Evaluation of Takāful Operators’ Efforts in Realising Maqasid Al- Sharīʿah

Hasan, Rashedul; Ahmad, Abu Umar Faruq; Nordin, Haziq Bin

doi:10.21098/jimf.v3i2.729

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“…Selim (2019) confirmed this result by showing that Qard-al-Hasan (interest-free loan) based monetary policy increases output and exports, reduces imports, maintains price stability making monetary policy more effective. In addition, Hassan et al (2018) Found that Takaful Operators are making a significant contribution toward economic development, human capital development and poverty alleviation in Malaysia, thus making a significant contribution toward the social maslaha. It is shown that Takaful Operators significantly impact the economic indicators operationalized to capture three broad areas of Maqasid al-Shar ıʿah: darurriyyat, hajiyyat and tahsiniyyat.…”

Section: Introductionmentioning

confidence: 99%

Islamic work ethics as a key engine of endogenous economic growth

Raies

2021

IES

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PurposeGod promised pious individuals who obey to His commandments, to increase their economic well-being. Although it is difficult to demonstrate with figures in hand this causality relationship, Muslims must believe in its existence and robustness at both the individual and collective levels, as it is argued in Qur'an and the Prophetic Narration. We aim in this paper to model this positive relationship between Islamic work ethics and economic growth and prove theoretically its existence.Design/methodology/approachWe develop an endogenous growth model very close technically to Lucas–Uzawa model (1988) in which the human capital defined as the individual's skill level acquired through formal education and learning by doing is replaced by ethical capital (piety).FindingsThe model proves theoretically that Islamic ethics are a key engine of endogenous economic growth and that the underdevelopment of Muslim populations is due to their low ethical capital (lack of piety).Practical implicationsThe study recommends some policies such as providing formal religious education at all educational levels (elementary, secondary and higher levels) and promoting ethical values such as piety, sincerity, transparency, etc., through media and cultural institutions. Also, managers could provide courses and training to their workers to teach them Islamic work ethics.Originality/valueThis paper is the first to mathematically model Islamic work ethics as endogenous phenomena in socioeconomic systems and study theoretically their contributions to economic growth.

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Section: Introductionmentioning

confidence: 99%

Islamic work ethics as a key engine of endogenous economic growth

Raies

2021

IES

View full text Add to dashboard Cite

show abstract

Evaluation of Takāful Operators’ Efforts in Realising Maqasid Al- Sharīʿah

Cited by 1 publication

References 0 publications

Islamic work ethics as a key engine of endogenous economic growth

Islamic work ethics as a key engine of endogenous economic growth

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