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Profit Theory: the Islamic viewpoint

Author

Listed:
  • Hasan, Zubair

Abstract

In view of a unique relationship of unity and divergence between Islam and capitalism, the paper takes a hurried look at the current state of profit theory in the mainstream economics. Here it identifies a few issues which include the concept of profit, its source and its relationship with the notion of entrepreneurship. It argues that profit theory with reference to these issues has run into confusion and controversy with the rise into prominence of the modern corporations. Profit as a surplus over costs arises because of dynamic change and is institutional in its appropriation going largely to the block of shareholders that controls the corporation.

Suggested Citation

  • Hasan, Zubair, 1983. "Profit Theory: the Islamic viewpoint," MPRA Paper 3012, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:3012
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    File URL: https://mpra.ub.uni-muenchen.de/3012/1/MPRA_paper_3012.pdf
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    Citations

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    Cited by:

    1. Hasan, Zubair, 2008. "Theory of profit from Islamic perspective," MPRA Paper 8129, University Library of Munich, Germany.
    2. Güney, Necmeddin, 2018. "The Basis for Legitimate Entitlement to Profit in Islamic Law," Working Papers 2018-5, The Islamic Research and Teaching Institute (IRTI).
    3. Hasan, Zubair, 2015. "Risk-sharing: the sole basis of Islamic finance? It is time for a serious rethink," MPRA Paper 66895, University Library of Munich, Germany.
    4. Hasan, Zubair, 2015. "Risk sharing versus risk transfer in Islamic Finance: A critical appraisal," MPRA Paper 65028, University Library of Munich, Germany, revised May 2015.
    5. Hasan, Zubair, 2014. "Risk sharing versus risk transfer in islamic finance," MPRA Paper 62810, University Library of Munich, Germany, revised Mar 2015.
    6. Hasan, Zubair, 2016. "Risk-sharing the sole basis of Islamic finance? time for a serious rethink," MPRA Paper 72252, University Library of Munich, Germany, revised 15 Apr 2018.
    7. Ghul Murtaza Maitlo & Zahid Hussain Kazi & Ambreen Khaskheley & Faiz M. Shaikh, 2015. "Cooperate Social Responsibility in Recent Thar Crisis," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 63(2), pages 99-104, February.
    8. Hasan, Zubair, 2014. "Risk sharing versus risk transfer in Islamic finance: revised," MPRA Paper 62826, University Library of Munich, Germany, revised Mar 2015.
    9. Asad Raza Abidi & Fayyaz Raza Chandio & Ali Hassan Halepoto & Faiz M.Shaikh, 2014. "Cooperate Social Responsibility and Sustainable Development: A Case Study of Engro Fertilizer Dhahrki-Sindh-Pakistan," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 62(2), pages 57-67, February.
    10. Hasan, Zubair, 2015. "Risk sharing versus risk transfer in islamic finance," MPRA Paper 62847, University Library of Munich, Germany, revised Mar 2015.
    11. Zubair Hasan, 2016. "Risk-Sharing: The Sole Basis of Islamic Finance? Time for a Serious Rethink المشاركة في المخاطر: الأساس الوحيد للتمويل الإسلامي؟ حان الوقت لإعادة التفكير الجدي في الموضوع," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 23-36, January.

    More about this item

    Keywords

    Profit; Interest; wages; entrepreneur; profit sharing model;
    All these keywords.

    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D3 - Microeconomics - - Distribution

    Statistics

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