The editors of this new collection write:
Western economists define economics as the branch of knowledge or science which investigates how scarce resources are best allocated into competing claims upon them. These claims are socially and culturally determined. Islamic economics and its principles have also developed from a specific set of social and cultural circumstances, but the key to the whole subject is the guidance given in the Prophetic scriptures. The tenets laid down in the Qur’an provided the basis for a comprehensive, and continuous, system of social and cultural, and hence also economic, behaviour, for which there is no Western equivalent.
This collection analyses the rationale of Islamic values and Islamic laws in economic activities. It examines how Islam has contributed several alternative values to business and economic policies in Muslim countries. Consideration is also given to how Islam can be considered as a universal system that can be applied to various economic policies, business strategies and government regulations.
Volume 1: Evolution of Islamic Economics
Part 1: Islamic Economics: Definition and Meaning
1. Muhammad Arif, ‘Toward a Definition of Islamic Economics: Some Scientific Considerations’, Journal of Research in Islamic Economics, 2, 2, 1985, 79-93.
2. S. M. Hasan-uz-Zaman, ‘Economic Policy in the Early Islamic Period’, The Journal: Rabitat Al-Alam Al-Islami, 6, 8, 1979, 22-26
3. Sami M. Abbasi, Kenneth W. Hollman and Joe H. Murrey, Jr., ‘Islamic Economics: Foundations and Practices’, International Journal of Social Economics, 17, 6, 1990, 5-17.
4. Fazlur Rahman, ‘Economic Principles of Islam’, Islamic Studies, 8, 1, 1969, 1-8.
5. Khurshid Ahmad, ‘Nature and Significance of Islamic Economics’, Lectures on Islamic Economics (Jeddah: Islamic Development Bank), 1992, 19-31.
6. Volker Nienhaus, ‘Islamic Economics: Dogma or Science’, in Kay Hafez (ed.), The Islamic World and the West, trans. Mary Ann Kenny, (Leiden: Brill, 2000), pp. 86-99.
7. M. Umer Chapra, ‘Islamic Economics: What is it and How it Developed?’, Economic History Services, Jeddeh: Research and Training Institute, 2010, 1-10.
Part 2:Religious Basis of Islamic Economics
8. Saleh El-Sheikh, ‘The Moral Economy of Classical Islam: A FiqhiConomic Model’, The Muslim World, 98, 1, 2008, 116-144.
9. M. Umer Chapra, ‘Mawlana Mawdudi's Contributions to Islamic Economics’, The Muslim World, 94, 2, 2004, 163-180.
10. Anwar Iqbal Qureshi, ‘Islam's Concept of Life Regarding Economic Matters’, Islamic Studies, 11, 4, 1972, 297-308
11. Masudal Alam Choudhury, ‘Principles of Islamic Economics’ , Islamic Studies, 21, 2, 1982, 89-107.
12. Salman Ahmed Shaikh, ‘Thesis of Religion: Normative Basis of Islamic Economics’, Journal of Islamic Banking and Finance, 28, 4, 2011, 27-38
13. Max Horten, ‘Die Philosophie des Islam’, trans. V. June Hager, ‘Phases in the Development of an Islamic World View’, Islamic Studies, 11, 4, 1972, 231-249.
Part 3: Islamic Economic Methodology
14. Muhammad Anwar, ‘Islamic Economic Methodology’, Journal of Objective Studies, 2, 1, 1990, 28-46.
15. Muhammad Akram Khan, ‘Methodology of Islamic Economics’, Journal of Islamic Economics, 1, 1, 1987, 17-33.
16. Shamim Ahmad Siddiqi, ‘A Suggested Methodology for Political Economy of Islam’, Islamic Economics, 13, 1, 2001, 3-27.
17. Muhammad Anas Zarka, ‘Islamization of Economics: The Concept and Methodology’, Islamic Economics, 16, 1, 2003, 3-42.
18. Syed Nawab Haider Naqvi, ‘Choice of Policy Instruments: Specific Issues’, in Ethics and Economics: An Islamic Synthesis (The Islamic Foundation, UK, 1981), pp. 129-141.
Part 4: Pioneers of Islamic Economics
19. S.M. Hasanuz Zaman, ‘Shihab Al-Din Abi'l-Razi: On Management of Personal and Public Wealth’, Islamic Studies, 31, 3, 1992, 365-374.
