DOCSLIB.ORG

CONTEMPORARY ISLAMIC FINANCE the Robert W

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CONTEMPORARY ISLAMIC FINANCE the Robert W CONTEMPORARY ISLAMIC FINANCE The Robert W. Kolb Series in Finance provides a comprehensive view of the field of finance in all of its variety and complexity. It covers all major topics and spe- cializations in finance, ranging from investments, to corporate finance, to financial institutions. Each volume is written or edited by a specialist (or specialists) in a particular area of finance and is intended for practicing finance professionals, grad- uate students, and advanced undergraduate students. The goal of each volume is to encapsulate the current state of knowledge in a particular area of finance so that the reader can quickly achieve a mastery of that discipline. Please visit www.wiley.com/go/kolbseries to learn about recent and forth- coming titles in the Kolb Series. CONTEMPORARY ISLAMIC FINANCE Innovations, Applications, and Best Practices Editor Karen Hunt-Ahmed The Robert W. Kolb Series in Finance John Wiley & Sons, Inc. Copyright C 2013 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Cover image: C infrontphoto / iStockphoto Cover design: Leiva–Sposato No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002. Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com. Library of Congress Cataloging-in-Publication Data: Contemporary Islamic finance : innovations, applications, and best practices / Karen Hunt-Ahmed, editor. p. cm. – (The Robert W. Kolb series in finance) Includes indexes. ISBN 978-1-118-18090-7 (cloth); ISBN 978-1-118-22739-8 (ebk); ISBN 978-1-118-24033-5 (ebk); ISBN 978-1-118-26497-3 (ebk) 1. Finance–Islamic countries. 2. Finance–Religious aspects–Islam. I. Hunt-Ahmed, Karen. HG187.4.C66 2013 332.088'297–dc23 2012028585 Printed in the United States of America. 10987654321 To Ozakh and Hazar, my loving daughters To Martha Hunt In memory of Thomas Daniel Hunt Contents Acknowledgments xi 1 Introduction: Islamic Finance in the World Economy 1 Karen Hunt-Ahmed PART I The Contemporary Islamic Finance Landscape 2 Contemporary Islamic Economic Thought 19 Mohammad Omar Farooq 3 The Legal Framework of Islamic Finance 39 Cynthia Shawamreh 4 Globalization and Islamic Finance: Flows and Consciousness 63 Karen Hunt-Ahmed 5 Islamic Science and the Critique of Neoclassical Economic Theory 75 Waleed El-Ansary 6 Juristic Disagreement: The Collective FatwaAgainst¯ Islamic Banking in Pakistan 103 Shoaib A. Ghias 7 Managing Liquidity Risk in Islamic Finance 121 Dr. Muhammad Al-Bashir Muhammad Al-Amine 8 Elements of Islamic Wealth Management 147 Paul Wouters 9 Sukuk¯ and the Islamic Capital Markets: An Introduction 165 Michael J. T. McMillen vii viii Contents 10 Shari’a-Compliant Mutual Funds 189 Monem Salam 11 The Evolution of Shari’ah-Compliant Indexes and Why They Outperform Conventional Indexes over the Long Term 195 Tariq Al-Rifai 12 Takaful 203 Farrukh Siddiqui 13 Islamic Human Resources Practices 215 William Marty Martin 14 An Integrated Islamic Poverty Alleviation Model 223 Ali Ashraf and M. Kabir Hassan 15 How Does an Islamic Microfinance Model Play the Key Role in Poverty Alleviation? The European Perspective 245 Sabur Mollah and M. Hamid Uddin PART II Case Studies 16 Islamic Finance in an Almost Postcrisis and Postrevolutionary World: As in Politics, All Islamic Finance Is Local 257 Mark Smyth 17 Stepping Forward, Backward, or Just Standing Still? A Case Study in Shifting Islamic Financial Structures Offshore 267 Umar F. Moghul 18 Islamic Mortgages 283 David Loundy 19 Shari’a Quality Rating 293 Nasir Ali Merchant 20 Islamic Mutual Funds’ Performance in Saudi Arabia 303 Hesham Merdad and M. Kabir Hassan 21 Shari’ah-Compliant Real Estate Investment in the United States 323 John L. Opar CONTENTS ix 22 Risk and Derivatives in Islamic Finance: A Shariah Analysis 