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Article
Publication date: 18 August 2022

Hafas Furqani and Mohamed Aslam Haneef

This paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches…

Abstract

Purpose

This paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches proposed by Islamic economists.

Design/methodology/approach

The paper is a conceptual paper using discursive analysis analysing the perspective and approaches proposed by Islamic economists in defining economic problems from an Islamic perspective. The perspective and approaches proposed are classified and analysed for their implications in constructing the subject matter of discipline.

Findings

Islamic economics, as a new body of knowledge, needs to clarify the economic problems that will be its subject matter. The paper brings an insight into the subject matter of Islamic economics as conceived by scholars in two approaches, namely, economic problems “as they are” and economic problems “as they should be”. The paper also proposes a unified perspective in defining the subject matter of Islamic economics for further development of the discipline.

Research limitations/implications

This paper only provides philosophical guidance for researchers in mapping the problems and the goals of the policy being studied, although it does not offer any practical use for policymaking as each policy is faced with different and specific cases. This paper may be used to assist future researchers in shaping other unexplored fields in Islamic economics as a body of knowledge.

Practical implications

Islamic economics as a discipline will be strengthened if it has a clear subject matter that will be the object of study. However, the conception of economic problems proposed by Islamic economists is based on life-reality, i.e. of what human beings face in their life (practical-type economic problems as they are) and based on life guidance from the Qur’an on how human beings should live as well as life-objectives, i.e. of what goals he should strive for (ideal-type economic problems as they ought to be) brings implication that there are differences in determining the object of study of Islamic economics.

Originality/value

This paper promotes the unification of two conceptions of economic problems proposed by scholars by defining Islamic economics as “a study of resource appropriation to realize human well-being (maslahah)”. This suggests that economic problems as manifested in life reality will be studied within the grand objective of life in Islam (maqasid al-Shariah), and economic problems as perceived in life goals will be studied in the context of life reality. Islamic economic theory will be formulated not only to solve the apparent problem of “what is” but also formulated in a way that refers to goals (ideals) of “what ought to be” that will provide solutions to current economic problems according to certain vision and to take steps to move in that visionary direction.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 11 May 2015

Amir Wahbalbari, Zakaria Bahari and Norzarina Mohd-Zaharim

The aim of this paper is to reconcile the diverging opinions among Islamic economists toward the concept of scarcity and to present a holistic model of scarcity and…

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Abstract

Purpose

The aim of this paper is to reconcile the diverging opinions among Islamic economists toward the concept of scarcity and to present a holistic model of scarcity and abundance from a Qur’anic perspective.

Design/methodology/approach

Analyses of both interviews and texts were performed. The method in studying scarcity from Islamic perspective consisted of semi-structured interview with five experts in the field of Islamic economics and development.

Findings

One major implication of this study is that the concept of scarcity as it is postulated by mainstream economics tends to clash with the Islamic worldview, as it does not have any reference in Islam. Scarcity can act as a phenomenon in economic activities but not as the defining concept in Islamic economics.

Practical implications

Practically, this paper will contribute to the making of the first lecture of the course of Islamic economics.

Social implications

Socially, this paper will contribute to the process of transforming the science of economics and Islamic economics for a sustainable tomorrow.

Originality/value

This paper is a fundamental paper that addresses some aspects from critical realism and transcendental idealism into the making of Islamic economics. Not only that the discussion on the concept of scarcity in Islamic economics is limited and seems to be lacking; in addition, this paper offers a critical discussion on the validity of the concept of scarcity in economics from a critical perspective.

Details

Humanomics, vol. 31 no. 2
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 13 February 2017

Sulaiman Abdullah Saif Al-Nasser Mohammed and Joriah Muhammed

In relation to the critical problem, this paper aims to present an understanding of the agency theory and the stakeholder theory from the perspective of the Islamic

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Abstract

Purpose

In relation to the critical problem, this paper aims to present an understanding of the agency theory and the stakeholder theory from the perspective of the Islamic principles. Indeed, a thorough examination of the theoretical background explaining corporate governance from the Islamic perspective is necessary to conduct research analysing corporate governance in Islamic banks.

