scholarly journals Article Review of The Critical and Empirical Research in Islamic Economics

2020 ◽  
Vol 10 (1) ◽  
pp. 39-44
Author(s):  
Brahim Achour ◽  
Ibrahim Foughali ◽  
Liya Ur Rahman Liyakath Alikhan ◽  
Nur Jamaludin
Keyword(s):  
Economic System ◽  
Empirical Research ◽  
Financial Crises ◽  
Early Stage ◽  
Allocation Of Resources ◽  
Economic Issues ◽  
Goods And Services ◽  
Islamic Economic ◽  
Economic Inequalities

Abstract This article depicts the nature scope and methodology of reconstruction of Islamic economics as well as it speaks about possibilities on theoretical and empirical research in this field. The article also intends to revel needy of reconstruction of Islamic economics, and its role in early stage and contemporary period and how it would be in future. Islamic economics through the shade of quran and sunnah clearly mandate about allocation of resources, goods and services as well distribution of output, input and wealth in an economy. It is also giving the solution for the problems such as financial crises, poverty, inflation, economic inequalities and unemployment. In addition, methodologically, description of the ground realities and prescription of solutions for economic issues are concern of Islamic economics, whereas, field of fiqh plays massive role in developing of Islamic economics. Theoretically, this article discusses about Islamic economics theory and its advantages, this includes Islamic economic system, Shari’ah based transaction matrix, institutional matters, etc. on the empirical side, there are some points affiliated with data and empirical works are discussed.

scholarly journals REFORMULASI BANGUN SISTEM EKONOMI ISLAM

2016 ◽  
Vol 8 (1) ◽  
Author(s):  
Elly Masykuroh
Keyword(s):  
Economic System ◽  
Economic Problem ◽  
Economic Thought ◽  
Economic Issues ◽  
The World ◽  
History Of ◽  
Islamic Economic ◽  
The Many ◽  
Two Alternatives

The idea of this paper came from the many phenomenas of economic problem occuring in various part of the world that become increasingly serious. Both economis  school of capitalist and socialist was not able to provide solution for the increasingly complex economic issues. This condition raises expectation for an alternative economic system that is able to resolve economic problem. Current discourses about Islamic economic system sound relevance and begin to be studied to resolve the economic problem. Through the study and reconstruction of the history of Islamic economy, it shows that system of Islamic economy does exist legally and de facto. Now, our job is to formulate the form and concept of Islamic economy that can be accepted as an alternative economic system in the world. The formulation of the concept and theory of Islamic economy can take two alternatives: firstly, through revision of the old theory of Islamic economy in accordance with the principle and characteristic of Islamic economy, secondly, the recontruction of history through the Islamic economic thought, so that it can gave birth new Islamic economic system.

scholarly journals ISLAMIC ECONOMICS METHODOLOGY PATTERNS OF REASONING AND THE STRUCTURE OF THEORIES

2020 ◽  
Vol 3 (2) ◽  
pp. 10-24
Author(s):  
Abul Bashar Bhuiyan ◽  
Abdul Ghafar Ismail ◽  
Abd Halim Mohd Noor ◽  
Mohammad Solaiman ◽  
Md. Jafor Ali
Keyword(s):  
Economic Thought ◽  
Economic Issues ◽  
Goods And Services ◽  
The Arts ◽  
Maximum Benefit ◽  
Production And Distribution ◽  
Islamic Economic ◽  
Future Direction ◽  
Islamic Civilization ◽  
Money Production

In fact, the Islamic economy is a framework that has been extracted from the axiomatic scripture revealed by Allah Almighty S.W.T (The Holy Quran) and religious practices established by Muhammad SAW (Sunnah) to study contemporary economic phenomenon as per Islamic commercial jurisprudence confronting issues like employment, treatment of property, money, production and distribution, taxes, loans, interest (Riba) stability of prices, equitable distribution, growth rate, productivity, consumption of goods and services etc. that make sure maximum benefit (Falah) in a society or at large to the humanity (Ummah). The Islamic economy is not really a new discourse on whether its roots have evolved since the early days of Islamic civilization. Discussions on economic issues from an Islamic perspective started early and have flourished in the Islamic golden age since. However, economic issues are mainly solved by different branches and schools of economics. This raises a wide variety of methodological issues and several problems have been central to methodological reflection concerning economics. However, not much research attempts have been done to survey the origin of Islamic economic thought and portray its evolution towards becoming a discipline in contemporary times with its own body of knowledge and methodology. Therefore, this study is likely to fill this gap and chart the future direction of the discipline will also be highlighted with some evaluations of the current state of the arts.

