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This handbook offers a unique and original collection of analytical
studies in Islamic economics and finance, and constitutes a humble
addition to the literature on new economic thinking and global
finance. The growing risks stemming from higher debt, slower
growth, and limited room for policy maneuver raise concerns about
the ability and propensity of modern economies to find effective
solutions to chronic problems. It is important to understand the
structural roots of inherent imbalance, persistence-in-error
patterns, policy and governance failures, as well as moral and
ethical failures. Admittedly, finance and economics have their own
failures, with abstract theory bearing little relation with the
real economy, uncertainties and vicissitudes of economic life.
Economic research has certainly become more empirical despite, or
perhaps because of, the lack of guidance from theory. The analytics
of Islamic economics and finance may not differ from standard
frameworks, methods, and techniques used in conventional economics,
but may offer new perspectives on the making of financial crises,
nature of credit cycles, roots of financial system instability, and
determinants of income disparities. The focus is placed on the
logical coherence of Islamic economics and finance, properties of
Islamic capital markets, workings of Islamic banking, pricing of
Islamic financial instruments, and limits of debt financing, fiscal
stimulus and conventional monetary policies, inter alia. Readers
with investment, regulatory, and academic interests will find the
body of analytical evidence to span many areas of economic inquiry,
refuting thereby the false argument that given its religious
tenets, Islamic economics is intrinsically narrative, descriptive
and not amenable to testable implications. Thus, the handbook may
contribute toward a redefinition of a dismal science in search for
an elusive balance between rationality, ethics and morality, and
toward a remodeling of economies based on risk sharing and
prosperity for all humanity
This book discusses the need for a paradigm shift from Islamic
economics universe of discourse to IqtisÄd, a socio-economic
system that is entirely independent from other economic doctrines
and systems of thought. It provides an overview of critiques of the
science and dogma of mainstream, orthodox, neoclassical, or simply
Economics, with its axioms of rationality, scarcity, and unlimited
wants. There is also a critical analysis of Islamic economics, and
its failures to set its own policy agenda and development
objectives. Our contention in this book is that IqtisÄd--the
Qurâanâs vision of how the economy is to be arrangedâprovides
such a paradigm with a radically different philosophical foundation
from that of Economics to the point that makes grafting one onto
the other Impossible. IqtisÄd offers a genuine and
authentic Islamic paradigm with unique etymological and
philosophical foundations. It is a unique system that derives
its organizing principles from the principal source
of the Quran, rather than Economics. The
logical coherence of its immutable system of rules compliance,
institutional structures, and risk-sharing relations provides the
foundations for economic dynamism, financial stability, and
shared prosperity. It ensures that resources are efficiently
managed, poverty is eradicated, income and wealth mal-distributions
are corrected, and the internal sources of economic injustices
gripping human societies are eliminated. The Impossibility
Theorem proposed in this book implies that, metaphysically,
ontologically, epistemologically, axiologically, and
teleologically, the two polar cases of IqtisÄd and
Economics are so radically different to rule out any grafting of
one onto the other in order to present an intermediate paradigm
with a synthetic discipline called Islamic economics. Given its
multidisciplinary contents, this book will be of interest to
a wide audience, including economists, policymakers, philosophers,
theologians, and jurists, and can guide also free-thinking readers
to a clarity of understanding about the conditions of humanity and
the imperative of change with a sincerity of purpose and coherence
in knowledge. Â
Wealth inequality has been not only rising at unsustainable pace
but also dissociated from income inequality because of the fact
that wealth is increasing without concomitant increase in savings
and productive capital. Compelling evidence indicates that capital
gains and other economic rents are mainly responsible for wealth
inequality and its divergence from income inequality. The main
argument of the book is that interest-based debt contracts are one
of the drivers of wealth inequality through creating
disproportional economic rents for the asset-rich. The book also
introduces the idea of risk-sharing asset-based redistribution,
which is a novel and viable policy proposal, as an effective
redistribution tool to address the wealth inequality problem.
Furthermore, a large-scale stock-flow consistent macroeconomic
model, which is step by step constructed in the book, sheds light
on the formation of wealth inequality in a debt-based economy and
on the prospective benefits of implementing risk-sharing
asset-based redistribution policy tools compared to traditional
redistribution policy options. The research presented in this book
is novel in many respects and first of its kind in the Islamic
economics and finance literature.
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