Islamic Economics and Finance : An Epistemological Inquiry.

By: Choudhury, Masudul AlamContributor(s): Baltagi, Badi H | Sadka, Efraim | Wildasin, David E | Wildasin, David EMaterial type: TextTextSeries: Contributions to Economic Analysis SerPublisher: Bingley : Emerald Publishing Limited, 2011Copyright date: ©2011Description: 1 online resource (396 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9780857247223Subject(s): Finance -- Islamic countries | Islamic countries -- Economic conditionsGenre/Form: Electronic books.Additional physical formats: Print version:: Islamic Economics and Finance : An Epistemological InquiryDDC classification: 330.91767 LOC classification: HB126.4Online resources: Click to View
Contents:
Front Cover -- Islamic Economics and Finance an Epistemological Inquiry -- Copyright Page -- Contents -- List of Contributors -- Introduction -- Acknowledgment -- Foreword -- Glossary of Arabic Terms -- List of Figures -- List of Tables -- List of Charts -- THEORETICAL PERSPECTIVES -- CHAPTER 1 Introduction: A Technical Insight -- 1.1. The quest for epistemic universality and uniqueness in ''everything'' -- 1.2. The nature of conscious oneness in Islam -- 1.3. Economics, finance, and the world-system -- 1.4. Technical insight -- 1.5. A technical digression on the financing instruments and funds -- CHAPTER 2 The Moral Foundation of Socio-Scientific Episteme -- 2.1. The moral foundation of ''everything'' -- 2.2. The comprehensive precept of oneness -- 2.3. Invoking Islamic economics and finance in the phenomenology of unity of knowledge: an early exploration -- 2.4. Definitions and explanations -- 2.5. Description of the universe in knowledge-time-space dimensions -- 2.6. The Qur'anic macrocosmic universe -- 2.7. The Qur'anic microcosmic universe -- 2.8. Characterizing the knowledge-time-space dimensions of the Tawhidi world-system -- 2.9. Internal dynamics of the learning process in unity of knowledge -- 2.10. Describing the universe in mainstream science -- 2.11. Conclusion: so, what is the universe? -- CHAPTER 3 The Epistemic Universe of Islamic Economics and Finance -- 3.1. The precept of conscious oneness in Islamic economics and finance -- 3.2. Formalization of the epistemic dynamics of Islamic economics and finance -- 3.3. Islamic political economy within the conscious universe of oneness -- 3.4. The assumptions of Islamic economics are different from those of mainstream economics -- 3.5. The single principal axiom of Islamic economics and finance -- 3.6. Primacy of market process in Islamic economics and finance.
3.7. Delineating market process in Islamic economics and finance -- 3.8. A diagrammatic explanation of permanent instability of mainstream and supply curves -- 3.9. Implications of market exchange in finance -- 3.10. Arguments against the pricing of financial papers and money by the rate of interest: learning behavior versus utility -- 3.11. The concept of value in Islamic economics and finance vis-à-vis mainstream orthodoxy -- 3.12. Macroeconomic implications of demand, supply, and value in mainstream and Islamic financial economics -- 3.13. Concept of value is dysfunctional in macroeconomics -- 3.14. Conclusion -- CHAPTER 4 The Socio-Scientific Universe According to the Islamic Scholastics -- 4.1. The meaning of socio-scientific world-system -- 4.2. Defining the idea of socio-scientific -- 4.3. The study of world-system by the Islamic scholastic epistemologists -- 4.4. Socio-cybernetics of a generalized system model of socioeconomic development -- 4.5. Imam Shatibi's Qur'anic epistemology -- 4.6. Shari'ah, fiqh, and science -- 4.7. Imam Shatibi's conception of maslaha-wal-istihsan as social well-being -- 4.8. On the generalized model of Tawhidi unity of knowledge again -- 4.9. Summarizing the maslaha function in the light of its extended meaning -- 4.10. An empirical example of maslaha function: poverty alleviation -- 4.11. Imam Fakhruddin Razi's Qur'anic epistemology -- 4.12. Al-Farabi's Qur'anic epistemology -- 4.13. Some contradictions in Al-Farabi's peripatetic philosophy -- 4.14. Other consequences of Al-Farabi and the Muslim rationalists' speculative intellection -- 4.15. Conclusion -- CHAPTER 5 Morality, Ethics, and the World-System: Comparative Perspectives -- 5.1. What is the nature of ethics in relation to morality? -- 5.2. Ethical perspectives: Rawls' game theory and ethical behavior.
