Zaman, Asad (2008): Islamic Economics: A Survey of the Literature.
Download (621kB) | Preview
A central thesis of this paper is that social science is the study of human experience, and hence strongly conditioned by history. Modern Western political, economic and social structures have emerged as a consequence of the repudiation of religion, and are based on secular principles. Many of these are inimical to Islamic principles, and cannot be adapted to an Islamic society. Muslim societies achieved freedom from colonial rule in the first half of the twentieth century and sought to construct institutions in conformity with Islam. The development of Islamic economics is part of this process of transition away from Western colonial institutions. This paper focuses on the contrasts between Western economic theories and Islamic approaches to organization of economic affairs. Neoclassical theory is centered around the acquisitive instinct of humans, and makes competition the driving force of economic analysis. Islamic approaches foster cooperation and encourage generosity as the fundamental principle for handling economic affairs. Human beings have potential for good and evil, and are free to choose between the two; their behavior is not subject to mathematical laws postulated by neoclassical economic theory. The main message of Islam is that we must strive to achieve the potential for good both at the individual and at the social level. Behavior in the economic realm is also governed by this goal. Islamic law (Shari’ah) provides the framework for all activity within an Islamic society. In the economic domain, Islamic law regulates both methods by which money may be earned and also the ways it may be spent. Acquisition of wealth is permissible only in ways which are just to all parties concerned; exploitation, arbitrary taxation, and individual profit resulting in social harm is not permissible in Islamic law. This puts numerous restrictions on business practices utilized to make profits. For example, polluting the environment, or selling products which lead to moral corruption would not be permissible in Islamic law. Wealth which has been acquired becomes private property, which is both a trust and a test according to Islamic concepts. The “trust” aspect means that property must be used in ways beneficial to the individual and society. The “test” aspect means that those who have more than they need should take care of those who are in need. Ways in which acquired wealth can be spent is also subject to Islamic law. People are expected to strive to be self-sufficient and not ask from others. Thus striving to acquire wealth and spending it on personal and family needs is encouraged by Islamic law. Islam does not preach austerity and encourages a comfortable standard of living. At the same time, it strongly discourages spending on idle desires, luxuries, and ostentation. There is also a strong encouragement to spend what is beyond ones needs on social welfare. These fundamental principles for acquiring wealth, using property (acquired wealth), and spending it impact on all realms of economic activity. Since these are substantially different from Western ideas in all three areas, there are substantial contrasts between Western economic institutions and Islamic ones. The paper traces out these differences in many realms of economic activity. The primary objective of an Islamic state is to provide justice, and Islamic public finance is concerned with tracing the concrete implications of this abstraction in the economic realm. Western financial institutions have the acquisition and multiplication of wealth as their prime objective. Since acquisition of wealth can only be a means to an end, these institutions require modification in an Islamic society. Similarly, Islamic imperatives for social welfare require construction of certain uniquely Islamic types of institutions which do not have counterparts in the West. The paper discusses these issues in some detail.
|Item Type:||MPRA Paper|
|Original Title:||Islamic Economics: A Survey of the Literature|
|Keywords:||Islamic Economics, Neoclassical Economics|
|Subjects:||Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z12 - Religion
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B59 - Other
|Depositing User:||Asad Zaman|
|Date Deposited:||11. Oct 2008 03:29|
|Last Modified:||14. Feb 2014 07:28|
Aghnides, Nicolas P. (1961) Mohammedan Theories Of Finance - With An Introduction To Mohammedan Law And A Bibliography, Lahore: The Premier Book House.
Ahghari, Zohreh (1991) The Origin and Evolution of Islamic Economic Thought, Florida: Florida State University, unpublished Ph.D. Thesis.
Ahmed Madani, Syed Hussain (1953) Naqsh-e-Hayat [Autobiography]. Delhi: Al-Jamee’ah Press.
Ahmad, Mushtaq (1995) Business Ethics in Islam, Islamabad: IIIT and IRI Press.
Ahmed, Habib (2004) Role of Zakah and Awqaf in Poverty Alleviation, Jeddah: IRTI Press. Downloadable from IRTI/IDB website.
Akram, Shaikh Muhammad (1975) Ab-e-Kausar, Moj-e-Kausar, Rod-e-Kausar, [Religious and Educational History of Muslims in India-Pakistan, 3 volumes] Karachi: Ferozsons.
Akyol, Mustafa (2004) What’s right with Turkey. Front Page Magazine, December. www.thewhitepath.com/archives/2004
Akyol, Mustafa (2006) Symposium on Islam and religious freedom. Front Page Magazine http://www.frontpagemag.com/Articles/ReadArticle.asp?ID=24999
Alam, M. S. (Spring 2002) Bernard Lewis: scholarship or sophistry? Studies in Contemporary Islam, 4(1) pp. 53-80.
Al-Attas, Syed Muhammad Naquib (1984) Islam and Secularism. Delhi: Hindustan Publications.
Al-Dareer, Siddiq (1997) Al Gharar in Contracts and Its Effect on Contemporary Transactions, Eminent Scholar’s Lecture Series, Jeddah: IRTI/IDB Press
Al-Faruqi, Ismail (1982) Islamization of Knowledge. Herndon, VA: International Institute of Islamic Thought (IIIT).
Al-Sadr, Muhammad Baqir (1961) Iqtisaduna translated as Our Economy, London: Bookextra, 2000.
Ali Thanvi, Maulana Ashraf (1931) Tareeq-ul-Qalandar, Karachi: Kutub Khana Mazhari.
Ali Saheb Bijnori, Maulana Riyasat (1997) Shoora ki Shar’i Haysiat, [The Legal Status of Consultation], Sadiqabad, Pakistan: Ahsan-ul-Mataba
Anjum, M. Iqbal (1995) An Islamic scheme of equitable distribution of income and wealth, American Journal of Islamic Social Sciences, 12(2), pp. 224-39.
