1st Edition

Institutional Islamic Economics and Finance

Edited By Ahsan Shafiq Copyright 2022
    196 Pages 16 B/W Illustrations
    by Routledge

    196 Pages 16 B/W Illustrations
    by Routledge

    Institutional economics claims that institutions and policies rather than the size of labour force, technology or capital investment are pivotal for growth or under-development. In this regard there are two kinds of institutions: external institutions expressed in the form of laws, organisations, regulations, companies, banks and the like and internal institutions, which are found in the hearts and consciences of individuals.

    Against this backdrop, this book acquaints readers with the basic concepts related to institutional economics. It then brings to light the theoretical concepts related to the institutional perspectives on Islamic economics, particularly highlighting areas where Islamic economic institutions lay at the crossroads with conventional ones. The book also ref lects upon the organisational arrangements that comply with the basic tenets of Islamic institutional economics. Further, it brings a collection of real-world case studies into discussion to show the models of Islamic institutions that are pragmatic in today’s business environment. The book contains novel dimensions on the subject, includes conceptual debates as well as practical examples and explores hot topics such as waqf and fintech from an Islamic perspective. This is the first book to exclusively cover this topic and is written by well-known and respected international economists from the field.

    Since the book is written in an accessible style and the concepts are expressed in plain language, it will find an audience among academics, researchers and students in economics and Islamic economic studies, as well as policymakers and professionals engaged in the Islamic finance industry, seeking to make their services and products conform to an Islamic institutional perspective.

    List of figures

    List of tables

    List of contributors


    Ahsan Shafiq


    Abbas Mirakhor

    1. Institutional Structure of the Islamic Economic System
    2. Monzer Kahf

    3. Islamic Economics and Institutional Economics: A Methodological Discussion
    4. Adem Levent

    5. General Principles of Business Contracts in Islamic Law
    6. Muhammad Tahir Mansoori

    7. Repositioning Waqfs in the New Economic Order
    8. Hamdi Çilingir

    9. Conceptualising the Islamic Social Finance into a Three-sector Economic Model
    10. Mohd Nahar Mohd Arshad

    11. Islamic Social Bank: A Sustainable Banking Approach
    12. Shifa Mohd Nor

    13. Can Microfinance Be a Solution for the Social Failure of Islamic banks? A Linkage Model Proposal
    14. Mücahit Özdemir

    15. The Justification Process of the Joint-Stock Company as a New Partnership Model in the Islamic World
    16. Omer Faruk Tekdogan and Abdurrahman Yazıcı

    17. Conscious Technology and Technological Change: Artificial Intelligence, Fintech and Others
    18. Masudul Alam Choudhury

    19. Islamic Multifinance Companies: Disbursement towards Sustainable Financial System for Low-Income Groups in Indonesia
    20. Laily Dwi Arsyianti and Resfa Fitri

    21. A New Industry-Academic Partnership Model for Community Entrepreneurship Development: The Case of i-Taajir

    Norma Md Saad, Mohammad Aslam Haneef, Mustafa Omar Mohammad and Qurroh Ayuniyyah




    Ahsan Shafiq is a Senior Researcher and the Coordinator at the Research Center for Islamic Economics (IKAM), Istanbul, Turkey.