This paper assesses the employment of the traditional Islamic debt instrument, by contemporary Islamic banks, from an economic efficiency perspective. We highlight the fact that the performance of the bulk of the instruments pales in front of the modern facility of Participating Preferred Ij ra. Thus, the shortcomings of the traditional instruments illustrate that the future does not augur well for neither the 'Islamic' banking industry nor the emerging Muslim economies. For the Muslim world to move forward, it is imperative to scientifically restructure its financial intermediation system consistent with the Shar c a.
Consumer preferences regarding food in general, livestock meat and cultured meat among Muslim populations remains largely unknown, especially in a United Kingdom context. This is a significant gap in our understanding since foods that meet halal requirements have a major economical share of both the British and the global food market. The aim of this study is threefold: (1) gain insight into the perceptions of the broader British community and the Muslim demographic within it regarding food choice determinants, livestock meat, and cultured meat; (2) investigating similarities and differences within and between the two groups; and (3) model the willingness to purchase (WTPu) cultured meat for both populations. The British Muslim and the British non-Muslim population are very similar in their considerations about food in general, livestock meat and cultured meat. With regard to the willingness to purchase cultured meat, further product development and marketing strategies should focus on the same factor for both populations: the healthiness, safety, and nutritional characteristics of cultured meat.
This article studies the relation between Islam and economic development from a juridico-philosophical perspective. A fresh review of this issue is timely, because of the ongoing laggardness of Arab and Muslim economies due to decades of Pareto-inferior poverty traps. We disentangle the viewpoints on the Islamic-economic nexus and determine that the backwardness of Muslim countries’ economies is primarily due to the retrograde outlook of the jurists (fuqahāʾ). Flawed jurisprudential reasoning is instrumental in the paucity of financial instruments, markets, and institutional development. We also scrutinise the jurists’ co-option by the ruling elite, which legitimises the elite’s autocracy. We conclude by recommending a salient strategy critical to fostering economic development and growth.
Publisher's copyright statement:Additional information:
Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.