110 Economic Growth, Development, Planning Theory and Policy in Islam 34
111 Concept, objectives and motives of economic growth in Islam 34
112 Critique of the Western growth theory and specific models 35
113 Planning in Islamic framework 35
For bankers and economists. Based on primary and contemporary sources. Documented. Contains a glossary of terms as well 35
116 Alleviation of poverty in Islamic framework 35
120 Economic Development Studies 36
121 Economic development studies of Muslim countries 36
122 Evaluation of development experience from Islamic perspective 36
123 Poverty in the Muslim states 38
130 Strategy and Mechanism of Development for Muslim Economies (Establishment of Economic System of Islam) 38
132 Allocation of resources in Islamic framework 38
133 Investment decision-making and capital budgeting in Islamic framework 39
134 Islamic economic institutions 40
135 Islamic economic development Management 41
140 Economic Fluctuations 42
143 Indexation 42
200 Economics Statistics 43
220 Economic and Social Statistics 43
223 Cooperation for statistical information 43
300 Domestic Monetary and Fiscal Theory and Institutions 44
310 Domestic Monetary and Financial Theory and Institutions 44
311 Riba and its prohibition (including riba al-fadl) 44
312 Riba-free commercial banking: Theory and practice 54
313 Riba-free financial systems and financial markets 71
314 Riba-free stock exchange and commodity exchange 81
315 Riba-free financial intermediaries and investment banks 85
316 Riba-free credit to business and consumers, etc. (including mortgages) 86
317 Riba-free central banking and monetary policy 88
318 Elimination of riba from monetary policy 91
320 Domestic Fiscal Policy and Public Finance 92
321 The zakah law 92
322 Economic role of zakah 92
323 Zakah as a fiscal tool 94
324 Other sources of revenue including `ushr, fai' ghanima, khums, and kharaj 95
325 State and local government finance including bait al-mal 95
326 Zakah administration 95
327 Waqf 96
328 Islamic system of taxation 98
330 Insurance in Islamic Framework 98
331 Critique of modern insurance theory and practice 98
332 Concept of insurance in Islamic framework 99
333 Islamic insurance in practice 101
400 International Economics 103
420 Trade Relations, Commercial Policy and Economic Integration 103
421 Trade relations among Muslim countries 103
424 Economic integration among Muslim economies 103
440 International Investment and Foreign Aid 104
442 Public debt 104
500 Administration, Business Finance, Marketing; Accounting 106
510 Administration 106
512 Types of business organizations in Islamic economics (shirka, mudaraba etc.) 106
513 Cooperation and price theory 108
514 Principals of Islamic management 108
515 Management of Islamic financial institutions 109
520 Business Finance and Investment 109
521 Economics of profit-sharing 109
522 Economics of Islamic financing techniques 112
523 Ijara, hire-purchase and installment sales 114
524 Venture capital 117
530 Marketing 117
531 Business law and ethics and their economic implications 117
533 Hisba and its role 121
534 Advertising in the Islamic framework 121
535 Marketing of Islamic financial products 121
540 Accounting and Auditing 122
541 Accounting in the Islamic framework 122
542 Auditing in the Islamic framework 125
600 Industrial Organization 127
620 Economics of Change 127
622 Privatization 127
623 Globalization 127
624 Entrepreneurship 127
700 Land Management 129
710 Land Utilization 129
711 Ecology and environment in Islamic perspective 129
800 Manpower; Labor; Population 131
810 Manpower Supply 131
812 Manpower planning 131
840 Demographic Economics 131
841 Family planning in Islam 131
850 Human Capital 131
851 Training and human development for Islamic 131
852 Human resource development in Islamic perspective 132
900 Welfare Programs; Consumer Economics 133
920 Consumer Economics 133
921 Consumer behavior in the Islamic framework 133
Author Index 134
Subject Index 140
This is fourth volume of the annotated bibliographies on Islamic economics and finance for literature in English and Urdu consisting of a list of over 600 documents. Prior to this I had published three volumes. The Islamic Foundation (Leicester, UK) published its first volume in 1983 and second volume in 1991. The first volume covered publications up to 1982 and the second volume up to 1988. The International Institute of Islamic Economics of International Islamic University (Islamabad, Pakistan) published its third volume in 1998 that covered literature up to 1997. After the publication of these volumes, I continued working on the fourth volume and completed reading and annotation of the literature by June 2003. I had the intention of offering its publication by end of 2003 but then suddenly I had to change my job. I joined the United Nations for the next four years which hardly left any time for finalizing the manuscript. Next five years, while I had come back from the United Nations were extremely engaging and eventful. I was working for most of the time during this spell on my seminal work on Islamic economics and finance which I completed in the first quarter of 20121. Despite desire and sporadic efforts to finalize the fourth volume, I could never get enough time to do so. All along this period, I had the guilty feeling of making the whole product badly out of date. Now that I am able to present the fourth volume, I realize that the value of the work may be severely undermined by delay in its finalization. Then the thought that ‘better late than never’ overpowered me and I decided to finalize the volume. Here it is with all the limitations that a work of this nature that could not keep pace with time would have. I feel that the literature annotated in the volume would be of value to researchers and historians of Islamic economic thought.