Design/methodology/approach

The authors followed a critical review discussion; this method takes into consideration presenting important theories and comparing those theories with Islamic perspective.

Findings

The authors presented important arguments on the difference between ordinary theories to explaining corporate governance and Islamic perspective. The paper browsed into whether the Shariah Supervisory Board is a fit with the agency theory by explaining the agency theory and how it differs from the Islamic banking concepts. The paper involved an analytical review on stakeholder theory and presented a critique and the rationale as to why there is ample room for the Shariah Supervisory Board to be considered a fit with the stakeholder theory, as the Shariah Supervisory Board is an independent body influencing the firm.

Originality/value

The paper is of important value to those conducting research in the area of governance in Islamic banks; they may find it beneficial in terms of underlining theory building their research framework.

Details

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

Keywords

Article
Publication date: 13 March 2009

Khaliq Ahmad

The purpose of this paper is to compare and contrast conventional management thought, its main features of leadership, and work motivation with those from an Islamic

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Abstract

Purpose

The purpose of this paper is to compare and contrast conventional management thought, its main features of leadership, and work motivation with those from an Islamic perspective. The paper fills in the literature gap that exists, despite the growing importance of a need for knowledge on management from an Islamic perspective.

Design/methodology/approach

This paper is conceptual in nature. Therefore, the method adopted is descriptive and approached using revealed knowledge sources, as well as knowledge from conventional management literature from the cultural school of management thought.

Findings

Leadership and motivational concepts in Islamic management are more comprehensive than the conventional theories. Islamic motivation frameworks also provide fundamentals for developing a strong Islamic leadership. Implications of these Islamic management concepts are not only confined to this materialistic world but also have connotation for subscribers of the belief of attaining eternal success in the hereafter.

Originality/value

The paper gives a better understanding and guidelines for managers of multinational corporations, especially those working in Muslim countries, in order to achieve their corporate objectives successfully.

Details

International Journal of Commerce and Management, vol. 19 no. 1
Type: Research Article
ISSN: 1056-9219

Keywords

Article
Publication date: 7 August 2018

Yazeed Alfakhri, Mohammad Nurunnabi and Demah Alfakhri

In response to the scarcity of research on Islamic corporate social responsibility (CSR), the purpose of this paper is to explore how young Saudi consumers perceive CSR…

Abstract

Purpose

In response to the scarcity of research on Islamic corporate social responsibility (CSR), the purpose of this paper is to explore how young Saudi consumers perceive CSR from an Islamic perspective. The study is focused on Saudi Arabia, a Muslim country, and the largest exporter of petroleum in the world.

Design/methodology/approach

The present study uses a qualitative methodology with 34 in-depth interviews undertaken in two major Saudi cities (Tabouk and Riyadh).

Findings

Utilising social contract theory, this study contributes to the literature by developing an Islamic “CSR Tree” model (which consists of three parts: “roots”, “trunk”, and “crown”) to increase the understanding of Islamic CSR (i-CSR) and consumer behaviour. The roots are hidden, while the trunk and crown are visible. In particular, private social responsibility (the roots of the CSR Tree) incorporating Sadaqa, or values and intention, is the fundamental component on which organisations should base their CSR strategy from an Islamic perspective. The study also reveals that internal, external, and private social responsibilities are connected, and all are dependent on each other. The higher the level of private social responsibility exhibited, the higher the level of external social responsibility.

Originality/value

According to the CSR Tree model presented in this study, an organisation should avoid Riya (showing off) as this would represent shirk or idolatry, which is the opposite of Tawhid. The findings are particularly relevant for advancing the concept of i-CSR and for considering complex perspectives less travelled in the CSR literature. The study suggests that the best strategy for an organisation wishing to pursue an i-CSR agenda would be to balance internal and external responsibilities, and to bear in mind that private responsibility should be the motivation for action, and that CSR should be applied for the benefit of society.

