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Undertakes a critical review of the book, Muslims in Europe , to bring out the localized analysis of Islam and Muslims in contemporary Europe which is given in much of the occidentalist literature. Shows that such a localized view does not represent the true character of the global Islamic revivalism in the post‐Cold War period, in which the phenomenon of Muslims in Europe is to be examined. Examines the alternative view of this global approach to the study of Muslims in Europe. In this context the alternative assumes the presentation of an Islamic sub‐nation model and its grass‐roots world view. Shows that the model is a globally interactive system, based on a knowledge‐centred universality. In the light of this, examines Islamic future in Europe and its relationship with dominant European governments.

This paper addresses three interrelated objectives. The approach is philosophical and comparative. As far as possible the Islamic arguments of the paper are derived from the Quran.

A theoretical methodology premised on the epistemology of divine unity as the world view of all Islamic socio‐scientific inquiry, is introduced. This general theory based on the knowledge‐centred interactive, integrative and evolutionary process of social becoming is next formulated for the specific case of capital markets. The methodology premised on unity and unification of knowledge is shown to be a universal application interconnecting science and society through a process‐oriented knowledge‐centred model. Finally, the generalized theoretical methodology and its specification to the case of Islamic capital market is used to critically evaluate Malaysia’s Islamization program, specially during the heady days of her stock market and currency turmoils. Alternative policy recommendations are provided for a newer outlook on Malaysian development and capital market Islamization programs. A general inference is thus derived and conveyed to the field of capital market stability arising from a direct linkage between real sectoral activities and endogenous money as store of value of real transactions. The approach of this paper being epistemological in nature, it undertakes a fundamental look at Qur’an and Sunnah for developing shari’ah‐rules (Islamic law), i.e. ahkam as‐shari’ah (rules derived from shari’ah), in the area of socio‐scientific inquiry in general and Islamic capital market in particular.

It is axiomatic that, like other fields in the Social Sciences, value‐free development is non‐existent. A Growth or Redistribution‐With‐Growth Strategy, for instance, could not exist independently of the Neo‐Classical values. So are the Structuralist and Dependency Strategies: they did not emerge independently of the Marxist or Neo‐Marxist values. Irrespective of its origins, these mainstream development strategies have been associated with values of their own ideological world‐view especially when local customs and traditions involving indigenization of development are added, or independently, based on religious doctrines. All are obviously value‐loaded.

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.

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.

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.

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

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

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.

The purpose of this paper is to address the issue of environmental development in view of the Islamic ethical responsibilities, and the extent to which businesses should be involved in environment development activities will be addressed.

This study integrates the mainstream and Islamic positions on the subject of the environment and sustainable development based on published literature and argues that whichever definition of environmental development one might subscribe to eventually each arrives at an environmental concern. It takes inspiration from the verses of the Holy Quran and ethics of the sayings of Prophet Muhammad (peace be upon him) in respect of environment and business that indicate a way out of this impasse.

This study shows that the Islamic approach is more agreeable to environmental protection, and the issues associated with environmental and sustainable development have moral, ethical and social responsibilities, and the businesses should have on intense commitment to Islamic ethics in justice and welfare of human beings. Because of environmental ethics in Islam, and the value chain of suppliers through customers, businesses should be aware of the environmental aspects and impacts of their companies.

This paper enhances the understanding of Islamic ethical responsibilities in business, environmental and sustainable development and attempts to show attributes of the various levels of behaviour of an organisation.

Capitalism is fundamentally an economics of producers that has always served the cause of producers. Its special concern for economizing the production process in the guise of economic efficiency went always in favor of producers at the cost of interests of workers and consumers thereby creating a strong sense of economic deprivation in the conscience of workers and low‐income consumers who generally constitute the majority of the population in almost all the developed countries including the United States of America. It is this growing sense of economic deprivation that can be easily observed, especially in the big cities of the United States of America, as a catalyst for Marxist reaction. The Marxist fruit of Capitalist international economics appeared in the form of cold war within the global economy between the rich and the poor countries. Keeping in view the historical dynamics of Marxist movement, twentieth century Capitalist economists have consciously started to counter the threat of Marxism by incorporating in economics the extensive analysis of issues such as social welfare function, interdependent utility functions, intertemporal utility functions, equity in distribution, unemployment insurance, economic development, labor unionism, full‐employment of labor, economic rents, consumer protectionism etc. in the form of labor economics, public sector economics and development economics. It was no doubt a Capitalists' cleverish attempt to redress the grievances, mainly resulting from market failures, of the economically depressed classes within the Capitalist system. So far problems of the depressed classes could not be solved and are not at all expected to be fully solved within the original Capitalistic framework due to its inherent exploitative tendencies.

Discusses the present‐day economic trans‐formation sponsored by the IMF in the direction of privatization in the Commonwealth of Independent States. Chooses as case study the Muslim CIS bloc as the perfect example of the fiasco of the prescriptions of structural transformation by the socialist and capitalist orders. Adopts a methodological and empirical approach to demonstrate the extreme destabilization and disequilibrium, which are shown to remain embedded in these prescriptions of change. Hence, the monetary, fiscal, trade and pricing policies prescribed by the IMF are under attack as much as the old socialist prescription is shown to have been an unreal one. Gives a brief history of the Muslim CIS bloc pointing to an altogether different approach to structural change desired by these people: the world view of Islam in socioeconomic matters. Gives details of this to bring out the nature of this world view in the form of a universally knowledge‐based model of structural change. Discusses the policy implications in the context of this Islamic knowledge‐based world view.

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.

Understanding the differences in the Islamic and Christian view of interest requires coming to terms not with the acts constitutive of the practice but the meaning of the practice in two different views of what an economy produces and delivers. The difference in the norms that govern interest transactions differ because the metaphysical foundations about what the practice means differ. The Islamic norms are broader via public accountability for the good produced by an economy as a social good than the normative regulation of interest transactions in Christian cultures that focuses on the goods delivered by an economy to more or less independent individuals participating in an economy. However, some reconciliation of the Christian and Islamic view is possible when we recognize that the ethical accountability of interest rests on a view of economic justice as increasing the degree of economic participation in an economy as an economic and social good. When this view is taken, we see that the range of potentially illicit practices in Christian economies is larger than is actually the case in the actual regulation of interest transactions.