A brief note on the Islamic financial system
Article Abstract:
Keywords: Islam, Financial institutions, Banking, Economic systems The basic function of any economy is to allocate scarce and natural material resources in order to produce goods and services needed by society upon which the standard of living of the people depends. With the resources available at hand, it is not just possible to satisfy the unlimited demand of the people for goods and services until there is continuous and harmonious development of all the sectors of the economy which largely depend on the proper functioning of a just financial system or discipline. Human beings have both material and moral needs, and their desire for true peace and happiness depends on a balanced satisfaction of both of these needs. Provision of a just financial system and economic discipline might help achieve the various socio-economic goals of the economy for satisfaction of human needs and desire to a greater extent.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 2000
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An epistemological approach to evaluating a financial index of profitability and wellbeing: the case of Islamic instruments in national commercial bank, Saudi Arabia
Article Abstract:
A model of knowledge-centered worldview premised on unity of knowledge according to Tawhidi episteme (Oneness of God) is formalized. The worldview emanating from this episteme is then applied to the case of political economy of enterprise, economy and community. The conception of Islamic political economy given here is one of pervasively interactive, integrating and creatively evolutionary socio-economic system. In this respect a financial index reflecting pervasive interrelationships within the framework of unity of knowledge is developed. The example of National Commercial Bank in Saudi Arabia is taken up to support some of the conceptual points of the paper. Keywords: epistemology, systems methodology, political economy, finance and economics, community economic development.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 2001
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A brief note on the Islamic financial system
Article Abstract:
An idealized financial system built according to the tenets of Islamic doctrine is described. In this hypothetical financial system, where a central bank monitors the activities of Islamic Banks, specially constructed financial instruments are used to ensure that Islamic teachings are upheld. The evolution of such an Islamic financial system is then discussed in the context of the emergence of over 200 Islamic banks and institutions in various in Africa, Asia and Europe.
Publication Name: Managerial Finance
Subject: Business
ISSN: 0307-4358
Year: 1999
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