331 Dr. Muhammad Al-Bashir Muhammad Al-Amine 23 Islamic Microfinance 353 Blake Goud About the Editor 367 Index 369 Acknowledgments any people worked together to make this book possible. I would like to begin by thanking Bob Kolb for presenting me with the idea for an M “Islamic Finance” volume, and my colleague at DePaul University, Timur Gok, for introducing us in the first place. I am forever grateful to the contributors to this volume: they supported the vision and were rewarded for that support with pesky follow-up questions and edit requests, which they endured with good humor. Those who have known me for years have seen a new side of me; I hope my editorial persona has not scared them away or scared away those authors who are new to my professional network. Emilie Herman and Kevin Commins at John Wiley & Sons kept all of us on track. Emilie’s patience apparently knows no bounds. I would also like to thank colleagues and friends who have supported me in the writing process. Annette Iskra, Suzanne Gaskins, Richard Taub, John Lucy, Rick Shweder, Sheikh Nizam Yacouby, Imam Senad Agic, Aminah McCloud, Juliet Bromer, and Jack Mosevich have patiently helped me sort through priorities in the continuing struggle to balance professional and personal life. Ali Fatemi, the chair of DePaul’s Finance Department, made life easier at work so I could dedicate time for the book. I owe a huge debt of gratitude to my research assistant, Sarah Lalji, who put in many hours of work to take care of book details, in addition to her full-time school schedule. My daughters, Ozakh and Hazar, are the most wonderful people in my life. They make life rich and help me grow as a person, as I hope I am helping them grow. They are the best at supporting my work and also at letting me know when it is time to take a break. I would like to thank Omer Ahmed for introducing me to the life that led to a long association with Islamic finance and its professionals. He made it possible for me to do fieldwork in Dubai, with children, and to meet many of the contributors to this book. Finally, I would like to thank my parents, Tom and Martha Hunt, for telling me I could accomplish whatever I wanted to in life and then supporting me while I did. xi Contemporary Islamic finance: Innovations, Applications, and Best Practices. Edited by Karen Hunt-Ahmed. Copyright © 2013 John Wiley & Sons, Inc. Published 2013 by John Wiley & Sons, Inc. CHAPTER 1 Introduction Islamic Finance in the World Economy KAREN HUNT-AHMED President, Chicago Islamic Microfinance Project Lecturer, DePaul University he religion of Islam has existed for 1,400 years but Islamic economic the- ory and its financial institutions as an industry emerged only in the 1970s. T Islamic banks are late twentieth-century institutions designed, against the backdrop of a global economy dominated by capitalist business practices, to help Muslims conduct business internationally while simultaneously upholding tra- ditional Islamic values related to trade finance and currency movement. The basis for their existence is the Islamic moral prohibition on charging interest— interest is a central component of capitalist banking—yet Islamic banks conduct billions of dollars of business annually in the world economy and the de facto Islamic banking transaction is—in most cases—virtually identical to a capitalist banking transaction. The industry of Islamic Banking and Finance (IBF)1 is the manifestation of attempts to apply Islamic law and Islamic economic theory to financial dealings. An Islamic Financial Institution (IFI) refers to any financial institution that per- forms Islamic transactions derived from either Islamic law or Islamic economic the- ory. An Islamic Bank is an institution that performs conventional banking services2 (or their Islamic equivalent) such as checking accounts, savings accounts, loans, and so forth.
