| Peer-Reviewed

Islamic Economics: A Survey of the Literature

Published in Reviews (Volume 3, Issue 1)
Received: 9 February 2023    Accepted: 16 March 2023    Published: 31 March 2023
Views:       Downloads:
Abstract

Economics, as one of the sciences of the new age, deals with people and things and has the concepts and characteristics of the science of the new age, such as falsifiability and prediction. Economics disproves its theories through repeated experiments and experiments. "Islamic economy" is not scientific in the sense of a new science and it does not have scientific characteristics and features except (comparative concepts) which presents a different methodology for studying its principles. In Islamic economics, there are fixed and variable rules and concepts, and comparative concepts, and by accepting the "comparative concepts thesis", Islamic economics will be able to discuss what is and what should be, and while presenting the best economic system that is in accordance with human nature and God's commandments, develop new concepts and theories, or employ them and harmonize and adapt them with Islamic principles and ethics. The comparative concepts of Islamic economics have scientific characteristics and based on the principles of the subject, it explains behavioral patterns that are falsifiable. In this research, the analysis and interpretation of the nature of Islamic economy and the researchers conducted in this field have been done in the library method. This research shows that the extensive literature on the Islamic economic system is still being created and most of the issues have not been carefully considered. Many of the important issues raised in this paper are not resolved, but merely determined. However, such problems may be of interest not only to Islamic scholars, but also to Western experts in money and banking. By examining the specific issues of the Islamic economic system more closely, many important problems in the general economy as well as comparative economic systems can be solved.

Published in Reviews (Volume 3, Issue 1)
DOI 10.11648/j.reviews.20230301.11
Page(s) 1-12
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Economics, Islamic Economics, Islamic Banking

