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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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Index

Shafiullah Jan and Mehmet Asutay

adolescent fertility ratio 25

Ahmad, Khurshid 578

al-‘adl wa’l-ihsan 678

al-birr 110

Al-Ghazali, Abu Hamid Muhammad 101, 159

Al-Ghazalian perspectives 84

Al-Ihya Ulum-ud-Din (Al-Ghazali) 101

amanah 11011

Arabic language, literary meaning of justice 99101

Aristotle 18, 163

Ayat al-Umara 105

bai muajjal financing 11819

bai Salam financing 119

The Balanced Book on What-To-Believe (Al-Ghazali) 159

Bangladesh

allocation of funds 131

Islamic banking through instruments of financing 1289

Rule of Law Index 378

sectorial distribution of finance 1445

Bank of Islam Malaysia 120

Bounty of Allah 15

Burkina Faso 29, 30

Rule of Law Index 412

Calvinist Protestantism 48

capital accumulation 19091

capitalistic society 192

casino capitalism 5

CDFIs see Community Development Financial Institutions

China–Pakistan Economic Corridor (CPEC) 146

commercial banking 179

commercial Islamic banks 3

Community Development Financial Institutions (CDFIs) 1868

conventional economics

development trajectories in Muslim world 200

distribution of economic benefits 4

Islamic world-view 77

positivism 71

cooperation in justice 10910

Corruption Perception Index (CPI) 1618

country level analysis, Islamic banks

sectorial distribution of finance 1419

through economic sectors 1419

through instruments of financing 12635

CPEC see China–Pakistan Economic Corridor

CPI see Corruption Perception Index

De Anima (Aristotle) 163

demand side analysis 1525

direct investment 11718

discursive analysis 11

dis-embeddedness 2

Divine Authority 4, 98

Divine Justice 99

Divine Legislator 99

Divine or Revelatory Justice 98

Divine Wisdom 98

Dubai Islamic Bank 3, 78, 114, 179

economic rights and obligations 11112

economic development concept of Islam 8083

economics

conventional see conventional economies

Islamic 4, 96, 114

normative 3

Western mainstream 3

educational attainment 26

Educational Index 20

Egypt

allocation of funds 136

Islamic banking through instruments of financing 134

Rule of Law Index 40

sectorial distribution of finance 1478, 150

Egypt’s Faisal Islamic Bank (FIBE) 120, 121

embeddedness 2

equality in justice 10910

equality of economic conditions 889

equality of opportunity 89

ethics of Calvinism 48

Eurocentric value system 4

falah 2, 93

excellence or goods of body 166

excellence or goods of environment 16670

excellences or goods of soul 1646

falasifa 159

Fard (responsibility) 69

FIBE see Egypt’s Faisal Islamic Bank

filter mechanisms 75

financial behavioural norms, Muslim customers 1525

fuqah (Muslim jurists) 115

GCI see Global Competitiveness Index

GEM see Gender Empowerment Measure

Gender Empowerment Measure (GEM) 245

Gender Inequality Index (GII) 258

Ghazalian framework 56

GII see Gender Inequality Index

Global Competitiveness Index (GCI) 467

Global Competitiveness Report 456

global data, Islamic banks

through economic sectors 1357

through instruments of financing 1223

Globalization Index 467

Grameen model of microfinance 183

haququl-ibad 1746

haququllah 1734, 176

HDI see Human Development Index

homo-economicus 76

homo-Islamicus 73, 74, 77, 80

HPI see Human Poverty Index

human-centred Islamic norms 81

human-centric paradigm 1

Human Development Index (HDI)

