Category: Research Paper in Focus

Review of Research Papers in Islamic Economics and Finance

Monetary Policy for the Real Economic Sector in Muslim Majority Countries: A Transitional Solution

The paper discusses reforms in monetary policy to reorient it towards serving the needs of real economy. It focuses on reforms that can be introduced in the transitional phase since reconceptualising the whole monetary system with a reformed outlook on nature of currency, mode of currency issue, money creation and credit creation would take much longer time and requires greater political will.

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Islamic Alternatives to the Secular Morality Embedded in Modern Economics

This paper presents the ideas of transformative school in Islamic economics. Transformative school of thought in the methodology of Islamic economics is not that much interested in descriptive studies and improving the predictive capability of models to analyze market outcomes and to design policies accordingly. It believes in the transformation of choices through education.

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The Economic Reality of Islamic Banks’ Transactions: A Qualitative Inquiry

This research paper examines the need for distinct accounting standards for Islamic finance. It collects primary data through interviews of respondents who are affiliated with a bank. It provides analysis in the light of this statement by International Accounting Standards Board “In assessing whether an item meets the definition of an asset, liability or equity, attention needs to be given to its underlying substance and economic reality and not merely its legal form”.

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Expanding the Frontiers of Economics: Some Insights from the Qur’anic Revelation

The noted author is one of the pioneer contributors in the field of Islamic economics. He has written on methodology of Islamic economics from time to time. He is an objective thinker who had made critical evaluation of both mainstream economics as well as Islamic economics on some aspects. In principle, he wants Islamic economics to be an analytical field. He expects that mainstream economics shall avoid bias against religion and should not undermine and disregard knowledge that comes from religious texts. Some knowledge that comes from religious sources dates back to centuries. However, such knowledge is still applicable today. Instead of arriving at same conclusions and reinventing the wheel, it is not unwise to pay heed toward the knowledge that emanates from religion.

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