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Open Access
Article
Publication date: 20 March 2020

Ildus Rafikov and Elmira Akhmetova

The purpose of this paper is to discuss the methodology of integrated knowledge in Islamic economics and finance and seek to offer collective ijtihād as one way to find…

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2038

Abstract

Purpose

The purpose of this paper is to discuss the methodology of integrated knowledge in Islamic economics and finance and seek to offer collective ijtihād as one way to find solutions to the existing problems in the field.

Design/methodology/approach

The study is based on the idea of multidisciplinarity or interdisciplinarity, which uses not only traditional sources of Islam and economics, such as uṣūl al-fiqh, fiqh mu’amalat, econometrics, statistics, microeconomics and macroeconomics but also looks into behavioural and natural sciences for inspiration and solutions. This paper is constructed using the methodology of “the two readings”, as promoted by the International Institute of Islamic Thought, and which combines the revealed and the existential sciences.

Findings

This paper proposes the collaborative multidisciplinary methodology as the main approach to studying the modern problems and challenges, as well as for finding solutions in the fields of Islamic economics and finance.

Practical implications

Studying and researching issues, particularly in the field of Islamic economics and finance, from an interdisciplinary perspective, effectively broadens practical applications and possibilities in Islamic finance.

Originality/value

This paper contributes to social sciences, especially the field of Islamic finance, and calls upon researchers to engage in multidisciplinary studies.

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Article
Publication date: 6 November 2018

Ildus Rafikov and Elmira Akhmetova

This paper aims to examine the concepts of scarcity and abundance from an interdisciplinary perspective. It argues that the idea of economics, as the study of human…

Abstract

Purpose

This paper aims to examine the concepts of scarcity and abundance from an interdisciplinary perspective. It argues that the idea of economics, as the study of human behavior with regard to scarce resources and unlimited wants, leads to competition, confrontation and conflict, whereas the nature of humans is that of kindness, cooperation and sharing.

Design/methodology/approach

The paper uses content analysis of texts from multiple disciplines, using both deductive and inductive logic, to study the situation of scarcity and abundance, explore reasons and offer remedies. The paper consists of seven sections, five of which are the main discussion. Section 2 looks at the concepts of scarcity and abundance. Section 3 presents reasons for scarcity: economic and behavioral. Section 4 discusses the civilization perspective of poverty and wealth. Section 5 briefly looks at sustainable development and good governance. Section 6 argues in favor of simplicity and spirituality as remedies for the problem of scarcity, and Section 7 concludes the paper.

Findings

The paper demonstrates the relativity of the concepts of scarcity and abundance, points out the paradox of the modern consumer economies and argues that simplicity, spirituality and universal values are necessary to remedy the ills of overconsumption/overproduction, waste and inequality.

Originality/value

This paper offers spirituality and ethics-based remedies for the negative consequences of neo-classical economics and social Darwinism.

Details

International Journal of Ethics and Systems, vol. 35 no. 1
Type: Research Article
ISSN: 0828-8666

Keywords

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Article
Publication date: 13 February 2017

Ildus Rafikov and Buerhan Saiti

This paper aims to discuss the topic of financial speculation with special reference to forex and offers an analysis from the Maqasid Al-Shariah perspective, whereby…

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1106

Abstract

Purpose

This paper aims to discuss the topic of financial speculation with special reference to forex and offers an analysis from the Maqasid Al-Shariah perspective, whereby authors propose to limit the outreach of speculative instruments in the financial markets.

Design/methodology/approach

The authors will make use of a simple textual analysis of existing materials and documents. To come up with conclusions, relevant to this study and to make them credible enough, the authors will undertake to review the existing literature in the next part of the paper and will later present his analysis of findings in light of financial crises and the objectives of Shariah.

Findings

The Maqasid Al-Shariah approach used in the analysis suggests that speculative financial instruments do not constitute a necessity, and their harmful practice must be limited to protect the religion, life, lineage, intellect and property.

Originality/value

Financial speculation in general and foreign exchange in particular must be regulated. Their current practices of financial system pose significant challenges for entire economies as well as individuals. Muslims should also avoid speculative financial instruments, such as forex, because they are a clear threat to individual and state wealth and prosperity. In addition, they threaten traditional businesses and social norms in Muslim societies.

Details

Humanomics, vol. 33 no. 1
Type: Research Article
ISSN: 0828-8666

Keywords

Open Access
Article
Publication date: 25 June 2020

Beebee Salma Sairally

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222

Abstract

Details

ISRA International Journal of Islamic Finance, vol. 12 no. 1
Type: Research Article
ISSN: 0128-1976

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