20. Abdol Soofi, ‘Economics of Ibn Khaldun Revisited, History of Political Economy, 72, 2, 1995, 387-404.
21. Giovanni Patriarca, ‘A Medieval Approach to Social Sciences: The Philosophy of Ibn Khaldun: Some Historical Notes and Actual Reflections’, Journal of Markets and Morality, 13, 1, 2010, 175-188.
22. Amer Al-Roubaie and Shafiq Alvi, ‘Islamic Economics: A Reflection on Al-Ghazali's Contribution’, Kuala Lumpur: The International Institute of Islamic Thought and Civilization, 2001, 2-23.
23. Abdul Azim Islahi, ‘Ibn Taimiyah’s Concept of Market Mechanism", Journal of Research in Islamic Economics, 2:2, 1985, 51-60.
24. Ahmad Al-Hasan, ‘The Financial Reforms of the Caliph al-Mutadid (279-89/892-901)’, Journal of Islamic Studies, 18, 1, 2007, 1-13.
25. Rodney Wilson, ‘The Contribution of Muhammad Baqir al-Sadr to Contemporary Islamic Economic Thought’, Journal of Islamic Studies, 9, 1, 1998, 46-59.
Volume 2: Islamic Economics: Philosophical Foundations
Part: 5 General Economic Philosophy: A Backdrop
26. Jesus M. Zaratiegui, ‘The Imperialism of Economics Over Ethics’, Journal of Markets and Morality, 2, 2, 1999, 208-219.
27. Thomas O. Nitsch, ‘Economic, Social Justice and the Common Good: Roman-Catholic Perceptions’, International Journal of Social Economics, 32, 6, 2005, 554-569.
28. Edward Peter Stringham, ‘Embracing Morals in Economics: The Role of Internal Moral Constraints in a Market Economy’, Journal of Economic Behavior and Organization, 78, 1-2, 2011, 98-109.
29. Frans Wijsen, ‘Religion, Development and Security: A Mission Studies Perspective’, Exchange, 40, 2011, 274-287.
30. Jesus Huerta De Soto, ‘The Ethics of Capitalism’, Journal of Markets and Morality, 2 2, 1999, 150-163.
31. Joseph Burke, ‘Distributive Justice and Subsidiarity: The Firm and the State in the Social Order’, Journal of Markets and Morality, 13, 2, 2010, 297-317.
32. Partha Dasgupta, ‘Economics of Social Capital’, Economic Record, 81, 2005, S1-S16.
Part 6: Islamic Economic Thought
33. Timur Kuran, ‘The Economic System in Contemporary Islamic Thought: Interpretation and Assessment’, International Journal of Middle Eastern Studies, 18, 1986, 135-164.
35. Seyyed Hossein Nasr, ‘Reflections on Islam and Modern Thought’, The Islamic Quarterly, 23, 1979, 119-131.
35. Irfan Ul Haq, ‘Economic Doctrines of Islam: Introduction and Philosophy’, in International Doctrines of Islam (Virginia, USA, International Institute of Islamic Thought, 1996), pp. 81-89.
36. Abdul Azim Islahi, ‘The Myth of Bryson and Economic Thought in Islam’, Islamic Economics, 21, 1, 2008, 65-70.
37. Osman Guner, ‘Poverty in Traditional Islamic Thought: Is it Virtue or Captivity?’, Studies in Islam and the Middle East, 2, 1, 2005, 1-12
38. Masudal Alam Choudhury, ‘The "Impossibility Theorems" of Islamic Economics’, International Journal of Islamic and Middle Eastern Finance Management, 5, 3, 2012, 179-202.
39. M. Umer Chapra, ‘Islamic Economic Thought and the New Global Economy’, Islamic Economic Studies, 9, 1, 2001, 1-16.
Part 7: Ethical Foundation of Islamic Economics
40. Syed Nawab Haider Naqvi, ‘The Islamic Ethical System’, in Ethics and Economics: An Islamic Synthesis (The Islamic Foundation, UK, 1981), pp. 45-57.
41. Masudul Alum Choudhury and Mohammad Ziaul Haq, Ethics and Economic Theory’, International Journal of Social Economics, 31, 8, 2004, 790-807.