5.3. Other contemporary ethical perspectives with neoliberal utilitarian backgrounds -- 5.4. The nature of entrepreneurship model in neoliberal constitution -- 5.5. Ethics qua morality -- 5.6. Descartes and Kant on the moral law -- 5.7. Cosmological extension of the moral and conscious law -- 5.8. Adam Smith and the ethical law of natural liberty in economics -- 5.9. Ethics qua morality: a visual understanding -- 5.10. Social and economic influence of religious morality: the papal encyclicals -- 5.11. The essentially moral context of community and the common good -- 5.12. What is the endogenous learning nature of ethics qua morality in economic and finance theory? -- 5.13. Deknowledge: rationalism as falsehood -- 5.14. Conclusion: endogenous forces of ethicoeconomics -- CHAPTER 6 The Nature of Ethics in Islamic Socio-Scientific Order -- 6.1. Definition of morality and ethics in the worldview of conscious oneness -- 6.2. The mathematical structure of simulation of well-being function subject to circular causation relations -- 6.3. The significance of estimation and simulation in the ethico-economic system -- 6.4. The precept of maqasid as-shari'ah versus shari'ah-compliance: a generalized purview -- 6.5. The precept of maqasid as-shari'ah versus the notion of shari'ah-compliance in Islamic worldly matters in contemporary times -- 6.6. The problem of shari'ah-compliance in secondary financing instrument selection and the alternative -- 6.7. Investment allocations according to financing instruments in Malaysia -- 6.8. The problem of LIBOR in islamic financial evaluation -- 6.9. Problems of salam and istisna in the fiqh of shari'ah-compliance -- 6.10. Another financial instrument of the shari'ah-compliance idea: sukuk -- 6.11. Bay'ad-dayn, sale of debt: a shari'ah-compliant financing instrument? -- 6.12. Conclusion.
CHAPTER 7 Endogeneity of Ethics: The Islamic Economic and Finance System -- 7.1. What is the meaning of ethical endogeneity and its analytics? -- 7.2. Ethical endogeneity in the shari'ah -- 7.3. Ethico-economic general equilibrium in endogenous ethics -- 7.4. An example of endogenous ethico-economic general equilibrium system -- 7.5. Contrariwise: exogenous nature of ethics in economics -- 7.6. Ethics, economics, and moral consequentialism -- 7.7. Deontological consequentialism -- 7.8. Justice, fairness, equality, and responsibility in respect of the good things of life -- 7.9. A critique of ethical meanings in contemporary Islamic literature -- 7.10. A general perspective on ethics in Islamic economic and finance theory -- 7.11. Summarizing the concepts of ethical endogeneity and exogeneity -- 7.12. Endogenous global ethics in comparative Islamic perspectives -- 7.13. A critical examination of the global ethical paradigms -- 7.14. The inadequacy of human development index and other indices in addressing the microeconomic ethical question -- 7.15. A critique of Professor A.N. Whitehead's paradigm of relational ontology -- 7.16. Toward global ethics by way of the episteme of Islamic monotheism (Tawhid) -- 7.17. The global meaning of market in the context of endogenous relational theory of ethics -- 7.18. Conclusion -- EMPIRICAL AND APPLIED PERSPECTIVES -- CHAPTER 8 Overlapping Generation Model for Islamic Asset Valuation: A Phenomenological Application -- 8.1. Objective -- 8.2. Background -- 8.3. Arguments against the time-value of money -- 8.4. Overlapping generation model to replace the time-discounting model of asset valuation -- 8.5. Valuation by overlapping generation model in the Islamic case -- 8.6. Debt-equity swaps in the overlapping generation model -- 8.7. Ethical endogeneity in the Islamic version of overlapping generation model.
