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The purpose of this paper is to provide explanation for the economic development of the earliest Islamic state. It focuses on the role of human capital as the most important element of this model and focuses on four dimensions of development of human personality in Islam: the incentive structure, rules of behavior, institutions and policies.

A review and analysis of the measures and policies that Prophet of Islam and his successors adopted are made to arrive at the underlying economic model of development.

The major finding is the role of human capital in the development of the economy at that time.

The contribution of the paper is to identify the critical role of education and skills for the development of the economy at present.

Governing principles of the world countries' current foreign policies are based on nationalism and in the realization of this aspiration, human rights in other countries are less considered and demands of national interests on other issues are surpassed. Islam, in principle, is opposite to this approach. However, national interests are important in Islam, but Islam does not try to achieve this target by destruction of other countries and rights violations of their peoples. Interests of Islam's government are based on expediency of humankind as a whole and its foreign policy should be arranged in a way to fulfill this target. In this regard, the purpose of this paper is to introduce the basic principles of foreign policy in Islam based on the Sufi standpoint.

Islam aims to improve humanities based on moralities and spiritualities. Some principles for reaching this goal based on Islamic Sufism standpoints are provided.

In total, 32 principles are introduced.

Comparative researches in other religions' Gnosticism will be helpful.

These principles can be used for applied debates in the field and be ended to new international regulations.

Delicateness, truthfulness, and righteousness of Islamic Sufism, may turn the attentions of scholars and researchers to this viewpoint, and enable a new set of regulations to be codified.

Political scientists have not touched the topic from a Sufi point of view. This paper brings this approach to a new challenging arena.

Organizations manipulate themselves as per the legal, political, and social values of the particular country where they operate. As a result, the operations and human resources (HRs) of business corporations are handled as the environmental fabric of that country suggests. The purpose of this paper is to develop a conceptual framework describing the aspects of modern day human resource management (HRM) and HRM from Islamic perspective.

The framework is presented in five broad categories – the message of Islam, Islam in different nations, Islam and work, Islam and managerial dimensions, and Islam and HRM practices. Secondary data have been used to gain knowledge about teachings of Islam and how they can be practiced in order to manage HR effectively. Detailed discussion has been incorporated regarding the Islamic culture and how it can be practiced in the organizations while conducting different HR activities. It has been kept in mind to maintain the originality of the paper though any changes in the message of Quran and Prophet (s.a.w.) cannot be incorporated. If the organizations will be managed from Islamic perspective, managers will not only gain success but will also be at peace knowing that they are doing work for Allah.

This paper concludes Islam is more a “way of life” than a mere religion. In a nutshell, it teaches how a believer has to oblige to the commitment to his faith. Businessmen believe materialistic accumulation is all they are living for. But in reality, it is temporary. Their good deeds and behavior with people irrespective of any discrimination will remain forever.

A conceptual model of HRM and Islam is presented that provides an explanation of the linkage between the two.

The evolution of property right institutions and their consequence on investment decisions are central issues in the political economy of development. Effective and well‐defined property rights are deemed essential in providing the preconditions for economic growth. The importance of property right arrangements stems from the fact that they impact and alter the distribution of income. Economists are, therefore, in agreement that market transactions are more efficient when property rights are enforced. According to North and Thomas (1973), observed variations in economic performance across countries were related to the presence (or absence, for that matter) of property right institutions. Recently, Beseley (1995), and Feder and Feeny (1991), have argued that economic development and well‐established property right institutions are positively correlated. Meanwhile, there are two arguments in the literature in favour of establishing property rights institutions. First, assigning ownership of valuable assets and designating the parties bearing the rewards and costs is expected to strengthen market forces. In particular, the private control over assets and the ability to reap the rewards from exploiting these assets create incentives for investment and production. Second, enforcing contractual agreements is expected to provide economic agents with the incentives to use resources effectively and efficiently. When property rights are poorly defined, contracts become hard to enforce and fraud and corruption go unpunished. Bureaucrats responsible for formulating government policies will use their positions to influence the allocation of resources whereby, business managers find themselves forced to buy favours. The need to pay substantial bribes will, therefore, reduce the entrepreneur's incentives to invest and impose a significant burden on economic growth. Empirical evidence based on cross‐country comparisons does indeed suggest that corruption has large, adverse effects on private investment and economic growth. Mauro (1996) showed that when a country improves its standing on the corruption index, say, from 6 to 8 (0 being the most corrupt, 10 the least) it will experience a 4 percentage point increase in its investment rate and a 0.5 percentage point increase in its annual per capita GDP growth rate. These large effects suggest that policies that establish institutions to curb corruption could have significant payoffs. Political corruption will also undercut the government's ability to raise revenues from issuing licenses and permits, and lead to ever‐higher tax rates being levied on fewer and fewer taxpayers. This, in turn, reduces the government's ability to provide essential public goods, including the rule of law. When institutions are weak, bribes can alter outcomes of the legal and regulatory process by inducing the government either to fail to stop illegal activities (such as drug dealing or pollution) or unduly favour one party over another in court cases or other legal proceedings. Furthermore, theoretical and empirical studies have shown that corruption and political control usually raise transaction costs, uncertainty, and are associated with free‐rider problems. These costs will, therefore, constitute a dead‐weight loss to the society. Unless political and economic reforms are made, these inefficiencies will certainly hamper growth and development.

