We provide a comprehensive structuring of research on Islamic economics and finance into the core topics area, for period 1979 to 2018. This is carried out through probabilistic topic modeling approach that allows statistical learning connection between articles as well their shared topics. approach, which blends machine natural language processing, helps structure literature. Our analysis cond...

This paper presents an economic argument that the prohibition of Ribā in classical Islamic Jurisprudence can be explained by appealing to precommitment and economic efficiency considerations. Our starting point is an argument provided by ’Ibn Rush ̄ d in Bidāyat alMujtahid wa Nihāyat al-Muqtas . id. ’Ibn Rush ̄ d provides a juristic explication of the “Objectives of The Law” (Maqās . id al-Sh ̄ ar̄...

The forbidden bay‘u al-gh ̄ arar can best be translated as “trading in risk”. In the face of risk, any trade would involve some degree of trading in risk, and thus jurists disagree over whether a specific contract is forbidden or not based on their varying assessments of whether the amount of risk is substantial or small. Moreover, the prohibition is often overruled in cases where clear economic...

This paper AU :1 searches for the universal epistemological foundations of socioscientific theory. Within this quest there is no parochial domain of the Islamic, for the Islamic idea finds itself in methodological, consistent, explanatory, and applied and inferential ways in the domain of what Barrow (1991) refers to as ‘‘everything.’’ Thus, the methodology that is inherent and is to be introdu...

This paper examines the debate on the meaning of sustainable development and the policy implications of different approaches from an Islamic perspective. It integrates mainstream and Islamic positions on the subject and argues that to whatever definition of sustainable development one might subscribe, eventually, each ends in an environmental concern. This paper attempts to show that the contin...

the central bank, as an institution that directly controls the monetary system of the country, can also pursue goals such as managing interest rates, volume of currency, inflation, unemployment and even income distribution. in some countries (like iran) it functions as the part of the government and in some other countries the central bank is independent and follows its macro-policies. accordin...