Load more

Recommended publications
  • Cultural Naturalism and the Market God David Timothy Denenny Southern Illinois University Carbondale, [email protected]
    Southern Illinois University Carbondale OpenSIUC Theses Theses and Dissertations 12-1-2018 Cultural Naturalism and the Market God David Timothy Denenny Southern Illinois University Carbondale, [email protected] Follow this and additional works at: https://opensiuc.lib.siu.edu/theses Recommended Citation Denenny, David Timothy, "Cultural Naturalism and the Market God" (2018). Theses. 2464. https://opensiuc.lib.siu.edu/theses/2464 This Open Access Thesis is brought to you for free and open access by the Theses and Dissertations at OpenSIUC. It has been accepted for inclusion in Theses by an authorized administrator of OpenSIUC. For more information, please contact [email protected]. CULTURAL NATURALISM AND THE MARKET GOD by David Denenny B.A. Eastern Washington University, 2015 A Thesis Submitted in Partial Fulfillment of the Requirements for the Master of Arts Degree Department of Philosophy in the Graduate School Southern Illinois University Carbondale December 2018 Copyright by David Denenny, 2018 All Rights Reserved THESIS APPROVAL CULTURAL NATURALISM AND THE MARKET GOD by David Denenny A Thesis Submitted in Partial Fulfillment of the Requirements for the degree of Master of Arts in the field of Philosophy Approved by: Kenneth William Stikkers, Chair Randall Auxier Alfred Frankowski Graduate School Southern Illinois University Carbondale November 8, 2018 AN ABSTRACT OF THE THESIS OF David Denenny, for the Master of Arts degree in Philosophy, presented on November 8, 2018, at Southern Illinois University Carbondale. TITLE: CULTURAL NATURALISM AND THE MARKET GOD MAJOR PROFESSOR: Dr. Kenneth William Stikkers This work employs John Dewey's cultural naturalism to explore how and why the orthodox economic tradition functions as a religious faith.
    [Show full text]
  • UNIVERSITY of CALIFORNIA Los Angeles Al-Ghazālī and Rasā'il
    UNIVERSITY OF CALIFORNIA Los Angeles Al-Ghazālī and Rasā’il Ikhwān al-Ṣafā’: Their Influence on His Thought A dissertation submitted in partial satisfaction of the requirements for the degree Doctor of Philosophy in Islamic Studies by Abdullah Ozkan 2016 © Copyright by Abdullah Ozkan 2016 ABSTRACT OF THE DISSERTATION Al-Ghazālī and Rasā’il Ikhwān al-Ṣafā’: Their Influence on His Thought by Abdullah Ozkan Doctor of Philosophy in Islamic Studies University of California, Los Angeles, 2016 Professor Khaled M. Abou El Fadl, Chair In his Munqidh, al-Ghazālī states that there were four classes of seekers of truth at his time: the theologians, the followers of the doctrine of Ta‘līm, the philosophers, and the Sufis. He depicts himself here as a Sufi who denounces the others, especially philosophy. This image of al-Ghazālī became the major perception of him from the beginning. But this perception changed completely in the twentieth century. The most recent scholarship challenges this image and views him as a kind of scholar who was heavily influenced by philosophy and disseminated its teachings in disguise. However, the concentration is given mostly to the philosophy of Ibn Sīnāwhile searching the source of this influence. While not denying the influence of Ibn Sīnā, this study argues that Rasā’il Ikhwān Ṣafā’ must be taken ii seriously as a major source of philosophical influence on al-Ghazālī’s thought despite the negative remarks he makes about them. It tries to prove its argument first by situating al- Ghazālī’s negative remarks in the political and social conditions of his time and second by comparing his works, especially his Mishkāt al-Anwār, with Rasā’il.
    [Show full text]
  • John William Miller and Josiah Royce
    Idealist Affinities: John William Miller and Josiah Royce By Mark D. Moorman [Posted with permission of Mark D. Moorman. Presented at the 39th annual meeting of the Society for the Advancement of American Philosophy, New York City, March 15-17, 2012.] This paper will compare the philosophies of John William Miller and Josiah Royce with regard to philosophical idealism. We hope to highlight the idealist strain in Miller’s thought by showing some affinities with similar themes in Royce. The relaxed term “affinity” suits the vagaries of the term “idealism” itself.(1) Royce was well aware of this malleable breadth. Post-Kantian idealism, viewed in its whole range of manifestation, is not any one theory so much as a tendency, a spirit, a disposition to interpret life and human nature and the world in a certain general way—a tendency, meanwhile, so plastic, so manifold, so lively, as to be capable of appealing to extremely different minds, and of expressing itself in numerous hostile teachings.(2) The equivocity of the term idealism renders our comparison more a matter of loose ‘family resemblances’ than of clear cut categories. There is second difficulty with idealism as a point of comparison, its reputation. Discussing certain impediments to the reception of Miller’s work, Vincent Colapietro points out that Miller’s idealism is “likely to make him seem outdated and even quaint.”(3) Much of the revolt against idealism in the Twentieth century took the form of hasty ab extra dismissals which left caricatures and low regard in their wake.(4) Association with German idealism came to imply, not depth, but a lack of rigor.
