Review of Research Papers in Islamic Economics and Finance
The noted authors explain that the main contribution of this study is to present a model in which juristic and moralist positions are endogenized and augmented to constitute Islamic social welfare function.
This paper aims to see which modes of financing are majorly employed by Islamic banks while providing finance to the clients. The empirical analysis shows that by and large Islamic banks use risk-shifting contracts. The use of risk-sharing based contracts is quite minimal.
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.
Cash Waqf has a unique feature of flexibility in allocation of economic resources for their use in redistribution efforts, in terms of cash transfers, asset transfers, skills transfer through education and productivity transfers through health services.
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.
This paper discusses the preconditions for the development of a pure form of Islamic finance that is Shari’ah based as well as fulfilling the higher goals of Islamic teachings, i.e. Maqasid-e-Shari’ah.
In this paper, the author had attempted to provide a systematic literature review on Waqf using two prominent research databases, i.e. Scopus and Web of Science. The author, in final analysis, analyzed 257 research documents.
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”.
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.
This paper aims to define the parameters of the reward-risk principle in Islamic finance. The paper is a good attempt to conceptualize the Fiqh basis of risk-reward principle and to use the understanding in revisiting both Ribā-based and Islamic finance contracts.
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