Ansari, Javed Akbar (2000) Islamising capitalist finance. Business and Finance Review, Monday, August 7.
Ansari, Javed Akbar and Arshad, S. Zeeshan (2006) Business Ethics in Pakistan. Karachi: Royal Book Company.
Arendt, Hannah (2006) Eichmann in Jerusalem: A Report on the Banality of Evil, Harmondsworth: Penguin Classics.
Ariff, Mohamed (1419H/Nov 1998) The Malaysian economic experience and Its relevance for the OIC member countries. Rajab, 6(1), pp. 1-42.
Arrighi, Giovanni (1997) Globalization, state sovereignty, and the 'endless' accumulation of Capital (Revised version of a paper presented at the Conference on States and Sovereignty in the World Economy, Irvine: University of California, Feb. 21-23. http://www.binghamton.edu/fbc/gairvn97.htm
Ayub, M.N. (2002) Islamic Banking and Finance: Theory and Practice. Karachi: SBP Press.
Ayub, M.N. (2007) Islamic banking in Pakistan: an appraisal in historical perspective. Birmingham: Religions and Development Research Programme (mimeo).
Azid, Toseef (2005) The concept and nature of labor in Islam: a survey, Review of Islamic Economics, 9(2), pp. 1-27
Aziz, Abdel (1992) Firm level decisions and human resource development in an Islamic economy. In Ahmed, Ehsan (Ed) Economic Growth and Human Development in an Islamic Perspective: Proceedings of the Fourth International Islamic Economics Seminar, Issues in Contemporary Islamic Thought, Herndon, VA: The International Institute of Islamic Thought, 11, pp. 45-59.
Aziz, T. M. (1993) An Islamic perspective of political economy: The views of (late) Muhammad Baqir al-Sadr. Al-Tawhid Islamic Journal, 10(1) http://www.al-islam.org/al-tawhid/politicaleconomy
Beinin, Joel (2004) Political Islam and the new global economy: The political economy of Islamist social movements in Egypt and Turkey. Paper to the conference on French and US Approaches to Understanding Islam, France-Stanford Center for Interdisciplinary Studies, September 12-14.
Benard, Cheryl (2004), Civil Democratic Islam: Partners, Resources, and Strategies, Washington D.C.:RAND report MR-1716-CMEPP.
Bendjilali, Boualem and Khan, Tariqullah (1995) Economics of Diminishing Musharka, Jeddah: Islamic Research and Training Institute Research Paper.
Birvndhavaradarajan, D. (1992) Moral dimensions of resource utilization, Journal of Objective Studies, 4(20) pp. 1-9.
Black, Antony (2001) The History of Islamic Political Thought: From the Prophet to the Present, Edinburgh: Edinburgh University Press.
Blaug, Mark (1998) Disturbing currents in modern economics, Challenge, May-June.
Camerer, Colin F. (2003) Behavioral Game Theory: Experiments in Strategic Interaction, Princeton NJ: Princeton University Press.
Capen, E.C., Clapp, R.V. and Campbell, W.M.(1971) Competitive bidding in high risk situations, Journal of Petroleum Technology, June, pp. 641-53.
Chapra, M. Umer (1985) Towards a Just Monetary System, Leicester: The Islamic Foundation.
Chapra, M. Umer (1993) Islam and Economic Development, Islamabad: IIIT, IRI Press.
Chapra, M. Umer (1995) The Islamic welfare state and its role in the economy, in Gulaid, M.A. and Abdullah, M.A. (Eds) Readings in Public Finance in Islam, Jeddah: Islamic Research and Training Institute.
Chapra, M. Umer (2000) The Future Of Economics: An Islamic Perspective, Leicester : The Islamic Foundation.
Chapra, M. Umer (2004) Mawlana Mawdudi’s contribution to Islamic economics, The Muslim World, 94(April), pp. 163-180.
Choudhury, M. A. and Salleh, M. S. (1993) Grassroots approach to sustainable development: Dar al-Arqam Way in Malaysia. Paper presented at Canadian Economic Association, the Learned Societies Conference, Carleton University, Ottawa, Canada, June 6, 1993.
Coase, Ronald (1960) The problem of social cost, The Journal of Law and Economics, 3, pp.1-44.
Dalrymple, William (2004) The hidden truths about Muslims, New York Review of Books, November 4, pp. 31-34, http://www.nybooks.com/articles/17516
Dalrymple, William (2006) The Last Mughal: The Fall of a Dynasty. Delhi. 1857, London: Bloomsbury Publishing.
de Soto, Hernandez (2000) The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. London: Black Swan.
Douthwaite, Richard (1992) The Growth Illusion, Bideford: Green Books.
Egami, T. (1990) Labor and Action in Islam: Searching for an Outlook on Lost Labor, International University of Japan, Institute of Middle Eastern Studies, Unpublished Master’s dissertation.
El-Gamal, Mahmoud Amin (2000) A Basic Guide to Contemporary Islamic Banking and Finance, Houston, Texas: Rice University, June http://www.ruf.rice.edu/elgamal
Elhiraika, Adam B. (2003) On the Experience Of Islamic Agricultural Finance In Sudan: Challenges And Sustainability, Jeddah: Islamic Research and Training Institute.
Elhiraika, Adam B. (2004) On the Design and Effects of Monetary Policy in an Islamic Framework: The Experience of Sudan, Jeddah: Islamic Research and Training Institute.
Elhiraika, Adam B. and Ismail, Khalid Abu (2000) Financial Sector Policy and Poverty Reduction In Sudan, Jeddah: Islamic Research and Training Institute, Working Paper 0411.
El-Ghazali, Abdel Hamid (1994) Man is the Basis of the Islamic Strategy for Economic Development. Jeddah: Islamic Research and Training Institute.