42. Mohammad Elgari Bin Eid, ‘Ethics and Economics: An Islamic Perspective’, Journal of Objective Studies, 7, 2, 1995, 28-36.
43. Paul Oslington, ‘A Theological Economics’, International Journal of Social Economics, 27, 1, 2000, 32-44.
44. Abbas J. Ali and Joette M. Wisniesk, ‘Consumerism and Ethical Attitudes: An Empirical Study’, International Journal of Islamic and Middle Eastern Finance and Management, 3, 1, 2010, 36-46.
45. Abul Hassan, ‘Islamic Ethical Responsibilities for Business and Sustainable Development’, The Islamic Quarterly, 48, 4, 2004, 31-46.
46. Zaidi Sattar, ‘The Ethics of Profits in the Islamic Economic System: A Socio-Economic Analysis’, The Islamic Quarterly, 32, 2, 1988, 69-76.
Part 8: Philosophical Foundation of Islamic Economics
47. Seyyed Vali Reza Nasr, ‘Towards a Philosophy of Islamic Economics’, The Muslim World, LXXVII, 1987, 175-196.
48. Mohammad A. Muqtedar Khan, ‘The Philosophical Foundations of Islamic Political Economy’, The American Journal of Islamic Social Sciences, 13, 3, 1996, 389-400.
49. W. Montgomery Watt, ‘Economic and Social Aspects of the Origin of Islam’, The Islamic Quarterly, 1, 2, 1954, 90-103.
50. S. Abul A'la Maududi, ‘Re-Codification of Economic Laws in Modern Times’, in Economic System of Islam (Lahore: Islamic Publications (Pvt) Ltd., 1997), pp. 295-310.
51. Bernard J. Reilly and Hamid Zengeneh, ‘The Value-based Islamic Economic System and Other Optimal Economic Systems: A Critical Comparative Analysis’, International Journal of Social Economics, 17, 11, 1990, 21-35.
52. Muhammad Yasin Mazhar Siddiqui, ‘Economic Imbalances and the Role of Islam – An Essay in Qur’anic Interpretation’, Hamdard Islamicus, X, 2, 1987, 35-46.
53. Wilson, Rodney, "Economic Change and Re-Interpretation of Islamic Social Values", British Society for Middle Eastern Studies, 9:2, 1982, 107-113.
Volume 3: Islamic Economics: Theories and Market Structure
Part 9: Economic Theories: General
54. Petur O. Jonsson, ‘On Utilitarianism vs Virtue Ethics as Foundations of Economic Choice Theory’, Humanomica, 27, 1, 2011, 24-40.
55. Asad Zaman, ‘Towards a New Paradigm for Economics’, Journal of King Abdul Aziz University: Islamic Economics, 18, 2, 2005, 49-59,
56. Donald K. Gates and Peter Steane, ‘Historical Origins and Development of Economic Rationalism’, Journal of Management History, 13, 4, 2007, 330-358.
57. Amartya Sen, ‘Uses and Abuses of Adam Smith’, History of Political Economy, 43, 2, 2011, 257-271.
58. Frederick L Pryor, ‘Market Economic Systems’, Journal of Comparative Economics, 33, 1, 2005, 25-46.
59. Virgil Henry Storr, ‘Why the Market? Markets as Social and Moral Spaces’, Journal of Markets and Morality, 12, 2, 2009, 277-296.
Part 10: Market Structure and Business Strategies in Islam
60. Abdul Azim Islahi, ‘Market Mechanism in Islam: A Historical Perspective’, Journal of Islamic Economics, 3, 2, 1995, 1-13.
61. Muhammad Akbar Khan, ‘Consumer Protection and the Islamic Law of Contract’, Islamabad Law Review, 2, 2, 2011,
62. S. D. Goitein, ‘Commercial and Family Partnerships in the Countries of Medieval Islam’, Islamic Studies, 3, 3, 1964, 315-337.
63. Jawad Syed and Abbas J. Ali, ‘Principles of Employment Relations in Islam: A Normative View’, Employee Relations, 32, 5, 2010, 454-469.
64. Zamir Iqbal and Abbas Mirakhor, ‘Stakeholder Model of Governance in Islamic Economic System’, Islamic Economic Studies, 11, 2, 2004, 43-
65. Samir Ahmad Abuznaid, ‘Business Ethics in Islam: the Glaring Gap in Practice’, International Journal of Islamic and Middle Eastern Finance and Management, 2, 4, 2009, 278-288.
