Purpose-The purpose of this conceptual paper is to develop a discussion expounding the Islamic perspective of corporate governance as a special case of a broader decision-making theory that uses the premise of Islamic socio-scientific epistemology. Islamic epistemology is premised on the divine oneness of God. The worldly explanation of divine unity is done by means of specific laws and instruments that make the Islamic epistemology functionally viable in developing, implementing and inferring from the application of the epistemological rules to different issues. In the present case the issue is of corporate governance. Design/methodology/approach-The development and conclusions of this discursive paper as a conceptual one point out the possible application of a process-oriented epistemology of unity of knowledge to corporate governance. The underlying methodology of institutional discourse and integration with dynamic parameters is formalized. Findings-The end results of the conceptual framework of this paper on corporate governance are contrasted with the approach to corporate governance in mainstream literature. Also the same Islamic theoretical and philosophical background of corporate governance is examined from the dual (mixed) Islamic economic and institutional perspective. Practical implications-The practical implications of the Islamic idea of corporate governance are immense in studying transaction cost minimization in decision-making environments. In this regard it is argued that the theory of Islamic corporate governance presents a discursive process, transparency and institutional participation that reduce transaction costs. Originality/value-The paper contributes fresh knowledge in corporate governance theory in the light of two central issues. First, an organic preference formation is studied by a process model. Second, transaction cost is minimized while pursuing a discursive and participatory model of decision making in an environment governed by the systemic meaning of unity of knowledge as its episteme. Relevant institutional policies can be developed in the light of such systemic discursion under the episteme of unity of knowledge understood and applied in the systemic organic sense.

Purpose -The purpose of this paper is to delineate the substantially different theory and application of corporate governance idea in Islamic financial theory contrary to the perceived one in the literature. Thus, a comparative and contrasting examination of the topic is provided. Design/methodology/approach -A theoretical and extensively comparative study of the literature to bring out the objective of presenting the systemic theory of Islamic corporate governance underlying its specific epistemological foundations. Findings -The hetrodox theory of Islamic finance in regards to the theme of corporate governance is shown to be a viable alternative way of understanding this topic in the light of the particular Islamic epistemological premise. Thus, Islamic financial perspective, exemplified here in terms of corporate governance, is expounded. Research limitations/implications -Empirical extension can be made but such epistemological responses are presently not available from the Islamic financial institutions because of their imperfect premise on the epistemology of unity of knowledge and organization on which the theory of Islamic corporate governance rests. Social implications -A vast social implication of corporate govarnance is opened by its epistemological inquiry comprehending integrated decision-making and systemic complemenatrities expending across society at large. Thereby, a socio-financial theory of corporate governance in the epistemological context is elaborated upon. Originality/value -This is a pathbreaking paper premised on its epistemological approach of unity of knowledge and learning systems as a distinct contribution in the theory of corporate governance in the field of ethical socio-financial perspective.

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PurposeTheological perspectives in ethics, values and their functional application in the real world are vividly covered by the theory and practice of Islamic banking in recent times. This paper seeks to formalize the theological paradigm of the unity of God (Tawhid) and to make the groundwork of unity of knowledge in the context of the money, finance and real economy linkages.Design/methodology/approach – The paper combines narrative with argument and analysis.Findings – On the basis of this the structure of the balance sheet of Islamic banks with no interest rate as an ethical condition of Islamic financing is delineated. This topic is followed by a discussion on the experience of Islamic banks in recent times in the area of mobilizing resources and gaining profitability, popularity and stability by the Islamic financing methods and the direct mobilizing of financial resources into the real economy. In this way, the Islamic banks are shown to attain the much‐needed complementary relations between social well‐being for clients and financial efficiency for the banks.Originality/value – Adds insights to the theory and practice of Islamic banking.

Purpose -The purpose of this paper is to formalize a general equilibrium circular causation relationship model in the Islamic economic framework between wealth tax (Zakat), Islamic bank and the real economy. Design/methodology/approach -Mathematical modeling along with explanation. Findings -The integrative interrelationships can be formalized only under the assumption of unity of knowledge as derived from the foundation of oneness of the divine law (shari'ah) according to the Qur'an, Prophetic traditions (Sunnah) and social discourse. Research limitations/implications -A future work would be to empirically estimate the general equilibrium model. Practical implications -A guidance to Islamic banks on the constructive utilization of Zakat fund for productive transformation in the real economy. Originality/value -A general equilibrium model guided by the episteme of oneness of the divine law at work, hence unity of knowledge at work in real problems of ethics and economics according to the Islamic worldview.

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Purpose The purpose of this paper is to lay down the methodological structure of the epistemology of tawhid (Oneness of Allah). In this paper, the meaning of tawhid also refers to the monotheistic unity of knowledge (consilience) in the cast of its organic pairing by circular causation relations between the moral and material possibilities. The paper thereby raises the critique of mainstream economic reasoning and its imitation by existing Islamic economics. Consequently, by the ontological, epistemological and phenomenological foundation of tawhidi methodological worldview, an altogether new socio-scientific reasoning in generality and economic reasoning in particular is introduced. Design/methodology/approach The socio-scientific methodological reasoning of unity of knowledge according to the tawhidi methodological worldview is introduced contrary to the inept rational choice postulates of mainstream economic reasoning and its imitation by existing notions of Islamic economics. The method of instructing students in the light of this approach according to Tawhidi Islamic Economics (TIE) is introduced from the existing literature. Findings The existing nature of mainstream economics and its imitation by Islamic economics is critically deconstructed and replaced by the true epistemological, ontological and phenomenological perspectives of TIE in the world of learning. Some inner properties of such a methodological study of TIE are laid bare for further investigation. Originality/value This is the first paper of its kind in this journal to expound the original and most creative methodological worldview that Islamic economics must bear. This is the foundation of the development of the true stance of Islamic economics and finance.