Faizer, Rizwi S. (2007) Rizwi’s Bibliography for Medieval Islam: Waqf, Mosque and Madrassah in Medieval Islam, http://us.geocities.com/rfaizer/biblio/islam_inst_6.html
Farhadian, Mahdy (2002) Economic Reconstruction of Iran: From Monarchist Modernization to Socio-Islamic Liberalism. Germany: University of Regensburg, Ph.D. Thesis. http://ssgdoc.bibliothek.uni-halle.de/vlib/ssgfi/infodata/003522.html
Faridi, F.R. (1414H/1994) A case for Islamic economics: an Indian perspective. Journal of Objective Studies, 6(I), pp. 157 – 168
Faruqui, Naser I., Biswas, Asit K. and Bino, Murad J. (Eds) (2001) Water Management In Islam, Tokyo: UNU Press.
Feldman, Noah (2003) After Jihad: America and the Struggle for Islamic Democracy, New York: Farrar, Straus and Giroux
Foltz, Richard C., Denny, Frederick M. and Baharuddin, Azizan (Eds) (2003) Islam and Ecology: A Bestowed Trust. Cambridge, USA: Harvard Center for the Study of World Religions.
Friedman, Milton (2005) Rethinking the social responsibility of business: A Reason debate featuring
Milton Friedman, Whole Foods' John Mackey, and Cypress Semiconductor's T.J. Rodgers”. October Print Edition http://www.reason.com/news/show/32239.html
Fukuda-Parr, Sakiko (2004) Human Development Report: Cultural Liberty in Today’s Diverse World, New York: Oxford University Press.
Fukuyama, Francis (1992) The End of History and the Last Man, London: Hamish Hamilton.
Fromkin, David (1991) A Peace to End All Peace, Harmondsworth: Penguin.
George, Henry (1879) Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy, republished NY: Cosimo Classics 2006.
Ghazali, Aidit Bin Hj (Ed) (1993) Islam and Justice, Kuala Lumpur: IKIM
Ghazanfar, S.M. (Ed) (2003) Medieval Islamic Economic Thought: Filling the Great Gap in European Economics. London: Routledge/Curzon.
Ghazi, Mahmood Ahmad et. al. (1992) Report on Islamic Insurance System, Islamabad: Government of Pakistan, Council of Islamic Ideology.
Glover, Jonathan (2001) Humanity: A Moral History of the Twentieth Century, Yale: Yale University Press.
Goody, Jack (2007) The Theft of History, Cambridge: Cambridge University Press.
Gordon, Scott (1991) The History and Philosophy of Social Science: An Introduction, New York: Routledge.
Grace, L. and Al-ZamZami, A. (2001) Islamic Banking Principles Applied to Microfinance Case Study: Hodeidah Microfinance Program, Yemen. United Nations Capital Development Fund (UNCDF).
Gul, Faruk and Pesendorfer, Wolfgang (2007) Welfare without happiness, American Economic Review, 97(2), pp. 471-476.
Gulaid, Mahmoud A. (1991) Land Ownership in Islam, Jeddah: Islamic Research and Training Institute.
Gulaid, M.A. and Abdullah, M.A. (Eds) (1995) Readings in Public Finance in Islam, Jeddah: Islamic Research and Training Institute.
Hacking, Ian (1983) Representing and Intervening: Introductory Topics in the Philosophy of Natural Science, Cambridge: Cambridge University Press,
Hafiz, Mohammad Ahmed and Mahboob-ul-Hasan, Syed (Eds) (2006) Sarmayadarana Nizam: Aik Tanqeedi Jaiza [Capitalism: A Critical Analysis], Karachi.
Hajib, Yusuf Khass (ca. 1070), Wisdom of Royal Glory (Kutadgu Bilig): A Turko-Islamic Mirror for Princes, translated 1983, with an introduction and notes, by Robert Dankoff. Chicago: University of Chicago Press.
Harrington, Michael (1985) Politics at God’s Funeral, Harmondsworth: Penguin.
Hart, Michael (2000) The 100: A Ranking Of The Most Influential Persons In History, Citadel.
Hasanuzzaman, S.M. (1980) The objectives of economic policy in the early Islamic period. In The Economic System of Islam, Karachi: National Bank of Pakistan, Karachi.
Hasanuzzaman, S.M. (1981) The Economic Functions of the Early Islamic State. Karachi: International Islamic Publishers.
Hasanuzzaman, S.M. (1999) Economic Guidelines in the Quran, Islamabad: IIIT and IRI Press, Islamization of Knowledge, vol 21.
Hegel, G. W. F, (1837) Lectures on the Philosophy of World History, Cambridge: Cambridge University Press, reprinted 1981.
Himmelfarb, Gertrude (1996) The De-moralization Of Society: From Victorian Virtues to Modern Values, New York: Vintage (Random House).
Hirsh, Michael (2004) Bernard Lewis revisited: what if Islam isn't an obstacle to democracy in the Middle East but the secret to achieving it? Washington Monthly, Nov http://www.washingtonmonthly.com/features/2004/0411.hirsh.html
Hodgson, Marshall (1974) The Venture of Islam: Conscience and History in a World Civilization, in three volumes. Chicago, ILL: University of Chicago Press.
Hodgson, Marshall and Burke, Edmund (1993) Rethinking World History: Essays on Europe, Islam and World History, Cambridge: Cambridge University Press.
Hoexter, Miriam, Eusenstadt, Schmuel N. and Leutzion, Nehemia (2002) The Public Sphere in Muslim Societies, New York: State University of New York.
Hosseini, Hamid (1988) Notions of private property in Islamic economics in contemporary Iran: a review of literature. International Journal of Social Economics, 15(9), pp. 51-61.
