Defines factors of production in Islam. The return to labour is determined in the light of supply and demand and considerations of justice and basic needs. Return to fixed assets is rent and is determined by market forces. The return to capital and entrepreneurship is determined by profit-loss sharing. Uses diagrams. Analytical. For economists only. Based on primary sources. Documented.
Economic Growth and Development
Economic Growth and Development
Economic Growth and Development
Explains the role, place and meaning of economic development in Islam. Presents a theoretical construct showing that economic development is related to the achievement of welfare in this life and in the Hereafter. Concludes that the Islamic economic system is highly conducive to balanced economic development. For economists. Analytical. Based on primary sources. Documented.
Islamic banking is a revolution. It is more efficient in resource allocation than conventional banking. Islamic banking requires personnel trained in Islam as wellas professional banking. For economists. Uses diagrams. Undocumented.
Monetary and Financial Theory and Institutions
Reviews M.A. Mannan’s paper (I.C.R.I.E. English series No. 11)’. Disagrees with Mannan’s views on acceptance of market prices by Islam with reluctance, his support for equity rather than efficiency and on presentation of diagrams in the paper. For economists. Undocumented.