Introduction to Islamic economics : theory and application / Hossein Askari, Zamir Iqbal, Abbas Mirakhor.

Askari, Hossein, author.
Singapore : John Wiley & Sons, 2015.
Wiley finance series.
Wiley Finance Series
1 online resource (419 p.)
Economics -- Islamic countries.
Islam -- Economic aspects.
Economics -- Religious aspects -- Islam.
Electronic books.
Gain deeper insight into the principles and theory of Islamic economics Introduction to Islamic Economics: Theory and Application provides an overview of the organizing principles and fundamentals of an Islamic economy. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book addresses the core economic principles underlying a system based on the foundational teachings of Islam, and examines the implications for economic policies. Social welfare, economic justice, market functionality, efficiency, and equity are explored from an Is
Introduction to Islamic Economics: Theory and Application; Contents; Acknowledgments; About the Authors; 1. Economic Systems; What Is an Economic System?; Traditional Economic Systems; Pure Market (Capitalist) Economic System; Mixed Market (Capitalist) Economic System; Mixed Socialist Economic System; Command (Planned) Economic System; Current State of the Global Economic System; Growing Income and Wealth Disparities; Instability of Economic and Financial Systems; Neglect of Human Welfare Dimension of Economic Development; Irrational Assumption of Rational Self-Interest
Negative Impact on EnvironmentIslamic Economics Paradigm; Short History of Economic Thought in Islam; Summary; Key Terms; Questions; 2. Foundation of the Islamic Economic Paradigm; Meta-Framework and Archetype of Economic Rules; Implications of the Agent-Trustee Relationship; Significance of Rule Compliance; Impact of Scarcity; Rationality and Freedom of Choice; Individual Obligations, Rights, and Self-Interest; Central Notion of Justice; Shariah: The Law; Summary; Key Terms; Questions; 3. Institutional Framework and Key Institutions; Key Institutions; Property
Contracts and Contractual ObligationsTrust; Markets: The Code of Conduct; Risk Sharing; Wealth Accumulation and Utilization; Wealth Distribution and Redistribution; Work and Work Ethics; Competition and Cooperation; Summary; Key Terms; Questions; 4. The Islamic Economic System; Social and Economic Justice; Equality of Opportunity; Justice in Exchange (Economic Transactions); Distributive Justice; Prohibition of Interest (Al-Riba); Risk-Sharing Economic System; Role of the State; Summary; Key Terms; Questions; 5. Key Microeconomic Concepts; Defining Microeconomics; Issue of Needs versus Wants
Consumer BehaviorTheory of the Firm; Production Cost; Risk and Profit-Sharing Feature; Dynamics of Demand and Supply; Equilibrium; Role of Markets; Efficiency versus Equity; Market Models; Role of the State; Summary; Key Terms; Questions; 6. Key Macroeconomics Concepts; Principal Economic Agents; National Income; Consumption, Savings, Investment, and National Income Determination; National Income and Output Determination; Inflation; Unemployment; Open Economy: Trade in Goods and Services with Other Countries; Why International Trade Is So Central to Islam
Classical Theories of International TradeImplications of Islamic Teachings for International Trade and Economic Integration; Summary; Key Terms; Questions; 7. Macroeconomic Equilibrium: Characteristics of an Islamic Economy; Models of an Interest-Free Economy; Closed Economy Model; Open Economy Model; Summary; Key Terms; Questions; 8. The Financial System; Notion of Risk Sharing; Building Blocks of the Islamic Financial System; Islamic Banking System; Two-Tier Mudarabah; Two-Windows Model; Wikala Model; Liabilities; Assets
Distinctive Features of the Islamic Mode of Intermediation and Banking
Description based upon print version of record.
Includes bibliographical references and index.
Description based on online resource; title from PDF title page (ebrary, viewed December 15, 2014).
Iqbal, Zamir, author.
Mirakhor, Abbas, author.
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