The Islamic labor market rests on the principles of the free market exchange of Islamic economics. Regrettably, the latter has failed to keep pace with the rapidly growing academic and professional developments of the former. Much of the published work within Islamic economics is idealistic if not radically ideological with little relevance to the Islamic labor market, leaving students of Islamic economics without a coherent body of economic theory to understand the practical objectives of Shariah that gives a sense of direction to the developments in this field. Drawing upon received sources of goals of Shariah, the authors present an independent academic work which: Emphasizes the common conceptual grounds of labor market behavior shared by the objectives of Shariah approach as well as the conventional approach to economics. Adopts standard tools of contemporary economics to explain the industrial relations. Extends the conventional scope of the labor market and forces of the labor market under the umbrella of Shariah. Enables readers and practitioners of Islamic economics to make economic sense of Shariah compliance and human resource development. Explains how the economics of Shariah is liable to offer moral guidance and a sense of direction to regulators and practitioners of the Islamic labor market. Labor in an Islamic Setting will be of interest to postgraduate students, academics, middle and senior management in both the western and the Islamic business communities, researchers and policy makers.

The labor market in Islam is governed by the Islamic laws of fairness, justice, and reward that is equivalent to the job done. Most of the literature in the field discusses the normative aspect of the labor market, whereas few attempts can be seen to address more positive aspects. There is a need for new theoretical and empirical models for the Islamic labor market, which should differ from established approaches. This book provides a comprehensive overview of the nature, scope, and dimensions of the labor market in an Islamic context, from both theoretical and practical perspectives. It presents and discusses labor economics and then compares the similarities and differences between conventional and Islamic views of the labor market, explaining where they meet, and critically justifying why they differ, under the umbrella of Shari'ah. The book raises pertinent issues, which it analyzes from both standpoints and widens the discourse to include norms, morality, and related institutions such as social security and welfare. A unique feature of the book is that it examines labor economics practices among a specific group of countries, and studies the labor conditions within these countries, where the majority of the population follow the teachings of Islam in their daily lives. The book proposes practical strategies for the development of new models for the Islamic labor market which are compatible with the modern world. The book will enable academics and practitioners of Islamic economics to make economic sense of Shari'ah compliance and human resource development.

This book addresses current practices related to sustainable development, its challenges and the future. People belonging to different genders regardless of their age, social class and education should be equal as citizens and individuals, and identical in their rights and responsibilities. The business sector, authorities, societies and religious circles have the potential to play a fundamental role in curbing social ills and the degradation of the environment in this modern world. The authors of this book argue that without good governance, the status of a human being is unlikely to improve. They make the case that to achieve sustainability, government, society and the economy must ensure a platform for people to participate in decision-making and benefit from the rights they are accorded. By covering a range of perspectives across economic, social and moral life, the book will shed light on the problems and possible solutions to sustainable development and the triple bottom line, of people, planet and profit, under the umbrella of morals and divine law. This will be a useful guide for undergraduate and postgraduate students across multiple disciplines, such as economics, religious studies, business studies, political science, anthropology and sociology.

The labor market in Islam is governed by the Islamic laws of fairness, justice, and reward that is equivalent to the job done. Most of the literature in the field discusses the normative aspect of the labor market, whereas few attempts can be seen to address more positive aspects. There is a need for new theoretical and empirical models for the Islamic labor market, which should differ from established approaches. This book provides a comprehensive overview of the nature, scope, and dimensions of the labor market in an Islamic context, from both theoretical and practical perspectives. It presents and discusses labor economics and then compares the similarities and differences between conventional and Islamic views of the labor market, explaining where they meet, and critically justifying why they differ, under the umbrella of Shari'ah. The book raises pertinent issues, which it analyzes from both standpoints and widens the discourse to include norms, morality, and related institutions such as social security and welfare. A unique feature of the book is that it examines labor economics practices among a specific group of countries, and studies the labor conditions within these countries, where the majority of the population follow the teachings of Islam in their daily lives. The book proposes practical strategies for the development of new models for the Islamic labor market which are compatible with the modern world. The book will enable academics and practitioners of Islamic economics to make economic sense of Shari'ah compliance and human resource development.

This book addresses current practices related to sustainable development, its challenges and the future. People belonging to different genders regardless of their age, social class and education should be equal as citizens and individuals, and identical in their rights and responsibilities. The business sector, authorities, societies and religious circles have the potential to play a fundamental role in curbing social ills and the degradation of the environment in this modern world. The authors of this book argue that without good governance, the status of a human being is unlikely to improve. They make the case that to achieve sustainability, government, society and the economy must ensure a platform for people to participate in decision-making and benefit from the rights they are accorded. By covering a range of perspectives across economic, social and moral life, the book will shed light on the problems and possible solutions to sustainable development and the triple bottom line, of people, planet and profit, under the umbrella of morals and divine law. This will be a useful guide for undergraduate and postgraduate students across multiple disciplines, such as economics, religious studies, business studies, political science, anthropology and sociology.

Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years. This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue. It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.

