Islamic economics, which underlies the philosophical foundation of the Islamic banking and finance industry, is an important domain of knowledge. It covers a wide range of topics: from theory building, epistemology and methodology to microeconomics and macroeconomics, and the financial system. In addition, it identifies economic problems and phenomena, and addresses economic questions from both positive and normative perspectives. Nonetheless, to find a comprehensive textbook discussing all these dimensions in one volume is not easy due to the divergent opinions of Muslim economists on many aspects including methodologies for determining the Islamic perspective on economic concepts and issues as well as applicable solutions for today’s socio-economic problems.
This book, Islamic Economics: Principles & Analysis, which is a culmination of concerted efforts of more than 60 scholars from different economic schools of thought worldwide, presents topics and issues of Islamic economics from various perspectives with maximum objectivity. It also compares Islamic economic philosophies and ideas with those of conventional economics to highlight Islamic economics as a distinct field of knowledge with an emphasis on the ethical and social aspects. The book covers key aspects of Islamic economics, namely:
• Islamic world view versus Islamic economics
• Theory building, scope and methodology of Islamic economics
• Islamic economic system versus conventional economics
• Ethics and values in Islamic economics
• Islamic microeconomics and macroeconomics
• Islamic financial system and its role in the economy
• Social impact of Islamic economics
• Economic development from an Islamic perspective
• Key challenges surrounding Islamic economics
This textbook simplifies, clarifies and summarises Islamic economic concepts to make them accessible to all readers including students, practitioners, academics and even non-specialists. It serves as an excellent resource where comprehensive knowledge on Islamic economics and a panoply of related issues is made available in this all-in-one book.
