Factors of Production and Factor Pricing in an Islamic Perspective
Paper presented to the International Seminar on Islamic Economics for University Teachers organised by I.I.I.E. in August-September 1987. ‘ Gives a criticism of the theory of factors of production in neoclassical economics. Summarises various Islamic views on the subject. Discusses a number of original ideas but does not conclude. For economists. Conceptual. Undocumented.
The Islamic Perspective
Paper presented to the Seminar of the Economic Society of the lntemational Islamic Society, Kuala Lumpur. In the first part, elucidates the essence of capital theory in capitalist economics. In the second part, explains the rationale for the prohibition of interest in Islam. In the last part, highlights the role of profit—sharing and shadow pricing as alternatives to interest. Upholds discounting as a technique but recommends rate of return on capital rather than interest as a discounting factor. For Muslim economists. Based on prirnary sources. Documented.
Islam and Agriculture Gearing for the Future
Paper presented to the Asean Conference, on Agriculture in the Year 2000, held at Kuala Lumpur in August 1984. Refutes the view that the Islamic law of inheritance is growth-retarding by fragmentation of land-holdings. Islam makes a distinction between ownership and operatorship. Fragmentation of land into units can be arrested by devising such policies as would keep single operatorship for multiple ownerships. Zakah is not a regressive tax as alleged by critics of Islam. Proper collection and distribution of zakah can alleviate poverty. A non-rigorous exposition. Based on secondary sources. Undocumented.