Under the rule of the current economic order, social injustice is ever-increasing. Issues such as poverty, inhumane working conditions, inadequate wages, social insecurity and an unhealthy labor market continue to persist. Many states are also unable to produce policies capable of resolving these problems. The characteristics of the capitalist system currently render it unable to provide social justice. In fact, on the contrary, the system reinforces these injustices and prevents economic and social welfare from reaching the masses. Many Muslim scholars have analyzed and, indeed, criticized this system for years. This book argues that an alternative and more equitable theoretical and practical economical order can been developed within the framework of Islamic principles. On the other hand, the experiences of societies under the rule of Muslim governments do not always seem to hold great promise for an alternative understanding of social justice. In addition, the behaviors of Muslim individuals within their economic lives are mostly shaped by the necessities of daily economic conditions rather than by the tenets of Islam that stand with social justice. Until 1990s, studies of Islamic economics made connections between finance and the notion of social justice, but work conducted more recently has neglected this issue. It is therefore evident that the topic of social justice needs to be revisited in a more in-depth manner. Filling an important gap in existing literature, the book uniquely connects social justice and Islamic finance and economics on this topic. Theory, practice and key issues are presented simultaneously throughout this book, which is based on the writings of a number of eminent scholars.

This book addresses the theory, practices, challenges, key issues and potential future policies concerning investment and wealth management in connection with Islamic finance. There is a noted scarcity of literature on Islamic approaches towards wealth management from a jurisprudential perspective, and so this book aims to address this lacuna in available literature. It demonstrates strategies for wealth management in keeping with the Qur’an and Sunn’ah, posing questions relating to interest and investment, and proposing financial models for benefiting the poorer segments of society while simultaneously satisfying economic necessities in keeping with Islamic law. Given its breadth of scope, combining perspectives from scholars and practitioners with extensive experience in the banking and finance sector from different Islamic settings including Malaysia, Saudi Arabia, Sri Lanka, Brunei and Indonesia, this edited volume will benefit practitioners, researchers, and graduate students studying finance, economics and business management in an Islamic context.

Toseef Azid, Murniati Mukhlisin, Nashr Akbar, and Muhammad Tahir bring together leading researchers to provide a state-of-the-art overview of the monetary policy, corporate governance, their legal and regulatory issues and procedures that structure Islamic banks (IBs) and other Islamic financial institutions (IFIs). Monetary policy and corporate governance are integral to macroeconomics and microeconomics while interest rates are a key part of monetary policy. Given negativity associated with interest rates, Islamic economists have sought alternative instruments. Focusing on the populous Muslim countries such as Pakistan, Malaysia, Turkey, Bangladesh and Indonesia this book explains how corporate and shari'ah governance structures work together under the umbrella of Islamic monetary policy, and in the process, provides guidelines that how such structures improve corporate social responsibility in order to serve the best interests of all stakeholders. The chapters included here cover various features of IBs and IFIs, corporate performance and strategic analysis of microfinance shari'ah based non-banking institutions, in order to investigate the role that these processes play in shaping broader global financial systems. For instance, it portrays different governance models of central bank of a country like Iran having a shari'ah based financial system. In conclusion, Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International overview explores the interrelationships between corporate governance from the perspective of shari'ah, banking industry and Islamic monetary policy. This is a must-read for the corporate sector, banking experts and monetary authorities including academics and postgraduate students.

The book, Economic Empowerment of Women in the Islamic World, discusses the economic, social, and political rights and status of women in Islam, which is theoretically given by the Islamic Jurisprudence (Shariah law). The chapters in this volume will address historical practices in comparison to the status of women in the contemporary Muslim world. Men and women in Islam, regardless of their age, social class, and education, are equal as citizens and individuals, but not identical in their rights and responsibilities. It can be observed from Islamic history that in the early age of Islam, women were given full confidence, trust, and high responsibilities in leadership, educational guidance, and decision-making.This volume will try to clarify the confusion in the status of the women in Islam that is presented by the media, as it is assumed that theoretical Islamic empowerment of women bears little relation to the real conditions of women in modern Muslim societies. It has been widely claimed in the media that Muslim women suffer more than men in Muslim societies and communities in terms of insecurity, domestic abuse, and low access to education and medical care. It is also stated in the press and media that absence of good governance also results in gender inequality and violation of the rights of Muslim women.This volume also aims to provide the solutions for the empowerment of women in the Islamic world. We assumed that without good governance, the status of women is not likely to improve. Muslim women have the potential to play a fundamental role in curbing corruption, social ills, violence, and crime in the Muslim world. This volume will make the case that in order to achieve stability and prosperity, the government must ensure a platform for women to participate in decision-making and hence benefit from the rights they are accorded in Islam.By covering a range of perspectives on the economic lives of Muslim women around the world, it hopes to shed light on the problems faced and to offer possible solutions to the empowerment of women in the Islamic world.

Corporate governance is oriented around the values of fairness, transparency and accountability. The comprehension and measurement of these objectives is subject to the social and economic attributes of the corporate arena. Significant bodies of intellectual work have approached an assessment of corporate governance from perspectives such as differences in management practices, economic advancements, financial management, as well as regional and country constituents. But little is known about the Islamic perspective on the conceptualization, structure and practice of corporate governance. Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world. It presents an examination of: Corporate governance in Islamic financial institutions The efficiency of the Islamic Jurisprudence system The common conceptual grounds of corporate structure in the Muslim World The composition of business leaders in the Muslim World Using standard tools of analysis, the book presents a logically consistent synthesis of key variables with critical economic reasoning. It extends the conventional scope of corporate governance to form a basis for common understanding of how it operates in the Muslim world. The book will prove useful to those who research, study and practice in this field.