References
[1] Abbasi, Yunes and Jamshidi Navid, Babak and Qanbari, Mehrdad and Namamian, Farshid (2021). corporate governance model.
[2] Ahmad, Asuaf (2000). Instruments of Regulation and Control o Islami Banks by Central Banks, Second Edition, Jeddah, Islamic Development bank.
[3] Ahmadian Behror, Kasra and Pourghafar, Javad and Hosseinzadeh, Hojjat (2018). Studying the distribution system of Japan (comparative comparison with Iran), pp. 77-97.
[4] AI-Sadr, Shaheed Seyyed M. B. (1979) lqtisaduna, Beirut (In Arabic).
[5] Alhozaimy, Yousef (2009). The Islamization of Saudi Arabian Monetary.
[6] Alizadeh, Khadem Amir and Beheshti, Mehdi (2018). Feasibility of using the laboratory method in Islamic economics, p. 274.
[7] Aljasser, Ibrahim. A (2013). Islamic banking in saudi Arabia: financing instrument, the first annual conference of Islamic economic and Islamic Finance, Canada.
[8] Asadi, Nasrallah and Hosseini, Seyed Reza and Kazemi Najafabadi, Mustafa (2021). Analysis of economic functions of family formation in Islamic economy and capitalist economy, pp. 163-33.
[9] Azad Armaki, A., Davoodi, A., Arefeh, & Alizadeh Majd. (2020). The effect of market exchange rate on the buying behavior of rubber consumers with the mediating role of entrepreneurial awareness. Iran Rubber Industry, 25 (99), 99-113.
[10] Azizi, Esmatollah (2018). Comparison of political-economic development in Malaysia and India. pp. 121-140.
[11] Azizi, Firuzeh (2007). Applicable financial tools in the Islamic financial market, Islamic economy and development conference.
[12] Baharvandi, Ahmed (2008). "Statement and proof of the substantive difference between Gharar-based transactions and risk hedging contracts from the perspective of Imami jurisprudence" Development Strategy, vol. 18.
[13] Bintawim, Samar Sad S. (2011). Performance analusis of Islamic banking: some evidence from Saudi arbian banking sector, A Master thesis, Ritsumeikan Asia pacific University (APU).
[14] Darraz, Muhammad Abdullah (1407 AH). Al-Raba fi Nazar al-Qunun al-Salami, Beirut: Asr al-Hadith.
[15] Ebrahimi Salari, Taghi and Mohammadi, Sahar and Visi, Shima (2011). National Economic Jihad Conference, p. 11-13.
[16] Elhiraika, Adam B (2004). On The Design and Effects on Monetary Policy in an Islamic Framework: The Experience of Sudan, Research Paper No. 64. IRTI, IDB.
[17] Farahani Fard, Saeed (1999). Monetary policies in interest-free banking, Qom: Publication of the Islamic Propaganda Office of the Hozeh, Qom Seminary.
[18] Gholami Jamkarani, Reza et al. (2014). "Key components of the theoretical concepts of financial reporting with an Islamic approach" Quarterly Journal of Management Accounting and Auditing Knowledge, Q4, No. 31.
[19] Haqiqi A. & pomeranz, F. (1987). Accounting need of Advances in International Accounting 1.
[20] Harrani, Ibn Shia (2014). Taht al-Aqool, Qom: Basirati Publications.
[21] Ibn Manzoor (1408 AH). Arab Language, Beirut: Darahiya al-Trath al-Arabi, I.
[22] Jamshidi, Roya, Shojaei, Alizadeh Majed, & Amir Reza. (2018). Determining the effect of banking system performance on economic growth. Management and Accounting Studies, 16 (4), 136-151.
[23] Jasas, Abu Bakr (1405 AH). Al-Qur'an rules, Beirut: Darahiya al-Trath al-Arabi.
[24] Kahf, Monzer and Mir Moazi, Seyyed Hossein (2006). Economics, definition and method. pp. 157-184.
[25] Karami, Mohammad Hossein (1978). A selection of articles from the first Congress of Imam Khomeini's Economic Thoughts Review, Tehran, Imam Khomeini Works Editing and Publishing Institute.
[26] Khan, M. S., & Mirakhor, A. (1994). Monetary management in an Islamic economy. Journal of King Abdulaziz University: Islamic Economics, 6 (1).
[27] Khomeini, Ruhollah (1978). The illegitimacy of the parliament and the government appointed by the king and the corruption of the regime. 11. In Islamic economy.