Hosseini, Hamid (1992) From homo economicus to homo Islamicus: the universality of economic science reconsidered. In Bina, Cyrus and Zanganeh, Hamid (Eds) Modern Capitalism and Islamic Ideology in Iran. New York: St. Martin's Press.
IIBI (Institute of Islamic Banking and Insurance) (1992) Encyclopaedia of Islamic Banking and Insurance, London: IIBI.
IRTI (Islamic Research and Training Institute) (1995) Tabung Haji as an Islamic Financial Institution: The Mobilization of Investment Resources in an Islamic way and the Management of Haj, Jeddah: IDB Press, downloadable from IRTI/IDB website.
Iqbal, Munawar (1995) Distributive Justice and Need Fulfillment in an Islamic Economy, Islamabad: International Islamic University of Islamabad, International Institute of Islamic Economics.
Iqbal, Munawar (Ed) (2005) Islamic Perspectives on Sustainable Development. Basingstoke: Palgrave Macmillan. Iqbal, Munawar and Khan, Tariqullah (2004) Financing Public Expenditure: An Islamic Perspective Jeddah: IRTI, IDB
Iqbal, Zamir and Mirakhor, Abbas (2005) The stakeholders’ model of governance in an Islamic economic system. In
Iqbal, M. (Ed) Islamic Perspectives on Sustainable Development, Basingstoke: Palgrave Macmillan.
Islahi, Abdul Azim (2003) Waqf: A Bibliography, Jeddah: King Abdul-Aziz University, Scientific Publishing Center http://islamiccenter.kaau.edu.sa/english/Publications/Islahi/Waqf%20A%20Bibliography.pdf
Islahi, Abdul Azim (2004) Zakah: A Bibliography, Jeddah: King Abdul-Aziz University, Scientific Publishing Center. http://islamiccenter.kaau.edu.sa/english/Publications/Islahi/Zakah%20A%20Bibliography.pdf
Islahi, Abdul Azim (2008) Thirty Years of Research on History of Islamic Economic Thought: Assessment and Future Directions, Conference Papers, The 7th International Conference in Islamic Economics: Thirty Years of Research in Islamic Economics, Jeddah: 1-3 April 2008, pp. 123-134 islamiccenter.kaau.edu.sa/7iecon/English/Englisg%20Papers/%5B25%5D%20A.Islahi.pdf -
Issawi, Charles (1984) The adaptation of Islam to contemporary economic realities. In Haddad, Y. et al (Eds) The Islamic Impact, Syracuse NY: Syracuse University Press, pp. 27-45.
Jones, Norman (1989) God and the Moneylenders: Usury and Law in Early Modern England. Oxford: Blackwell.
Kagel, John H. and Roth, Alvin E. (Eds) (1995) The Handbook of Experimental Economics, Princeton, USA: Princeton University Press.
Kahf, Monzer (1991) The economic role of the state in Islam. Lecture presented at the seminar on Islamic Economics, Dacca, Bangladesh. www.monzer.kahf.com
Kahf, Monzer (1995a) The Islamic state and the welfare state: similarities and differences. In Gulaid, M.A. and Abdullah, M.A. (Eds) Readings in Public Finance in Islam. Jeddah: Islamic Research and Training Institute.
Kahf, Monzer (1995b) Taxation policy in an Islamic economy. In Gulaid, M.A. and Abdullah, M.A. (Eds) Readings in Public Finance in Islam. Jeddah: Islamic Research and Training Institute.
Kahf, Monzer (1996a) Market and prices, Chapter 6 in Principles of Islamic Economics, Kuala Lampur: International Islamic University Malaysia.
Kahf, Monzer (1996b) The demand side or consumer behaviour, Chapter 4 in Principles of Islamic Economics, Kuala Lampur, International Islamic University Malaysia.
Kahf, Monzer (1998a) Concept of ownership in Islam. In Kahf, M. (Ed) Lessons in Islamic Economics, Jeddah: Islamic Research and Training Institute.
Kahf, Monzer (1998b) Financing the development of awqaf property. Paper prepared for Seminar on Development of Awqaf, Kuala Lumpur: Islamic Research and Training Institute, March 2-4.
Kahf, Monzer (2000) Waqf and its Sociopolitical Aspects. www.monzer.kahf.com
Kahf, Monzer (2003) Sustainable Development in the Muslim Countries, Jeddah: Islamic Research and Training Institute.
Kahf, Monzer (2004) Islamic economics: what went wrong? Paper presented at Islamic Development Bank Roundtable on Islamic Economics: Current State of Knowledge and Development of the Discipline, Jeddah May 26-27.
Kahf, Monzer (undated) Infaq in the Islamic Economic System, Undated. Available from www.monzer.kahf.com
Kalin, Ibrahim (2002) Three views of science in the Islamic world, In Peters, R. Iqbal, Muzaffar and Haq, Syed Nomanul (Eds) God, Life and the Cosmos: Christian and Islamic Perspectives, Aldershot: Ashgate, pp. 43-75.
Kazmi, Yedullah (2005) The rise and fall of culture of learning in early Islam, Islamic Studies, 44(1), pp. 15-52.
Khan, Ali (2004) Self-interest, self deception, and the ethics of commerce. Paper presented at Islamic Development Bank Roundtable on Islamic Economics: Current State of Knowledge and Development of the Discipline, Jeddah May 26-27
Khan, Atiquzzafar (2005) Insurance aur Ijtima’I Fiqhi Idaron ki Ara’ [Insurance and the Opinions of Collective Institutions of Fiqh], Paper presented at Seminar on Collective Ijtihad, Evolutionary Change and Practical Methods, held at IRI, Islamabad.
Khan, Mohammad Akram (1983) Islamic Economics: Annotated Sources in English and Urdu (vol 1), Leicester: Islamic Foundation.
Khan, Mohammad Akram (1989) Economic Teachings of Prophet Mohammad, International Institute of Islamic Economics and Institute of Policy Studies, Rawalpindi: Pap-Board Publishers.
