Pub. Date:
Brill Academic Publishers, Inc.
Economics of an Islamic Economy

Economics of an Islamic Economy

by Rauf Azhar


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Product Details

ISBN-13: 9789004179370
Publisher: Brill Academic Publishers, Inc.
Publication date: 12/07/2009
Series: Themes in Islamic Studies Series , #6
Pages: 472
Product dimensions: 6.70(w) x 9.60(h) x 1.20(d)

About the Author

Rauf A. Azhar , Ph.D. (1980) in Economics, McMaster University, currently teaches at Guelph University. He has previously taught at universities both in Canada and Pakistan, and has published articles in several journals, including Economic Development and Cultural Change.

Table of Contents

Preface xi

Chapter 1 Introduction 1

Chapter 2 Fundamental Axioms of Economics 21

Introduction 21

The Present Offerings 22

The Italian Recipe and Occidental Cuisine 24

Disaffection and Alternative Offerings 33

Chapter 3 Economic System and Market Economy 45

Economic System: General Framework 45

And the Market System 58

But Then It's a Mixed Bag 59

Economic Role of the Government 68

Chapter 4 A Perspective on Capitalism 77

Introduction 77

Terminological Minefield 81

Smith and the Latter-day Saints 84

Marginalism and Time Preference 88

Theory Thickens 93

Back to the Future 96

Knight and Free Riders 99

From Equity to Equity 106

And On to Efficiency 116

Chapter 5 Fundamental Axioms of an Islamic Economy 121

Some Preliminaries 121

The Minimum Set 123

Value Premises in Islamic Economics 133

'Adl and Optimality 147

Chapter 6 Characteristics of an Islamic Economy 167

Introduction 167

Property Ownership 174

Free Will, Freedom of Choice and Self-Interest 182

Consumer Theory in Islamic Economics 194

Chapter 7 The Structure of an Islamic Economy 215

Market Mechanism and Competition 215

A Model of Production and Exchange 219

Market Mechanism and Competition in Islamic Economics 242

Specification and Enforcement of Property Rights 252

Chapter 8 Factors and Factor Rewards 257

A Perspective on the Theory of Distribution 257

The Backdrop 258

The Islamic Economists' Perspectives 269

Chapter 9 Riba, Interest and Usury 279

Introduction 279

Riba 'l-jahiliyya 287

Chronological Issues 289

The Qur'anic Perspective and the Historical Evidence 301

The Rationale for the Prohibition 308

Fiqh's Interpretation 313

Riba al-hadith 324

Conclusion 335

Chapter 10 Fiqh's Response to the Prohibition of Riba: From Classical to Contemporary Times 339

Classical Times 339

The Ground Realities 341

Focus on riba 'l-hadith 346

Expansion in the Scope of riba al-Hadith 350

The Financing Alternatives 358

The Brave New World 370

The Process of Islamization 373

The Issue of Permissible Alternatives 377

The Adjudication Dilemmas 388

Beyond the Adjudication Dilemmas 396

The Issue of Indexation 402

Concluding Observations 406

Chapter 11 Summing Up 413

The Basic Issues 413

The Substantive Issues 418

Appendix 435

Bibliography 439

Index 447

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