Islamic Finance and Islamic Economics 2022

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Running head: ISLAMIC FINANCE AND ISLAMIC ECONOMICS
ISLAMIC FINANCE AND ISLAMIC ECONOMICS
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1 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
The global financial crisis of 2008 did not affect the Islamic economy, and this has drawn the
interest and attention of a number of economists, who have focussed on analysing the
principles which underpin the Islamic economy1. The latter primarily derives its approach from
the Quran and the Sunnah, as interpreted from era to era, as well as secondary sources-the
Qiyas and the Istihsan. The theories which underpin the Islamic economy differ significantly
from those of capitalism and socialism, and this has encouraged a number of non-Islamic
countries, and many economists, to try and ring-fence their own banking systems by
introducing elements taken from Islamic economic theory2. For example, the French senate
produced a report recommending the integration of the Islamic banking system within the
French banking system, since the former is founded on rules derived from Islamic law which
will benefit everyone, whether Muslim or non-Muslim 3. In addition, the report asserts that the
Islamic banking system can be applied in France. This paper sets out to examine and assess
Islamic economic theories against the background of banking and finance by harnessing a
number of social and economic perspectives - and will evaluate whether these theories have
offered other financial markets with fresh, practical alternatives4. The opening section will
compare Islamic theories with traditional economic theories, before the second section
compares Islamic banking products with those of non-Islamic banks, in order to reach a
conclusion.
To begin with, rather than discuss economic theories in isolation, this section will compare the
Islamic system with other traditional economic systems, in order to gain a comprehensive
understanding of how they work and differ. Thus the market economy and command
1
Laldin, Mohamad Akram, and Hafas Furqani. "Innovation versus Replication: Some Notes on the
Approaches in Defining Shariah Compliance in Islamic Finance." Al-Jami'ah: Journal of Islamic Studies
54.2 (2016): 249-272.
2
Lone, Fayaz Ahmad, Fayaz Lone, and Fayaz Ahmad Lone. Islamic Banks and Financial Institutions.
Palgrave Macmillan UK, 2016
3
Lone, Fayaz Ahmad, Fayaz Lone, and Fayaz Ahmad Lone. Islamic Banks and Financial Institutions.
Palgrave Macmillan UK, 2016
4
Mohd Yusof, Rosylin, Mejda Bahlous, and Roszaini Haniffa. "Rental rate as an alternative pricing for
Islamic home financing: an empirical investigation on the UK Market." International Journal of Housing
Markets and Analysis 9.4 (2016): 601-626
1

2 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
economies, found all around the world, will be assessed, alongside their economic and social
benefits5.
The market economy theory is the foundation for many European and North American
economies6. This theory views the economic system as one in which economic decision-
making is shaped by investment, production and distribution factors, based on the relationship
between supply and demand, which mechanically determines the price of goods and services. A
market economy, or a free economy, makes decisions shaped by financial markets and capital,
rather than government decisions on production and ownership7. Economic market theory thus
has a number of advantages, including the fact that - as noted by Brancaccio - it encourages and
drives free market competition. Abdul Rahim points out that the market economy is
distinguished by private ownership of the means of production, the absence of direct
government interference in the economy and individuals' pursuit of profit8. The US
Constitution bolsters and supports the market economy, since Article 1, paragraphs 9 and 10,
declares that it supports freedom of choice by forbidding states to impose levies on goods and
services coming from other states9. The ninth and tenth amendments to the Constitution restrict
the government's freedom to hinder and meddle with the rights of others, unless the
Constitution clearly assigns it that right10. Taken together, these facts encourage competition
between businesses, lead to a rise in quality and reduce the cost of products due to the
involvement of multiple traders.
5
Poon, Jessie PH, Jane Pollard, and Yew Wah Chow. "Resetting neoliberal values: lawmaking in
Malaysia's Islamic finance." Annals of the American Association of Geographers 108.5 (2018): 1442-1456
6
Abdullah, Adam. "Examining US approvals of Islamic financing products and the Islamic theory of
lawful profit." International Journal of Islamic and Middle Eastern Finance and Management 9.4 (2016):
532-550.
7
Rammal, Hussain Gulzar, and Ralf Zurbruegg. "Awareness of Islamic banking products among Muslims:
The case of Australia." Islamic Finance. Palgrave Macmillan, Cham, 2016. 141-156
8
Abedifar, Pejman, et al. "Islamic banking and finance: Recent empirical literature and directions for future
research." Journal of Economic Surveys 29.4 (2015): 637-670
9
Alexakis, Christos, Vasileios Pappas, and Alexandros Tsikouras. "Hidden cointegration reveals hidden
values in Islamic investments." Journal of International Financial Markets, Institutions and Money 46
(2017): 70-83.
10
Reni, Andi, and Nor Hayati Ahmad. "Application of theory reasoned action in intention to use Islamic
banking in Indonesia." Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah 8.1 (2016): 137-148
2

