Ethics and economic theory

Choudhury, Masudul Alam; Hoque, Mohammad Ziaul

doi:10.1108/03068290410546048

Cited by 5 publications

(2 citation statements)

References 20 publications

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“…• As the proposed model is based on partnership contracts, the farmers are required to perform high ethical values. Many economists (Choudhury, 1998(Choudhury, , 2002Choudhury and Ziaul Hoque, 2004;Choudhury et al, 2008;Choudhury and Malik, 1992;Choudhury and Hassan, 2001;Hassan, 2014) discussed the importance of ethical values in non-interest bearing system. For example, Choudhury et al (2008) charity-funds secured by mandatory processes of giving and ethical convictions in the community can establish the sustainable financial seed money for small-scale microenterprises.…”

Section: Waqf Institutionmentioning

confidence: 99%

The problems facing agricultural sector in Zanzibar and the prospects of Waqf-Muzar’ah-supply chain model

Moh’d

Mohammed

Saiti

2017

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Purpose This paper aims to identify the appropriate model to address the financial challenges in agricultural sector in Zanzibar. Since the middle of 1960, clove production has continually and significantly decreased because of some problems and challenges that include financial ones. The financial intermediaries such as banks, cooperatives and micro-enterprises provide micro-financing to the farmers with high interest rates along with collateral requirements. The numerous programmes, measures and policies adopted by the relevant parties to find out the solutions to the dwindling clove production have failed. Design/methodology/approach The authors will review and examine several existing financial models, identify the issues and challenges of the current financial models and propose an appropriate Islamic financing model. Findings The numerous programmes, measures and policies adopted by the relevant parties to find out the solutions to the dwindling clove production have failed. This study, therefore, proposed a Waqf-Muzara’ah-supply chain model to address the financial challenge. Partnership arrangement is also suggested in the model to mitigate the issues of high interest rates and collateral that constrains the financial ability of the farmers and their agricultural output. Originality/value The contribution of the agricultural sector to the economic development of Zanzibar Islands is considerable. As one of the important agricultural sectors, the clove industry was the economic backbone of the government of Zanzibar. This study is believed to be a pioneering work; hence, it is the first study that investigates empirically the challenges facing the clove industry in Zanzibar.

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Section: Waqf Institutionmentioning

confidence: 99%

The problems facing agricultural sector in Zanzibar and the prospects of Waqf-Muzar’ah-supply chain model

Moh’d

Mohammed

Saiti

2017

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“…All depend on humans themselves how to respond to those prevalent problems. Ethical dimensions in human consciousness would bring a new perspective to solving the problems under the spirit of mutual cooperation and dependence instead of competition, self-interest and exploitation (Choudhury and Hoque, 2004).…”

Section: Approaches In Defining the Subject-matter Of Islamic Economicsmentioning

confidence: 99%

Configuring problems of economics in Islamic perspective: moral nexus, realities and its unification

Furqani

Haneef

2022

IJOES

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Purpose This paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches proposed by Islamic economists. Design/methodology/approach The paper is a conceptual paper using discursive analysis analysing the perspective and approaches proposed by Islamic economists in defining economic problems from an Islamic perspective. The perspective and approaches proposed are classified and analysed for their implications in constructing the subject matter of discipline. Findings Islamic economics, as a new body of knowledge, needs to clarify the economic problems that will be its subject matter. The paper brings an insight into the subject matter of Islamic economics as conceived by scholars in two approaches, namely, economic problems “as they are” and economic problems “as they should be”. The paper also proposes a unified perspective in defining the subject matter of Islamic economics for further development of the discipline. Research limitations/implications This paper only provides philosophical guidance for researchers in mapping the problems and the goals of the policy being studied, although it does not offer any practical use for policymaking as each policy is faced with different and specific cases. This paper may be used to assist future researchers in shaping other unexplored fields in Islamic economics as a body of knowledge. Practical implications Islamic economics as a discipline will be strengthened if it has a clear subject matter that will be the object of study. However, the conception of economic problems proposed by Islamic economists is based on life-reality, i.e. of what human beings face in their life (practical-type economic problems as they are) and based on life guidance from the Qur’an on how human beings should live as well as life-objectives, i.e. of what goals he should strive for (ideal-type economic problems as they ought to be) brings implication that there are differences in determining the object of study of Islamic economics. Originality/value This paper promotes the unification of two conceptions of economic problems proposed by scholars by defining Islamic economics as “a study of resource appropriation to realize human well-being (maslahah)”. This suggests that economic problems as manifested in life reality will be studied within the grand objective of life in Islam (maqasid al-Shariah), and economic problems as perceived in life goals will be studied in the context of life reality. Islamic economic theory will be formulated not only to solve the apparent problem of “what is” but also formulated in a way that refers to goals (ideals) of “what ought to be” that will provide solutions to current economic problems according to certain vision and to take steps to move in that visionary direction.

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Revisiting the Conceptual and the Operational Frameworks for Sharı̄’ah Governance of the Islamic Banks

Ayub

Saba

Kamran

2023

World Sci. Ann. Rev. Islam. Finance

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Islamic finance has been facing serious challenges both in terms of credibility as a divine and value-based system and sustainability. Many authors and research institutions have been indicating the issues and suggesting reforms for some years, but one major area that could not get due attention regarding the reform agenda is the Sharı̄[Formula: see text]ah governance system and integrating the sustainability framework into the governance related regulations. Another staggering point is that Islamic finance is moving on the path of convergence with conventional finance. It requires well thought-out conceptual and operational frameworks of governance for Islamic Financial Institutions so that the requisite regulations could be introduced and effectively implemented to keep Islamic financial services distinct from conventional services. To suggest such frameworks, this qualitative study analyses the Sharı̄[Formula: see text]ah Governance Framework introduced by the State Bank of Pakistan in 2015, and the governance related published material. It can be termed as a case study on Islamic banks’ Sharı̄[Formula: see text]ah governance framework and is based on structured interviews with 32 research participants including banks’ Sharı̄[Formula: see text]ah board members, Sharı̄[Formula: see text]ah reviewers/auditors, experienced Islamic banking practitioners, and the researchers/academics. As a case study, it is based on five research questions and many sub-questions relating to the governance framework introduced by the State Bank of Pakistan in 2015 for Islamic banking institutions in Pakistan. Based on the findings of the study, it suggests the bases, processes, and measures for the Islamic banks and other financial institutions moving to Islamic social finance and integrating it to the sustainability framework. It assigns roles to the regulators, the banks’ Sharı̄[Formula: see text]ah boards, BODs, and senior management, and the operations and audit staff. It could become a basis for reforms in the whole process of product development and implementation and conducting business by Islamic banking and finance institutions to realize the objectives of Islamic finance as a divine, just, and value-based system.

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Ethics and economic theory

Cited by 5 publications

References 20 publications

The problems facing agricultural sector in Zanzibar and the prospects of Waqf-Muzar’ah-supply chain model

The problems facing agricultural sector in Zanzibar and the prospects of Waqf-Muzar’ah-supply chain model

Configuring problems of economics in Islamic perspective: moral nexus, realities and its unification

Revisiting the Conceptual and the Operational Frameworks for Sharı̄’ah Governance of the Islamic Banks

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