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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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Glossary

Shafiullah Jan and Mehmet Asutay

‘AdlJustice
AkhirahAfterlife, hereafter, next world
AllahThe greatest and most inclusive of the names of God
Al WadiahThe principle to keep or deposit something in custody
Ar-RahnProperty as collateral for a deferred debt
Bai Bithaman Ajil Islamic financing product involving sale of goods where the sale price is payable on an instalment basis. This type of transaction is best referred to as ‘deferred payment sale’
Bait-ul-malIslamic treasury intended for the benefit of Muslims and the Islamic state and not for the leaders or the wealthy
FalahSuccess as measured in this world and life after death
FardResponsibility
FatwaAuthoritative legal opinion issued by a Shari’ah Supervisory Board/single Shari’ah scholar, based on the Shari’ah
Fi sabil al-Allah In the way of Allah
FiqhPractical Islamic jurisprudence
HadithThe record of what the Prophet (S.A.W.) said, did, or tacitly approved
HalalAcceptable and lawful
IhsanBeneficence
IjarahA contract determining a leasing agreement/lease-purchase agreement
IkhtiyarHuman freedom
ImanFaith
Istisna’A contract of sale of specified goods to be manufactured
KhalifahVicegerent
Maqasid al-Shariah Objectives and ultimate purposes of Islamic law
MudarabahA partnership contract in which one partner contributes capital and the other partner invests time and effort
MudaribThe entrepreneur or manager in a Mudarabah contract
MurabahahThe resale of goods with an agreed upon profit mark-up on the cost
Musharakah A partnership contract in which both parties contribute capital and may form a joint management
Qard al-Hasan A benevolent (interest-free) loan
Qur’anThe Holy Book revealed to the Prophet
Rabb-ul-Mal The partner in a Mudarabah agreement providing the funds
RibaUsury
SadaqatCharity
SalamA contract determining a pre-paid purchase
SalatPraying
Shari’ahIslamic religious law derived from the Holy Qur’an and the Hadith
SukukParticipation securities, coupons, investment certificate
SunnahThe traditions of the Prophet Mohammad (PBUH)
TaqlidTo follow
TawarruqBuy spot and sell deferred payment or vice versa to facilitate cash liquidity
TawhidOneness of God
TazkiyahPurification
UmmahCommunity, or nation, a special name given to Muslim brotherhood and unity
WaqfEndowment, a charitable trust in the name of
Allah
WikalahAn agency contract
ZakahPurification (alms)