3 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
The market economy theory produces a large number of social advantages, the most crucial of
which is the fact it inspires individuals to develop social and technical skills and the knowledge
they need to succeed in this economy11. This theory attracts global investors and produces a
workforce which have a high degree of flexibility and are ready to respond to investors' needs
and requirements, for example, by upgrading their education12. Additionally, the market
economy theory incentivises the creation of more investment in the country, which in turn
reduces unemployment by creating new jobs. This combination of high employment and
investment opportunities is a significant social advantage, since its end result is a rise in
wealth13.
In contrast, unlike the market economy, the Islamic economy is not based on unlimited
freedom, since freedom of competition is restricted by a series of inviolable religious rules,
which apply to all investors. Al-Ansari argues that the market economy's absolute freedom is a
negative feature of the theory and creates a range of socio-economic issues14. Thus unhindered
total freedom, which is not constrained by religious or legal limits, will bring usury, monopoly
power and oppression of the poor in its stead15. Similarly, the market economy's absolute
freedom of competition results in the creation of powerful monopolies and related economic
problems. Islamic theory is based on principles of social and economic equality and investment
is viewed as a tool for bringing these social improvements16. Investors are required to pay zakat
on any money which remains static for 12 months, thus they have an incentive to do something
11
Sarker, Md Nazirul Islam, Arifin Sultana, and A. S. Prodhan. "Financial Performance Analysis of Islamic
Bank in Bangladesh: A Case Study on Al-Arafah Islami Bank Limited." World 3.1 (2017): 052-060
12
Abubakar, Abbas Said, and Josiah Aduda. "Islamic Banking and Investment Financing: A Case of
Islamic Banking in Kenya." International Journal of Finance 2.1 (2017): 66-87
13
Alaa Alaabed, Finocracy, and Abbas Mirakhor. "Accelerating Risk Sharing Finance via FinTech:
NextGen Islamic Finance." The 1st International Colloquium on Islamic banking and Finance. 2017
14 Shafiq, Ahsan. "A REVIEW OF JOURNALS & PUBLISHING HOUSES IN THE FIELD OF ISLAMIC
ECONOMICS AND FINANCE." (2019).
15
Alharbi, Ahmad. "Development of the Islamic banking system." Journal of Islamic Banking and
Finance 3.1 (2015): 12-25
16 Ariff, Mohamed, and Meysam Safari. "Valuation of Islamic debt instruments, the Sukuk: Lessons for
market development." Islamic banking and finance–Essays on corporate finance, efficiency and
product development 1 (2015).
3

4 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
with this money and invest it, so that it works for them rather than going to the poor. This
approach increases the number of available jobs and also benefits the poor by raising their
wealth17. The Islamic economy favours absolute and restricted competition, since it is works on
the basis of a freedom which rejects ignorance, fraud, gambling, the creation of monopolies and
exploitation18. This is the case because of a fusion of religious principles, social control and
government regulations. The state is not a mere spectator and is ready to step in to the market,
if there is a flaw which could damage individuals as well as society.
The second theory - the command/planned economy - was embraced by the Soviet Union, and
can be summarised as centralised control of investment, production, pricing, distribution and the
overall economy by the government. In contrast to the market economy, the command economy
does not offer individuals the right to make their own, free decisions19. The planned system has
many social and economic benefits, including the major advantage of not allowing investors to
control the supply of products to the market and, in this way, determine prices. In addition, the
government can decide commodity prices by controlling production quotas, and this is reflected
in low prices. Property is publically owned, and social justice is served by ensuring national
income is distributed equitably according to the needs of individuals and their abilities. This
economic system is designed to eradicate all forms of exploitation20.
In contrast, the Islamic economy has a very different approach to property, among other
elements, when compared to the command economy21. Dr Shehata argues that public ownership
17
Ariff, Mohamed, and Meysam Safari. "Valuation of Islamic debt instruments, the Sukuk: Lessons for
market development." Islamic banking and finance–Essays on corporate finance, efficiency and product
development 1 (2015)
18
Ahmed, Habib, et al. On the sustainable development goals and the role of Islamic finance. The World
Bank, 2015
19
Asutay, Mehmet, and Astrid Fionna Harningtyas. "Developing Maqasid al-Shari’ah Index to evaluate
social performance of Islamic Banks: A conceptual and empirical attempt." Uluslararası İslam Ekonomisi
ve Finansı Araştırmaları Dergisi1.1 (2015): 5-64
20 Asutay, Mehmet, and Astrid Fionna Harningtyas. "Developing Maqasid al-Shari’ah Index to evaluate
social performance of Islamic Banks: A conceptual and empirical attempt." Uluslararası İslam Ekonomisi
ve Finansı Araştırmaları Dergisi1.1 (2015): 5-64.
21
Belouafi, Ahmed, Chaouki Achour Bourakba, and Karima Saci. "Islamic finance and financial stability:
A review of the literature." Journal of King Abdulaziz University: Islamic Economics 28.2 (2015).
4

