A brief note on the Islamic financial system

Article Abstract:

Keywords: Islam, Financial institutions, Banking, Economic systems The basic function of any economy is to allocate scarce and natural material resources in order to produce goods and services needed by society upon which the standard of living of the people depends. With the resources available at hand, it is not just possible to satisfy the unlimited demand of the people for goods and services until there is continuous and harmonious development of all the sectors of the economy which largely depend on the proper functioning of a just financial system or discipline. Human beings have both material and moral needs, and their desire for true peace and happiness depends on a balanced satisfaction of both of these needs. Provision of a just financial system and economic discipline might help achieve the various socio-economic goals of the economy for satisfaction of human needs and desire to a greater extent.

---

An epistemological approach to evaluating a financial index of profitability and wellbeing: the case of Islamic instruments in national commercial bank, Saudi Arabia

Article Abstract:

A model of knowledge-centered worldview premised on unity of knowledge according to Tawhidi episteme (Oneness of God) is formalized. The worldview emanating from this episteme is then applied to the case of political economy of enterprise, economy and community. The conception of Islamic political economy given here is one of pervasively interactive, integrating and creatively evolutionary socio-economic system. In this respect a financial index reflecting pervasive interrelationships within the framework of unity of knowledge is developed. The example of National Commercial Bank in Saudi Arabia is taken up to support some of the conceptual points of the paper. Keywords: epistemology, systems methodology, political economy, finance and economics, community economic development.

Statistical Data Included, Economic research

---

A brief note on the Islamic financial system

Article Abstract:

An idealized financial system built according to the tenets of Islamic doctrine is described. In this hypothetical financial system, where a central bank monitors the activities of Islamic Banks, specially constructed financial instruments are used to ensure that Islamic teachings are upheld. The evolution of such an Islamic financial system is then discussed in the context of the emergence of over 200 Islamic banks and institutions in various in Africa, Asia and Europe.

Financial Services, Finance and Insurance, Analysis, Financial services industry, Religious aspects, Islamic countries, Islamic economics

Similar abstracts:

• Abstracts: Financial reporting tax costs, and book-tax conformity. Financial reporting environments and international capital mobility
• Abstracts: Nonlinear systems theory: a more dynamic approach to international strategic management. The international stock market crisis of 1997 and the dynamic relationships between Asian stock markets: linear and non-linear Granger causality tests
• Abstracts: Politicians' motives in the rent seeking society. Linking CEO pay to firm performance: empirical evidence from the electric utility industry
• Abstracts: Religious texts, moral prescriptions and economy: the case of interest. The Federal Deposit Insurance Corporation Improvement Act event in the bank commercial loan market

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.