scholarly journals UANG DALAM PERSPEKTIF EKONOMI ISLAM

2014 ◽  
Vol 1 (2) ◽  
Author(s):  
Takiddin Takiddin
Keyword(s):  
Economic System ◽  
Capital Market ◽  
Money Market ◽  
Financial Transaction ◽  
Goods And Services ◽  
Library Research ◽  
Velocity Of Money ◽  
Economic Perspectives ◽  
Islamic Economic

Abstract: Money in the Islamic Economic Perspectives. This article aims at giving description about money in the perspective of Islamic economic. The data gathered through library research. Islamic economic system is different from economic system with the basis of socialism, capitalism, mix economic, communism, and traditional; one of the differences is on its perspective towards money. The function of money in Islamic economic perspectives is that it functions as a medium of exchange for goods and services. Islam forbids stacking money and making money as a commodity. Because stacking money slows down the velocity of money. It gives impact on minimizing financial transaction and resulting to the economic decrease. Islam proscribes interest and refuses all pseudo-transactions as happen in money market and capital market.   Keywords: money, Islamic economics Abstrak: Uang Dalam Persfektif Ekonomi Islam. Artikel ini ditulis untuk memberikan gambaran tentang uang dalam perspektif ekonomi Islam. Guna memperoleh data yang dimaksud, penulis melakukan kajian kepustakaan. Sistem Ekonomi Islam berbeda dengan sistem ekonomi kapitalisme, sosialisme, ekonomi campuran, komunisme dan sistem ekonomi tradisional. Salah satu perbedaannya adalah pandangan terhadap fungsi uang. Fungsi uang dalam perspektif ekonomi Islam hanya terbatas pada uang sebagai alat tukar barang dan jasa. Islam melarang penumpukan uang dan menjadikan uang sebagai sebuah komoditas. Karena penimbunan uang berarti memperlambat perputaran uang. Hal ini berarti memperkecil terjadinya transaksi, sehingga perekonomian menjadi lesu. Islam mengharamkan riba dan menolak segala jenis transaksi semu seperti yang terjadi di pasar uang atau pasar modal saat ini.   Kata Kunci: Uang, Ekonomi IslamDOI:10.15408/sjsbs.v1i2.1539

scholarly journals اسلامی معاشی پالیسی کے اصول اور سرگرمیاں

rahatulquloob ◽  
2020 ◽  
pp. 158-164
Author(s):  
Dr Aziz ur Rehman Saifee ◽  
Dr Muhammad Mash'hood Ahmad
Keyword(s):  
Property Rights ◽  
Income Distribution ◽  
Economic System ◽  
Economic Systems ◽  
Middle Ground ◽  
Way Of Life ◽  
Goods And Services ◽  
Islamic Economic

Islamic    economics (Arabic: الاقتصاد الإسلامي‎‎), is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎‎), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of  Marxism and capitalism. As a complete way of life, Islam has provided guidelines and rules for every sphere of life and society.  Naturally, a functioning economic system is vital for a healthy society, as the consumption of goods and services, and the facilitation of this by a common medium of exchange, play a major role in allowing people to realize their material and other goals in life. Islam has set some standards, based on justice and practicality, for such economic systems to be established.  These standards aim to prevent the enmity that often occurs between different socioeconomic sections. Islamic economic principles are based on Qur’an, Sunnah, Ijma (the consensus of religious scholars), and Qiyas (personal opinions based on analogy and religious doctrines). Islam provides specific instructions on the Property Rights, Income Distribution, Zakat, Ushr or tithe, Kharaj and Inheritance. This article explains about the Principles and Activities according to Islamic thoughts and Seerah.