5 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
has several disadvantages, including removing any incentives to self-betterment and reducing
production. The right to private ownership of property is fundamental to the Islamic economic
system and the state’s duty is to safeguard these rights. Individuals are responsible for paying for
their rights to use this property by giving alms and making contributions to charity22. Public
ownership is controlled in order to ensure society reaps a range of profits. Furthermore the state
does not have the right to acquire private property for public gain, unless the owner is provided
with compensation23. The Islamic economy aims to use private property to support the overall
economy, by upholding and supporting inclusiveness, diversity and competition, while
concurrently ensuring that the poor are not overlooked or marginalised and receive zakat, in the
interest of social justice. To summarise, the Islamic economic system integrates the best features
from a number of economic systems, in a bid to bring justice, quality and social responsibility
into individuals' lives, while preventing trade monopoly and working to create social wealth and
a robust, thriving economy24. When it is applied to the banking system, Islamic economic theory
ensures that its banking products differ significantly from those of other traditional banks - and
this topic will be dealt with in the following section.
This section will provide an overview of the differences between the products offered by
Islamic banks and traditional banks. The Islamic bank is founded on four basic principles
which are not shared by other banks. According to El Hawary et al. these principles are:
 Shared risk, which means that both parties to a financial transaction shoulder the profit
and the loss.
 Material finality, which specifies that any financial transaction has to be connected to an
actual economic deal.
22
Tarik, A. K. I. N., and Abbas Mirakhor. "Efficiency with rule-compliance: A contribution to the theory of
the firm in Islamic economics." Journal of Economics and Political Economy 3.3 (2016): 560-574
23
Buchari, Imam, Ahmad Rafiki, and Mahmood Abdullah Hadi Al Qassab. "Awareness and attitudes of
employees towards islamic banking products in Bahrain." Procedia Economics and Finance 30 (2015): 68-
78
24
Buiter, Willem H., and Ebrahim Rahbari. "Why economists (and Economies) should love Islamic
finance." Journal of King
Abdulaziz University: Islamic Economics 28.1 (2015)
5

6 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
 Non-exploitation, Islamic banks are forbidden to exploit any of the parties to a financial
transaction.
 non-financing of prohibited projects: Islamic banks cannot fund activities which run
counter to Islamic law, such as gambling or alcohol-related projects.25
By complying with these four principles, Islamic banks have been able to offer new
products to the financial sector, which differ significantly from those of traditional banks,
namely: Participation (Musharaka), Mudaraba, Istisna'a and many similar products.
Musharaka
Musharaka is a key element of Islamic banking, and is viewed as the fundamental investment
model which underpins the Islamic economy and concurrently supports justice between the two
parties. The Musharaka consists of banks providing funding for a specific project to another
party and, in so doing, becoming a partner of the project and thus liable to share in either the
profit or the loss with the other partner, at a rate which has been set and agreed. Therefore the
Islamic bank will either be a permanent partner, or finance the project for a determined period
until all the paid capital has been recovered, while sharing the project's profit or losses25. This
type of participation banking brings with it a range of social and economic benefits. From the
economic perspective, this model encourages banks to take part in development projects with
high returns, since these will enhance the performance of the bank and result in social
advantages26. In addition, participation supports the economy by facilitating many small and
start-up projects, which keep up to date with the latest economic developments in the country
and track how social welfare is growing and evolving27. To take one example, KFH use the
Musharaka to fund Avenues Mall, one of the biggest projects in the Middle East, which
provides employment and boosts the economy. One further social benefit of Musharaka is the
fact that it incentivises banks to oversee the management and organisation of the other party,
25
Caporale, Guglielmo Maria, and Mohamad Husam Helmi. "Islamic banking, credit, and economic
growth: Some empirical evidence." International Journal of Finance & Economics 23.4 (2018): 456-477
26
Abedifar, Pejman, et al. "Islamic banking and finance: Recent empirical literature and directions for
future research." Journal of Economic Surveys 29.4 (2015): 637-670
27
Djennas, Mustapha. "Business cycle volatility, growth and financial openness: Does Islamic finance
make any difference?." Borsa Istanbul Review 16.3 (2016): 121-145
6

