Economics in an Islamic Society

Ethical School in Islamic Economics and Conventional Economics

In the present age, it is the age of economic crises and challenges to moral values. Today, with many moral schools, we are faced with the dos and don’ts of economic activities. On the one hand, the Islamic society needs a dynamic and developed economy, and on the other hand, it needs to consolidate and strengthen moral values in order to bring worldly and otherworldly happiness to people by ma...

Treatment of Consumption in Islamic Economics: An Appraisal

This paper attempts a broad appraisal of the literature on macro consumption function in Islamic economics. It starts with a brief look at the microelements of the concept and clears several cobwebs concerning wants and needs, scarcity of resources, the basket of goods, and the efficacy of utility and its maximization for consumer equilibrium. The explanations narrow down the conceptual gaps be...

Nature Of Economics In The Ideal Society Of Monotheist Religions

Insanity and its treatment in Islamic society.

A description of the actual treatment of the insane in medieval Islamic society is a difficult task for three major reasons. First, the medical texts, especially the well-known treatise on insanity by Ishaq ibn 'Imran,2 give descriptions of various mental disturbances and their therapies; these accounts are, however, usually restricted to the Galenic tradition, are generally nonclinical, and do...

The Methodology of Islamic Economics

his paper investigates the conformity of market participants’ decisions with the Islamic codes of conduct from the economic and philosophical perspectives. At the outset, the contributions of the renowned contemporary Muslim philosophers on the epistemological issues between the “is” and the “ought” are presented. Subsequently, a synthesized construct that would resolve the dichotomy between th...