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Human development is the most modern development approach. However, the proposed human development indexes for implementation of Islamic human resource management (HRM) do not suffice to realize the Islamic developed society. The purpose of this paper is to investigate the economic‐managerial indexes of human development based on HRM from the viewpoint of Islam and The Quran.

This paper applies the hermeneutic method and considers the question: “what are the proper human resource (HR) economic‐managerial indexes from the viewpoint of Islam?”.

Referring to the Islamic development basics and goals, it analyzes economic interaction among Muslim activists in an objective situation of the human development from the viewpoint of Islam and finally, it proposes human development economic‐managerial indexes among other required indexes, through planning an acceptable economic quasi‐system.

In the Islamic approach, human development occurs when a person's capacities improve so that he/she becomes able to manage internal and external contradictions and conflicts; and steps forward in the route of the faith and the righteous deed and in the space of the widespread justice to reach the God proximity and to replace the natural life by the Hayat‐e‐Tayyebeh.

Given the fact that the Islamic economic paradigm differs from the secular capitalist paradigm in terms of its emphasis on morality and spirituality, the author thinks that the current Human Development Index (HDI) does not capture human development from an Islamic perspective. The purpose of this paper is twofold: first, to provide a paradigmatic, theoretical, and conceptual model for the suggested Islamic HDI (iHDI) and second, to present several proxy variables for multi-dimensional iHDI and test the proposed index through empirical data for ten Muslim countries.

The author developed eight-dimensional composite iHDIs based on the understanding of human nature from the Tawhidi anthropology. These dimensions included physical, reasoning, spiritual, ethical, animal, social, deciding, and oppressive selves. The author measured them using nine different indices, three of which came from the conventional HDI (cHDI). The author then compared the rankings of those Muslim countries in iHDI to those in cHDI.

The iHDI rankings for all Muslim countries except two differed from those in cHDI. The difference was more substantial for countries with higher economic development. Thus, improved cHDI rankings for Muslim countries based on their economic development do not necessarily mean that they move toward ideal human development. This finding confirms the need for an alternative human development indexing approach from an Islamic perspective.

The paper is likely to initiate movement to develop an alternative HDI from Islamic perspective.

The paper findings have important policy implications for Muslim countries.

It is the first empirical paper showing how to develop an alternative HDI from an Islamic perspective.

The purpose of this paper is to analyze the human capital theory from an Islamic perspective. It studies the primary sources of Islam to discover its contribution towards human capital development.

The paper adopts inductive and analytical method to interpret Islamic viewpoints towards human capital development. It studies the classical and modern sources of Islamic law and analyzes scholars' opinions.

In fact, human capital theory has a different understanding in Islam, due to its different objectives. However, it resembles the conventional theory in the way that it urges the development of human beings in education, skills and abilities. Islamic teachings contribute a lot to foster development among the individuals in every aspect of their lives. The way Islam gives incentive to development is unique; because, with the improvement of education, good skills, work and production, physical health and perfection, it is concerned about the moral and ethical development of employees, which is no doubt having a great effect in the development of the organization. Moreover, Islamic society plays an important role in nurturing enthusiastic and competent individuals.

It is expected that the paper would be of interest to Muslim authorities, as a means to motivate their employees, as well as to share ideas across the academic disciplines.

The purpose of this paper is to report that the social business model has emerged to mitigate the failure of free-market capitalism driven by self-interest in creating social value. It shows how social business contradicts with free-market capitalism while being compatible with Islamic moral economy due to the axiomatic differences between the two economic systems.

The paper follows conceptual, axiomatic and theoretical approach to show how the social business model contradicts with free-market capitalism, but is compatible with Islamic moral economy. The paper provides a theoretical framework for Islamic social business based on an Islamic human and social development perspective. The paper first discusses the failure of free-market capitalism and the emergence of social business in the capitalist system. It then defines Islamic social business and lays out its axiomatic foundation based on the Islamic worldview. It also presents Islamic financial instruments and funds for social business. Finally, it makes a case for sustainable socioeconomic development and subjective well-being within the Islamic development paradigm.

The paper shows that a cosmetic change to capitalism is not sufficient for enabling the social business model to take the main stage in the free-market system. There is a need for a new paradigm of reality, truth, telos and human nature to support social business. Tawhidi paradigm can be such alternative. The paper makes a strong case for social business from an Islamic worldview. Particularly, certain economic axioms within the Tawhidi anthropology, teleology and axiology provide intrinsic causes for pursuing such business model. The multi-dimensional nature of humans from the Tawhidi anthropology sets the intrinsic foundation for social business. Indeed, although the social business model is new to the West, it has been practiced in certain forms in the Muslim world throughout history. Zakat, sadaqah, and qard hasan can be used to support social business in addition to some Islamic banking instruments. The paper suggests that Muslim countries should embrace the social business model for sustainable development and greater subjective well-being.

The paper is purely theoretical. Future studies might shed light on the issue through empirical evidence.

The paper is likely to enhance the interest in social business in the Muslim world.

The paper has potential to lead the creation of social value through dissemination of the social business model.

The paper contributes the Islamic moral economy doctrine by making a strong case for Islamic social business.

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.

This paper aims to develop an integrated waqf-based Islamic microfinance (IsMF) for poverty reduction in Bangladesh. Microfinance institutions (MFIs) have been constrained by the high cost of funds, high interest rate charges and poor human resource quality of the recipients. Islamic MFIs have recently evolved with the hope of overcoming these financial, ethical and human capital deficiencies faced by the conventional financial institutions. Moreover, a good number of integrated models have been proposed to enhance the role played by Islamic MFIs. Most of these models, however, lack empirical justifications.