7 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
and in the process maximises its chances of success by providing expertise and guidance28. The
bank's role is therefore not limited to giving funding, but includes assisting investors and
managing the project itself.
Mudarabah
Mudarabah is the contract between two parties, in which the former pays money to the latter,
and this money is then used to trade, on the proviso that the profit which accrues to both parties
follows the ratio agreed in advance.31 Islamic Mudarabah can be either restricted or
unrestricted. Unrestricted Mudarabah - according to the Abu Dhabi Islamic Bank - allows for
the money which comes from the capital provider to be used without consulting the provider,
until the Mudarabah contract comes to an end29. This type of arrangement normally applies to
the deposit and investment accounts in Islamic banks. Restricted Mudarabah means that the
capital provider can demand specific conditions from the project owner, to secure the capital in
question, and is commonly used to give customers funding30. For example, Prophet
Muhammad, peace be upon him, had an uncle named Abbas who used restricted Mudarabah
when he provided capital for projects, on the condition that none of these investments would be
connected to sea travel31. Mudarabah has an economic advantage, since it is founded on actual
and not speculative commodities, and thus the risks of creating an economic bubble are
minimised. When it comes to social advantages, Mudarahab supports a range of investments in
agriculture, real estate and other sectors, and this creates thousands of jobs and raises payments
of alms to the poor32.
28 Thani, Azlan Md, et al. "The development of Islamic corporate social responsibility (I-CSR) Disclosure
Index." Konferensi Akademik KONAKA (2016): 193-201.
29
Furqani, Hafas, and Mohamed Aslam Haneef. "Methodology of Islamic economics: Typology of current
practices, evaluation and way forward." Islamic Economics: Theory, Policy and Social Justice (2015): 23
30
Asutay, Mehmet, and Astrid Fionna Harningtyas. "Developing Maqasid al-Shari’ah Index to evaluate
social performance of Islamic Banks: A conceptual and empirical attempt." Uluslararası İslam Ekonomisi
ve Finansı Araştırmaları Dergisi1.1 (2015): 5-64
31
Gümüsay, Ali Aslan. "Entrepreneurship from an Islamic perspective." Journal of Business Ethics 130.1
(2015): 199-208.
32
Lone, Fayaz Ahmad, Fayaz Lone, and Fayaz Ahmad Lone. Islamic Banks and Financial Institutions.
Palgrave Macmillan UK, 2016
7

8 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
Stocks are often considered to be the traditional financial market's closest product equivalent to
Mudarabah products, but stocks are frequently speculative and not based on actual entities,
which increases levels of risk. According to the US Commodity Futures Trading Commission,
speculators do not hedge, but trade in order to make profits by forecasting price movements33.
In short, speculation involves buying commodities like oil or gold through the stock market,
and these commodities are subsequently sold by making predictions based on specific
indicators, either by the customer or the bank. In essence, speculation is founded on making
money from money, and this is viewed as gambling in the Islamic economy, and as an activity
which promotes greed34. Speculation has a number of major disadvantages, since it has
historically created economic bubbles, and when these have burst, the result has been financial
crises and collapse. Such economic bubbles arise when the price of an asset significantly
exceeds its essential value by a big margin, with many damaging economic consequences35.
The Islamic financial system involves the theory of almaysirh, which allows borrowers
additional time to cover their debts, if they are going through a difficult financial period. The
Quran's Surah al-Baqarah-Ayat 280 states that any individual who is experiencing hardship
must be given time to deal with their problems and their debts must be postponed until this has
been done.41 People are more likely to repay their debts if they are giving the time they need to
organise their financial affairs, and Hashemi notes that Islamic banks do not expect people to
pay further interest during this extra period of time36. In addition, courts will exempt
33
Hasan, Zubair. "Risk-Sharing: The Sole Basis of Islamic Finance? Time for a Serious Rethink." Journal
of King Abdulaziz University: Islamic Economics 29.2 (2016)
34
Yuliana, Saadah, and Abdul Bashir. "Comparative Analysis of Profit Sharing Financing Between Islamic
Banks (BUS) and Rakyat Sharia Financing Bank (BPRS) in Indonesia." International Journal of Economics
and Financial Issues 7.2 (2017): 266-270.
35
Volk, Stefan, and Markus Pudelko. "Challenges and opportunities for Islamic retail banking in the
European context: Lessons to be learnt from a British-German comparison." Islamic Finance. Palgrave
Macmillan, Cham, 2016. 157-173.
36
Trad, Naama, Mohamed Ali Trabelsi, and Jean Francois Goux. "Risk and profitability of Islamic banks:
A religious deception or an alternative solution?." European Research on Management and Business
Economics 23.1 (2017): 40-4
8