Some documents in the book appear as ‘unpublished’. This was status of these documents in 2002. It is possible that some of these have been published since then. It was not possible for me now to locate the publication data for such documents.
Internet has made information on Islamic economics and finances, as in other areas, widely available to everyone. But the present book covers a period when Internet was not that common and most of the documents in this volume do not appear in any Internet search since digital copies of the documents were not commonly made in those days.
I hope the present volume would be of some help to researchers and students of Islamic economics and finance.
Muhammad Akram Khan
138 D-Block Valencia Town, Lahore
1 August 2012
000 GENERAL ECONOMICS; THEORY; HISTORY; SYSTEMS
010 GENERAL ECONOMICS
011 Need for Islamic Economics
012 Nature of Islamic Economics
0121 Role of values in social sciences
0122 Assumptions of Islamic economics
013 Subject matter and scope of Islamic economics: Normative, positive and applied
011:1 HMAD, KHURSHID, "Islam and the Present Day Economic Challenge", (Urdu) Tarjamanul Quran, Lahore, (128:9), Sept. 2001, pp. 31-48.
Urud translation of an English paper presented to the First Seminar on Islamic Economics, Banking and Finance in South Africa on 21 August 1999. Analyzes economic predicament of the present day world and problems of poverty, underdevelopment, indebtedness, trade imbalance and globalization. Argues that Islam, by integrating ethical dimension in the economic framework, solves these problems.
For general readers. Based on primary sources. Documented.
011:2 CHAPRA, M. UMER, The Future of Economics: An Islamic Perspective, Leicester: The Islamic Foundation, 2000, 446pp.
Discusses the need for and nature of Islamic economics and how does it differ from the conventional economics. Criticizes the conventional economics and analyzes reasons for economic backwardness of the present day Muslim states by applying the framework developed by Ibn Khaldun. Summarizes lessons learnt from this analysis and points to a way forward both for the Muslim economies as well Islamic economics.
A highly thought-provoking book for economists and scholars. Based on primary sources of Islam and contemporary economic literature. Documented.
011:3 CHAPRA, M. UMAR, "Relevance and Significance of Islamic Economics", in Monzer Kahf (ed.), Lessons in Islamic Economics, Jeddah: Islamic Research And Training Institute, 1998, 99-125.
Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.
Distinguishes Islamic economics from the conventional economics. Argues that the worldview of Islam and basic assumptions of Islamic economics do not fit squarely into the conventional economics. Thus there is need and justification for developing a distinct discipline under the name of Islamic economics.
For economists. based on primary sources and contemporary literature. Documented.
012 Nature of Islamic economics
012:1 ABU-RASHED, JAMAL, "Altruism in Conduct of the Private and Public Sectors”, in Ehsan Ahmed, Role of Private and Public Sectors in Economic Development in an Islamic Perspective, Herndon, VA: International Institute of islamic Thought, 1996, pp. 45-60.
The role of private and public sectors in economic development within an Islamic perspective is based on behavioral norms, prospects and institutions. Altruism is a substitute for innate selfishness found in human economic behavior.
For economists. Based on contemporary literature. Documented.
012:2 AHMAD, KHURSHID, "Islamic Economics Based on Human Values," in Asma Siddiqi (ed.), Anthology of Islamic Banking, London: Islamic Institute of Banking and Insurance, 2000, pp. 32-37
The values of Islamic economics are explicit. They are: Tawhid, Khilafa, Adl, private property with a scheme of halal and haram. These values are translated into institutions such as zakah, inheritance, etc. These values and institutions lead to a new economic paradigm, known as Islamic economics.
For economists. Based on primary sources. Documented.
