Islamic Economics: Principles & Analysis  6044



Organisation of the Book

To present the book’s contents in a clear and organised manner, a total of 21 chapters are divided into five parts as follows:

Part 1: Foundation of Islamic Economics (Chapters 1 ̶ 5)

Part 1 equips the reader with the basic theoretical framework of Islamic economics including the Islamic world view (Chapter 1) and the nature, scope and methodology of Islamic economics (Chapter 2). Detailed information is also presented about the process of building Islamic economics theory, a topic that might not be covered in other elementary textbooks (Chapter 3). Part 1 also sheds light on the significant role of ethics and values in economics (Chapter 4) and reviews the different economic systems to enable the reader to distinguish between an Islamic economic system and conventional systems (Chapter 5).  

Part 2: Islamic Microeconomics (Chapters 6 ̶ 10)

Part 2 discusses topics related to microeconomics. It first provides an overview of microeconomics from an Islamic perspective (Chapter 6). It then explains about consumption, production and distribution in Islamic economics (Chapters 7, 8 and 9 respectively). Part 2 also discusses the market structure in detail (Chapter 10).

Part 3: Islamic Macroeconomics (Chapters 11 ̶ 16)

Part 3 focuses on issues related to macroeconomics. It first introduces macroeconomics from an Islamic perspective (Chapter 11). Then, it discusses the concept of national output, its measurement approaches and their validity (Chapter 12). It further explains about aggregate demand and supply, discussing briefly the two prevailing schools of economics, the Classical and the Keynesian, and their relevance to Islamic economics (Chapter 13). Contemporary fiscal policies, which pertain to government revenue and expenditure, are also delineated (Chapter 14). In addition, topics related to monetary economics are highlighted including the concept of money, its types and monetary policies (Chapter 15). Part 3 concludes with information about international trade theories and the Islamic perspective on them (Chapter 16).

Part 4: Islamic Financial System (Chapters 17 ̶ 19)

Part 4 is dedicated to a discussion of the financial system. Contemporary conventional financial systems are critically analysed (Chapter 17). Then, the Islamic financial system as an alternative is presented (Chapter 18). Part 4 further discusses the social aspect of Islamic economics, explaining the concept of social economy and its institutions (Chapter 19).

Part 5: Selected Issues in Islamic Economics (Chapters 20 ̶ 21)

Part 5 encapsulates two pertinent issues surrounding contemporary Islamic economics: economic development and globalisation (Chapter 20). The last chapter deliberates on the challenges confronting Islamic economics (Chapter 21).

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