[28] Khosropanah, A., Porgoo, M., & Alizadehmajd, A. (2022). Studying the Effect of Alavi Culture on Islamic Business Ethics with the Mediating Role of Managers' Philosophical Mindset. INTERCULTURAL STUDIES QUARTERLY, 17 (51), 63-90.
[29] Kimasi, Massoud and Salehi, Mozhgan and Mashhadi Abdul, Maryam (2014). A review of Islamic banking experience in Saudi Arabia, pp. 169-197.
[30] Mashoor, Abdol Latif (1991). Al-Hasafir Fi Al-Esthamad al-Salami, Cairo, Madiuni School.
[31] Mehdi Khani, Alireza (2004). An overview of: political and economic development. Tehran: Eshar Avran.
[32] Mehrabi, Leila (2013). The structure of Islamic banking in different countries: a case study of Malaysia, research report, monetary and banking research institute of Central Bank.
[33] Mehrabi, Leila (2014). Ranking of the world's top Islamic financial institutions in 2014, Islamic Republic of Iran's Central Monetary and Banking Research Institute.
[34] Mesri, Rafiq Yunes (1412 AH). Al-Jamae fi Usul Al-Raba, Beirut: Al-Dar al-Shamiya, I.
[35] Mir Moazi, Seyyed Hossein (2007). Subject of Islamic Economics, pp. 7-34.
[36] Monzer, (1981). Al Iqtisad al Islami [The Islamic Economy], pp 90-28.
[37] Motahari, Morteza (1990). Adl Elahi, Ch 4, Tehran, Sadra Publications.
[38] Mousavi Khomeini, Seyyed Ruhollah (1401 AH). Tahrir al-Wasila, Beirut: Dar al-Taarif for the press, third.
[39] Mousaviyan, Seyed Abbas (2010). "Effects of Jurisprudential-Economic Rejection or Gradual Usury in the Qur'an," Specialized Quarterly Journal of Islamic Economics, Tehran, No. 1.
[40] Mousaviyan, Seyyed Abbas (2007). Theories of usury and interest, scientific research quarterly of Islamic economics, pp. 67-99.
[41] Naderi, Kamran and Mehrabi, Leila (2014). The experience of different Islamic countries in using Sharia-compliant financial instruments in the Islamic interbank money market, Islamic financial and banking studies quarterly, first year, number 1.
[42] Noor Ahmed, Hastam Shah, Asif Idrees Agha, Yasir Ali Mubarik (2005). Transmission Mechanism of Monetary Policy in Pakistan, State Bnke of Pakistan, Working Papers, No. 9.
[43] Rahimi Boroujerdi, Alireza (2010). The course of evolution of modern thought and thought in Europe, scientific publications.
[44] Rajabi Moghadam, Davoud and Mehrabanpour, Mohammad Reza and Gholami Jamkarani, Reza and Kashanipour, Mohammad and Meysami, Hossein (2021). Islamic economy and identification of disclosure components in Islamic financial reporting. pp. 167-185.
[45] Rajaei, Mohammad Kazem and Farahani Fard, Saeed and Mokhtarband, Mahmoud (2019). A theoretical study of the effect of monetary policy tools on income distribution from the perspective of Islamic economics, p. 52.
[46] Rjashekara V; Mariya Banerjee, Basudev (2009). Banking on Faith Islamic banking in the Middle East, Infosys Technologies limited.
[47] Saadat, S., Aliakbari, A., Alizadeh Majd, A. and Bell, R. (2021), “The effect of entrepreneurship education on graduate students’ entrepreneurial alertness and the mediating role of entrepreneurial mindset”, Education + Training, doi: 10.1108/ET-06-2021-0231.
[48] Shafi, M. (1979), Distribution of wealth in Islam, Karachi: Ashraf Puublications.
[49] Song, Inwon; Oosthuizen, Carel (2014). Islamic banking and supervision: surveyresults and challenges, IMF working paper.
[50] Tari, Fathollah and Habibian Nafibi, Majid and Isavi, Mahmoud and Pasbani Soumae, Abolfazl and Zahedmehr, Amin (2021). Contractual justice from the perspective of Islamic economics: a comparative study of housing rent control laws, pp. 34-5.
[51] Vayanos, Peter (2008). Competing successfully in Islamic banking, Booz & company Inc. USA.
Cite This Article
  • APA Style