8.8. Conclusion -- Appendix A: Complementary relations between selected variables of a discursive system of Islamic overlapping generation model of asset valuation -- Appendix B: Strategic interrelationships: enterprise, economy and community -- CHAPTER 9 Pointwise Application of Circular Causation in the Islamic Valuation Model -- 9.1. Estimation by circular causation relations and implications of the results -- 9.2. Regression analysis: lnV[sub(1)] versus lnV[sub(2)], lnV[sub(3)], lnθ -- 9.3. Regression analysis: lnV[sub(2)] versus lnV[sub(1)], lnV[sub(3)], lnθ -- 9.4. Regression analysis: lnV[sub(3)] versus lnV[sub(1)], lnV[sub(2)], lnθ -- 9.5. Regression analysis: lnθ versus lnV[sub(1)], lnV[sub(2)], lnV[sub(3)] -- 9.6. Extended circular causation financing results -- 9.7. Summary of the extended circular causation regression results -- 9.8. Policy conclusion -- CHAPTER 10 Circular Causation Relations Using Malaysian Data on Money and Real GDP -- 10.1. The circular causation relations -- 10.2. Regression analysis of the circular causation system -- 10.3. Economic inference from the estimated results -- 10.4. Simulation of the regression results by the use of spatial domain analysis -- 10.5. Final results: from positivism to normative social reconstruction by simulated learning -- 10.6. Regression analysis -- 10.7. SDA results -- CHAPTER 11 Interest-Free Microcredit to Microentrepreneurs: An Institutional Network Approach -- 11.1. Introduction -- 11.2. Background and literature review -- 11.3. Research methodology -- 11.4. Theoretical framework -- 11.5. Interest-free loan giving procedures followed by Islamic banks: an empirical review -- 11.6. Analysis of empirical findings -- 11.7. Internal factors influencing borrower-lender relationships -- 11.8. Special policies used by Islamic banks to develop bank-customer relationships -- 11.9. Conclusion.
FUTURISTIC PERSPECTIVES.
Summary: This volume is a scholarly work on the foundations of the role that the moral and ethical law plays on human enterprise comprising economics, finance, society and science. Divided into three parts, theoretical, empirical and application, the study covers a vast area of socio-scientific investigation and is extensively comparative in perspective.
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Front Cover -- Islamic Economics and Finance an Epistemological Inquiry -- Copyright Page -- Contents -- List of Contributors -- Introduction -- Acknowledgment -- Foreword -- Glossary of Arabic Terms -- List of Figures -- List of Tables -- List of Charts -- THEORETICAL PERSPECTIVES -- CHAPTER 1 Introduction: A Technical Insight -- 1.1. The quest for epistemic universality and uniqueness in ''everything'' -- 1.2. The nature of conscious oneness in Islam -- 1.3. Economics, finance, and the world-system -- 1.4. Technical insight -- 1.5. A technical digression on the financing instruments and funds -- CHAPTER 2 The Moral Foundation of Socio-Scientific Episteme -- 2.1. The moral foundation of ''everything'' -- 2.2. The comprehensive precept of oneness -- 2.3. Invoking Islamic economics and finance in the phenomenology of unity of knowledge: an early exploration -- 2.4. Definitions and explanations -- 2.5. Description of the universe in knowledge-time-space dimensions -- 2.6. The Qur'anic macrocosmic universe -- 2.7. The Qur'anic microcosmic universe -- 2.8. Characterizing the knowledge-time-space dimensions of the Tawhidi world-system -- 2.9. Internal dynamics of the learning process in unity of knowledge -- 2.10. Describing the universe in mainstream science -- 2.11. Conclusion: so, what is the universe? -- CHAPTER 3 The Epistemic Universe of Islamic Economics and Finance -- 3.1. The precept of conscious oneness in Islamic economics and finance -- 3.2. Formalization of the epistemic dynamics of Islamic economics and finance -- 3.3. Islamic political economy within the conscious universe of oneness -- 3.4. The assumptions of Islamic economics are different from those of mainstream economics -- 3.5. The single principal axiom of Islamic economics and finance -- 3.6. Primacy of market process in Islamic economics and finance.

