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A Political Economy Approach to Islamic Economics |
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Published by Abdul Ghani
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Thursday, 21 February 2013 00:00 |
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Mehmet ASUTAY*
1. Introduction:
The Essentialisation of Islamic Economics Beyond Islamic Finance Islamic finance, which emerged as part of Islamic economics thinking, has gained roots in the global financial system in recent years. In this novel and alternative financing method, Shari’ah compliance, as a mandatory aspect in terms of legal and mechanical terms, is essential and important. It is also important in a consequential manner that Islamic financing must fulfil the foundational principles and aspirations of Islamic economics. In this particular point, recent developments indicate that Islamic finance is moving in a ‘capitalist’ direction away from an Islamic economic value system. Therefore, the essentialisation of an Islamic economic system is necessary to asses whether Islamic finance is merely an alternative mode of capitalist production or a unique and egalitarian alternative economic order, which aims to be a ‘moral economy’, as coined by Tripp [2006].
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Journey of Islamic Economics in the Modern World |
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Published by Abdul Ghani
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Tuesday, 29 January 2013 00:00 |
By
Masyhudi Muqorobin*
Department of Economics, University of Muhammadiyah Yogyakarta (UMY), Indonesia
Islamic Economic Forum for Indonesian Development (ISEFID),
Kuala Lumpur – Jakarta
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Introduction
Recent development of Islamic economics indicates wide recognition and acceptance to its presence, especially after global evidence in rapid growth of banking and financial sector, supporting theoretical underpinning which is anchored in the Islamic teaching. Scientific procedure on which Islamic economics must rely necessitates not only “consistency” and “commitment” of this subject for acceptance, but also empirical proofs which, on the other hand, creates self-confidence among Muslims. Obviously, further researches and other intellectual exercises are in need.
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Indonesia's missing ingredient: Islamic finance |
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Published by Abdul Ghani
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Thursday, 04 October 2012 11:13 |
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Indonesians often complain that neighbouring Malaysia is stealing their traditional dances and costumes for its tourism marketing. If they were to take something in return, however, they could do worse than replicate Malaysia's approach to Islamic finance.
Islamic finance in Asia is a distinctly Malaysian affair. Indonesia, an emerging regional powerhouse with the world's biggest Muslim population, does not even figure. Indonesia needs to address this shortcoming. Islamic finance could help it solve two of its biggest financing challenges: funding infrastructure and reducing its dependency on foreign borrowing.
The prospect is especially tantalising because Indonesia is in a position to learn from Malaysia's experience and develop its own Islamic capital markets much more quickly. It could even exploit the deep liquidity pool that Malaysia has built.
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Financial Engineering in Islamic Finance |
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Published by Abdul Ghani
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Thursday, 04 October 2012 10:49 |
Zamir Iqbal
EXECUTIVE SUMMARY
The objective of this article is to examine the scope of financial innovation and engineering within an Islamic financial system.
The article concludes that, contrary to common belief, Islamic finance provides the basic building blocks that can be used to construct more complex instruments that will enhance liquidity and offer risk management tools. With the introduction of asset securitization and swap transactions conforming to Islamic principles, the issues of secondary markets and risk management can be addressed. The first section discusses the significance of innovation in Islamic financial markets. The second section discusses the process of introducing new products in the market and their scope. The third section illustrates an Islamic form of asset securitization as an example of financial engineering. The fourth section evaluates the structure of a commodity swap transaction to determine its validity. And finally, the fifih section concludes the discussion.
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2ND INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND ECONOMIES OF THE OIC COUNTRIES (ICIE2) |
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Published by Abdul Ghani
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Wednesday, 12 September 2012 10:54 |
Call For papers
2ND INTERNATIONAL CONFERENCE ON ISLAMIC ECONOMICS AND ECONOMIES OF THE OIC COUNTRIES (ICIE2)
Theme: Islamic Economic Solutions for OIC Countries: Theory and Policy
Papers presented in this conference should serve not only to evaluate past performances in the area of Islamic Economics, but to also chart out possible directions to follow in the future, at both the theoretical and policy levels. The organizers hope that the conference will provide an effective platform for academicians, practitioners, professionals, policy makers and implementer, students and other interested parties to critically examine and discuss related issues. The theme for the 2013 conference is “Islamic Economic Solutions for OIC Countries: Theory and Policy”. As such, the conference’s focus will be on, but not necessarily limited to, the following three major areas:
Islamic Economics
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