IDEAS home Printed from https://ideas.repec.org/a/wej/wldecn/327.html
   My bibliography  Save this article

Islamic Economics and Finance

Author

Listed:
  • Rodney Wilson

Abstract

This article provides an introduction to key concepts and methods involved in an Islamic approach to business, investment, risk taking and insurance. The prohibition of riba (interest or usury) profoundly influences the way business transactions and investments are made and financial contracts must comply with Islamic law or shariah. Underlying all economic and financial transactions from an Islamic perspective is a moral dimension, with the authoritative source of guidance being the Holy Quran, the revealed word of Allah, and the Hadith, the sayings and practices of the Prophet Muhammad and his companions, referred to as the Sunnah. Notably there is a concern about the justice of outcomes for individuals. A valuable contribution of the Islamic finance industry-with over one trillion dollars’ worth of assets designated as shariah compliant-is the issues it raises about morality and social accountability in financial dealings and the challenge it poses to conventional assumptions.

Suggested Citation

  • Rodney Wilson, 2008. "Islamic Economics and Finance," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 9(1), pages 177-195, January.
  • Handle: RePEc:wej:wldecn:327
    as

    Download full text from publisher

    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=327
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mohamed Ariff & Meysam Safari & Shamsher Mohamed, 2012. "Sukuk Securities, their Definitions, Classification and Pricing Issues," Chapters, in: Mohamed Ariff & Munawar Iqbal & Shamsher Mohamad (ed.), The Islamic Debt Market for Sukuk Securities, chapter 2, Edward Elgar Publishing.
    2. I L Awad & A M Soliman, 2016. "The stability of the demand for money function in Islamic and non-Islamic monetary policy regimes," Economic Issues Journal Articles, Economic Issues, vol. 21(1), pages 67-85, March.
    3. Ibrahim L. Awad, 2021. "The Islamic Rate of Return Versus the Nominal Rate of Interest: A Macroeconometric Model," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 47(2), pages 253-272, April.
    4. Ibrahim L. Awad, 0. "The Islamic Rate of Return Versus the Nominal Rate of Interest: A Macroeconometric Model," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 0, pages 1-20.
    5. Hassan, M. Kabir & Paltrinieri, Andrea & Dreassi, Alberto & Miani, Stefano & Sclip, Alex, 2018. "The determinants of co-movement dynamics between sukuk and conventional bonds," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 73-84.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wej:wldecn:327. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ed Jones (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.