Khan, Mohammad Akram (1991) Islamic Economics: Annotated Sources in English and Urdu (vol 2), Leicester: Islamic Foundation.
Khan, Mohammad Akram (1998) Islamic Economics: An Annotated Bibliography (vol 3), International Institute of Islamic Economics, International Islamic University, Islamabad: IRI Press.
Khan, M. Fahim (2002) Fiqh foundations of the theory of Islamic economics: a survey of selected contemporary writings on economics - relevant subjects of fiqh. In Ahmed, H. (Ed) Theoretical Foundations of Isamic Economics, Jeddah: Islamic Research and Training Institute Book of Readings No 3.
Khan, M. Fahim (2003) Consumer Behavior, Sustainable Development, and Islam, Jeddah: Islamic Research and Training Institute (mimeo).
Khan, Tariqullah and Iqbal, Munawar (Eds) (2005) Financial Engineering and Islamic Contracts. Basingstoke: Palgrave Macmillan.
Khan, Waqar Masood (2002) Transition to a Riba Free Economy, Islamabad: International Institute of Islamic Thought and Islamic Research Institute.
Kirchgässner, Gebhard (2005) (Why) are economists different? European Journal of Political Economy, 21(3), pp. 543-562.
Kuhn, T.S. (1970) The Structure of Scientific Revolutions, 2nd. ed., Chicago: Univ. of Chicago Press.
Kuran, Timur (1997) The genesis of Islamic economics: a chapter in the politics of Muslim identity. Social Research, 64(2), pp. 301-338.
Kuran, Timur (2004) Why the Middle East is economically underdeveloped: historical mechanisms of institutional stagnation, Journal of Economic Perspectives, 18(3), pp. 71-90.
Kusha, H.R. (1989) Social Justice: From the Islamic World-System to the European World-Economy, a Study of Power Legitimation, Kentucky VA: University of Kentucky, PhD thesis.
Lane, Robert E. (2001) Loss of Happiness in Market Economies, Yale: Yale University Press.
Lau, Martin (2006) Role of Islam in the Legal System of Pakistan. Leiden: Martinus Nijhoff, London-Leiden Series on Law, Administration and Development.
Layard, Richard (2005) Happiness: Lessons from a New Science, Harmondsworth: Penguin.
Ledyard, John O. (1995) Public goods: a survey of experimental research. In Kagel, John H. and Roth, Alvin E. (Eds) The Handbook of Experimental Economics, Princeton: Princeton University Press.
Lewin Group (2005) The Health Care For All Californians Act: Cost and Economic Impacts, January 19.
Lewis, B. (2003a) The Crisis of Islam: Holy War and Unholy Terror, New York: Modern Library.
Lewis, B. (2003b) What Went Wrong?: The Clash Between Islam and Modernity in the Middle East, London: Harper Perennial. Lopez, Robert S. (1976) The Commercial Revolution of the Middle Ages 950-1350, Cambridge: Cambridge University Press.
Lowney, Chris (2005) A Vanished World: Medieval Spain's Golden Age of Enlightenment, New York: Free Press. Makdisi, George (1990) The Rise of Humanism in Classical Islam and the Christian West: With Special Reference to Scholasticism, Edinburgh: Edinburgh University Press. Manicas, Peter T. (1989) A History and Philosophy of the Social Sciences, Oxford: Blackwell Publishers.
Mansoori, Mohammad Tahir (2005) Ahkaam Bai’ [Commandments for Sales], Islamabad: International Islamic University of Islamabad, Islamic Research Institute, February.
Marglin, Frederique Appfel (2007) Dominating Knowledge: Development, Culture and Resistance, Oxford: Oxford University Press.
Masud, Khalid (1995) Shatibi’s Philosophy of Islamic Law, Islamabad: International Islamic University of Islamabad, Islamic Research Institute.
Maududi, Sayyid Abul A'la (1947 ) Insan ka Ma’ashi Mas’alah aur us ka Islami Hal, [Economic Problem of Man and its Islamic Solution], Lahore: Islamic Publications, download from: http://www.millat.com/quranpak/modoodi/index.shtml
Maududi, Sayyid Abul A'la (1960) Islamic Law and Constitution, In Ahmad, Khurshid (Trans. and Ed), Lahore: Islamic Publications
Maududi, Sayyid Abul A'la (1963) Economic and political teachings of the Qur’an. In Sharif, M.M. (Ed) A History of Muslim Philosophy, Wiesbaden: Low Price Publications, vol. 1, pp. 178-198.
Maududi, Sayyid Abul A'la (1969) Qur’an ki Ma’ashi Ta’limat (Economic Teachings of the Qur’an), Lahore: Islamic Publications
Maududi, Sayyid Abul A'la (1970) Ma’ashiyat-e Islam [Economic System of Islam], Lahore: Islamic Publications. Download from: http://www.teachislam.com/index.php?option=com_content&task=view&id=135&Itemid=121
McCloskey, D.N. (1984) The Rhetoric of Economics, Wisconsin: University of Wisconsin Press, 2nd edition (1998)
Menocal, Maria Rosa (2002) The Ornament of the World: How Muslims, Jews and Christians Created a Culture of Tolerance in Medieval Spain, USA: Little, Brown and Co.
Mill, John Stuart (1859) On Liberty, republished by Harmondsworth: Penguin Classics. 1984.
Mintjes, H.J. (1978) The debate on Islamic socialism in Pakistan, Al-Mushir, Rawalpindi, 20(1,2,4) pp. 24-44, 48-72, 152-169,.
Mirakhor, Abbas (1983) Muslim contribution to economics. Paper presented at the annual meeting of the South-Western Economic Association, March 1983; reproduced in Essays on Iqtisad; Nur Corp. (1989); Republished by Global Scholarly Publication, New York, NY (2003).
