IDEAS home Printed from https://ideas.repec.org/a/aaw/journl/v3y2018i1p12-20.html
   My bibliography  Save this article

Institutional Setup in Market Economy and Islamic Property Rights

Author

Listed:
  • Noor Fatima

    (Assistant Professor,)

  • Muhammad Zubair

    (Associate Professor,)

  • Zubair Sarfaraz

    (Legal Consultant,)

Abstract

This paper argues that there is an ever-growing demand to correlate between Islam and Economics. Property-right and ownership is the basic concept of the modern economic structure of a liberal economic system. A property right is well explained in Islam and that also an essential element for the market economy, this paper discusses the Islamic perspective of property rights and how far it is complementary with the market economy. Since property rights of Islam are central to the structure of the economic system, Islam also emphasizes on economically good life depends on free trade. Free trade demands a recognized system of property rights, as a market base system demands a healthy competition of commodities, which ultimately needs private property rights for the protection of capital of producers and owners. The distribution of wealth is the main argument of the Islamic Economic System, which helps states in the fair distribution of resources.

Suggested Citation

  • Noor Fatima & Muhammad Zubair & Zubair Sarfaraz, 2018. "Institutional Setup in Market Economy and Islamic Property Rights," Global Economics Review, Humanity Only, vol. 3(1), pages 12-20, June.
    • Handle: RePEc:aaw:journl:v:3:y:2018:i:1:p:12-20
    DOI: 10.31703/ger.2018(III-I).02
    as

    Download full text from publisher

    File URL: https://gerjournal.com/jadmin/Auther/31rvIolA2LALJouq9hkR/Nl9faJDjif.pdf
    Download Restriction: no
    File URL: https://www.gerjournal.com/issue/Institutional-Setup-in-Market-Economy-and-Islamic-Property-Rights
    Download Restriction: no
    File URL: https://libkey.io/10.31703/ger.2018(III-I).02?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Askari, Hossein & Iqbal, Zamir & Krichene, Noureddine & Mirakhor, Abbas, 2013. "Understanding Islam: Development, Economics and Finance," MPRA Paper 56016, University Library of Munich, Germany.
    2. Besley, Timothy & Ghatak, Maitreesh, 2010. "Property Rights and Economic Development," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4525-4595, Elsevier.
    3. Neal,Larry & Williamson,Jeffrey G. (ed.), 2014. "The Cambridge History of Capitalism," Cambridge Books, Cambridge University Press, number 9781107019638, October.
    4. Neal,Larry & Williamson,Jeffrey G. (ed.), 2014. "The Cambridge History of Capitalism 2 Volume Hardback Set," Cambridge Books, Cambridge University Press, number 9781107036949, December.
    5. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    6. Neal,Larry & Williamson,Jeffrey G. (ed.), 2014. "The Cambridge History of Capitalism," Cambridge Books, Cambridge University Press, number 9781107019645, October.
    7. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, October.
    8. Matthews, R C O, 1986. "The Economics of Institutions and the," Economic Journal, Royal Economic Society, vol. 96(384), pages 903-918, December.
    Full references (including those not matched with items on IDEAS)

    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. van Bavel, Bas, 2016. "The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500," OUP Catalogue, Oxford University Press, number 9780199608133.
    2. Oscar J. Cacho & Graham R. Marshall & Mary Milne, 2003. "Smallholder Agroforestry Projects: Potential for carbon sequestration and poverty alleviation," Working Papers 03-06, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
    3. Peter Temin, 2015. "The Cambridge History of "Capitalism"," Journal of Economic Literature, American Economic Association, vol. 53(4), pages 996-1016, December.
    4. Montserrat Llonch-Casanovas, 2016. "Immigrant entrepreneur, transfer of technology and knowledge spillovers: the case of Lyon Barcelona," UHE Working papers 2016_01, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
    5. Maya Shatzmiller, 2022. "Structural change and economic development in the Islamic Middle East 700–1500: Population levels and property rights," Scottish Journal of Political Economy, Scottish Economic Society, vol. 69(1), pages 4-22, February.
    6. Tamara Todorova, 2004. "The Firm in the Context of the Theory of Transaction Costs," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 55-74.
    7. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
    8. Stefano Ciliberti & Angelo Frascarelli & Gaetano Martino, 2020. "Drivers of participation in collective arrangements in the agri‐food supply chain. Evidence from Italy using a transaction costs economics perspective," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 91(3), pages 387-409, September.
    9. Jeremy Atack & Robert A. Margo, 2019. "Gallman revisited: blacksmithing and American manufacturing, 1850–1870," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 13(1), pages 1-23, January.
    10. Caballero-Miguez, Gonzalo & Fernández-González, Raquel, 2015. "Institutional analysis, allocation of liabilities and third-party enforcement via courts: The case of the Prestige oil spill," Marine Policy, Elsevier, vol. 55(C), pages 90-101.
    11. O'Brien, Patrick, 2018. "Cosmographies for the discovery, development and diffusion of useful and reliable knowledge in pre-industrial Europe and Late imperial China: a survey and speculation," Economic History Working Papers 90534, London School of Economics and Political Science, Department of Economic History.
    12. Elert, Niklas & Henrekson, Magnus & Stenkula, Mikael, 2017. "Institutional Reform for Innovation and Entrepreneurship: An Agenda for Europe," Working Paper Series 1150, Research Institute of Industrial Economics, revised 16 Feb 2017.
    13. Bellanger, Manuel & Fonner, Robert & Holland, Daniel S. & Libecap, Gary D. & Lipton, Douglas W. & Scemama, Pierre & Speir, Cameron & Thébaud, Olivier, 2021. "Cross-sectoral externalities related to natural resources and ecosystem services," Ecological Economics, Elsevier, vol. 184(C).
    14. Anselm komla Abotsi, 2016. "Theory of Foreign Direct Investment and Corruption," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 6(6), pages 359-378, June.
    15. Deirdre Nansen McCloskey, 2016. "The great enrichment: a humanistic and social scientific account," Scandinavian Economic History Review, Taylor & Francis Journals, vol. 64(1), pages 6-18, March.
    16. Peter H. Lindert, 2017. "The Rise and Future of Progressive Redistribution," Commitment to Equity (CEQ) Working Paper Series 73, Tulane University, Department of Economics.
    17. Ralph Hippe & Roger Fouquet, 2024. "The Human Capital Transition and the Role of Policy," Springer Books, in: Claude Diebolt & Michael Haupert (ed.), Handbook of Cliometrics, edition 3, pages 411-457, Springer.
    18. Pierre Januard, 2022. "Risks on Trade: The Activity of the Merchant in Thomas Aquinas's Commentary on the Sentences," Working Papers halshs-03313255, HAL.
    19. Raquel Fernández González & María Elena Arce Fariña & María Dolores Garza Gil, 2019. "Resolving Conflict between Parties and Consequences for Foreign Direct Investment: The Repsol-YPF Case in Argentina," Sustainability, MDPI, vol. 11(21), pages 1-16, October.
    20. El Makhloufi, Abdel & Kaal, Harm, 2011. "From Airfield to Airport: An Institutionalist-Historical Approach to the Early Development of Amsterdam Airport Schiphol, 1916-1940," MPRA Paper 74405, University Library of Munich, Germany, revised Dec 2010.

    More about this item

    Keywords

    Property-Rights; MarketEconomy; Institutional-Setup; Islam and Economics; EconomicFreedom;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    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:aaw:journl:v:3:y:2018:i:1:p:12-20. 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: M Imran Khan (email available below). General contact details of provider: http://www.humanityonly.com/ .

    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.