IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/66716.html
   My bibliography  Save this paper

Gaps in the Theory and Practice of Islamic Economics

Author

Abstract

After a generation of non-professional writers in Islamic economics, professional economists entered the stage with an important ambition, which has been to introduce a third alternative to humanity in addition to capitalism and socialism that would answer some of the inadequacies of each. Moreover, the analysis of human (individual and collective) behavior towards scarcity under the teachings of Islam was itself worth pursuing. The intellectual effort is yet to produce significant practices of Islamic economics. The exceptions include some application of Islamic finance that raises many questions, and a few applications of zakāh and awqāf. The most serious challenge of Islamic finance is the rise of products of ill repute that result from determined refusal to adhere to the decisions of the International Islamic Fiqh Academy. This paper identifies several gaps in Islamic economics and proposes ways to fill them, placing such responsibility squarely on Islamic economists.

Suggested Citation

  • Al-Jarhi, Mabid, 2013. "Gaps in the Theory and Practice of Islamic Economics," MPRA Paper 66716, University Library of Munich, Germany, revised 2013.
    • Handle: RePEc:pra:mprapa:66716
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/66716/1/MPRA_paper_66716.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Al-Jarhi, Mabid, 1980. "A Monetary and Financial Structure for an Interest-Free Economy: Institutions, Mechanism & Policy," MPRA Paper 66741, University Library of Munich, Germany, revised 2004.
    2. Ezra Hauer & A. G. R. Bullen, 1976. "Books of Interest," Transportation Science, INFORMS, vol. 10(1), pages 102-109, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Al-Jarhi, Mabid, 2014. "Towards an Economic Theory of Islamic Finance Regulation," MPRA Paper 66744, University Library of Munich, Germany, revised 2014.
    2. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    3. Islahi, Abdul Azim, 2013. "First vs. second generation Islamic economists: Deviations and differences in thoughts," MPRA Paper 68353, University Library of Munich, Germany, revised 2015.
    4. Saqib Muneer & azhar Ali & Rao Abrar Ahmad, 2017. "Impact of Financing on Small and Medium Enterprises (SMEs) Profitability with Moderating Role of Islamic Finance," Information Management and Business Review, AMH International, vol. 9(2), pages 25-32.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mabid Ali Al-Jarhi, 2020. "Reforming Islamic Finance إصلاح المالية الإسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(2), pages 101-107, July.
    2. Monzer Kahf, 2014. "Budget deficit and instruments of public borrowing in the Islamic system," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 27, pages iii-iii, Edward Elgar Publishing.
    3. Mabid Ali al-Jarhi, 2016. "The Nature of Money in Modern Economy – Implications and Consequences: Stephen Zarlenga and Robert Poteat طبيعة المال في الاقتصاد الحديث - الآثار والتبعات: ستيفن زارلينجا وروبرت بوتيت," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 75-79, January.
    4. Sayyid Tahir, 2017. "Islamic Economics and Prospects for Theoretical and Empirical Research الاقتصاد الإسلامي وآفاق البحوث النظرية والتطبيقية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 3-20, January.
    5. Al-Jarhi, Mabid, 2016. "An economic theory of Islamic finance," MPRA Paper 72698, University Library of Munich, Germany.
    6. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    7. Al-Jarhi, Mabid, 2016. "The Nature of Money in Modern Economy – Implications and Consequences," MPRA Paper 72238, University Library of Munich, Germany, revised 15 Jun 2016.
    8. Mohsin S. Khan, 1997. "Islamic Interest-Free Banking: A Theoretical Analysis النظام المصرفي الإسلامي الخالي من الفائدة : تحليل نظري ( ترجمة عربية )," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 9(1), pages 3-36, January.
    9. Mabid Ali al-Jarhi, 1985. "Towards an Islamic Macro Model of Distribution: A Comparative Approach نحو نموذج ماكرو إسلامي للتوزيع: مقاربة مقارنة," Journal of Research in Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 2(2), pages 3-29, January.
    10. Siddiqi, Mohammad Nejatullah, 2006. "Islamic Banking And Finance In Theory And Practice: A Survey Of State Of The Art," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 13, pages 2-48.
    11. repec:abd:kauiea:v:26:y:2013:i:1:p:237-248 is not listed on IDEAS
    12. Al-Jarhi, Mabid, 2004. "Islamic Finance: An Equitable and Efficient Option," MPRA Paper 55765, University Library of Munich, Germany.
    13. Al-Jarhi, Mabid, 1985. "Towards an Islamic Macro Model of Distribution: A Comparative Approach," MPRA Paper 66718, University Library of Munich, Germany, revised 1985.
    14. Mabid Ali Al-Jarhi, 2013. "Gaps in the Theory and Practice of Islamic Economics فجوات في نظرية وتطبيق الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 26(1), pages 237-248, January.
    15. Adolfo Rodriguez-Herrera, 2014. "Aristotle versus Marx: Modes of Use, Use Value or Useful Object?," Working Papers 201402, Universidad de Costa Rica, revised Nov 2014.
    16. Mario Amendola & Jean-Luc Gaffard, 2009. "Revisiting the ‘machinery effect’: from Ricardo to Hicks and ahead," Documents de Travail de l'OFCE 2009-13, Observatoire Francais des Conjonctures Economiques (OFCE).
    17. Hasan, M. Aynul & Siddiqui, Ahmed Naeem, 1994. "Is Equity Financed Budget Deficit Stable In An Interest Free Economy?," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 1, pages 1-14.
    18. Al-Jarhi, Mabid, 2004. "The Philosophy of Islamic Banking and Finance," MPRA Paper 66739, University Library of Munich, Germany, revised 2007.
    19. Victor Zarnowitz, 1979. "Information, Measurement, And Prediction In Economics," NBER Working Papers 0318, National Bureau of Economic Research, Inc.
    20. Dai, Darong, 2012. "On the existence and stability of Pareto optimal endogenous matching with fairness," MPRA Paper 40457, University Library of Munich, Germany.
    21. Victoria Chick, 2013. "The future is open: on open-system theorising in economics," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 3, pages 56-72, Edward Elgar Publishing.

    More about this item

    Keywords

    economics; finance; Shari'ah; securitization; Sukuk; monetary policy;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:66716. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.