal -or lawful- and sets certain rules on spending. In Quran spending in the way of Allah is praised (57:7) and besides this, eating, drinking and spending extravagantly is forbidden (6:141; 4:6; 7:31; 17:29). In Quran the term "extravagance" refers to various meanings (10:12; 3:146-147; 10:83; 5:32; 7:80-81; 7:31; 17:29). In daily life it means excessive or unnecessary expenditure or outlay of resources. In this regard the viewpoint of Muslim individuals on such phenomena which is forbidden in Quran becomes more crucial. A survey is conducted in Turkey, Qatar and Indonesia to compare the viewpoint of individuals which are adherents of the same religion but from different cultures. [ABSTRACT FROM AUTHOR]

This study aimed to identify the most prominent elements of Marketing in the literature of modern marketing thought and highlight the characteristics and principles related to these elements from the Islamic approach perspective. The researcher adopted the theoretical descriptive method for gathering and analyzing all the data and information from various sources relevant to the subject and objectives of this study. In addition, the method of induction and deduction was used, by extrapolating the Islamic approach sources - emanating from the Holy Quran and Sunnah - the texts and positions related to the elements of relations marketing, and examining the foundations and general principles and values related to these elements. The researcher concluded that the Islamic approach in relations marketing - whether the relationship between sellers and buyers, or between employers and their employees - is based on the basis of ethics and good treatment with all members of Muslim and non-Muslim communities, according to the principles and rules of Islamic Sharia that the Holy Quran and Sunnah stated in the field of human relationships and business dealings. Most of the marketing elements through relations from the Islamic approach perspective are the foundations that each Muslim must be adhered by in his dealings with others in this world and rewarded by Allah the Almighty in the Hereafter, because it is regarded as the worship that makes each Muslim come close to his God in this world. The Islamic approach has brought to the Marketing in relations a moral and legislative and social dimension for each the marketing elements of relations which the modern marketing thought brought out from the principles, teachings and ethics of Islam in dealings and transactions between the seller and buyer, the employers and employees or the individual Muslim and other Muslims in general. The study recommended the need to promote the marketing elements of relations from the Islamic perspective in practice with the Islamic business organizations as these elements marked by the foundations and features through which to build and strengthen the good relations between the organization and its customers and employees and the dealers from the community. [ABSTRACT FROM AUTHOR]

This study sheds light on the philosophical underpinnings of Islamic economics, especially its version of a social and moral economic system. The prospect of value-laden economics, the gap between the theory and practice of the Islamic economic system, and an epistemological exposition on the observed gap are discussed. On the first aspect, the study indicates that the future for Islamic economics as one alternative of a value-based approach is indeed promising with the ongoing replacement of Robbin's fact/value dichotomy with Putnam's entanglement of fact and value notion. Interestingly, the widely reported gap, in the form of non-achievement of social goals, has led the study to identify a serious flaw in the micro-foundational aspect of Islamic economics; one that has not been noticed before. A more holistic reading of the Qur'ān could solve this micro-foundation issue. Therefore, the study calls for a fresh epistemological approach in Islamic economics methodology that could set in motion a renewed interest in the Islamic economic system discourse. [ABSTRACT FROM AUTHOR]

After presenting the Sharī'ah objectives of both tabarru'īt and hibah briefly, this paper looks at the applications of hibah as a "supporting Sharī'ah concept" in four contracts proposed to the Shariah Advisory Council of Bank Negara Malaysia (SAC). The four contracts are (1) Interbank Mudarabah Investment Contract, (2) al-Ijarah thumma-l-Bay' Contract, (3) Wadi'ah Contract, and (4) Qard Contract. Do these modern applications of hibah realize the maqāṣ id of al-tabarru'āt and hibah? Beside positive maqāṣ id, the paper also looks into instances in which hibah is utilized to serve purposes which are negative in nature such as ribā' and bribery (rishwah). Based on the maqasidic approach to tabarru'āt and hibah, the paper recommends terms and conditions when combining hibah with other transactions and contracts. These conditions will seek to overcome the violation of the original maqāṣid of the hibah and tabarru'āt. [ABSTRACT FROM AUTHOR]

The foundational principles of modern neoclassical economics, as of other disciplines of the social sciences, have been influenced by the overall trajectory of post-enlightenment, secular, humanistic thought and its epistemological roots such as rationalism, methodological individualism, and the assumed supremacy of the scientific method as a way of evaluating all forms of knowledge. This paper contends that an Islamic economics and finance bereft of analyzing and addressing these principles has inadvertently reinforced the very same problematic structures it originally intended to replace. [ABSTRACT FROM AUTHOR]

Zakāh management in Malaysia has evolved during the era of globalization. Zakāh, which had previously been under the administration of the Religious Councils, is now being managed more professionally through corporatized bodies. While from the aspect of Zakāh collection the zakatable wealth has been expanded, its mechanism has also been improved through the use of current technology for the convenience of Zakāh payers. As for the distribution of the fund, the eight groups of recipients have been redefined to suit the current situation in which the disbursement scheme has now been diversified including consumption as well as capital allocation. Indeed, all of these shifts in the practice of Malaysian Zakāh represent a broader meaning. Accordingly, this article tries to offer some explanation and delineate what is behind these changes. [ABSTRACT FROM AUTHOR]

This paper attempts to identify whether Qur'anic concepts provide a basis for a complete thinking on economic life of human beings as the conventional economic thinking claims. Whether the Qur'anic approach to economic life differs markedly from the conventional approach and whether Qur'anic concepts on Economic matters lead to some new areas and dimensions not covered by conventional economic concepts. [ABSTRACT FROM AUTHOR]

The scientific methodology underlying model-building is critically investigated. The modeling views of Popper and Samuelson and their prototypes are critically examined in the light of the theme of the moral law of unity of knowledge and unity of the world-system configured by the meta-epistemology of organic unity of knowledge. Upon such critical examination of received methodology of model-building in economics, the extended perspective—namely of integrating the moral law derived from the divine roots as the meta-epistemology—is rigorously studied. The example of the Islamic prerogative in interpreting the holistic world-system through model-building in economics is highlighted. A religio-philosophical approach is adopted to exemplify some approaches in Islamic model-building. An especial focus is placed here on grassroots types of financing and activities. The critique of these models within the existing Islamic scholarship is carried out. The result is new dimensions of macroeconomic analysis that emanate in a logical way from the meta-epistemological approach, and oppose the mainstream ideas, both in received and Islamic economic thinking as of now. [ABSTRACT FROM PUBLISHER]