This article examines the feasibility of Islamic economic system in a modern economy. Contemporary economic system is sophisticated and very complex. Islam established the foundations of its economic system fourteen hundred years ago and its principles are deemed straightforward and simple. So the question arises: How can such a straightforward and simple system handle the complicated problems of a modern economy? This question is addressed here using the problems of poverty and inequity in the USA as an illustration. The choice of the USA is based on the level of its affluence and technological development, but its failure to eliminate the scourge of chronic poverty in spite of the availability of the means to do what. I first show the nature of the problems in terms of poverty, hunger, homelessness, lack of medical care, and inequity in the distribution of income and wealth, in stark contradiction to the affluence of the country. Then I demonstrate how the application of the Islamic principles can, within a very short time, solve these problems without at all stifling the prosperity of the society. This conclusion, however, should not be misconstrued as if Islam cannot deal with the problems in the context of developing countries — Islamic principles worked like miracles in solving these and other problems with the least amount of resources during the early days of Islam.

This paper aims to apply the doctrine of siyasah shariyyah to a policy proposal in the area of monetary economics, namely, the Grondona system of conditional currency convertibility, which has been proposed as a practical means of resisting the economic instability caused by the present-day fiat money system.

The paper uses library research to review the literature relevant to the Grondona system, and examines the extent to which its operations conform to the principle of siyasah shariyyah, thereby encouraging Maslahah, i.e. the public interest.

It has been found that the Grondona system conforms to the philosophy of siyasah shariyyah because it promotes public welfare in a number of ways. First, it is based on the fundamental principle of Prophet Yusuf’s/Joseph (peace be upon him) economic planning, which is accumulating reserves of primary commodities during times of plenty and releasing those reserves of commodities during periods of scarcity. Second, it provides the necessary linkage between the monetary world and the real economy. Third, it could be implemented in parallel with the existing monetary system by using the national currency. Fourth, it would help the least developed countries of the world, which mainly depend on exports of primary commodities (mostly agricultural).

Because of the chosen research approach, this research study is theoretical in nature. Therefore, researchers are encouraged to evaluate the system from economic perspective based on simulation for the purpose of possible implementation.

The paper includes important implications for the policymakers in the Organization of Islamic Cooperation countries for the possible implementation of Grondona system.

This paper fulfils an identified need to apply the philosophy of siyasah shariyyah to the area of monetary economics.

This paper debates the Islamic perspective on the work ethics employed in an organization. It aims to discuss the issues of assumptions involving the Islamic Work Ethic (IWE). Therefore, this paper addresses the gap in the management literature and suggests a group of dimensions from fundamentals of Islam.

The paper reviews the foundations of IWE and investigates various empirical studies conducted in several countries. Then, briefly presents a short historical and conceptual review of the work ethic construct, suggests a general conceptual definition of work ethic, and offers multidimensional model including a series of constructs which can enable researchers to evaluate and measure work ethic in Islamic societies.

The study reveals that there is an evidence of ethics formulation depending on Islamic literature which constructs Islamic values for work. This paper proposes new perspective about the right ethics of work in Islam. Further, multidimensional model including 18 dimensions has been developed to evaluate work ethic in Islamic societies.

This field needs to reconsider the constructs of IWEs where it is far from reflecting Islamic theory. This paper presents new dimensions which can be utilized to enrich this area.

This is one of the few attempts to suggest the appropriate constructs of IWE in the management literature. It provides 18 elements responsible and have the promise to strengthen individual transparency and morally which eventually enhance economic progress in Islamic world.