Part 11: Fiscal Policy and Resource Allocation
66. F. R. Faridi, ‘Theory of Fiscal Policy in an Islamic State’, Journal of Research in Islamic Economics, 1, 1, 1983, 15-30.
67. Zafir Iqbal, ‘Economic Rationale for the State Collection of Zakah’, International Journal of Islamic Financial Services, 2, 1, 2000.
68. S.M. Hasanuz Zaman, ‘Islamic Criteria for the Distribution of Tax Burden: The Mix of Direct and Indirect Taxes and the offsetting Function of Zakat’, Journal of Islamic Economics, 3, 1, 1993, 17-32.
69. Nur Barizah Abu Bakar and Abdul Rahim Abdul Rahman, ‘A Comparative Study of Zakah and Modern Taxation’, Journal of Islamic Economics, 20, 1, 2007, 25-40.
70. Muhammad Nejatullah Siddiqui, ‘Role of Fiscal Policy in Controlling Inflation in Islamic Framework’, Jedah, Saudi Arabia: King Abdul Aziz University, Centre for Research in Islamic Economics, 1996, 1-10.
71. Nadeem Ul Haque and Abbas Mirakhor, ‘The Design of Instruments for Government Finance in an Islamic Economy’, Islamic Economic Studies¸6, 2, 1999, 27-43.
72. Metin Cosgel, Thomas Miceli and Rasha Ahmed, ‘Law, State Power and Taxation in Islamic History’, Journal of Economic Behavior and Organization, 71, 3, 2009, 704-717.
73. Sayed Afzal Peerzade, ‘Towards Self-enforcing Islamic Tax System: An Alternative to Current Approaches’, Journal of King Abdul Aziz University: Islamic Economics, 18, 1, 2005, 3-12.
Part 12: Price and Income Distribution
74. S. M. Yusuf, ‘Price, Currency and Trade’, in Economic Justice in Islam (Islamabad: Da'wah Academy, 1990), pp. 40-54.
75. S. Hasanuzzaman, ‘Study of Price and Price Fluctuations in Early Islamic Period’, Finance and Taxation and Company Law, 1, 7-8, 1969, 333-336.
76. Toseef Azid, Mehmet Asutay and Muhammad Junaid Khawaja, ‘Price Behaviour, Vintage Capital and Islamic Economy’, International Journal of Islamic and Middle Eastern Finance and Management, 1, 1, 2008, 52-68.
77. A.H.M Sadeq, ‘Factor Pricing and Income Distribution from an Islamic Perspective’, Journal of Islamic Economics, 2, 1, 1989, 45-64.
78. Mohammed Lawal Ahmad Bashar, ‘Price Control in an Islamic Economy’, Journal of King Abdul Aziz University: Islamic Economics, 9, 1, 1997, 29-52.
79. William Marty Martin and Karen Hunt-Ahmed, ‘Executive Compensation: The Role of Shari’a Compliance’, International Journal of Islamic and Middle Eastern Finance and Management, 4, 3, 2011, 196-210.
Volume 4: Micro and Macro Foundations
Part 13: Micro and Macro Economic Institutions
80. Muhammad Arif, ‘Towards Establishing the Microfoundations of Islamic Economics: The Basis of the Basics’, The Islamic Quarterly, 38, 2, 1984, 61-72.
81. Md. Abdul Awwal Sarker, ‘Islamic Business Contracts, Agency Problem and the Theory of the Islamic Firm’, International Journal of Islamic Financial Services, 1, 2, 1999.
82. Boualem Bendjilali, ‘On Muslim Consumer Behaviour: A Mathematical Set-up’, Journal of Islamic Economics, 3, 1, 1993, 1-16.
83. Masudul Alam Choudhury, ‘A Critique of Economic Theory and Modeling: A Meta-epistemological General-system Model of Islamic Economics’, Social Epistemology, 25, 4, 2011, 423-446
84. S. Thanvir Ahmad, ‘Islam’s Integration of the Theory of Investment with the Theory of Distribution’, Journal of Objective Studies, 5. 2, 1993, 135-146.
