Islamic Financial Economy and Islamic Banking: 1st Edition (Hardback) book cover

Islamic Financial Economy and Islamic Banking

1st Edition

By Masudul Alam Choudhury


260 pages

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Hardback: 9781472438775
pub: 2016-07-05
eBook (VitalSource) : 9781315590011
pub: 2016-06-10
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Islamic Financial Economy and Islamic Banking, is a thorough, deeply conceptual, analytical and applied work in the area of epistemological foundation of Islamic world-system.

The book presents a new frontier of original contribution to the theme of generalized-system model of shari’ah. The model, derived from the Qur’an and Sunnah (Prophetic guidance) incorporates a wide analytical coverage of the purpose and objective of the Islamic worldview (maqasid as-shari’ah) in Islamic economics and finance in particular.

The author covers issues that contrast with the existing understanding of Islamic economics and finance, including some specific goals defining the field and how they compare in today’s unstable world of financial volatility. A new heterodox thinking in economic theory is outlined. The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari’ah lead the way in this book.

Its presentation and analysis, methods and approach, overarch the fields of philosophy of science, rigorous analysis, mathematical and other presentations of the understanding given, and all taken up in the light of the exegesis of the Qur’an and coverage of the Sunnah. The result is a substantive one in the field of scholarship and application; and in analytically proving the universality and uniqueness of the epistemic worldview for the academic and practitioner world at large. The totality of the multiverse diversity of issues and problems reviewed comprise the study of the world-system by the Tawhidi methodological approach. Yet this methodology and its empirical configuration are universally applicable to all users without any need for unnecessary religious overtone.


’Masud Chowdhury is a leading scholar in Islamic finance and banking. In this book, he demonstrates his deep understanding of the ethical implications of Islam for these activities. Aspects covered include philosophy, applied topics, social welfare effects and policy issues, just to mention a few. All who have an interest in this subject will profit from reading this book.’ Clement Tisdell, The University of Queensland and Fellow of the Academy of Social Sciences in Australia

About the Author

Dr Masudul Alam Choudhury is Professor and International Chair of the Postgraduate Program in Islamic Economics and Finance, Faculty of Economics, Trisakti University, Jakarta, Indonesia. He is a Visiting Professor at the Social Economy Center, Ontario Institute for Studies in Education, University of Toronto.

Professor Choudhury is the pioneer in the field of the epistemological treatment of Islamic Economics and Finance over the past 35 years by way of his original works in this area.

He is the Editor-in-Chief of the SCOPUS-listed and Australian ABDC JEL-catalogued journal HIJSE (Humanomics: International Journal of Systems & Ethics) currently in its 33rd year of publication. His works have been reviewed by the Times Higher Education Supplement, Economic Journal, Southern Economic Journal, Middle East Review and Journal of Economic Literature.

About the Series

Islamic Business and Finance Series

There is an increasing need for western politicians, financiers, bankers, and indeed the western business community in general to have access to high quality and authoritative texts on Islamic financial and business practices. Drawing on expertise from across the Islamic world, this new series will provide carefully chosen and focused monographs and collections, each authored/edited by an expert in their respective field all over the world.

The series will be pitched at a level to appeal to middle and senior management in both the western and the Islamic business communities. For the manager with a western background the series will provide detailed and up-to-date briefings on important topics; for the academics, postgraduates, business communities, manager with western and an Islamic background the series will provide a guide to best practice in business in Islamic communities around the world, including Muslim minorities in the west and majorities in the rest of the world.

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / International / Accounting
BUSINESS & ECONOMICS / Corporate Finance
BUSINESS & ECONOMICS / Corporate Finance / Venture Capital
BUSINESS & ECONOMICS / Economics / Comparative
BUSINESS & ECONOMICS / Industries / Financial Services
BUSINESS & ECONOMICS / Islamic Banking & Finance