012:3 AKHTAR, M. RAMZAN, "Definition, Nature and Scope of Islamic Economics - A Review", Journal of Islamic Banking and Finance, Karachi, (17:1), Jan. 2000, pp. 53-61.
Critically reviews various definitions of Islamic economics and feels that all of them are inadequate. Emphasizes need for a more comprehensive definition.
For Muslim economists. Based on Islamic economics literature. Documented.
012:4 BOROUJERDI, A. RAHIMI, "The Philosophy of Islamic Economics," New Horizon, London, (104,105), Nov 2000, Dec 2000, pp. 10-12, 6-8,
Discusses nature, scope and methodology of Islamic economics and compares it with conventional economics.
For economists. Based on contemporary literature. Undocumented.
012:5 CHAPRA, M. UMER, What is Islamic Economics? Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1996, 73 pp.
Criticizes the conventional economic paradigm as being internally inconsistent. There is a conflict between the microeconomic analytical tools and macroeconomic goals of the conventional economics. The Islamic economics presents a paradigm which is internally consistent. It gives a mechanism of dual filter, accountability in the hereafter and a positive role for the state. Also discusses differences in methodology of the conventional and the Islamic economics. It is revised version of the Islamic Development BankPrize Lecture given in 1990.
For economists and general readers. Based on primary sources. Documented.
012:6 HANEEF, M. A. M., "Islam, the Islamic Worldview and Islamic Economics", IIUM Journal of Economics and Management, Kuala Lumpur, (5:1), 1997, pp. 39-66.
Explains the Islamic concept of man, universe and religion. Due to a different vision, the Islamic economic thought differs from the western economic thought. Islamic economics should be evaluated within its own framework in light of its own criteria. Argues that within acceptable parameters determined by revelation varying opinions are possible.
Philosophical. Based on primary sources. Documented.
012:7 HASANUZZAMAN, S. M., "Defining Islamic Economics", Journal of Islamic Banking and Finance, Karachi, (14:1), Jan 1997, pp.12-22.
Reviews critically some of the earlier definitions of Islamic economics and tries to formulate a new definition.
For Muslim economists. Based on primary sources. Documented.
012:8 KHAN, MUHAMMAD AKRAM, "Islamic Economics: The State of the Art", American Journal of Islamic Social Sciences, Herndon, V A., (16:2), 1999, pp. 89-103.
Enumerates achievements of Islamic economics during the last two decades. Identifies shortcomings of the method, scope and approach. Thinks that the international scene is quite conducive to ideas presented by the Islamic economics and that the Muslim economists should avail of this opportunity and do serious hard work for promoting their cause. Proposes an agenda for research in the future.
For Muslim economists. Based on primary sources. Documented.
012:9 NAQVI, S.N.H., "The Dimensions of an Islamic Economic Model," Islamic Economic Studies, Jeddah, (4:2), May 1997, pp. 1-26.
Argues that there is need for an Islamic economic model. Delineates the nature of Islamic economic model in light of four ethical maxims. Constructs a dynamic model based on these maxims. Derives policy considerations for an Islamic states. These policy considerations involve giving preferential treatment to the less privileged, giving greater weight to the wage-goods in the total output, minimizing production and consumption of luxuries and redistributing the wealth from the rich to the poor.
Mathematical. For economists. Based on primary sources. Documented.
012:10 SHAHID, KH. NASIM, Islami ma'ashiyat: Nau'iyat aur Bunyaden (Urdu) (Islamic Economics: Nature and Foundations), Islamabad: Idarah Ma'ashiyat e Islami, 1997, 160 pp.
Discusses the need and nature of Islamic economics. Reviews definitions of Islamic economics in the literature and develops his own definition. Argues that there is need for a distinct branch of knowledge to be known as "Islamic Economics". Discusses ethical foundations of Islamic economics.
For economists. Based on primary sources. Documented.
012:11 STEWART, GLENN M. Exploring and Indentifying Structuring Techniques to Create Products that Comply with Shari’ah Rules on Acceptable Investment, 21 pp. Unpublished. Presented to World Islamic Banking, Finance and Investments Summit organized by IBC Asia Ltd. at Kuala Lumpur during 23-24 September 1996.
Gives an overview of the primary sources of Islamic economics and how they can be used to develop suitable financial instruments.
For non-Muslim financial analysts and bankers. Based on primary sources. Documented.
012:12 WILSON, RODNEY, "Markets without Capitalism: An Islamic Economic System?" New Horizon, London, (82), Dec 1998, pp. 6-9.
