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...

This paper reviews the progress of Islamic banking from both theoretical and practical aspects. It highlights the basic principles on which Islamic banking is based and describes the operational details of Islamic banks. It mentions some of the misgivings with respect to the viability of Islamic banking and evaluates them objectively. It highlights the effects of Islamic banking on savings, inv...

Four options for assigning a meaning to Islamic Logic are surveyed including a new proposal for an option named Real Islamic Logic (RIL). That approach to Islamic Logic should serve modern Islamic objectives in a way comparable to the functionality of Islamic Finance. The prospective role of RIL is analyzed from several perspectives: (i) parallel distributed systems design, (ii) reception by a ...

Islamic banking is currently one of the fastest growing segments of the financial market industry, operating in over 75 countries through 300 institutions. While past literature has established the development of financial institutions as a determinant of economic growth, research on the correlation of the diffusion of Islamic banking with economic growth is limited. This study seeks to add to ...

This article examines the unique risks associated with Islamic financial institutions and the secular state’s reticence to directly regulate their religious dimension. It argues that the state’s method of regulating the Islamic financial industry ignores special reputational risks associated with the religious and cultural distinctiveness of Islamic banks. The Financial Services Authority (FSA)...

When Muslims thought of establishing milk banks, religious reservations were raised. These reservations were based on the concept that women's milk creates 'milk kinship' believed to impede marriage in Islamic Law. This type of kinship is, however, a distinctive phenomenon of Arab tradition and relatively unknown in Western cultures. This article is a pioneer study which fathoms out the contemp...

The objective of this article is to discuss the Islamic legal mechanism which will provide an opportunity to e-consumers who have suffered losses in online transactions to revoke contracts or collect arsh (compensation). Khiyar al-Tadlis (option of deceit or misrepresentation) is an Islamic legal feature that is not found in any other legal system, as it originates from the Islamic law of contr...

1Department of Physiology, Qom Branch, Islamic Azad University, Qom, IR Iran 2Department Of Biology, Qom branch, Islamic Azad University, Qom, IR Iran 3Department of chemistry, Qom branch, Islamic Azad university, Qom, IR Iran *Corresponding author: Ramesh Ahmadi, Department of chemistry, Qom branch, Islamic Azad university of Qom, 15 Khordad St, Qom, IR Iran. Tel:+98-2537780001, Fax:+982137770...

In this Article, the author addresses the traditional Islamic view of domestic violence. To understand the Islamic perspective on domestic violence, the author will explore the Islamic view of gender relations, especially within the family. This view is rooted in the Qur’an, which is examined in this Article. AN ISLAMIC PERSPECTIVE ON DOMESTIC VIOLENCE