Details

International Journal of Social Economics, vol. 45 no. 12
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 4 March 2014

Djavlonbek Kadirov

– The purpose of the article is to propose and develop a distinct perspective in Islamic marketing research through fusing the Islamic paradigm and the macromarketing theory.

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Abstract

Purpose

The purpose of the article is to propose and develop a distinct perspective in Islamic marketing research through fusing the Islamic paradigm and the macromarketing theory.

Design/methodology/approach

This is a conceptual article that is based on intellectualising and reflecting on differences in understanding what marketing is and what role it plays in society.

Findings

The article reveals some commonality of purpose between the macromarketing discipline and Islamic macromarketing, while the latter field of inquiry offers a unique outlook to a number of domain-specific issues.

Research limitations/implications

The characterisation of Islamic macromarketing will open new avenues for future research and will make researchers more theoretically sensitive to ontological and epistemological assumptions that underlie marketing investigations. The limitation of the present discussion is that Islamic macromarketing may not have yet emerged as a separate discipline. Additionally, research on genuinely macromarketing issues in Islamic contexts is very sparse.

Practical implications

Muslim practitioners and managers are to realise that the means and ends of marketing are better understood if viewed from a broader perspective of marketing's impact and consequences on society. By adopting the Islamic macromarketing perspective, public, societal institutions, business stakeholders, and managers will find a better platform to cooperate on maximising the realisation of hasanah (excellence) for all.

Originality/value

This article contributes to the discipline by introducing and characterising a potentially new field of marketing inquiry.

Details

Journal of Islamic Marketing, vol. 5 no. 1
Type: Research Article
ISSN: 1759-0833

Keywords

Article
Publication date: 8 October 2020

Ahmad Baehaqi, M. Nur A. Birton and Fahmi Ali Hudaefi

This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid…

Abstract

Purpose

This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah (objective of Islamic law) explained by Ibn ‘Ashur. The analysis is important as this concept has been adopted in the practice of Islamic accounting measurement.

Design/methodology/approach

This paper uses qualitative research approach. The authors first review literature related to TVM in Islamic perspective to understand the extent to which the scholarly articles have been discussing this topic. Furthermore, the authors conduct face-to-face interviews with the experts to comprehend the means of TVM application in the recent Islamic accounting practices. The tawhid (monotheistic) paradigm is further used with special reference to the concept of maqāṣid al-Sharī‘ah of Ibn ‘Ashur to critically analyse the practice of TVM in Islamic accounting measurement.

Findings

This study identifies the opposing views among the experts on the topic of TVM from the Islamic perspective. That is, the experts’ opinion on this issue can be classified into two. Firstly, a view that rejects TVM and proposes the concept of economic value of time. Secondly, an opinion that recognises TVM with the basis of bay’ al-mu’ajjal (deferred sale). This paper further critically analyses these two opposing opinions. The discussion is established based on the theory of maqāṣid al-Sharī‘ah as explained by Ibn ‘Ashur and the excerpts from interviewing the experts. This work draws a conclusion that such PV-based measurement of TVM does not meet the Islamic principles explained in the theory of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Thus, the practice of PV measurement in Islamic accounting is debatable.

Research limitations/implications

This study does not establish a positivism discussion. It is thus the generalisation of this work is not applicable to the Islamic perspective in general. Rather, it is limited to Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

Practical implications

An analysis of PV measurement adoption in Islamic accounting from maqāṣid al-Sharī‘ah perspective is practically important to raise the awareness that such practice is debatable in Islamic principles. That is, such debate opens new arena for academics, industry professionals and other related stakeholders to further discuss an ideal practice of Islamic accounting.

Originality/value

This paper is among the pioneers that analyses the concept of TVM, in particular relation to PV measurement in Islamic accounting practice from the perspective of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 9
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 19 October 2012

Abderrahman Hassi

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

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Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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

Practical implications

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.