    [Show full text]
  • Potent Islamic Measures to Poverty Alleviation January- June 2020
    Burjis: Vol 7, Issue 1 Potent Islamic Measures to Poverty Alleviation January- June 2020 Potent Islamic Measures to Poverty Alleviation Author: CHIROMA TAHIR Department of Islamic Studies, Federal College of Education, Yola P.M.B. 2042, Adamawa State, Nigeria [email protected] Co-Author USMAN IMAM BELLO Department of Islamic Studies, Federal College of Education, Yola P.M.B. 2042, Adamawa State, Nigeria [email protected] Supervisor: MAUNDE USMAN MUHAMMAD Department of Islamic Studies, Faculty of Arts, Taraba State University, Jalingo-Nigeria [email protected] ABSTRACT Poverty is one of the most deplore disabilities that can afflict a person or a nation, unfortunately poverty seems to be increasing in the world. Eradicating of poverty is a major challenge of the entire universe in the 21st century. In fact, it is the number one goal of the Millennium Development Goal (MGDs). In line with brotherhood concept which is emphasized in Islam, it views society as a unified equity in which individual freedom and human dignity is supreme, it encourages to the people to help their less fortune brothers and sisters through many means such as charity, alms, endowment, gift and so on. This paper, presents some potent measures in alleviating poverty in the world. It defines poverty, identifies types, causes and measures taken by other agencies and later itemizes and discusses Islamic measures in alleviating poverty. The paper largely takes the documentation of history into account. Meanwhile, the descriptive, prescriptive and annalistic approach has also been applied in the Paper Keywords: Alleviation, Islam, Poverty ~ 77 ~ Burjis: Vol 7, Issue 1 Potent Islamic Measures to Poverty Alleviation January- June 2020 1.0 Introduction Poverty is a problem and a complex phenomenon.
    [Show full text]
  • “Poverty and Justice: Two Public Symposia Concerning Shelter and Food Security for the Poor”
    The Society for Philosophers in America (SOPHIA) Grant Application Submitted for the American Philosophical Association Grant Fund RFP June 27, 2013 “Poverty and Justice: Two Public Symposia Concerning Shelter and Food Security for the Poor” I. Names and Affiliations II. Abstract III. Account of the Project’s Purpose and Timeline IV. Project Budget Narrative V. Designation of the Fiscal Agent VI. Information about Other Funding Obtained or Sought VII. Promotion Plan VIII. Assessment plan IX. Photo collage from previous APA sponsored SOPHIA symposia X. Curriculum Vitae for Each Member of the Project Steering Committee I. Names and Affiliations The SOPHIA project steering committee for this grant proposal consists of: Dr. Douglas Anderson, Trustee of SOPHIA and Professor of Philosophy at Southern Illinois University Carbondale, Carbondale, IL. Dr. Jackie Kegley, Trustee of SOPHIA and Professor of Philosophy at California State University, Bakersfield, Bakersfield, CA. Dr. John J. McDermott, Trustee of SOPHIA, Distinguished Professor of Philosophy and Humanities and Abell Professor of Liberal Arts, Texas A & M University, College Station, TX. Dr. Eric Thomas Weber, Executive Director and Trustee of SOPHIA and Principal Investigator for this proposal, Associate Professor, Department of Public Policy Leadership, The University of Mississippi, 105 Odom Hall, University, MS, 38677, 662.915.1336 (office), 662.915.1954 (fax), [email protected]. If you have any questions regarding this proposal, please contact Dr. Weber. If you would like to learn more about SOPHIA, visit our Web site at http://www.philosophersinamerica.com. II. Abstract In 2014, SOPHIA will engage in dialogue with the communities surrounding our organizers’ universities, this year focusing on poverty and justice.