description of 1820

gender empowerment measure 245

Gender Inequality Index 258

Gender-related Development Index 245

Human Poverty Index 224

inequality-adjusted HDI 289

Multidimensional Poverty Index 2931

overview of 202

UNDP and 18, 19

human–Divine relations 101, 104

human fraternity 10910

human–human relations 1049

Human Poverty Index (HPI) 224

human well-being 8

IBF see Islamic Banking and Finance

IBID see Islamic Bank for International Development

Ibn Basheer, Nu’maan 107

Ibn Jubayr 100

Ibn Khaldun 6, 7, 86, 94, 97

Ibn Miskawayh, Imam Ahmad ibn Muhammad 101

Ibn Qayyim 6, 8, 7071, 84

Ibn Taymiyyah 105

IDB see Islamic Development Bank

IFIs see Islamic financial institutions

IHDI see Inequality-adjusted Human Development Index

ihsani (beneficence) 2

ijarah financing 118

ikhtiyar (human freedom) 689

IME see Islamic Moral Economy

IMF see International Monetary Fund

imuzara’ah 117

Incoherence of the Philosophers (Al-Ghazali) 159

Index of Economic Freedom 423

Indonesia

allocation of funds 132

Islamic banking through instruments of financing 129

Rule of Law Index 345

sectorial distribution of finance 145, 146

Inequality-adjusted Human Development Index (IHDI) 289

International Monetary Fund (IMF) 8

interpretivist-constructivist approach 910

Iran

allocation of funds 132

Islamic banking through instruments of financing 130

Rule of Law Index 38

Islam

‘developmentalist’ oriented religion 61

development in 569, 8094

economic development concept 8083

goals of economic development 835

knowledge, work and social welfare system 8591

process of economic development 924

economic development 1

goals for 1

justice see justice in Islam

principle of equality 89

underdevelopment and 4756

vertical ethical dimension of 66

Weber’s view 48

Islam and Capitalism (Rodinson) 49

Islamic Bank for International Development (IBID) 121

Islamic Banking and Finance (IBF) 3, 61, 7780

alternatives to 17788

demand side analysis 1525

financial behavioural norms, Muslim customers 1525

non-profit and loss sharing instruments 11819

overview of 11516

policy reflection 17788

profit and loss sharing schemes 11618, 14952

through economic sectors

country level analysis 1419

global data of 1357

overview of 135

regional data of 13741

through instruments of financing

country level analysis 12635

global data of 1223

overview of 11922

regional data of 1236

Islamic banks see Islamic banking and finance

Islamic Development Bank (IDB) 78

Islamic development model

aims and objectives 56

emancipatory and empowerment process of 2

future research suggestions 199200

Ghazalian framework 56

falah and 16470

modelling islamic development process 1614

political economy 15961

‘meaning-making’ process 11

methodological philosophy 911

research rationale and motivation 89

theoretical and epistemological framework 68, 1958

Islamic development paradigm 12

Islamic economics 4, 96, 114

Islamic economics movement 12

Islamic financial institutions (IFIs) 96, 114, 115, 155, 156, 1878

Islamic Moral Economy (IME) 2, 61

developmentalist objectives of 79

framework of 656

implications of value system, operational principles and mechanism

axioms implication 734

conclusions 756

filter mechanisms 75

institutional and operational features 745

theomorphic vs. anthropomorphic views 73

waqf institutions 75

justice and development process

overview of 17072

proposed model 1727

methodology of 767

operationalization of 7780

philosophical foundations/foundational axioms

al-‘adl wa’l-ihsan 678

Fard (responsibility) 69

Ikhtiyar (human freedom) 689

khalifah (vicegerent) 6970

maqasid-al Shar’iah 7071

Tawhid Rububiyyah 67

Tawhid Ullah 667

Tazkiyah 68

proposed model implications 1989

purpose of 96

rationale for 624

theoretical and epistemological framework 1958

value system 712

Islamic norms and values 1

Islamic political economy see Islamic Moral Economy (IME)

