This paper intends to examine the methods of reasoning that are employed in Fiqh and critically discuss their adoption in Islamic economics. The paper argues that the methods used in Fiqh are mainly designed to find out whether or not a certain act is permissible or prohibited. Islamic economics, on the other hand, is a social science. Like any other social science its proper unit of analysis i...

Observers of contemporary politics know that Islamic extremism presents ‘the West’ with a serious challenge of national and international security consequent to terrorist events of recent time. In addition to constabulary and military responses, there remains the more fundamental question about how to understand Islamist ideology and how counternarratives might be framed in the interest of law ...

We compare, using data envelopment analysis (DEA), the performance of Islamic and conventional banks prior to, during and immediately after the 2008 financial crisis (2004-2009). There is no significant difference in mean efficiency between conventional and Islamic banks when efficiency is measured relative to a common frontier. A meta-frontier analysis (MFA), new to the banking context, howeve...

Introduction It is submitted that accepting Islamic Banking within the western regulatory framework has encountered many impediments. A conventional bank is an institution that holds a banking license issued by banks' regulatory authorities which authorizes the chartered institution to conduct fundamental banking services such as receiving deposits, making loans, providing and saving account se...

Each economy functions within a particular social framework, defined by its moral philosophy and legal system. What makes an economy Islamic is Sharīah, the moral/legal discourses of the classical fuqahā’, which defined the economy of classical Islam, shaped its micro and macro institutions, and modulated its actual performance. This economy, which was virtually effaced during the age of Europe...

*) Corresponding Author Abstract: The study was to: 1) generate the appropriate evaluation instrument so that the instrument might be implemented in evaluating the Integrated Islamic Elementary School (SDIT, Sekolah Dasar Islam Terpadu) learning process; 2) identify the effectiveness of the developed evaluation instrument; and 3) identify the description and the criteria in the results of evalu...

The purpose of this empirical study is to analyze and compare the performance of Islamic and conventional banking in Pakistan and to find out which of the banking stream is performing better than other. For this study, sample of 22 conventional banks and 5 Islamic banks were selected. For in-depth understanding and sound comparison, key performance indicators were divided into external and inte...

Recently there has been a heightened global concern over ‘contagion’ in the conventional financial markets. Our study is motivated by the desire to test empirically whether this contagion is reflected in the fast growing Islamic financial markets as well. This study is the first attempt at testing whether there has been any contagion among the Shari’ah-compliant stock markets during the most re...

The purpose of this paper is to examine co-creation of non-economic values in Islamic banking services and their significance for service science by comparing Islamic and conventional banking services. Although many scholars have discussed co-creation of values in services, most of them have focused on only economic values. Following Sharia (Islamic principles that are based on Qur’an and Sunna...

F several centuries, the world, and particularly Europe has benefited from the great contributions brought about by Muslim physicians in the field of medicine. These contributions were not only based on technical skills but also on the role of eminent Muslim physicians in establishing medical ethics. Many prominent physicians of the Islamic civilization involved themselves with professional eth...