Pathologies and Transition of Socio-Political Conditions and Economies of Islamic Societies with Philosophical Considerations

2016 ◽  
pp. 175-197
Keyword(s):  
Social Sciences ◽  
Economic System ◽  
Muslim World ◽  
Allocation Of Resources ◽  
Developmental Problems ◽  
Political Conditions ◽  
Islamic Economic ◽  
Distribution Of Income

This chapter is an attempt to bring both notions of truths, truth of reasoning and truth of facts, to substantiate that, as tools of modern social sciences, they can collectively help us to address issues relevant to of this work. Socio-cultural and economic dimensions of what is known as the Islamic economic system, organizations such as Islamic guilds, and the guilds' affiliation with Sufism will be elaborated upon. In the light of the present developmental problems of many countries of the Muslim world, people since the mid-1970s have been formulating ideas about the Islamic economic system. Islamic economics is based on various principles stipulated in the Shari'a that form the attitude of Islam on issues such as interest, profit, production, consumption, allocation of resources, and distribution of income. After an introduction to the Islamic economic system, Marx and Weber's ideas on socialism and capitalism are discussed in light of the Islamic economic system.

scholarly journals KONSEP DISTRIBUSI DAN BASE VALUE SISTEM EKONOMI ISLAM

2021 ◽  
Vol 2 (2) ◽  
pp. 88
Author(s):  
St Samsuduha
Keyword(s):  
Economic System ◽  
Human Life ◽  
Distribution Channels ◽  
Economic Order ◽  
Goods And Services ◽  
Distribution Process ◽  
Islamic Economic ◽  
Economic Studies ◽  
Selection Of

This paper reviews the concept of distribution and the base value of the Islamic economic system. These two themes are interrelated discourses with one another. As understood, the Islamic economic system aspires to an economic order that is just and beneficial for human life. Therefore, distribution as one of the market instruments in the economic world must effectively take place in the corridor of positive and fair values. The results of the study in this paper concluded that; First, distribution in economic studies is a system of distributing goods and services from producers to consumers. This process is a stage that takes place to synchronize the stages of production of goods with sales. Distribution is an important aspect that determines the adequacy of goods needs in the community. Therefore, the balance can be maximized through the selection of distribution channels in an effective, fair and sustainable manner. Second, the Islamic economic system provides a basic value formulation that can be used as a benchmark in the distribution process. Thus, the distribution made must be in line with the basic value of ownership; the basic value of freedom; basic values of justice; basic value of balance; and the value of togetherness. 

scholarly journals Interrelation Between Sectoral Growth Rates

2010 ◽  
Author(s):  
Ismail Önden ◽  
Bilal Özer ◽  
Alper Karaağaç
Keyword(s):  
Financial Crisis ◽  
Economic System ◽  
Growth Rates ◽  
Financial Crises ◽  
World Trade ◽  
Cultural Issues ◽  
Economic Sectors ◽  
Goods And Services ◽  
Sectoral Growth ◽  
World Economic

The concept of globalization has arisen from a combination of those developments together with certain political and cultural issues. Economically the term globalization refers to the decrease of borders between states since goods and services, capital, and labour flows from one state to each other easily. This flow makes economic sectors and markets more integrated to each other, and as a result the interaction between them gains significance. With the emergence of the globalization process, commercial borders such as tariffs, restrictions and heavy duties have been cut out or lightened, since the new integrated economic system requires the border-less flow of factors of production. In such a globalized economic system, the growth or contraction of a specific sector in one country can have an effect on another, since markets are inter-connected and world trade is at its highest levels. Similarly, financial crises affect different sectors of different countries at changing levels, as in the case of the recent world financial crisis. Within this context the aim of this study is to observe in what degree the global sectors are in interaction with each other. The first part of the study is constituted of specifying the sectors that are going to be observed such as agriculture, manufacturing, services and finance. Secondary and quantitative sectoral data of the major world economic powers and Turkey have been collected. In the next step the classified sectoral data for different countries or country groups is compared and analysed to represent the sectoral interaction.

