This paper investigates whether contemporary literature published in top ranked journals use classical theories or the works of classical scholars in the area of Islamic economics, Islamic accounting and finance and Islamic business management or not.
Islamic Economics Project
RESEARCH ON ISLAMIC ECONOMICS AND FINANCE AND ROLE OF FAITH IN MARKETS AND SOCIETY IN POST MODERN SCIENTIFIC AGE
Role of Istihsan in Applying Maslahah in Islamic Finance
This paper identifies the role of Istihsan in Islamic finance that should be emphasized to strengthen the element of Shari’ah compliance.
Islamic Work Ethics as a Key Engine of Endogenous Economic Growth
This paper attempts to show how ethical piety can lead to endogenous growth through mathematical modelling.
Islamic Social Finance and Commercial Finance: A Marriage Made in Heaven
This paper aims to explore different forms and models of integration between Islamic commercial finance and social finance including the problem that arise as well as the solution of each of the models to promote inclusive economic growth.
Conceptual flaws in realizing Maqasid al-Shari’ah in Islamic Finance
This paper discusses the application of Maqasid-e-Shari’ah in Islamic finance discourses and attempts to clarify some misconceptions. The paper also recommends formulating a framework of actualizing Maqasid-e-Shari’ah in Islamic finance.
Islamic Finance Involvement in Supply Chain of Financed Assets
This paper is a novel attempt to analyze the involvement of Islamic financial institutions in supply chain of financed assets. It argues that since Islamic bank has to have ownership and possession of the asset besides undertaking risk of the asset in trade and lease contracts, Islamic bank has to engage more intently in supply chain than the conventional bank.
Establishing Zakat on Oil and Gas in Malaysia
The purpose of this paper is to deliberate on the establishment of Zakat on oil and gas in Malaysia. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, should be subject to Zakat payment. In Malaysia, however, this is not the case. The authors argue that Zakat calculation for oil and gas can involve Nisāb adjustment, but not the Hawl (the requirement for one full Islamic year of ownership for the assets), by analogy with Zakat on agricultural produce.
Environmental Crisis in the Islamic World
In this paper, the author explains that the origin of current environmental crisis can be traced back to industrial revolution. While industrialization provided many benefits, the greed and avarice in human beings need conditioning through morality and values.
Estimation of Zakat Proceeds in Bangladesh
This research study calculates potential Zakat proceeds collectible in Bangladesh by using both classical and contemporary or alternative Zakat calculation methods. The results reveal that the percentage of potential Zakat collectible amount to GDP is significant as the estimates range between 2.3% to as much as 3.8%.
From Streamlining to Mainstreaming “Islamization of Knowledge”
International Islamic University of Malaysia (IIUM) was established according to the visions developed by prominent Islamic scholars Ismail al-Faruqi (Co-founder of the International Institute of Islamic Thought in Virginia [IIIT]), Abdul Hamid Abu Sulayman (Current Chairman of IIIT), and Syed Muhammad Naqib al-Attas (Founder of the International Institute of Islamic Thought & Civilization [ISTAC]), with the aim of linking what they call ‘revelation and heritage’ with social and human sciences.