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A Model for Islamic Development

An Approach in Islamic Moral Economy

Shafiullah Jan and Mehmet Asutay

This book aims to explore and analyse Islamic Moral Economy (IME) as an alternative economic and social system to capitalism and socialism. It proposes a new model of Islamic development, integrating global development within an Islamic framework of spiritual development. It is argued that the failure of Muslim countries to provide basic necessities and an environment free of oppression and injustice can be overcome with this authentic Islamic development framework. In addition, this book can be an important study to identify the theological, political, social and economic boundaries for changing the society to produce IME oriented developmentalism.
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Contents

Shafiullah Jan and Mehmet Asutay

1 Introduction

1.1 Introduction

1.2 The nature and scope

1.3 Theoretical and epistemological framework

1.4 The rationale and motivation for the book

1.5 Methodological philosophy

1.6 An overview of the book

2 Critical reflections on development in the Muslim world

2.1 Introduction

2.2 Performance of Muslim countries

2.2.1 Corruption perception index

2.2.2 Human development index

2.2.3 Rule of law index

2.2.4 The index of economic freedom

2.2.5 Legatum prosperity index

2.2.6 Global competitiveness report

2.2.7 Globalization index

2.3 Islam and underdevelopment: a survey

2.4 Development in Islam

2.5 Conclusion

3 Islamic Moral Economy and development

3.1 Introduction

3.2 The rationale for the emergence of IME

3.3 The systemic nature of IME

3.3.1 The framework of IME

3.3.2 The philosophical foundations and fundamental principles of IME approach to development

3.3.3 Value system

3.3.4 The implications of IME value system, operational principles and mechanism

3.3.5 Methodology of IME

3.4 Operationalization of IME: Islamic banking and finance

3.5 Development in Islam: concept, process and goals

3.5.1 Islamic economic development concept

3.5.2 Goals of economic development in Islam

3.5.3 Islamic economic development process

3.6 Conclusion

4 Justice and development within the Islamic paradigm

4.1 Introduction

4.2 Ontological and epistemological sources of justice in Islam

4.2.1 The literary meaning of justice in Arabic

4.2.2 Justice in the Qur’an and Traditions

4.3 Justice, the goal of Islamic society

4.3.1 Equality, fraternity and cooperation

4.3.2 Welfare rights and obligation

4.3.3 Economic and property rights and obligations

4.4 Conclusion

5 A critical evaluation of the social and economic development performance of Islamic banks

5.1 Introduction

5.2 Islamic banking and finance: an introduction

5.2.1 Profit and loss sharing schemes

5.2.2 Non-profit and loss sharing instruments

5.3 Evaluating Islamic banking financing through instruments of financing

5.3.1 Global data of Islamic banks – modes of finance

5.3.2 Regional data of Islamic banks – modes of finance

5.3.3 Country level analysis – modes of finance

5.4 Evaluating Islamic banks’ financing through economic sectors

5.4.1 Global data of Islamic banks – sectorial distribution

5.4.2 Regional data of Islamic banks – sectorial distribution

5.4.3 Country level analysis – sectorial distribution

5.5 The reasons for opting out of PLS financing in Islamic financing

5.6 Evaluating the financial behavioural norms of Muslim customers of Islamic banks: demand side analysis

5.7 Conclusion

6 Conceptualizing the Islamic development process

6.1 Introduction

6.2 Falah and development – Ghazalian framework

6.2.1 Ghazalian political economy

6.2.2 Modelling Islamic development process through Ghazalian framework

6.3 Justice and development process within Islamic Moral Economy: a proposal

6.3.1 Islamic development model – proposed

6.4 Alternatives to IBF to essentialize development and justice: policy reflection

6.5 Conclusion

7 Conclusion

7.1 Towards Islamic economic development: some reflections

7.2 Reflecting on the theoretical and epistemological framework

7.3 Implications of the proposed model

7.4 Epilogue

References

Glossary

Index