Sistem Ekonomi Islam Simbol Kesejahteraan Masyarakat

2018 ◽  
Vol 6 (1) ◽  
pp. 49-64
Author(s):  
Muhammad Wildan ◽  
Muhammad Wildan
Keyword(s):  
Economic System ◽  
Strategic Plan ◽  
Thomas Kuhn ◽  
Economic Independence ◽  
The Core ◽  
Economic Paradigm ◽  
Islamic Economic

The term “economy” comes from Greek word “oikonomia” consisting of “oikos” which means household and “nomos” which means regulation. The word “oikonomia” can be defined as the applicable regulation to fulfill the needs in a household. Islamic economics aims to build the economic independence of society collectively, meanwhile conventional economics is still individualistic. In the amidst of globalization, the efforts of sharia economist in covering coventional economic flow are already good enough. System that is already ingrained in society cannot easily be changed. The good strategic plan is required in instilling Islamic economic system in the middle of society. Thomas Kuhn says: ”every system has paradigm and the core of Islamic economic paradigm is definitely from Qur’an and Sunnah”.

REVIVING ECONOMIC THOUGHT BY MANNAN PERPECTIVE

2020 ◽  
Vol 15 (2) ◽  
pp. 353-378
Author(s):  
Muhammad Majdy Amiruddin ◽  
Muhammad Ismail ◽  
Hasanuddin Hasim
Keyword(s):  
Adam Smith ◽  
Main Idea ◽  
Scientific Work ◽  
Economic Thought ◽  
Small Contribution ◽  
Literature Study ◽  
Goods And Services ◽  
Study Techniques ◽  
Islamic Economic ◽  
Modern Era

The reviving of modern economic theory is usually stated starting from the publication of Adam Smith's The Wealth of Natoins, in 1776, although other thinkers who first also gave no small contribution. The main idea put forward by Adam Smith is that competition between various suppliers of goods and buyers will produce the best possibilities in the distribution of goods and services because it will encourage everyoe to do the specialization and increase in capital so that it will produce more value with a permanent workforce. From the Islamic perspective, there are several names that commonly known such, Baqir, Umar Chapra, and Mannan. The purpose of this research is to explore the revival economic though by Abdul Mannan. This research adapts content analysis method, which is a researcher conducts a discussion of the contents of written or edition information in the mass media. The data analysis techniques of this scientific work use literature study techniques, comparative, induction, and deduction. The study began by collecting literature data from Muhammad Abdul Mannan's Concept of Thinking about the Development of Modern Era Islamic economics and Modern Era Islamic Economic concepts in general, (researchers only participated in the discussion). Then proceed with the interpretation that researchers try to understand Muhammad Abdul Mannan's thoughts about the Development of Islamic Economics in the Modern Era. The result of this reseacrh indicates that the revival of Islamic thought by determining basic economic functions that simply cover three functions, namely consumption, production and distribution. Those basics are rooted by Five basic principles rooted in Shariah for basic economic functions in the form of consumption functions are the principles of righteousness, cleanliness, moderation, benefit and morality

Prinsip Dasar Ekonomi Dan Bisnis Dalam Islam

AKADEMIKA ◽  
2015 ◽  
Vol 9 (1) ◽  
pp. 69-77
Author(s):  
Misbahul Khoir
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Human Behavior ◽  
Business Performance ◽  
Positive Impact ◽  
Economic Life ◽  
Universal Values ◽  
The Government ◽  
Islamic Economic ◽  
And Behavior

In order for humans could reach the so-called falah (goodness), human behavior needs to be colored with the spirit and norms of Islamic economics reflected in its values. The principles and values of Islamic economics are considerably two inseparable things. The implementation of economic principles without being colored with values or values without being based on principles could keep people far away from their purpose, namely falah. The implementation of values not based on principles will tend to bring with it the normative economics, which would cause it trapped into injustice. While the implementation of values on the Islamic economic development is based on the five universal values, namely akidah (belief), 'adl (justice), nubuwwah (prophetic), khilafah (the government), and ma'ad (results). The five principles are used as the basis for building theories of Islamic economics. But strong and adequate theories not applied into a system will make the Islamic economics just as the study of science without giving positive impact on the economic life. Therefore, based on the five universal values, the three derivative principles should be built into the characteristics and the forerunner of the Islamic economic system. The Islamic economic system makes sure that there are no economic transactions that are contrary to the Shari'a. But business performance depends on the man behind the gun. For that reason, the economic actors within this framework could be held by non-Muslims. The Islamic economics could only be developed if the mindset and behavior of Muslims are already itqan (diligent) and ihsan (professional). It "may be" one of the secrets of the Prophet's statement, saying "Truly I was sent to perfect good character". Because good character could be an indicator of knowing good or bad behavior in determining both the success and the failure of business itself.

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