Islamic social banking 78

Islamic social system 478

Jawahir (Al-Ghazali) 168

JIB see Jordan Islamic Bank

Jordan Islamic Bank (JIB) 120

Ju’alah financing 119

justice in Islam

dimension in Qur’an 1019

Allah’s own activity 1023

human–Divine relations 104

human–human relations 1049

overview of 101

economic and property rights and obligations 11112

human fraternity, equality and cooperation 10910

in Muslim society 4

ontological and epistemological sources of 97109

definition of 97

Divine Authority 98

literary meaning in Arabic 99101

overview of 979

in Prophetic Tradition 101

in Qur’an 101

welfare rights and obligation 11011

Kazakhstan, Rule of Law Index 3940

khalifah 57

khalifah (vicegerent) 6970

Legatum Prosperity Index 445

linguistic theory of justice 100

lslamic inheritance system 534

Malaysia

allocation of funds 134

Islamic banking through instruments of financing 131, 133

Rule of Law Index 39

sectorial distribution of finance 1456

Malaysian Islamic banks 120

Malik, Imam 105

maqasid al-Shari’ah 1, 2, 78, 7071, 80, 835, 878

Marxian political economy 97

maternal mortality ratio 25

‘meaning-making’ process 11

Messenger of Allah 107

MFIs see microfinance institutions

microfinance institutions (MFIs) 1813, 188

microfinance programmes 182

Mit Ghamr Saving Association 78

Mit Ghamr Saving Bank 3

modelling islamic development process, Ghazalian framework 1614

Morocco, Rule of Law Index 36

MPI see Multidimensional Poverty Index

mudarabah financing 11617, 120, 121

muflehun 173

Multidimensional Poverty Index (MPI) 2931

murabahah financing 118

murabahah syndrome 121

musharakah 120, 121

Muslim countries performance

Corruption Perception Index 1618

Global Competitiveness Report 456

Globalization Index 4657

Human Development Index 1831

Index of Economic Freedom 423

Legatum Prosperity Index 445

Rule of Law Index 3142

Muslim customers, financial behavioural norms 1525

musqat 117

National Savings Schemes (NSS) 153, 154

Nicomachean Ethics (Aristotle) 163

Nigeria, Rule of Law Index 356

noble pedigree 167

Nomadism 51

non-profit and loss sharing instruments

bai muajjal 11819

bai Salam 119

ijarah financing 118

Ju’alah 119

murabahah 118

Qard al-hasan 118

normative economics 3

NSS see National Savings Schemes

ontological and epistemological sources, justice in Islam 97109

definition of 97

Divine Authority 98

literary meaning in Arabic 99101

overview of 979

ontological subjectivism 10

Organisation of Islamic Cooperation 78

Ottoman Empire 48, 52

Pakistan

allocation of funds 133

Islamic banking through instruments of financing 13031

Rule of Law Index 334

sectorial distribution of finance 146, 148

parliamentary representation 26

PBUH see Prophet Muhammad

PLS see profit and loss sharing

political economy, Ghazalian framework 15961

positive economics 3

positivism 71

PPP see Purchasing Power Parity

principle of equality 89

profit and loss sharing (PLS) 79

direct investment 11718

imuzara’ah 117

mudarabah financing 11617

musqat 117

reasons for opting out 14952

property rights and obligations 11112

Prophet Muhammad (PBUH) 18, 49, 59, 60, 82, 83, 98, 103, 107

Protestant ethics 48, 56

Purchasing Power Parity (PPP) 20

qard al-Hasan financing 118, 185

Qatar

allocation of funds 129

Islamic banking through instruments of financing 127

sectorial distribution of finance 143

Qur’an

bond of brotherhood 9091

dignity of human beings 90

dimension of justice 1019

justice in 101

knowledge in 86

linguistic theory of justice 100

ontological and epistemological sources of 66

prohibition of riba 79

tawhidi framework 10

RDS see Rural Development Scheme

The Refinement of Character (Ibn Miskawayh) 101

regional data, Islamic banks

through economic sectors 13741

through instruments of financing 1236

Religion and the Rise of Capitalism (Weber) 48

The Revival of the Religious Sciences (Al-Ghazali) 159

rububiyyah 57

Rule of Law Index

Bangladesh 378

Burkina Faso 412

Egypt 40

evaluation factors 323

Indonesia 345

Iran 38

Kazakhstan 3940

Malaysia 39

Morocco 36

Nigeria 356

Pakistan 334

Turkey 367

uses of 32

Uzbekistan 4041

working definition of 312

Rural Development Scheme (RDS) 1834

safety net programmes 182

Saudi Arabia

allocation of funds 130

Islamic banking through instruments of financing 128

sectorial distribution of finance 1434

sectorial distribution of finance

country level analysis 1419

global data 1357

regional data 13741

Sen, Amartya 19

Shari’ah 1, 2, 83

small and medium enterprises (SMEs) financing 1845

Smith, Adam 42, 70, 71

social banking 179, 185

social optimality 119

socio-economic system

framework 6

of Islamic development 94

The Standard of Knowledge in Logic (Al-Ghazali) 159

Sukuk (Islamic bonds) 78

sultanism 48, 54

Syrian Arab Republic 23

Taleqani, Ayatullah Mahmud 7

tawhid 57, 86, 92

tawhidi framework 10

Tawhid Rububiyyah 67

Tawhid Ullah 667

tazkiyah 57, 68, 1689

theomorphic vs. anthropomorphic views 73

total dependency 59

The Touchstone of Reasoning in Logic (Al-Ghazali) 159

Transparency International 16

Turkey

allocation of funds 135

Islamic banking through instruments of financing 133

Rule of Law Index 367

sectorial distribution of finance 1467, 149

two-dimensional utility function 77

UAE see United Arab Emirates

ulama 55

ul Haq, Mahbub 19

UNDP see United Nations

Development Programme

United Arab Emirates (UAE)

allocation of funds 128

Islamic banking through instruments of financing 126

sectorial distribution of finance 1423

United Nations Development

Programme (UNDP) 18, 19, 21, 23

Usmani, Taqi 118

utility function, two-dimensional 77

Uzbekistan

Human Development Index 29

Rule of Law Index 4041

value system

implications of 736

Islamic Moral Economy 712

vertical ethical dimension of Islam

66

waqf institutions 75

Weber, Max 71

welfare rights and obligation 11011

Western mainstream economics 3

Western rationality 34

WJP see World Justice Project

women

disadvantaged group, human development countries 28

educated 26

in Egypt 40

well-being of 256

World Bank 8, 13

World Justice Project (WJP) 31

zakah 69, 91, 111, 182

zulm 100