3.7. Delineating market process in Islamic economics and finance -- 3.8. A diagrammatic explanation of permanent instability of mainstream and supply curves -- 3.9. Implications of market exchange in finance -- 3.10. Arguments against the pricing of financial papers and money by the rate of interest: learning behavior versus utility -- 3.11. The concept of value in Islamic economics and finance vis-à-vis mainstream orthodoxy -- 3.12. Macroeconomic implications of demand, supply, and value in mainstream and Islamic financial economics -- 3.13. Concept of value is dysfunctional in macroeconomics -- 3.14. Conclusion -- CHAPTER 4 The Socio-Scientific Universe According to the Islamic Scholastics -- 4.1. The meaning of socio-scientific world-system -- 4.2. Defining the idea of socio-scientific -- 4.3. The study of world-system by the Islamic scholastic epistemologists -- 4.4. Socio-cybernetics of a generalized system model of socioeconomic development -- 4.5. Imam Shatibi's Qur'anic epistemology -- 4.6. Shari'ah, fiqh, and science -- 4.7. Imam Shatibi's conception of maslaha-wal-istihsan as social well-being -- 4.8. On the generalized model of Tawhidi unity of knowledge again -- 4.9. Summarizing the maslaha function in the light of its extended meaning -- 4.10. An empirical example of maslaha function: poverty alleviation -- 4.11. Imam Fakhruddin Razi's Qur'anic epistemology -- 4.12. Al-Farabi's Qur'anic epistemology -- 4.13. Some contradictions in Al-Farabi's peripatetic philosophy -- 4.14. Other consequences of Al-Farabi and the Muslim rationalists' speculative intellection -- 4.15. Conclusion -- CHAPTER 5 Morality, Ethics, and the World-System: Comparative Perspectives -- 5.1. What is the nature of ethics in relation to morality? -- 5.2. Ethical perspectives: Rawls' game theory and ethical behavior.

5.3. Other contemporary ethical perspectives with neoliberal utilitarian backgrounds -- 5.4. The nature of entrepreneurship model in neoliberal constitution -- 5.5. Ethics qua morality -- 5.6. Descartes and Kant on the moral law -- 5.7. Cosmological extension of the moral and conscious law -- 5.8. Adam Smith and the ethical law of natural liberty in economics -- 5.9. Ethics qua morality: a visual understanding -- 5.10. Social and economic influence of religious morality: the papal encyclicals -- 5.11. The essentially moral context of community and the common good -- 5.12. What is the endogenous learning nature of ethics qua morality in economic and finance theory? -- 5.13. Deknowledge: rationalism as falsehood -- 5.14. Conclusion: endogenous forces of ethicoeconomics -- CHAPTER 6 The Nature of Ethics in Islamic Socio-Scientific Order -- 6.1. Definition of morality and ethics in the worldview of conscious oneness -- 6.2. The mathematical structure of simulation of well-being function subject to circular causation relations -- 6.3. The significance of estimation and simulation in the ethico-economic system -- 6.4. The precept of maqasid as-shari'ah versus shari'ah-compliance: a generalized purview -- 6.5. The precept of maqasid as-shari'ah versus the notion of shari'ah-compliance in Islamic worldly matters in contemporary times -- 6.6. The problem of shari'ah-compliance in secondary financing instrument selection and the alternative -- 6.7. Investment allocations according to financing instruments in Malaysia -- 6.8. The problem of LIBOR in islamic financial evaluation -- 6.9. Problems of salam and istisna in the fiqh of shari'ah-compliance -- 6.10. Another financial instrument of the shari'ah-compliance idea: sukuk -- 6.11. Bay'ad-dayn, sale of debt: a shari'ah-compliant financing instrument? -- 6.12. Conclusion.