Mirakhor, Abbas (2005) A Note on Islamic Economics, writeup of presentation at Jeddah: Islamic Research and Training Institute (April).
Mirakhor, Abbas (2007) Globalization and Islamic finance In Munawar Iqbal, Salman Syed Ali, and Dadang Muljawan (Eds) Advances in Islamic Economics and Finance Vol. 1, Proceedings of The 6th International Conference on Islamic Economics and Finance., Jeddah: Islamic Research and Training Institute.
Mirowski, Philip (1989) More Heat than Light: Economics as Social Physics, Physics as Nature’s Economics, Cambridge: Cambridge University Press.
Mitchell, Timothy (2002) Rule of Experts: Egypt, Techno-Politics, and Modernity, Berkeley: University of California Press.
Monroe, Kirsten Renwick (ed.) (2005) Perestroika!: The Raucous Rebellion in Political Science, Yale: Yale University Press.
Mortazavi, Saeed (2004) Islamic economics: a solution for environmental protection, paper presented at conference on Trade, Growth and the Environment at Oxford University, August 8 – August 13. http://hdl.handle.net/2148/220
Muqorobin, Masyhudi (2008) Journey of Islamic economics in the modern world, Proceedings of The Seventh International Conference on Islamic Economics, pp. 385-404.
Nadvi, Maulana Syed Abul Hassan Ali (1980) Muslim Mamalik main islamiat or maghribiat ki Kashmakash – The struggle between Islamization and Westernization in Muslim Countries. Karachi: Majlis-e-Nashriyate Islam.
Nadvi, Maulana Syed Abul Hassan Ali (1986) Tahzeeb aur Tamaddun par Islam kay Ihsanat aur Asarat. [The Gifts and Effects of Islam on World Culture and Civilization], Karachi: Majlis-e-Nashriat-e-Islam.
Najam, Adil (2007) Portrait of A Giving Community: Philanthropy by the Pakistani-American Diaspora, Harvard: Harvard University Press, 2007.
Naylor, R.T. (2007) Satanic Purses: Money, Myth, and Misinformation in the War on Terror. Montreal: McGill-Queen's University Press.
Naz, M.S. (1999) Islami Riyasat main Muhtasib ka Kirdar [The Role of the Muhtasib in an Islamic State] Islamabad: International Islamic University of Islamabad, Islamic Research Institute.
Nelson, Benjamin (1969) The Idea of Usury: From Universal Brotherhood to Universal Otherhood, Chicago: University of Chicago Press
Nelson, Robert H. (2001) Economics as Religion: From Samuleson to Chicago and Beyond, Pennsylvania: Pennsylvania State University Press.
New Zealand MCA (2005) Review of the Enforcement of Consumer Protection Law: An Initial Think Piece, Auckland: Ministry of Consumer Affairs (July).
Niblock, Tim and Wilson, Rodney (Eds) (1999) The Political Economy of the Middle East. Volume 3 Islamic economics. Cheltenham and Northampton, MA: Elgar Reference Collection.
Noori, Yahya (1986) Legal and Political Structure of an Islamic State: The Implications for Iran and Pakistan. Glasgow: Royston.
Nyazee, Imran Ahsan Khan (1994) Theories of Islamic Law: The Methodology of Ijtihad, Islamabad: International Islamic University of Islamabad, Islamic Research Institute and IIIT, Perspectives on Islamic Thought, volume 3.
Nyazee, Imran Ahsan Khan (1997) Islamic Law of Business Organizations: Partnerships, Islamabad: International Islamic University of Islamabad, Islamic Research Institute and IIIT, Islamic Law and Jurisprudence Series, volume 1.
Nyazee, Imran Ahsan Khan (1998) Islamic Law of Business Organizations: Corporations, Islamabad: International Islamic University of Islamabad, Islamic and IIIT, Islamic Law and Jurisprudence Series, volume 2.
Olson, Richard (1990) Science Deified and Science Defied: The Historical Significance of Science in Western Culture, volume 2, Berkeley: University of California Press.
Pfeifer, Karen (1996) Is there an 'Islamic economics'? In Beinin, Joel and Stork, J. (Eds) Political Islam, Berkeley: University of California Press.
Pfeifer, Karen (2001) Islamic business and business as usual: a study of firms in Egypt. Development in Practice, 11(1), pp. 20-33.
Pfeifer, Karen (2006) Islam and labor law: some precepts and examples. In Sohrab Behdad and Farhad Nomani (Eds) Islam and Every Day Life: Public Policy Dilemma London: Routledge Curzon Press, pp. 113-140
Piscatori, James (1986) Islam in a World of Nation States, Cambridge: Cambridge University Press.
Pitofsky, Robert (1977) Beyond Nader: consumer protection and the regulation of advertising, Harvard Law Review, 90(4), pp. 661-701.
Pomeranz, Felix (1995) Business ethics: the perspective of Islam. The American Journal of Islamic Social Sciences, 12(3), pp. 400-404.
Qardawi (1981, republished 1997) Economic Security in Islam, USA: Islamic Book Services
Qureshi, Ishtiaq Hussain (1975) Education in Pakistan, Karachi: Ma’ref Printers.
Rahman, A.R.A. (1995) An Islamic perspective on organizational motivation. American Journal of Islamic Social Sciences, 12(2) pp. 115-124.
Reuben, Julie A. (1996) The Making of the Modern University: Intellectual Transformation and the Marginalization of Morality, Chicago: University of Chicago Press
Robbins, Richard (2007) Global Problems and the Culture of Capitalism, Boston, MA: Allyn and Bacon.
Rodinson, Maxime (1966) Islam et le Capitalisme, Paris: Editions du Seuil, translation by B. Pearce: Islam and Capitalism, Harmondsworth: Penguin, 1977.
