Monetary and Fiscal Policies of an Islamic State: The Claims Versus the Reality
Monetary and Financial Theory and Institutions
Business Organizations and the Instruments for Raising Financial Capital for a Modern Islamic Economy
Suggests methods to Islamise sole proprietorship, partnership and corporate organisations. Thinks the concept of limited liability does not fit well into the Islamic framework. For financing, supports mudaraba-based banking. Proposes an instrument for short-term Islamic finance. Thinks preferred stock is not Islamic. Thought-provoking. Descriptive. Based on primary and secondary sources. Documented.
The Operation of the Modern Financial Markets for Stock and Bond and its Relevance to an Islamic Economy
Analyses the structure and operation of primary and secondary markets for stocks and bonds in the U.S. Concludes that investment in preferred stocks and bonds is unlawful. This is also the case of dealings in options. Common stocks and warrants are lawful. For Muslims living in the U.S. Based on primary sources. Documented.
The Operation of the Modern Financial Markets for Stock and Bond and its Relevance to an Islamic Economy
Monetary and Financial Theory and Institutions
Some administrative aspects of the collection and distribution of zakah and the distributive effects of the introduction of zakah into modern economics
This paper presents an administrative set-up for the collection and the distribution of Zakah by an Islamic state. The author’s contention is that the collection and the distribution of Zakah should be supervised by the Islamic state in order to ensure that Zakah is appropriately assessed and distributed to the specified categories of recipients. In this, the author urges that the precedent established by the Prophet (peace be upon him) and the first two Caliphs be followed, rather than depending on individual citizens to carry out their obligations. A brief discussion is made on the importance of assessing Zakah on wages. The author then lays down the features of an administrative set-up for the collection and distribution of Zakah. This set-up, the author believes is functional, simple and can be set up with relative ease. It will minimize bureaucratic red tape and will be relatively cheap to run, while allowing the local communities the control over the distribution of Zakah. Finally, the author presents simulated results of the distributive effects of Zakah for two economies - one very poor, the other relatively rich. The purpose of the simulation was to show how to ex- tract data on income distribution from published macro-data on GDP and occupational distribution, and then how to analyse the data to show the redistributive effects of Zakah on particular economies. The paper concludes that a simulation model can be applied by the responsible planners and policy makers who are entrusted with the task of assessing the distributive effects of Zakah on their countries.
Banking, Investment,Insurance and Muslims in North America
Surveys the banking, investment and insurance institutions in North America and points out the dilemmas and difficulties faced by Muslims living there. Indicates a general approach to avoid interest in various situations. For general readers. Based on primary and secondary sources. Documented.
Banking, Investment, Insurance and Muslims in North America
Monetary and Financial Theory and Institutions
Feasibility of a Muslim Bank and an Insurance Company in the U.S. Ithaca
Monetary and Financial Theory and Institutions