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In its pursuit to equip the reader with a basic knowledge of Islamic economics, this book divulges the micro-foundations of the discipline, and highlights the predominant schools of thought that exist in the field. It explains, in simple terms, what Islamic economics entails and how it can be studied as a science in relation to the Holy Quran, the Sunnah and the Islamic intellectual tradition based on these two sources. The book familiarizes the reader with knowledge of the basic maxims of the discipline. It then establishes the arguments that are presented by the proponents of religion-based economics, specifically Islam, and apprises readers about the aforementioned schools as they exist. ...
Drawing on received sources of 'maqasid' (Shari'ah's practical objectives), this book demonstrates how the principles of market economics affect how markets and financial instititions actually operate under Shari'ah law. It shows where Islamic economics converges with and differs from conventional economics through the banning of usury and other Shari'ah-prohibited trade practices. Students can check their progress with learning outcomes, chapter previews, chapter summaries and revision questions.
The Islamic finance industry faces the challenging task of attempting to reconcile the risk management demands of business entities with the difficulties posed by the seemingly rigid stance taken by some Shari'ah scholars over hedging practices. Offering a fresh perspective, Sherif Ayoub confronts the challenge by reformulating how we might think about the theorisation of economic matters in the Islamic faith. Shedding light on the way the Islamic finance industry conceptualises the role of financial instruments in a market risk management framework that adheres to the objectives of Islamic jurisprudence, readers will come to understand the issues surrounding the avoidance of Riba (usury), Gharar (excessive uncertainty) and Maysir (gambling).
What exactly is ethical finance? Is Islamic finance ethical? Is ethical finance Islamic? Islamic finance is routinely described as ethical. This reflects the fact that self-described 'ethical' finance is a large and growing sector of the market. It has a very positive image with which Islamic financial services seek to associate themselves. Yet the claim that 'Islamic' and 'ethical' are synonymous is rarely seriously examined, and nor is the claim that there exists a consistent and generally understood definition of 'ethical' practice. This book examines a wide range of financial institutions in the UK which fall broadly within the ethical sector, considering the nature of their principles and practices, and how they relate to Islamic models and to Muslim communities.
An integrated risk-management framework for Islamic banks. This guide shows students and professions how to identify, measure and mitigate risk in Sharia'h-compliant banks. Using simulated Islamic bank financial statements, it demonstrates the integrated risk management process, and investigates how risk regulatory insights have implications for banking policy.The global financial crisis of 2008 has increased the need for risk management in Islamic banks. However, the process is complicated: Islamic banks worldwide provide diverse financial facilities and services under one roof yet lack a uniform risk map and a structured risk management framework.
Explains the exchange economics behind the Shari'ah compliance conditions of Islamic financeDrawing on received sources of 'maqasid' (Shari'ah's practical objectives), this book demonstrates how the principles of market economics affect how markets and financial instititions actually operate under Shari'ah law. It shows where Islamic economics converges with and differs from conventional economics through the banning of usury and other Shari'ah-prohibited trade practices.Islamic finance rests on the principles of free market exchange of Islamic economics. But the latter has failed to keep pace with the rapid developments of the former. Much work published about Islamic economics is at least idealistic if not radically ideological, with little relevance to the Islamic financial industry. This book provides the coherent body of economic theory that students and practitioners of Islamic finance need in order to understand how the maqasid gives a sense of direction to developments in the industry.
Buku ini menjelaskan fondasi beberapa aspek mikro dalam Ekonomi Islam. Materi atau isi buku terdiri atas 12 bab yang secara keseluruhan mendiskusikan topik-topik utama dalam ekonomi mikro, seperti aspek rasionalitas, perilaku ekonomi, teori konsumsi, teori produksi, mekanisme dan struktur pasar, serta kebijakan intervensi pemerintah. Pembahasan buku diawali dengan ulasan tentang kondisi perekonomian yang mengalami problematika karena keterbatasan konsep dalam dan alasan mengapa Ekonomi Islam berpotensi untuk membantu menyelesaikan permasalahan tersebut. Kemudian, pembahasan dilanjutkan dengan mengulas konsep rasionalitas dalam Ilmu Ekonomi dan perbandingannya dengan Ekonomi Islam, serta meng...
Keuntungan yang diperoleh di pasar sekunder hanya berputar diantara investor (sahibul mal) semata, tidak mengalir kepada mudarib (emiten) lagi. Ekonomi Islam sebagai bagian dari ajaran islam melihat jauh kedepan, bukan keutungan jangka pendek tapi jangka panjang, bukan hanya mengatasi tapi lebih bersifat mengantisipasi, bukan hanya berorientasi dunia tapi juga berorientasi akhirat. Oleh karena itu, pasar modal syariah secara umum dan pasar sekunder khususnya sebagai bagian dari praktek ekonomi islam apakah sejalan dengan tujuan ekonomi islam sendiri?