9 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
individuals from their loans or financial obligations, if they decide that an individual simply
cannot pay their financial transaction. Thus, Article 3 of Saudi Arabia's Execution Law gives
the execution judge the power to assess all financial claims, irrespective of their value, evaluate
the borrower's insolvency status and give them additional time to settle their debts37. There is a
clear social advantage to this approach, since people are not sent to prison or penalised by
having to pay additional interest. In addition, rich people pay the debts of those who have
evidenced their own inability to pay before a court38. This theory has a positive economic
impact, by controlling interest (riba), which is a key factor in aggravating economic crises,
pushing inflation rates up and leading to economic breakdown39. The Islamic economy and
Islamic banks both reflect and implement this theory ,which is of major human ,social and
economic importance and assists people to repay their debts without having their human rights
violated in the process40.
Conventional banks do not offer customers or investors the opportunity to access these types of
products or benefit from such principles, in spite of the fact that they support and diversify the
economy and minimise risk factors. Instead, traditional banks provide just one type of
financing: money for money with unproven financial benefits41. Al-Hashemi adds that
conventional banks do not give people interest-free periods to make it easier for them to repay
their debts and notes that non-payment invariably results in a lawsuit being filed against the
client. Johann asserts that financial interest erodes and damages the value of money, and
37
Kammer, Mr Alfred, et al. Islamic finance: Opportunities, challenges, and policy options. No. 15.
International Monetary Fund, 2015
38
Tarik, A. K. I. N., and Abbas Mirakhor. "Efficiency with rule-compliance: A contribution to the theory of
the firm in Islamic economics." Journal of Economics and Political Economy 3.3 (2016): 560-574
39
Trad, Naama, Mohamed Ali Trabelsi, and Jean Francois Goux. "Risk and profitability of Islamic banks:
A religious deception or an alternative solution?." European Research on Management and Business
Economics 23.1 (2017): 40-45
40
Volk, Stefan, and Markus Pudelko. "Challenges and opportunities for Islamic retail banking in the
European context: Lessons to be learnt from a British-German comparison." Islamic Finance. Palgrave
Macmillan, Cham, 2016. 157-173.
41
Reni, Andi, and Nor Hayati Ahmad. "Application of theory reasoned action in intention to use Islamic
banking in Indonesia." Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah 8.1 (2016): 137-148.
9

10 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
inflates any monetary system, as long as it goes up every single day42. The interest built into
conventional financing models exacerbates inflation and could result in financial crises or place
a great deal of pressure on customers. Customers will be stressed by the need to keep up with
and pay ever-rising interest, and this will have a deleterious effect on entire families.
Traditional banking systems focus on profit and are not deterred from pursuing it, whatever the
human cost, - rather than aiming to support the economy and people in society43.
To summarise, this paper focussed on comparing the Islamic economy to the world's most
well- known economic systems, and carried on to discuss Islamic theories against a background
of the banking products which are available in Islamic banks44. In the process the paper
considered the social and economic advantages of products offered by both conventional and
Islamic banks, concluding that traditional banking products were not designed to improve the
economic and social elements of people's lives - which is not the case with Islamic banking
products45. Islamic banking practices are intended to guard against inflation, monopoly and
economic crises, and practise transparency and risk-minimisation in the financial markets.
Islamic theories protect individuals and society from the damaging effects of activities which
involve high interest and a profit-obsessed form of trading, since both are contrary to Islamic
law46. Islamic products also include a variety of social loans, such as alhassn loans, which are
designed to lighten financial burdens and prevent economic hardship47. This paper thus
concludes that applying Islamic theories to the banking sector gives financial markets a number
42
Rammal, Hussain Gulzar, and Ralf Zurbruegg. "Awareness of Islamic banking products among Muslims:
The case of Australia." Islamic Finance. Palgrave Macmillan, Cham, 2016. 141-156
43
Pollard, Jane, et al. "Islamic charitable infrastructure and giving in East London: Everyday economic-
development geographies in practice." Journal of Economic Geography16.4 (2015): 871-896
44
Kamla, Rania, and Rana Alsoufi. "Critical Muslim Intellectuals’ discourse and the issue of
‘Interest’(ribā): Implications for Islamic accounting and banking." Accounting Forum. Vol. 39. No. 2.
Taylor & Francis, 2015
45
Platonova, Elena, et al. "The impact of corporate social responsibility disclosure on financial
performance: Evidence from the GCC Islamic banking sector." Journal of Business Ethics 151.2 (2018):
451-471
46
Uddin, Md Akther. "Principles of Islamic Finance: Prohibition of Riba, Gharar and Maysir." (2015)
47
Ng, Adam, Mansor Ibrahim, and Abbas Mirakhor. "On building social capital for Islamic
finance." International Journal of Islamic and Middle Eastern Finance and Management 8.1 (2015): 2-19
10

