The Islamic Moral Economy is a utopian economic, social and political idea where all forms of ribā are absent; in a contemporary context, this includes the elimination of all financial interest and usury, utilization of full-reserve banking models, an asset-based money using a commodity that has historical inelastic demand as the numeraire, and quasi-socialist elements of mutual cooperation. Modern Islamic economics is rooted in the concept of profit-and-loss sharing where both transacting parties share in the potential profits and losses.
This study examines the most popular Islamic banking, finance and insurance products in use today. Moreover, this study attempts to determine the permissibility or lack thereof from an Islamic doctrinal perspective within the framework of a ribā-free society that imbues Islamic morals and ethics. Although financial interest is the single most notable problem with conventional economics from an Islamic vantage, this study determines that the ubiquitous fractional reserve banking model and fiat currency are equally problematic for Islamic banks and the establishment of a greater Islamic Moral Economy.
|School:||California State University, Long Beach|
|School Location:||United States -- California|
|Source:||MAI 49/01M, Masters Abstracts International|
|Subjects:||Religion, Finance, Islamic Studies|
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