    [Show full text]
  • Wealth and Poverty in the Qurʾān, Ḥadīth and the Rasāʾil Ikhwān Al-Ṣafāʾ
    Wealth and Poverty in the Qurʾān, Ḥadīth and the Rasāʾil Ikhwān al-Ṣafāʾ This paper examines the abstract concepts of wealth and poverty,1 in the foundational texts of Islam and the famous encyclopedia entitled Rasāʾil Ikhwān al-Ṣafāʾ wa-khullān al-wafāʾ (Epistles of Sincere Brethren and Faithful Friends)2 that circulated widely at the end of the third/ninth and the beginning of the fourth/tenth century.3 The notions of poverty and charity in Islam have been analyzed before, albeit discursively by scholars from different perspectives. The notion of wealth in the Qurʾān, on the other hand, has not been dealt with comprehensively. With regard to the Epistles of Sincere Brethren, as far as it can be ascertained, the above themes have not been previously explored. The paper is, therefore, divided into three sections. The first, introductory part, surveys the relationship between religion and wealth, on the one hand, and religion and poverty, on the other. It is followed by a review of widely accepted thesis concerning the rise of Islam and socio- economic environment that prevailed in pre-Islamic Arabia, especially in Mecca. The second 1 Wealth is defined as large possessions, abundance of things that are objects of human desire, while poverty is defined as lack or relative lack of money or material possessions. For various other definitions see Webster’s Third New International Dictionary of the English Language (Springfield, Mass.: Merriam-Webster Inc., 1993), pp. 1778, 2589. 2 It is also translated as “Brethren of Purity and Loyal Friends.” 3 For recent information see Ismail K.
    [Show full text]
  • CURRICULUM VITAE of Randall E
    CURRICULUM VITAE Randall E. Auxier I. PROFESSIONAL AFFILIATION AND CONTACT INFORMATION Department of Philosophy Southern Illinois University, Carbondale 62901, Mailcode 4505 (618)-565-1238 Home, (618)-453-7437 Office [email protected] II. EDUCATION Emory University, 1988-1992; Ph.D. in Philosophy. Dissertation: “Signs and Symbols: An Analogical Theory of Metaphysical Language.” Director: Donald P. Verene. Committee: R.A. Makkreel, D.W. Livingston, J. S. Gouinlock, C. R. Page Emory University, 1988-1991; M.A. in Philosophy. University of Memphis 1986-1988; M.A. in Philosophy. University of Memphis 1979-1986; B.A. 1986 (Magna Cum Laude). Majors: Philosophy, Criminal Justice. III. PROFESSIONAL EXPERIENCE Regular Academic Positions Professor of Philosophy, Southern Illinois University, Carbondale, 2004- (tenured 2004) Assoc. Professor of Philosophy, Southern Illinois University, Carbondale, 2000-04 Assoc. Professor of Philosophy, Oklahoma City University, 1995-2000 (tenured 1997). Assistant Professor of Philosophy (and Adj. Prof. of Religion), Oklahoma City Univ., 1992-1995. Instructor, Dept. of Philosophy, Georgia State University, spring and summer, 1992 Graduate Fellow/Teaching Associate, Dept. of Philosophy, Emory University, 1988-1992. Instructor, Dept. of Philosophy, University of Memphis, summer 1988. Graduate Assistant, Dept. of Philosophy, University of Memphis, 1986-1988. Editorial and Administrative Appointments General Editor, Critical Edition of the Works of Josiah Royce, 2009-2014 Editor, Library of Living Philosophers, Southern Illinois University, Carbondale, 2001-13 Editor, The Pluralist, 2005-12 (University of Illinois Press; official journal of the Society for the Advancement of American Philosophy, beginning 2010) Assoc. Editor, Library of Living Philosophers, SIU Carbondale, 2000-2001 Editor, The Personalist Forum, 1997-2005 (became The Pluralist in 2005; archival site: http://tpf.siuc.edu/) Director, Oklahoma City University, Master of Liberal Arts Program, 1994-1999.
