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The purpose of the study is to explore contributions made in Islamic economics methodology, particularly in the use of mathematical models used to build Islamic economic theories.

The methodology adopted is a survey by means of literature review.

Overuse of mathematical models in economics has it apparent weakness in simplifying complex realities and use of impracticable assumptions. But, that notwithstanding, they have a role to play in the development of Islamic economics. Empirical analysis in Islamic economics has weaknesses, including the very fact that moral phenomenon in Islamic economics is difficult to quantify, but its contribution, just like mathematics, is needed to develop the field. Islamic economics adopt mathematical models that do not cause obstacles in achieving the aim of Islamic economics, which is Falah. Where it is harmful, it is discarded. Islamic economics has yet to have a universally accepted research methodology; instead, numerous methodologies are used today. The poor use of mathematics in Islamic economics by new researchers, among other factors, may be due to young researchers’ poor background in mathematics.

The paper is unique in looking at the topic of Islamic economic methodology from the angle of application of mathematical models.

This study aims to explore and analyze the issues in weightages-based profit distribution mechanism in Islamic banks from Shari’ah, practical and regulatory perspectives.

A qualitative research approach was used in this study based on primary data collected through semi-structured interviews from Shari’ah practitioners and senior industry experts in the field of pool management in the Islamic Financial Services Industry of Pakistan.

The current study found that the weightages-based mechanism conforms to the rules of Mudarabah and; therefore, permissible. However, the elements of exploitation, transparency and fairness require further research, as these elements seem to exist in this mechanism. It was also found that there are many loopholes in the regulatory guidelines for pool management in Islamic banking institutions (IBIs) in Pakistan resulting in practical issues.

The findings of this study may help improve pool management in IBIs, which in turn may cater the objections raised by academicians, customers and industry experts. Moreover, the alternative solution based on the findings of this study can be transformed into a proposal for regulators to take necessary actions against unfair profit distribution and issue further improved guidelines for IBIs in Pakistan.

To the best of the authors’ knowledge, very limited studies have been conducted on pool management particularly with issues from different perspectives and alternative solutions have been suggested that may act as a proposal for IBIs as well as regulatory authorities.

In recent years, in parallel with the increasing air traffic and the number of passengers in air transport, the number of people exposed to aircraft-induced noise has increased significantly. Especially people living in the areas close to the airports are affected by noise emission during the landing, take-off, taxi and ground operations. Negative effects of noise such as sleep disturbance, lack of concentration, anxiety and high blood pressure cardiac diseases were determined directly or indirectly for human health. For this reason, examining the noise effect caused by aircraft and determining the necessary measures to be taken is very important for the sustainable development of aviation. In the International Eskisehir Hasan Polatkan Airport (LTBY), this paper aims to calculate a noise mapping following international standards in line with the directives of the International Civil Aviation Organization (ICAO). Also, Annex 8, “Airworthiness of Aircrafts” and Annex 16, “Environmental Protection Volume 1 Aircraft Noise”, which were taken at the International Civil Aviation Convention, were proposed to determine the exposure caused by aircraft noise.

In this paper, noise levels for the day (07.00–19.00), evening (19.00–23.00) and night (23.00–07.00) period around LTBY were predicted and calculated by the use of the IMMI software according to the “ECAC Doc. 29-Interim” method for the prediction and computation of the aircraft noise.

According to the calculated/mapped values, in the 24 hours (Lden), the noise level is 65 dB (A) and above. In the day time zone, the noise level is 63 dB (A) and above. When the calculations for the evening time zone are examined, the noise level is above 58 dB (A). When the calculations for the night time frame are examined, it is calculated that there is no dwelling that is affected by the noise level above 53 dB (A).

Along with future improvements, it is recommended to be applied to other civil airports.

To the best of the authors’ knowledge, there is no previous research in the literature on aircraft noise mapping of LTBY. Also, unlike the software commonly used in other works in the literature, IMMI software was used in this study. Such investigations should be carried out in other civil airports in the coming years to struggle with noise emissions and noise control. If noise boundary values are exceeded, action plans should be developed for a sustainable aviation concept. Along with future improvements, it is recommended to be applied to other civil airports.

