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Islamic Economics: Theory, Policy and Social Justice Volume Two

Islamic Economics: Theory, Policy and Social Justice Volume Two
Islamic Economics: Theory, Policy and Social Justice Volume Two

Published: April 2015

About the series: 

The International Conference on Islamic Economics and Finance (ICIEF) is the leading academic conference in the discipline organized by the International Association for Islamic Economics (IAIE) in collaboration with other key stakeholders, including the Islamic Research and Training Institute, Islamic Development Bank. It is the pioneering international conference on Islamic economics organized first in Makkah Al Mukaramah, Kingdom of Saudi Arabia, in 1976 under the auspices of King Abdulaziz University and has since been held in numerous locations around the world. The conference as such has contributed immensely to the promotion of Islamic economics and finance. Since 2011, the Qatar Faculty of Islamic Studies (QFIS), of Hamad bin Khalifa University, Qatar Foundation, has also become a key partner in organizing the conference.

Disseminating research presented at ICIEF to the greatest number of researchers interested in the topic is important. It not only advances the discourse, but also grants those who did not have the privilege of attending the conference to partake in the discussion. To this end, this series of five volumes (two in Arabic to follow) presents the proceedings of 8th and 9th conferences, which were held in Doha and Istanbul respectively in 2011 and 2013. Each volume focuses on a particular sub-theme within the broader theme of Developing Inclusive and Sustainable Economic and Financial Systems. 


The intellectual effort is now directed at turning theory into actionable policies and practice wherever possible. This would also result in refinement of ideas and hence the development of Islamic economics as a discipline distinct from conventional economics. The strategy requires building of a mind-set that can think out of the box of conventional economics and also development of a political will and the courage to experiment with new things. This approach would require many things, but some important dimensions would be:

· Regular, evaluation of the progress of the theory and models of Islamic economics
· Translating the theory into policies and evaluating the channels through which the policies are creating or likely to create an impact
· Developing a benchmark to evaluate socio-economic progress and impact of the policies in line with Islamic teachings

The fifteen papers collected in this volume attempt to do just that. They are divided into three parts.

Table of contents:



1. Crisis in Islamic Economics : Diagnosis and Prescriptions 

Asad Zaman, Pakistan Institute of Development Economics

2. First vs. Second Generation Islamic Economists: Deviations and Differences in Thoughts

Abdul Azim Islahi, King Abdulaziz University

3. Methodology of Islamic Economics: Typology of Current Practices, Evaluation and Way Forward

Hafas Furqani and Mohamed Aslam Haneef, International Shariah Research Academy for Islamic Finance (ISRA) and International Islamic University, Malaysia

4. Islamic Economics: Still in Search of an Identity

Abdulkader Cassim Mahomedy, University of KwaZulu-Natal

5. Islamic Economics as a New Economic Paradigm

Necati Aydin, King Saud University

6. The Effect of Scarcity Thinking on Human Wants Among Muslims: The Case of Malaysia

Amir Wahbalbari, Zakaria Bahari, and Norzarina Mohd-Zaharim, Universiti Sains Malaysia 


7. The Transmission of Monetary Policy Through Conventional and Islamic Banks

Sajjad Zaheer, Steven Ongena, and Sweder J.G. van Wijnbergen, State Bank of Pakistan, Tilburg University, and University of Amsterdam

8. The Importance of the Islamic Banks in the Monetary Transmission Mechanism in Malaysia, Zamrah Hasin and M. Shabri Abd. Majid

International Islamic University Malaysia and Syiah Kuala University, Indonesia

9. Economic Sectors Sensitivity to Islamic and Conventional Monetary Instrument: Case Study in Indonesia

Raditya Sukmana, Airlangga University, Indonesia

10. Public Sector Funding and Debt Management: A Case for GDP-Linked Sukuk 

Abdou Diaw, Obiyathulla Ismath Bacha, and Ahcene Lahsasna, International Centre for Education in Islamic Finance (INCEIF)

11. Economic and Financial Crises in Fifteenth-Century Egypt: Lessons from the History

Abdul Azim Islahi, King Abdul Aziz University


12. Post-Crisis Economic Recovery in OIC Member States: Is it Sustainable?

Zafar Iqbal, Islamic Development Bank

13. The Integrated Development Index (I-Dex): A New Comprehensive Approach to Measuring Human Development Ruzita Mohd Amin, Selamah Abdullah Yusof, and Mohamed 

Aslam Haneef, International Islamic University Malaysia 

14. Islamic Finance and Economic Growth: The Malaysian Case 

Néjib Hachicha and Amine Ben Amar, University of Sfax and University of Paris-Dauphine

15. Distributional and Poverty Consequences of Globalization: Are OIC Countries Different?

Muhammad Tariq Majeed, Quaid-i-Azam University, Islamabad, Pakistan


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