    [Show full text]
  • Philosophy As a Continual Unfolding: Interpretation and Expansion of Community: Moving Forward with a Royce Agenda
    1 Philosophy as a Continual Unfolding: Interpretation and Expansion of Community: Moving Forward with A Royce Agenda Jacquelyn Ann K. Kegley As we gather again to explore the thought and life of Josiah Royce let us embody his own spirit in such an endeavor, namely, to understand that a self, a life, and a philosophy is an ongoing task of interpretation. This means that each should involve the following characteristics: temporality and process, historicity, context, and relationship, and a plan of action. Temporality is a prime characteristic, for Royce, of self, indeed, of all reality.1 About the self he says, “In brief, my idea of myself is an interpretation of my past—linked also with an interpretation of my hopes and my intentions as to my future.” 2 Selfhood, a life, and a philosophy are open-ended affairs; the meaning of each continues to develop; each is potentially a deep and complex sign that can grow richer in meaning; further meaning is always possible. Perice captures this fecundity of a self when he writes: “No son of Adam has ever fully manifested what there was in him.” 3 Joseph Margolis nicely states what it means to speak of a life in this context when he writes: “Once admit that persons are texts, have or are histories themselves; it becomes quite impossible to fix the ontological or intentional closure of their careers and natures—even after their physical death.”4 Finally, as for a philosophy or for philosophy in general it is appropriate here to cite Whitehead’s claim that all philosophy is a footnote on Plato.
    [Show full text]
  • Reinterpreting Zakāt Or Not: Poverty and Almsgiving in the Religious
    Reinterpreting zakāt or not: Poverty and almsgiving in the religious discourse in contemporary Ghana Holger Weiss Åbo Akademi University, Finland MUSLIMS AND ISLAM IN AFRICA “Muslims and Islam in Africa” is an online publication of Bayreuth University, Germany. It is a result of a research project on sharia debates in selected African countries, funded by Volkswagen Foundation see: www.sharia-in-africa.net. It has a multi-disciplinary approach and covers current research in the field of Muslims and Islam in Africa. There are no specific requirements as to the language of publication and to the length of the contributions. Contributions to this series may be submitted directly to the editors. Acceptance is decided upon by the editors and the academic advisory board. “Muslims and Islam in Africa” is hosted by the private website www.sharia-in-africa.net EDITORS Dr John Chesworth Dr Franz Kogelmann The Centre for Muslim-Christian Studies, Oxford, Bayreuth University, Germany UK [email protected] [email protected] BOARD OF REFERENCE Dr Ulrich Berner, Professor of Religious Studies, Chair Religious Studies I, Bayreuth University, Germany [email protected] Dr Liazzat Bonate, Professora Auxiliar, Centro de Estudos Africanos, Universidade Eduardo Mondlane, Maputo, Mozambique [email protected] Dr Muhammad Haron, Department of Theology and Religious Studies, University of Botswana, Botswana [email protected] Dr Bernadin Mfumbusa, Deputy Vice Chancellor (Academics), St. Augustine University of Tanzania (SAUT), Mwanza, Tanzania [email protected] Dr Esther Mombo, Associate Professor in Theology, Deputy Vice Chancellor (Academics), St. Paul’s University, Limuru, Nairobi [email protected] Dr Jamila Nasir, Professor of Law, Dean, Faculty of Law, University of Jos, Plateau State, Nigeria [email protected] Dr Philip A.
    [Show full text]
  • Islamic Development Index1
    ISSN: 1305-5577 DOI: 10.17233/sosyoekonomi.2021.03.08 Sosyoekonomi RESEARCH Date Submitted: 11.12.2020 ARTICLE Date Revised: 27.05.2021 2021, Vol. 29(49), 151-180 Date Accepted: 31.05.2021 Islamic Development Index1 Özgür KANBİR (https://orcid.org/0000-0001-5696-4077), Dereli Vocational School, Giresun University, Turkey; e-mail: [email protected] Mehmet DİKKAYA (https://orcid.org/0000-0002-5923-3787), Department of Economics, Kırıkkale University, Turkey; e-mail: [email protected] İslâmî Gelişme Endeksi2 Abstract This study discusses the relation of Islam with economic development. Based on Islamic values, the study aims to create an alternative international economic development index. The variables used were chosen as proxy variables representing the principles and values derived from the Quran and Sunnah, the two primary sources of Islam. The data were obtained from international databases and were statistically standardized. The index was prepared over two main categories, material and spiritual development, and a composite index called the Islamic Development Index (IDI) was obtained by taking the averages of both. The international ranking covers 148 countries for which data could be obtained for 2018. In the research, the level of development is measured over the universal values and principles provided by the Islamic belief. The study does not have a purpose or pursuit of which country/society is Muslim and by how much. This paper has not been discussed with creed, religious rituals, and belief practices of societies and individuals. The research revealed a significant gap between theory and practice. Islamic belief is theoretically a critical resource for economic development.