Originality/value

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

Details

Journal of Management Development, vol. 31 no. 10
Type: Research Article
ISSN: 0262-1711

Keywords

Article
Publication date: 12 June 2017

Noha M. El-Bassiouny, Jonathan A.J. Wilson and Suzan Esmat

The purpose of this paper is to present a new conceptualization of sustainability. The authors adopt a macromarketing perspective based on Islamic traditions while delving…

Abstract

Purpose

The purpose of this paper is to present a new conceptualization of sustainability. The authors adopt a macromarketing perspective based on Islamic traditions while delving into divine attributes (AsmaaAllah-ul-Husna) as an extension to the foundational principle of God-consciousness that lies at the heart of Islamic theology and jurisprudence.

Design/methodology/approach

This approach relies on identifying and extending the conceptual overlaps between the literature domains of sustainability, Islamic macromarketing and Islamic theology.

Findings

Through adopting an Islamic lens, the authors identify that relating to divinity empowers the Muslim faithful to mediate between the transient and transcendent, and to make judgments according to the attributes of their creator Allah (the Abrahamic monotheistic God).

Research limitations/implications

The paper adopts a conceptual approach that expands the concept of sustainability from an Islamic perspective to take on a holistic systems approach.

Practical implications

By making these links, the implications are fivefold: the imperative to strive for sustainable activities has greater resonance; the remit of sustainability is wider; the time horizon for accountability is extended; greater risk-tasking is encouraged; and, finally, sustainability is embedded and diffused throughout business activities – as opposed to being an upstream strategic objective.

Social implications

The merge in conceptualization between sustainability and Islamic macromarketing can prove relevant to scholars delving into the new realm of Islamic macromarketing, as well as to both Muslim and non-Muslim communities in their quest for sustainable development.

Originality/value

The paper is original in identifying an unprecedented perspective on sustainability, namely, “Islamic-macromarketing sustainability”, which warrants further future research related to the different stakeholders involved in the Islamic macromarketing system.

Details

Journal of Islamic Marketing, vol. 8 no. 2
Type: Research Article
ISSN: 1759-0833

Keywords

Article
Publication date: 1 March 2006

Masudul Alam Choudhury and Mohammad Ziaul Hoque

The purpose of this conceptual paper is to develop a discussion expounding the Islamic perspective of corporate governance as a special case of a broader decision‐making

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Abstract

Purpose

The purpose of this conceptual paper is to develop a discussion expounding the Islamic perspective of corporate governance as a special case of a broader decision‐making theory that uses the premise of Islamic socio‐scientific epistemology. Islamic epistemology is premised on the divine oneness of God. The worldly explanation of divine unity is done by means of specific laws and instruments that make the Islamic epistemology functionally viable in developing, implementing and inferring from the application of the epistemological rules to different issues. In the present case the issue is of corporate governance.

Design/methodology/approach

The development and conclusions of this discursive paper as a conceptual one point out the possible application of a process‐oriented epistemology of unity of knowledge to corporate governance. The underlying methodology of institutional discourse and integration with dynamic parameters is formalized.

Findings

The end results of the conceptual framework of this paper on corporate governance are contrasted with the approach to corporate governance in mainstream literature. Also the same Islamic theoretical and philosophical background of corporate governance is examined from the dual (mixed) Islamic economic and institutional perspective.

Practical implications

The practical implications of the Islamic idea of corporate governance are immense in studying transaction cost minimization in decision‐making environments. In this regard it is argued that the theory of Islamic corporate governance presents a discursive process, transparency and institutional participation that reduce transaction costs.

Originality/value

The paper contributes fresh knowledge in corporate governance theory in the light of two central issues. First, an organic preference formation is studied by a process model. Second, transaction cost is minimized while pursuing a discursive and participatory model of decision making in an environment governed by the systemic meaning of unity of knowledge as its episteme. Relevant institutional policies can be developed in the light of such systemic discursion under the episteme of unity of knowledge understood and applied in the systemic organic sense.

Details

Corporate Governance: The international journal of business in society, vol. 6 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

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