11 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
of fresh possibilities which will improve liquidity, raise transparency levels and prove
appealing to investors who are seeking banking which safeguards their rights48. Islamic theories
are created to protect five key elements - religion, people, the mind, honour and money. In
contrast, traditional theories are only focussed on protecting money.
In 1930, the UK government set up the task force for the Islamic finances so that Islamic
finances can be improved. Now the main aim of the government is to increase the rate of
investments so that rolling out of inward investment and strengthening of the economy49. The
main operation of this task force is to collaborate with UK Islamic Finance Secretariat
regarding the development of international profile and increasing the amount of investment. In
July 2003, HSBC bank was introduced in the Islamic current account and Am nah is the
Islamic division of the bank that means ‘trust’ so that more investment can be made and
economic benefits is possible within UK50.
48
Nawaz, Tasawar, and Roszaini Haniffa. "Determinants of financial performance of Islamic banks: an
intellectual capital perspective." Journal of Islamic Accounting and Business Research 8.2 (2017): 130-142
49
Mohd Yusof, Rosylin, Mejda Bahlous, and Roszaini Haniffa. "Rental rate as an alternative pricing for
Islamic home financing: an empirical investigation on the UK Market." International Journal of Housing
Markets and Analysis 9.4 (2016): 601-626.
50
Kammer, Mr Alfred, et al. Islamic finance: Opportunities, challenges, and policy options. No. 15.
International Monetary Fund, 2015
11

12 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
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Islamic theory of lawful profit." International Journal of Islamic and Middle Eastern
Finance and Management 9.4 (2016): 532-550.
Abedifar, Pejman, et al. "Islamic banking and finance: Recent empirical literature and
directions for future research." Journal of Economic Surveys 29.4 (2015): 637-670.
Abubakar, Abbas Said, and Josiah Aduda. "Islamic Banking and Investment
Financing: A Case of Islamic Banking in Kenya." International Journal of
Finance 2.1 (2017): 66-87.
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Finance 2.1 (2017): 66-87.
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Alaa Alaabed, Finocracy, and Abbas Mirakhor. "Accelerating Risk Sharing Finance
via FinTech: NextGen Islamic Finance." The 1st International Colloquium on Islamic
banking and Finance. 2017.
Alexakis, Christos, Vasileios Pappas, and Alexandros Tsikouras. "Hidden
cointegration reveals hidden values in Islamic investments." Journal of International
Financial Markets, Institutions and Money 46 (2017): 70-83.
Alharbi, Ahmad. "Development of the Islamic banking system." Journal of Islamic
Banking and Finance 3.1 (2015): 12-25.
12

13 ISLAMIC FINANCE AND ISLAMIC ECONOMICS
Alserhan, Baker Ahmad. The principles of Islamic marketing. Routledge, 2017
Ariff, Mohamed, and Meysam Safari. "Valuation of Islamic debt instruments, the
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Asutay, Mehmet, and Astrid Fionna Harningtyas. "Developing Maqasid al-Shari’ah
Index to evaluate social performance of Islamic Banks: A conceptual and empirical
attempt." Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi1.1 (2015):
5-64.
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Belouafi, Ahmed, Chaouki Achour Bourakba, and Karima Saci. "Islamic finance and
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Islamic Economics 28.2 (2015).
Buchari, Imam, Ahmad Rafiki, and Mahmood Abdullah Hadi Al Qassab. "Awareness
and attitudes of employees towards islamic banking products in Bahrain." Procedia
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