CREDIT IN THE ISLAMIC ECONOMIC PERSPECTIVE

The Islamic Economic Philosophy

An Economic Perspective on the Enforcement of Credit Arrangements: The Case of Daylight Overdrafts in Fedwire

redit arrangements between a borrower and a lender are a prevalent part of the economy. A fundamental concern for any lender is the risk that the borrower fails to fully repay the loan as expected, a type of risk called credit risk. Thus, lenders want credit arrangements that are designed to compensate them for— and help them effectively manage—credit risk. In certain situations, central banks ...

An Islamic Perspective in Managing Religious Diversity

This paper examines the concept of “diversity” as mentioned in the Qur’an and how commonalities in diverse religions may be used as a model for civilizational dialogue towards achieving harmony. This study reveals that religious and cultural diversity are laws of nature which cannot be changed while the concept of “identity” is a contested issue in modern discourse. Results also show that peace...

Islamic Law, Institutions and Economic Development in the Islamic Middle East

Timur Kuran has spent much of the last decade investigating the economic and institutional development of the Middle East. The Long Divergence: How Islamic Law Held Back the Middle East brings the results of this research together to provide an explanation for the decline in the region’s economic fortunes. Although generations of scholars have sought to understand the Middle East’s economic dec...

islamic microfinance, providing credit to the poor:

abstract:the general perception of islamic finance is that it prohibits the practice of paying and receiving interest, but islamicfinance is much broader than interest rate prohibition. islamic financial services can be viewed as a set of financialservices which are diversified based on the needs of society.since in the iranian economy most of the enterprises are micro and/or small, micro finan...