CHAPTER 7 Endogeneity of Ethics: The Islamic Economic and Finance System -- 7.1. What is the meaning of ethical endogeneity and its analytics? -- 7.2. Ethical endogeneity in the shari'ah -- 7.3. Ethico-economic general equilibrium in endogenous ethics -- 7.4. An example of endogenous ethico-economic general equilibrium system -- 7.5. Contrariwise: exogenous nature of ethics in economics -- 7.6. Ethics, economics, and moral consequentialism -- 7.7. Deontological consequentialism -- 7.8. Justice, fairness, equality, and responsibility in respect of the good things of life -- 7.9. A critique of ethical meanings in contemporary Islamic literature -- 7.10. A general perspective on ethics in Islamic economic and finance theory -- 7.11. Summarizing the concepts of ethical endogeneity and exogeneity -- 7.12. Endogenous global ethics in comparative Islamic perspectives -- 7.13. A critical examination of the global ethical paradigms -- 7.14. The inadequacy of human development index and other indices in addressing the microeconomic ethical question -- 7.15. A critique of Professor A.N. Whitehead's paradigm of relational ontology -- 7.16. Toward global ethics by way of the episteme of Islamic monotheism (Tawhid) -- 7.17. The global meaning of market in the context of endogenous relational theory of ethics -- 7.18. Conclusion -- EMPIRICAL AND APPLIED PERSPECTIVES -- CHAPTER 8 Overlapping Generation Model for Islamic Asset Valuation: A Phenomenological Application -- 8.1. Objective -- 8.2. Background -- 8.3. Arguments against the time-value of money -- 8.4. Overlapping generation model to replace the time-discounting model of asset valuation -- 8.5. Valuation by overlapping generation model in the Islamic case -- 8.6. Debt-equity swaps in the overlapping generation model -- 8.7. Ethical endogeneity in the Islamic version of overlapping generation model.

8.8. Conclusion -- Appendix A: Complementary relations between selected variables of a discursive system of Islamic overlapping generation model of asset valuation -- Appendix B: Strategic interrelationships: enterprise, economy and community -- CHAPTER 9 Pointwise Application of Circular Causation in the Islamic Valuation Model -- 9.1. Estimation by circular causation relations and implications of the results -- 9.2. Regression analysis: lnV[sub(1)] versus lnV[sub(2)], lnV[sub(3)], lnθ -- 9.3. Regression analysis: lnV[sub(2)] versus lnV[sub(1)], lnV[sub(3)], lnθ -- 9.4. Regression analysis: lnV[sub(3)] versus lnV[sub(1)], lnV[sub(2)], lnθ -- 9.5. Regression analysis: lnθ versus lnV[sub(1)], lnV[sub(2)], lnV[sub(3)] -- 9.6. Extended circular causation financing results -- 9.7. Summary of the extended circular causation regression results -- 9.8. Policy conclusion -- CHAPTER 10 Circular Causation Relations Using Malaysian Data on Money and Real GDP -- 10.1. The circular causation relations -- 10.2. Regression analysis of the circular causation system -- 10.3. Economic inference from the estimated results -- 10.4. Simulation of the regression results by the use of spatial domain analysis -- 10.5. Final results: from positivism to normative social reconstruction by simulated learning -- 10.6. Regression analysis -- 10.7. SDA results -- CHAPTER 11 Interest-Free Microcredit to Microentrepreneurs: An Institutional Network Approach -- 11.1. Introduction -- 11.2. Background and literature review -- 11.3. Research methodology -- 11.4. Theoretical framework -- 11.5. Interest-free loan giving procedures followed by Islamic banks: an empirical review -- 11.6. Analysis of empirical findings -- 11.7. Internal factors influencing borrower-lender relationships -- 11.8. Special policies used by Islamic banks to develop bank-customer relationships -- 11.9. Conclusion.

FUTURISTIC PERSPECTIVES.

This volume is a scholarly work on the foundations of the role that the moral and ethical law plays on human enterprise comprising economics, finance, society and science. Divided into three parts, theoretical, empirical and application, the study covers a vast area of socio-scientific investigation and is extensively comparative in perspective.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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