It is possible to have markets without having capitalism. It is possible to conceive a market mechanism not embedded in the value system of capitalism. This could also be within the ethical system of Islam. The task before the Muslims should be to identify those conditions of market operations that conform to their ethical system and their concept of social justice. They need not invent a new economic system or even a new science of economics.
For economists. Based on contemporary economic thought. Undocumented.
014 Research in Islamic economics
014:1 "Workshop on Empirical Research in Islamic Economics", in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 691-710
Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991, it is report of a workshop held during the seminar. The panelists discussed areas for empirical research. Some of these are: consumer behavior, effects of implementation of zakah, effects of Islamic values and moralities on the producer and testing theoretical models of Islamic economics, especially in the areas of banking and finance.
For economists. Undocumented.
014:2 Problems of Research in Islamic Economics, Amman: The Royal Academy for Islamic Civilization, 1987, 167 pp.
Proceedings of a symposium held on 24 April 1986 in Amman, Jordan jointly by the Royal Academy of Islamic Civilization and Islamic Research and Training Institute of the Islamic Development Bank Jeddah. Contains four papers, one each by N. Yalcintas, Anas Zarqa, Khurshid Ahmad and Abdel Salam el-Abbadi on different aspects of research in Islamic economics. Highlights problem areas and proposes agenda for further research.
For researchers and teachers of Islamic economics. Based on contemporary literature. Documented.
014:3 KAFF, S. H. AL-, "Economic Challenge of the 21st Century and Islamic Economics" (Urdu) Tarjamanul Qur'an, Lahore, (125:5), May 1998, pp. 67-70.
Summarizes the economic challenge of the 21st century in terms of globalization, privatization, and explosion of IT, role of World Trade Organization, and the international capital movements. Proposes a set of research topics and practical measures for the Muslim economists.
For Muslim economists. Undocumented.
014:4 KAHF, MONZER, Principles of Islamic Financing (A Survey), Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1992, 46 pp.
Reviews literature on Islamic economics for deriving principles of Islamic financing. Section one concentrates on early works of the Muslim scholars. Section two reviews the contemporary literature on Islamic economics. Section three deals with justification of a return on financing. The last section derives conclusions.
For researchers and economists. Based on primary sources and contemporary literature on Islamic economics. Documented.
014:5 RAHMAN, S. M. Habibur., "Islamic Economics Research Bureau, Bangladesh Journal of Islamic Banking and Finance, Karachi, (14:4), Oct-Dec 1997, pp. 23-29.
Gives a brief introduction to the Bureau. Enumerates its activities. or general readers. Undocumented.
014:6 SALAMA, ABDIN A., "The Need for an International Documentation Centre for Islamic Banking and Finance", New Horizon, London, (115), Dec 2001-Jan 2002, pp. 3-5.
Emphasizes need for setting up an international centre for Islamic economics which should be responsible for collecting and disseminating documents relating to Islamic banking and finance. The centre should collect all books, journals, PhD dissertations, documentation of Islamic banking products, fatwas, etc and act as a storehouse for providing the information to researchers and scholars.
For Islamic scholars and policy makers. Undocumented.
015 Bibliographies on Islamic economics
015:1 ISLAHI, ABDUL AZIM, History of Economic Thought in Islam: A Bibliography, Jeddah: Scientific Publishing Centre, King Abdulaziz University, 1997, 22 pp.
Gives a list of writings in English language on history of Islamic economic thought. The subjects covered are: Economic history, public finance, partnership, mudaraba, property rights, money and banking, riba, hisba, agriculture, land management, and trade and commerce.
For researchers. A comprehensive source document.
015:2 KHAN, SHER NAUROZE, "Sud aur Insurance: Kitabiyat,"(Urdu) (A Bibliography of Interest and Insurance) Fikro Nazar, Islamabad, (36:1), Jul-Sep 1998, pp. 89-136.
A list of publications on interest and insurance in Urdu and Arabic languages.
A research source in Islamic economics. For researchers.
017 Teaching Islamic economics
017:1 "Developing Curricula for Islamic Economics", in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, 713-ff
Report of panel discussion during the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.
For educationists. Undocumented.
017:2 HANEEF, M. A. M., "Conceptual and Practical Dimensions of Islamization of Knowledge: A Case Study of the Economics Program of IIUM", The American Journal of Islamic Social Sciences, Herndon, VA., (14:2), Summer 1997, pp.188-207.
