Yazar : E. Shafey

Comments on “Distribution Equity in Islam”

The assumptions of the paper are very strong and conclusions are over-drawn. The model requires a welfare index which is not easy to construct; it focuses on the functional division of income only, although there are other dimensions as well. The paper does not clearly define the concept of equity adopted by the author, as there are different connotations in which this concept is used. The paper does not take into account other goals as growth and efficiency. It concentrates only on equity. The model contains a number of ambiguities in the expected behaviour of a Muslim. The profit-sharing suggested by the author does not apply to the entire economy, will create measurement. problems and may add unemployment and exploitation by the economically powerful. The Islamic approach to capital (defined as-a share in profit, expostfacto) is only a different method of presenting the traditional approach, in which capital earns a fixed interest. In Islamic economics, the concept of minimum acceptable share of capital in value added can be the counterpart of interest rate in conventional economics. Analytical. For Muslim economists. Undocumented.

Comments on Mannan’s “Islamic Economics as a Social - Science”

Comments on Mannan.’s paper published in JRIE (1:1). Argues that label of ‘science’ on Islamic economics would require divorce of Sharz“a from Islamic economics (as scientific method which makes knowledge science cannot verify many of the Sharfa postulates), which is absurd..Mannan restricts instruments of economic policy to price mechanism and transfer payments while there could be more of such instruments. Similarly Mannan’s approach of ‘integrated’ economics is also confusing. Islamic economics needs positive theories to understand the situation but normative policies to bring reality closer to Islamic model. Conceptual. Undocumented.