This paper aims to explore the moral aspect of qard (loan) from shariah perspective, and attempts to examine whether each interest-free qard is qualified for the Quranic term qard hasan (loan par excellence)? Also, the study attempts to establish the key constituents of qard hasan in the light of the primary sources of shariah, and seeks to define the legal status of the interest-free qard which fails to qualify for the “term” qard hasan.

This study uses both the primary and secondary sources of shariah to examine the desired character of qard hasan. It employs pure qualitative paradigm to analyse and interpret the data.

This study finds that in between the qard hasan and qard ribawi, there exists a third category of qard too, which neither qualifies for the former nor does fit under the definition of later.

The findings presented in this paper illuminate the blurred line of contemporary understanding of qard hasan. The study adds original value to the corpus of contemporary literature on qard; as it collects and enumerates the ten vital conditions of qard hasan, without which, even an interest-free qard holds no virtuous sanctity in the sight of shariah.

The objective of the chapter is to discuss the role of wa’d (promise) to mitigate risk in different Islamic banking products. The chapter will illustrate the element of wa’d in different Islamic banking products in Malaysia.

The study has adopted the document review method to get information on different banking products. Moreover, it conducted semi-structured interviews with bankers to get in-depth information.

The study finds out that wa’d plays a vital role in structuring several products including retail products, trade financing products, and treasury products. Along with the unilateral wa’d there is a usage of double wa’d (wa’dan) in some product structures. In most of the products, wa’d is included as a risk mitigation instrument along with other major underlying Shari’ah contracts. Some Shari’ah issues are involved with these products namely the Shari’ah rulings related to wa’dan, “form over substance,” etc.

This is an in-depth field study which adds new knowledge on wa’d-based products. The experience of Malaysia might be a lesson for other countries to minimize risk in their Islamic banking products.

Iraqi universities in the aftermath of invasion in 2003 experienced extremely high levels of “post”-war violence and insecurity. The most widely known dimension of this violence is the shocking assassination campaign that killed hundreds of Iraqi academics. This paper provides an analysis of violence and insecurity in post-2003 that takes a broader optic and considers multiple forms of vulnerability to attack including insurgencies, sectarian conflict, and criminal violence. It also considers the various responses to the security dilemma taken by Coalition forces – principally counter-terrorism and stabilization efforts – and by Iraqi policy-makers and higher education communities, including security measures, politicization, ethno-sectarianization, and displacement.

Razi's theory has an axiological and epistemological relevance that ethical values are established on knowledge model which is developed by interactive preferences between polity and the value system. The point of departure for the understanding of the differences of Razi's human needs theory vis‐a‐vis the contemporary ideas are the metaphysical principle that underlies the notion of the theory. By means of this principle we come to understand the place of human being in the universe, his function and purpose in life and his final destination, therefore his needs and motivations. Thus an economic system based on Razi's human needs theory is an ethico‐economy which tilts neither toward socialism nor laissez‐faire capitalism. The notion of need can be interpreted as a reaction against allegedly value‐free or value‐neutral approaches in the social sciences. In this sense, the work of Razi can be most usefully seen as part of those ethical ideas which he invoked in the 12th century. Razi's writing on ethics that very closely related to philosophy is much less well known. Yet it is essential in an attempt to evaluate his contribution to the development of Islamic thought. The scope of his writings is remarkable, ranging from his early analyses of theological and legal controversies in the eastern part of the Muslim world, through a book on Qur'anic Exegesis and ethics; from medical sciences to his sustained polemic on credology and philosophy. In short, his writings embrace diversity of areas, from theology to philosophy, from natural to applied sciences including chemistry, astronomy and medicine. In his writings, he succeeded in proving his claim that excellence and perfection of man are not realized by means of bodily sensual pleasure. Rather, it is realized instead, by means of knowledge, power and excellent manners. This paper gives an account of the relevancies of knowledge‐based world view in the light of Razi's view of human needs. In dealing with this topic, two questions are explored: (1) what is his view of human needs? and, (2) what is the relevance of his view to ethics and economics?