Critically examine the course program of the economics department of the International Islamic University Malaysia (IIUM). Concludes that the program has not been able to provide students with the Islamic worldview or vision necessary for integrating Islamic teachings with contemporary economics. IIUM has not achieved its objective in this program.
For economists and Muslim scholars. Based on study of program of studies at the IIUM. Documented.
017:3 HANEEF, M. A.M, "Islamic Economic Education: Some Obstacles to Curriculum Development", Journal Pendidikan Islam, Kuala Lumpur, (8:4), p.73-88.
During the evolution of Islamic economics, some methodological and philosophical foundations have been overlooked. Until these foundations are given due attention, there cannot be an authentic Islamic economics. Any attempt to teach Islamic economics should incorporate possible differences of opinion which depict various acceptable interpretations of economic problems and their solutions. The worldview of Islam must first be emphasized to all lecturers and students before any fruitful understanding and interpretation of economic problems and their solutions from Islamic perspective are put forward. Our only action should be to put forward policies to change 'what is' to 'what should be.' Thus the Muslim economists should be agents of change.
For academics, teachers and researchers. Based on contemporary economic literature.
017:4 IQBAL, MUNAWAR, "Teaching programs in Islamic Economics: A Comparative Study in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, 1998, pp. 629-674. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August, 1991.
Presents the experiences of three pioneering schools of teaching Islamic economics: faculty of Islamic economics at Imam Muhammad bin Saud University, Riyadh; School of Economics at IIU Islamabad, and College of Economics at IIUM.
For educationists. Gives details of syllabi. Documented.
017:5 KAHF, MONZER (ed.), Lessons in Islamic Economics Vols. 1 & 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, 756 pp. Proceedings of the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August, 1991 under the auspices of Islamic Research and Training Institute and Islamic Foundation, Bangladesh.
Contains 26 chapters in six parts. Part one deals with the Shari’ah foundations of Islamic economics. Part two studies methodology of Islamic economics. Part three looks into technical analysis of Islamic economics at macro and micro levels. Part four covers public and private finance. Part five deals with international economics from Islamic perspective. Part six deals with issues and problems connected with arising from research and teaching of Islamic economics. Individual chapters have been annotated in the present volume.
For economists and teachers. based on primary sources. Documented.
017:6 KHAN, MUHAMMAD AKRAM, "Teaching Islamic Economics at University Level, " in R. I. Molla, et.el. (eds.), Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, 1988, pp. 65-76.
Critically reviews the present approach toward teaching of Islamic economics as an adjunct of conventional economics. Identifies the objective of developing Islamic economics as a separate discipline and suggests an approach to Islamize the existing conventional economics.
For Muslim economists. Based on contemporary literature on Islamic economics. Undocumented.
017:7 KHAN, TARIQULLAH, Teaching Programs in Islamic Economics, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1990, 38 pp.
Gives an overview of the courses on Islamic economics offered by various universities. Suggests a number of additional courses with proposed readings. A useful source of information for researchers and teachers.
Based on the prospectuses of various universities.
018 Review of Islamic economics
018:1HANEEF, M. A. M., "Contemporary Muslim Economic Thinking at the Turn of 21st Century", IIUM Journal of Economics and Management, Malaysia, (9:1), 2001, pp.1-30.
Reviews papers submitted to the International Conference on Islamic Economics in the 21st Century jointly organized by the Kulliyah of Economics and Management Sciences, IIUM and the Islamic Development Bank Jeddah in Kuala Lumpur, Malaysia during 9-13 August, 1999.
Summarize the Conference papers and makes general comments on direction and status of research and thinking on Islamic economics.
For economists. Based on the conference papers. Documented.
018:2 PFEIFER, KAREN, "Is There an Islamic Economics?" in Joel Beinin and Joe Stork (eds.), Political Islam, London: I.B. Tauris Publishers, 1997, 154-165
Summarizes main principles of Islamic economics. Also gives an abstract of the main criticism on Islamic economics. Concludes that if Islamic economics were to resolve its theoretical and practical problems, its economic policies would be functionally equivalent to those in the capitalist West, but tailored to the sensibilities of Islamic culture and ready to replace the now-ineffective central governments held over from the state-capitalist era. Like the Japanese and East Asian forms of capitalism, Islamic economies could function as successfully and competitively as those of Europe and its offshoots, yet claim their own socio-cultural distinctiveness based on the "Islamic ethics."
For economists. Based on contemporary literature. Documented.