Rosly, Saiful Azhar (2005) Critical Issues on Islamic Banking and Financial Markets: Islamic Economics, Banking and Finance, Investments, Takaful and Financial Planning, Indiana: AuthorHouse (21 Feb).
Rostow, W.W. (1978) The World Economy: History and Prospect, Austin: University of Texas.
Sachedina, Abdulaziz (n.d.) The issue of Riba in Islamic faith and law, University of Virginia http://people.virginia.edu/~aas/article/article7.htm , accessed 9 July 2007.
Sadeq, A.H.M. and Ghazali, Aidit (Eds) (1992) Readings in Islamic Economic Thought, Kuala Lumpur: Longman Malaysia.
Said, Edward (1978) Orientalism, London: Routledge and Kegan Paul.
Said, Hakim Mohammad (1972) The Employer and the Employee: Islamic Concept. Karachi: Dar Al-Fikr Al-Islami .
Sait, Siraj and Lim, Hilary (2005) Islamic Land and Property Research Series, Nairobi: UN-Habitat, Series of Eight Position Papers. 1: “Islamic Land theories and Applications”. 2: “Islamic Land Tenure and Reforms.” 3: “Islamic Law, Land and Methodologies.” 4: “Islamic Human Rights and Land.” 5: “Muslim Women’s Right to Property.” 6: “Islamic Inheritance Laws and Systems.” 7: “Islamic Endowments (Waqf) and Indigenous Philanthropy,” 8: “Islamic Credit and Microfinance”
Sait, Siraj and Lim, Hilary (2006) Land, Law and Islam: Property and Human Rights in the Muslim World, London: Zed. Samuelson, P.A. and Nordhaus, W. (1985) Economics. New York: McGraw-Hill, 12th ed.
Schumpeter, J.A. (1974) History of Economic Analysis, London: George Allen and Unwin.
Sen, Amartya (1999) Development as Freedom, Oxford: Oxford University Press.
Shafi, Mufti Muhammad (1978) Distribution of Wealth in Islam, translated into English by: Askari, M. Hasan and Husain, Karrar, Karachi: Aisha Bawani Waqf and Ashraf Publications.
Shafi, Mufti Muhammad (1979) Islam ka Nizam-e Arazi, [The System of Land-Tenure in Islam], Karachi: Idara-tul-Maarif.
Shalaby, Ahmed. 1954. History of Muslim Education. Ph.D. Thesis Cambridge University. Republished: Beirut, Lebanon: Dar al-Kashaf. Urdu translation by M. Hussain Zubairi: Tareekh-e-Taleem o Tarbiyat-e Islamia Lahore: Idara Saqafate Islamiya,1989
Shirazi, Naseem Shah (2006) Reducing poverty through the institution of Zakat, Islamabad: International Institute of Islamic Economics and Birmingham: Religions and Development Research Programme (mimeo).
Sibai, Mustafa (1982) Islamic socialism. In Donohue, J.J. and Esposito, J.L. (Eds) Islam in Transition, New York: Oxford University Press, pp. 120-2.
Siddiqi, Mohammad Nejatullah (1980) Muslim economic thinking: A survey of contemporary literature. In Ahmad, Khurshid (Ed) Studies in Islamic Economics, Leicester: Islamic Foundation.
Siddiqi, Mohammad Nejatullah (1995) The guarantee of a minimal standard of living in an Islamic state. In Iqbal,
Munawar (Ed) Islamic Perspectives On Sustainable Development, Basingstoke: Palgrave Macmillan.
Siddiqi, Mohammad Nejatullah (2004a) Keynote Address at Islamic Development Bank Roundtable on Islamic Economics: Current State of Knowledge and Development of the Discipline, Jeddah, May 26-27.
Siddiqui, Mohammad Nejatullah (2004b) Riba, Bank Interest and the Rationale of its Prohibition, Jeddah: Islamic Research and Training Institute.
Siddiqui, S.A. (1948) Public Finance in Islam, Lahore: Ashraf Press, 1st edition.
Sidek, M.S.B. (1989) Islam and Development: An Ethical Analysis with Special Emphasis on Public Resource Utilization in Malaysia. Philadelphia: Temple University, PhD thesis.
Sikand, Yoginder (2004) Reforming the Indian madrassas: contemporary Muslim voices. In Limaye, Satu, Wirsing, Robert and Malik, Mohan (Eds) Religious Radicalism and Security in South Asia, Honolulu: Asia Pacific Center for Security Studies http://www.apcss.org/text/text_research.htm
Singer, Peter (1972) Famine, affluence, and morality, Philosophy and Public Affairs 1, No. 3, reprinted in William Aiken and Hugh LaFollette (Eds) World Hunger and Morality, Upper Saddle River: Prentice Hall, 2nd ed. 1996. Skidelsy, Robert (n.d.) Keynes and the Ethics of Capitalism, undated essay available at: http://www.geocities.com/monedem/keyn.html (Cites from "The future", Essays in Persuasion (1931) Ch. 5, JMK, CW, IX, pp.329 - 331, Economic Possibilities for our Grandchildren (1930)
Tahir, Sayyid (2007) Islamic banking theory and practice: a survey and bibliography of the 1995-2005 literature. Journal of Economic Cooperation among Islamic Countries. 28(1), pp. 1-72.
Tahir, Sayyid et. al. (1999) IIIE’s Blueprint of Islamic Financial System, Islamabad: International Islamic University of Islamabad, International Institute of Islamic Economics, Report of the IIIE Workshop on Islamization of the Financial System.
Taseen, M. (1993) Islam ka Ma’ashi Nizam [Economic System of Islam], Fikro Nazar, 30(3), pp. 79-112.
Taseen, M. (1998) Quran aur Hadeeth ki Roshni main Islami M’ashiat ka ‘adilana Nizam [Just Economic Teachings of Islam in Light of Quran and Hadeeth]. Karachi: Majlis-e-Ilmi Foundation (September).