The research uses survey techniques. A total of 381 respondents were included in the survey. The integrated waqf-based Islamic microfinance model (IWIMM) was earlier on developed using literature and intellectual discussions. There are six constructs presenting the IWIMM, namely, waqf resources, IsMF, takaful, project financing, human resource development and poverty alleviation. In the survey instrument, 45 items represent the six constructs, but only 26 items have been retained after factor analysis. Structural equation modelling has been adopted to examine the relationship among the constructs.

The results show that there are significant relationships between IsMF and takaful, waqf resources and human resource development, takaful and human resource development, IsMF and human resource development and, waqf resources and project financing. The results also indicate that poverty alleviation is possible through the integration of these constructs.

Though the paper has studied conventional and Islamic MFIs in Bangladesh, one of the populated Organisation of Islamic Cooperation (OIC) member countries and also where poverty incidence is high, further studies need to be conducted in other OIC member countries to adopt the model in line with practical and regulatory environment of those countries. Similarly, the study is based on the perception of the respondents, which limits the generalization of the result.

The paper proposed a model that has the potential of being applied for poverty alleviation programmes in most of the OIC member states.

The present paper has developed an IWIMM for poverty reduction.

Reliance on statistical data on trade and development for Islamic countries cannot forecast the state of the future state of reconstruction of the Muslim World in this field. The limitation here is due to the age‐old debility of the Muslim World to project any significant economic, social and institutional transformation in the light of her own communal interest and self‐reliance. Thus the past economic data on trade and development variables show no pattern of future change. Forecasting with these data simply projects the past state of the Muslim World into the future. For these reasons, a model of reconstruction and transformation of the Muslim World on Islamic grounds necessitates reliance on normative issues. Yet these are issues that are First theoretically modelled and then empirically investigated for viability according to survey data.

The purpose of this paper is to draw a portrait of training and development ideals and practices from the Islamic point of view.

This is a conceptual paper. The paper reviews the relevant literature on training and development from an Islamic perspective portraying the interface between ideals and practices of training and development in Islam in order to bridge a gap in the extant literature.

The literature that deals with training and development in Islam seems to belong to two major categories: essays espousing a broad perspective and including catch‐all concepts or other generic Islamic principles; and studies addressing human resource management in Islam that mainly examine training and development from a narrow perspective. The findings of this limited body of literature are far from being consistent as they seem contradictory in nature. Simultaneously, in the area of training and professional development, Islam emphasizes practical wisdom and translating theoretical insights into behaviors and practices rather than solely relying on theoretical principles.

The literature review is not detailed due to the dearth of information on training and development from an Islamic perspective.

Training and learning methods from the Islamic tradition can provide constructive contribution to workplace practices as well as benefit organizations that anticipate offering efficient and effective custom‐designed training methods to best meet the training needs of their Muslim employees.

The present contribution is a unique synthesis of the literature related to the application of Islamic principles in training and professional development.

The purpose of this paper is to present a concise overview of available research work on Islamic principles related to human resource management (HRM).

With the purpose in view, an effort was made to collect books, journal articles and research papers. The selected works cover the period from 2003 to 2014. The reason behind selection of this period is the fact that during this time, an increased emphasis on religion, particularly Islam, has been felt the world over. The ideas and inferences out of those works have been compiled in a concise and ordered form. Compilation of ideas has been thematically arranged on the basis of different areas of HRM which led to the findings of the study.

Business organizations in Islamic countries or those being managed by the Muslims generally claim to follow Islamic management principles. However, practical adherence to these principles varies in various shades depending on national and organizational culture. The reviewed literature covers the theory of HRM and identifies the Islamic principles related to it. Mostly, the researchers have elaborated the Islamic guidelines related to HRM; however, a few have also ventured to find out practical application of Islamic principles and their efficacy.

Books and articles included in this review do not present wholesome picture. Although random selection from various authors and journals neutralizes the limitation to some extent, a more comprehensive review may improve the findings.

Religion has proven to be a driving force in the display of human commitment and devotion in various forms of competitions including war. Identification of the role of religion in business can open new vistas in HRM. The glimpses of the role of Islam in business, especially HRM, included in this review can have far reaching impact.

Previous studies have challenged the Human Development Index’s (HDI) ability to emulate the achievement of falāh (happiness). This paper aims to evaluate the role of religious values in establishing a positive link between the current measurement of development and falāh.

First, this study derives an improved value-loaded development measure from the concept of Maqasid al-Shari’ah (the higher objectives of Islamic law). Second, this paper compares the calculated Maqasid al-Shari’ah Index (MSI) with the HDI of some Organisation of Islamic Cooperation (OIC) countries by using the parametric pair difference z-test and t-test along with the non-parametric Wilcoxon signed-rank test. Finally, the relationship of both indices and the proxy of falāh are examined by using the ordinary least square and the generalised method of moments estimations.

As far as the religious-led development is concerned, the HDI underestimates OIC countries’ development progress. Here, the MSI can better embody the attainment of falāh than the HDI.

This study only covers limited OIC countries due to the data availability issue.

The cultural-based development stemming from the religious values proves useful for putting the government effort towards the attainment of the objective of human well-being in the right direction.

To the best of the authors’ knowledge, this is the first study examining the empirical relationship between the MSI and falāh.