85. Shamim A. Siddiqui, ‘Some Controversies in Contemporary Macroeconomics: An Islamic Perspective’, Review of Islamic Economics, 3, 1, 1994, 19-50
Part 14: Trade and Economic Growth
86. Irfan Mahmud, ‘Commerce and Trade’, in Economic System of Umar the Great (Lahore: Shaikh Muhammad Ashraf Publishers, 1977), pp. 34-48
87. M. Umer Chapra, ‘Ibn Khaldun’s Theory of Development: Does it Help EXPLAIN THE Low Performance of the Present-day Muslim World’, Journal of Socio-Economics, 37, 2008, 836-863.
88. Salman Ahmed Shaikh, ‘Examining Theories of Growth and Development and Policy Response Based on them from Islamic Perspective’, Journal of Islamic Banking and Finance, 29, 2, 2012, 1-15.
89. Keith Griffen, ‘Culture and Economic Growth: A General Argument with Illustrations from the Islamic World’, Journal of Islamic Studies, 10, 2, 1999, 126-141.
90. Shafiq A. Alvi and Amer Al-Roubaie, ‘The Alternate Growth Strategy: Islamic Perspective’, Islamia, Thn II, 5, 2005, 86-98.
91. Iqbal Zaidi and Abbas Mirakhor, ‘Stabilization and Growth in an Open Islamic Economy’, Review of Islamic Economics, 1, 2, 1991, 1-20.
92. Eric Chaney, ‘Islamic Law, Institutions and Economic Development in the Islamic Middle East’, Development and Change, 42, 6, 2011, 1465-1472.
Part 15: Islamic Distributive Justice
93. S. M. Yusuf, ‘The Consumption and Distribution of Wealth’, in Economic Justice in Islam (Islamabad: Da'wah Academy, 1990), pp. 55-70.
94. Ismail Sirageldin, "Elimination of Poverty: Challenges and Islamic Strategies’, Islamic Economic Studies, 8, 1, 2000, 1-16.
95. A. A. Islahi, ‘Islamic Distributive Scheme: A Concise Statement’, Journal of Objective Studies, 5, 1, 1993, 98-111.
96. Muhammed M. El-Ghirani, ‘The Islamic Economic Order and the Right to Social Security’, Journal of Objective Studies, 10, 2, 1998, 1-15.
97. Sayyid Tahir, ‘Toward a Theory of Aggregate Output, Income, and Economic Inequalities Determination in an Islamic Economy’, Journal of Islamic Economics, 2, 2, 1989, 95-108.
98. Al-Tayib Zain el-Abidin, ‘The Distribution of Zakah’, Islamic Studies, 42, 1, 2003, 127-136.
99. Irfan Mahmud, ‘Distribution of Wealth’, in Economic System of Umar the Great (Lahore: Shaikh Muhammad Ashraf Publishers, 1977), pp. 125-138.
Part 16: Opportunities and Challenges
100. Amer Al-Roubaie and Shafiq Alvi, ‘Islamic Economics in a Globalized World: Opportunities and Challenges for Muslims’, in Mohamed Ajmal Al-Aidrus (ed.), Islam Hadhari : Bridging Tradition and Modernity (Kuala Lumpur, International Institute of Islamic Thought and Civilization, 2009), pp. 203-223.
101. Muhammad Ramzan Akhtar, ‘Towards an Islamic Approach for Environmental Balance’, Islamic Economic Studies, 3, 2, 1996, 57-76.
102. Mohamed Aslam Haneef and Hafas Furqani, ’Contemporary Islamic Economics: The Missing Dimension of Genuine Islamization’, Thoughts on Economics, 19, 4, 2009, 29-48.
103. Mohammed Ali Trabelsi, ‘The Impact of the Financial Crises on the Global Economy: Can the Islamic Financial System Help?’, Journal of Risk Finance, 12, 1, 2011, 15-25
104. Saima Akbar Ahmed, ‘Global Need for a New Economic Concept: Islamic Economics’, International Journal of Islamic Financial Services, 1, 4, 2000.
105. Dieter Weiss, ‘The Struggle for a Viable Islamic Economy’, The Muslim World, 71 1989, 46-58.
106. Ziauddin Ahmad, ‘Global Need for a New Economic Concept: Islamic Economics’, Islamic Studies, 10, 4, 1971, 343-355