Taseen, M. (2001) Mutabadil Soodi Nizam Ke Daway [Claims of the (Islamic) Alternative to Interest-Based Banks], Karachi: Gausha-e- Ilm-o-Tahqeeq.
Tawney, R.H. (1926) Religion and the Rise of Capitalism, New York: Harcourt, Brace & World, Inc.
Timberg, Thomas A. (2000) Islamic Banking in Indonesia, Jakarta: Partnership for Economic Growth.
Toynbee, Arnold (1951) Civilization on Trial, Oxford: Oxford University Press
Usmani, Habibur-Rahman and Shafi, Mufti Mohammad (1976) Islam main Mashwere ki Ahmiat [The Importance of Consultation in Islam] Lahore: Alameen Publications.
Usmani, Maulana Taqi (1970) Hakeem-ul-Ummat kay Siyasi Afkar [Political Thought of Maulana Ashraf Ali Thanvi], Karachi: Jamia Darul-Uloom.
Usmani, Maulana Taqi (1999) Text of the Historic Judgement Against Riba (23 December 1999) given by the Supreme Court of Pakistan. www.failaka.com/Library/Articles/Prohibition%20of%20Interest%20in%20Pakistan.pdf
Usmani, Maulana Taqi (2000) Introduction to Islamic Finance, Karachi: Idarat’ul M’aarif.
Vadillo, Umar Ibrahim (n.d.) The fallacy of the 'Islamic bank', unpublished essay http://www.geocities.com/Athens/Delphi/6588/bfallacy.html (accessed 22nd August 2007)
Van Fraassen, Bastiaan C. (1980) The Scientific Image , New York: Oxford University Press
Veblen, Thorstein (1899 ) Theory of the Leisure Class, London: Allen and Unwin.
Walbridge, John (2002) Islamic concept of asking questions: Ilm-ul-Ikhtilaf, the institutionalization of disagreement. Islamic Studies, 41(1) pp. 69-86.
Waliullah, Shah (1750, trans. 1995) Hujjat Allah Al-Baligha Hujjat, translated as The Conclusive Argument from God by Marcia K. Hermansen, Leiden: Brill Academic Publishers.
Wallerstein, Immanuel (Ed) (1996) Open the Social Sciences: Report of the Gulbenkian Commission on the Restructuring of the Social Sciences, Stanford: Stanford University Press.
Wallerstein, Immanuel (2006) European Universalism: The Rhetoric of Power, New York: New Press.
Weber, Max (1918) Science as a vocation, reprinted in (Transl. Gerth, H. H. and Mills, C. Wright) From Max Weber: Essays in Sociology, Oxford: Oxford University Press,1958.
Weber, Max (1930) The Protestant Ethic and the Spirit of Capitalism, Transl. Parsons, Talcott, London: Allen and Unwin.
Wilson, Andrew (Ed) (1991) World Scripture: A Comparative Anthology of Sacred Texts, International Religious Foundation. http://www.unification.net/ws/ (accessed 22nd August, 2007)
Wilson, Rodney (1998) The contribution of Muhammad Baqir Al-Sadr to contemporary Islamic economic thought, Journal of Islamic Studies, 9(1), pp. 46-59.
Wolfe, Michael (1998), One Thousand Roads to Mecca: Ten Centuries of Travelers Writing about the Muslim Pilgrimage, Tennessee: Grove Press.
World Bank (2006) Where is the Wealth of Nations, Washington DC: World Bank.
X, Malcolm with Haley, Alex (1965) The Autobiography of Malcolm X. New York: Grove Press.
Yousri Ahmad, Abdurrhaman (2004) Islamic economics: its development as a scientific discipline. Paper presented at Islamic Development Bank Roundtable on Islamic Economics: Current State of Knowledge and Development of the Discipline, Jeddah, May 26-27.
Yousri Ahmad, Abdurrhaman (2005) Sustainable development: an evaluation of conventional and Islamic perspectives. In Iqbal, M. (Ed) Islamic Perspectives on Sustainable Development, Basingstoke: Palgrave Macmillan.
Zaher, Tarek S. and Hassan, M. Kabir (2001) A comparative literature survey of Islamic finance and banking, Financial Markets, Institutions and Instruments, 10 (4), pp. 155–199.
Zakariyya Kandehlvi, Shaikh-ul-Hadeeth Maulana Mohammad (1938) Al-Aitdal fil Maratib Al-Rajjal, Lahore: Maktaba Zakariyya
Zakariyya Kandehlvi, Shaikh-ul-Hadeeth Maulana Mohammad (1993) Virtues of Halal Earning and Trade ,South Africa: Ilmi Publications.
Zaman, Arshad (1989) Why development fails, Pakistan Administration, Pakistan Adminstrative Staff College, Lahore, XXIV(1), pp. 27-44.
Zaman, Iftikhar (1985) Towards Islamic ways of Islamization: Problems in the modernization of the Ahkaam of Shari’ah and Da’wah, Pakistan Administration, XXII(2).
Zarqa, Anas (1994) Financing and investment in Awqaf projects: a non-technical introduction, Islamic Economic Studies, 1(2), pp. 55-62.
Zarqa, Anas (1995) Islamic distributive schemes. In Gulaid, M.A. and Abdullah, M.A. (Eds) Readings in Public Finance in Islam. Jeddah: Islamic Research and Training Institute (also in Iqbal, ed, 2005). This is a translation of original article in Arabic in Journal of Research in Islamic Economics Vol 2 No 1.
Ziauddin, Ahmad (1992) Public finance and fiscal policy in an Islamic perspective, In Ahmad, Ausaf and Awan, Kazim Raza (Eds) Lectures on Islamic Economics, Jeddah: Islamic Research and Training Institute.