    Amir Azadarmaki, Taher Jafarpour Asl, Seyedeh Neda Saqhaye Bagheri, Fatemeh Sadat Mousavi. (2023). Islamic Economics: A Survey of the Literature. Reviews, 3(1), 1-12. https://doi.org/10.11648/j.reviews.20230301.11

    Copy | Download

    ACS Style

    Amir Azadarmaki; Taher Jafarpour Asl; Seyedeh Neda Saqhaye Bagheri; Fatemeh Sadat Mousavi. Islamic Economics: A Survey of the Literature. Reviews. 2023, 3(1), 1-12. doi: 10.11648/j.reviews.20230301.11

    Copy | Download

    AMA Style

    Amir Azadarmaki, Taher Jafarpour Asl, Seyedeh Neda Saqhaye Bagheri, Fatemeh Sadat Mousavi. Islamic Economics: A Survey of the Literature. Reviews. 2023;3(1):1-12. doi: 10.11648/j.reviews.20230301.11

    Copy | Download

  • @article{10.11648/j.reviews.20230301.11,
      author = {Amir Azadarmaki and Taher Jafarpour Asl and Seyedeh Neda Saqhaye Bagheri and Fatemeh Sadat Mousavi},
      title = {Islamic Economics: A Survey of the Literature},
      journal = {Reviews},
      volume = {3},
      number = {1},
      pages = {1-12},
      doi = {10.11648/j.reviews.20230301.11},
      url = {https://doi.org/10.11648/j.reviews.20230301.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.reviews.20230301.11},
      abstract = {Economics, as one of the sciences of the new age, deals with people and things and has the concepts and characteristics of the science of the new age, such as falsifiability and prediction. Economics disproves its theories through repeated experiments and experiments. "Islamic economy" is not scientific in the sense of a new science and it does not have scientific characteristics and features except (comparative concepts) which presents a different methodology for studying its principles. In Islamic economics, there are fixed and variable rules and concepts, and comparative concepts, and by accepting the "comparative concepts thesis", Islamic economics will be able to discuss what is and what should be, and while presenting the best economic system that is in accordance with human nature and God's commandments, develop new concepts and theories, or employ them and harmonize and adapt them with Islamic principles and ethics. The comparative concepts of Islamic economics have scientific characteristics and based on the principles of the subject, it explains behavioral patterns that are falsifiable. In this research, the analysis and interpretation of the nature of Islamic economy and the researchers conducted in this field have been done in the library method. This research shows that the extensive literature on the Islamic economic system is still being created and most of the issues have not been carefully considered. Many of the important issues raised in this paper are not resolved, but merely determined. However, such problems may be of interest not only to Islamic scholars, but also to Western experts in money and banking. By examining the specific issues of the Islamic economic system more closely, many important problems in the general economy as well as comparative economic systems can be solved.},
     year = {2023}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - Islamic Economics: A Survey of the Literature
    AU  - Amir Azadarmaki
    AU  - Taher Jafarpour Asl
    AU  - Seyedeh Neda Saqhaye Bagheri
    AU  - Fatemeh Sadat Mousavi
    Y1  - 2023/03/31
    PY  - 2023
    N1  - https://doi.org/10.11648/j.reviews.20230301.11
    DO  - 10.11648/j.reviews.20230301.11
    T2  - Reviews
    JF  - Reviews
    JO  - Reviews
    SP  - 1
    EP  - 12
    PB  - Science Publishing Group
    UR  - https://doi.org/10.11648/j.reviews.20230301.11
    AB  - Economics, as one of the sciences of the new age, deals with people and things and has the concepts and characteristics of the science of the new age, such as falsifiability and prediction. Economics disproves its theories through repeated experiments and experiments. "Islamic economy" is not scientific in the sense of a new science and it does not have scientific characteristics and features except (comparative concepts) which presents a different methodology for studying its principles. In Islamic economics, there are fixed and variable rules and concepts, and comparative concepts, and by accepting the "comparative concepts thesis", Islamic economics will be able to discuss what is and what should be, and while presenting the best economic system that is in accordance with human nature and God's commandments, develop new concepts and theories, or employ them and harmonize and adapt them with Islamic principles and ethics. The comparative concepts of Islamic economics have scientific characteristics and based on the principles of the subject, it explains behavioral patterns that are falsifiable. In this research, the analysis and interpretation of the nature of Islamic economy and the researchers conducted in this field have been done in the library method. This research shows that the extensive literature on the Islamic economic system is still being created and most of the issues have not been carefully considered. Many of the important issues raised in this paper are not resolved, but merely determined. However, such problems may be of interest not only to Islamic scholars, but also to Western experts in money and banking. By examining the specific issues of the Islamic economic system more closely, many important problems in the general economy as well as comparative economic systems can be solved.
    VL  - 3
    IS  - 1
    ER  - 

    Copy | Download

Author Information
  • Department Business Administration, MBA, University of Stratford, Virginia, USA

  • Accounting, Department of Humanities, Parand Branch, Islamic Azad University, Tehran, Iran

  • Accounting, Department of Humanities, Parand Branch, Islamic Azad University, Tehran, Iran

  • Accounting, Department of Humanities, Parand Branch, Islamic Azad University, Tehran, Iran

  • Sections