This study argues that in order to address the problems associated with the modern market economy at their core, such as persistent poverty, growing inequality and environmental degradation, it is imperative to re-assess the well-being and moral philosophy underpinning economic thinking. The author attempts to offer a preliminary way forward with reference to the Islamic intellectual tradition.

This study employs content analysis of classical and contemporary Islamic texts on human well-being and economic ethics to derive a conceptual well-being model. The paper is structured in four sections: section one provides an overview of relevant secondary literature on moral economic approaches; section two outlines the main well-being frameworks; section three discusses the concept of human well-being in Islam informed by the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqās_.id al-Sharīʿah); and finally, section four discusses policy implications and next steps forward.

A conceptual model of human well-being from an Islamic perspective is developed by integrating philosophical insights of happiness (saʿādah) with an objective list of five essential goods: religion (Dīn), self (Nafs), intellect ('Aql), progeny (Nasl) and wealth (Māl) that correspond to spiritual, physical and psychological, intellectual, familial and social, and material well-being, respectively.

Further research is needed to translate this conceptual model into a composite well-being index to inform policy and practice.

This model can be used to review the performance of the Islamic finance sector, not solely in terms of growth and profitability, but in terms of realising human necessities, needs and refinements. It can also provide the basis for the Organisation of Islamic Co-operation (OIC) countries to jointly develop a well-being index to guide national and regional co-operation. More generally, this study highlights the need for research in Islamic economics to be more firmly rooted within Islamic ontology and epistemology, while simultaneously engaging in productive dialogue with other moral schools of economic thought to offer practical solutions to contemporary challenges.

This study offers three aspects of originality. First, by outlining well-being frameworks, it highlights key differences between the utilitarian understanding of well-being underpinning modern economic theory and virtue-based understandings, such as the Aristotelian, Christian and Islamic approaches. Second, it provides a well-being model from an Islamic perspective by integrating the Islamic worldview of tawḥīd, the Islamic philosophy of saʿādah, and the higher objectives of Islamic Law (maqāṣid al-Sharīʿah). Third, it proposes an ethical framework for informing economic policy and practice.

In order to fulfill the Shari'ah objective of promoting the welfare of society, institutions offering Islamic financial services (IIFS) are expected to consciously align their decisions and actions so that they are “socially responsible”. An integral policy approach towards corporate social responsibility (CSR) would constitute assigning explicit social objectives to IIFS over and above their economic, legal, Shari'ah, and ethical responsibilities. Alternatively, the task of undertaking socially‐oriented projects could be argued to be a discretionary responsibility of IIFS, with the objective of CSR being sought merely as a peripheral practice. Recent debates on the evolution of the practice of Islamic finance highlighted the profit and economic efficiency motives of IIFS rather than their concern for socio‐economic equity and welfare. A divergence between the economics literature on Islamic finance and the course taken by the practical field of Islamic banking and finance has been argued to be arising over the years. An assessment of this contention motivates this study. The paper aims to discuss these issues.

The study seeks to assess the corporate social performance (CSP) of a sample of 46 IIFS, located worldwide, which have responded to a questionnaire survey and whose CSR practices have been further verified by content analysis.

The findings revealed that the majority of the Islamic financial practitioners believed in attributing an integrated social role to IIFS. However, the practices of the IIFS reflected a more limited approach to CSR. Most of the IIFS were observed to be focused on meeting their legal, economic and Shari'ah responsibilities, that is, were concerned with the goals of profit maximisation and for their transactions to meet Shari'ah compliance. CSR was practised as a peripheral activity by the IIFS as opposed to being an integral, well thought‐out and deliberate policy decision of management.

If the welfare of Muslim communities and general human well‐being are to be promoted by IIFS – in line with the maqasid al‐Shari'ah – this study questions whether the organisational structure of IIFS should be revisited and be re‐orientated to facilitate their efficient performance in terms of contribution towards social development and human well‐being. The question about the most appropriate business model of the Islamic finance practice that will bring about such a socially responsible outcome is yet to be resolved. This could be an important area for future research.

This study rises to the call of some Islamic researchers who voiced out the need to assess the performance of IIFS vis‐à‐vis their social objectives. The study is among the pioneers to quantify CSR practices of IIFS by conducting an empirical analysis on the CSP of the IIFS.