    [Show full text]
  • Islam Is a Foreign Country American Muslims and the Global Crisis of Authority 1St Edition Pdf, Epub, Ebook
    ISLAM IS A FOREIGN COUNTRY AMERICAN MUSLIMS AND THE GLOBAL CRISIS OF AUTHORITY 1ST EDITION PDF, EPUB, EBOOK Zareena Grewal | 9781479800568 | | | | | Islam Is a Foreign Country American Muslims and the Global Crisis of Authority 1st edition PDF Book This section needs additional citations for verification. The Astana Declaration commits members to increase investment in science and technology, education, eradicate extreme poverty, and implement UN Sustainable Development Goals. Archived from the original on 10 August The majority are Sunnis following the Hanafi school of Islamic law. Retrieved 2 January The Muslim The majority of the world's Islamic population, which is Sunni, accounts for over 75 percent of the Islamic population; the other 10 to 20 percent is Shia. Retrieved 10 December Main article: Islamic schools and branches. Von Grunebaum. A famous [ citation needed ] example of Arabic poetry and Persian poetry on romance love is Layla and Majnun , dating back to the Umayyad era in the 7th century. This section does not cite any sources. Main article: Islamic literature. Archived from the original on 21 September Bureau of Democracy, Human Rights, and Labor. Archived from the original on 20 November Distinguishing motifs of Islamic architecture have always been ordered repetition, radiating structures, and rhythmic, metric patterns. The collective population of OIC member states is over 1. The top spot went back to Saudi King Abdullah bin Abdul Aziz al-Saud, due to his being the "absolute monarch of the most powerful Arab nation. His philosophical novel, Hayy ibn Yaqdha , translated into Latin as Philosophus Autodidactus in , developed the themes of empiricism, tabula rasa, nature versus nurture , [92] condition of possibility , materialism , [93] and Molyneux's problem.
    [Show full text]
  • Journal of Cognition and Neuroethics
    Journal of Cognition and Neuroethics ISSN: 2166-5087 March, 2015. Volume 3, Issue 1. Managing Editor Journal of Jami L. Anderson Cognition Production Editor and Zea Miller Neuroethics Publication Details Volume 3, Issue 1 was digitally published in March of 2015 from Flint, Michigan, under ISSN 2166-5087. © 2015 Center for Cognition and Neuroethics The Journal of Cognition and Neuroethics is produced by the Center for Cognition and Neuroethics. For more on CCN or this journal, please visit cognethic.org. Center for Cognition and Neuroethics University of Michigan-Flint Philosophy Department 544 French Hall 303 East Kearsley Street Flint, MI 48502-1950 Table of Contents 1 Is Islam Committed to Dualism in the Context of the 1–12 Problem of Free Will? Macksood Aftab 2 Neuroscientific Free Will: Insights from the Thought of 13–37 Juan Manuel Burgos and John Macmurray James Beauregard 3 Evolution Beyond Determinism: On Dennett’s 39–74 Compatibilism and the Too Timeless Free Will Debate Maria Brincker 4 Free Will and Autonomous Medical Decision-Making 75–119 Matthew A. Butkus 5 Rolling Back the Luck Problem for Libertarianism 121–137 Zac Cogley 6 Agential Settling Requires a Conscious Intention 139–155 Yishai Cohen 7 Lessons from Angelology 157–173 Edina Eszenyi 8 Exploring the Status of Free Will in a Deterministic World: 175–194 A Case Study Catherine Gee 9 Simply Irresistible: Addiction, Responsibility, and 195–216 Irresistible Desires Marcela Herdova 10 Agency through Autonomy: Self-Producing Systems and 217–228 the Prospect of Bio-Compatibilism Derek Jones 11 The Limits of a Pragmatic Justification of Praise and Blame 229–249 Ryan Lake 12 A Kantian Defense of Libertarian Blame 251–263 John Lemos 13 Libet, Free Will, and Conscious Awareness 265–280 Janet Levin 14 Experimental Philosophy, Robert Kane, and the Concept of 281–296 Free Will J.
    [Show full text]