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The purpose of this paper is to provide a critical appraisal of the theme of zulm (injustice/exploitation) in light of the Islamic finance literature and the general attitude and approach of the Islamic finance industry and its advocates.

Based on an expanding theoretical and empirical knowledge base about Islamic finance and banking movement, and the emerging understanding about the role of profit and corporate behavior, a critical analysis of the role of riba, interest and profit in widespread injustice and exploitation is presented.

On the basis of the behavior of the Islamic finance industry, it seems that the industry's current practices are either neutral to the issue of injustice/exploitation or mirrors the tendencies of the conventional finance. Furthermore, when comparing the exploitative role of interest and profit, the latter seems to be more consequential than generally understood and acknowledged.

Islamic economics/finance literature should have more empirical research in identifying and understanding the nature of exploitation in the contemporary world and in how the current practices or tendencies are minimizing or abetting the challenge of exploitation.

The larger goal of the Islamic finance and banking movement should be to be in harmony with the maqasid of Islam to minimize zulm (injustice/exploitation) in the society.

The larger goal of the Islamic finance and banking movement should be to be in harmony with the maqasid of Islam to minimize zulm (injustice/exploitation) in the society.

While the literature of Islamic economics and finance is rather robust, this might be the first work that critically examines the riba‐interest reductionism, especially to focus on its implication for attention of the industry being away from exploitation in general and the relationship between profit and exploitation in particular.

The purpose of this paper is to explore the concept of rent-seeking behaviour and rentier state in the context of ẓulm (injustice and exploitation), which is one of the key concerns in Islam in general and Islamic economics and finance in particular.

As a conceptual paper, it draws on the literature of rent-seeking as part of public choice theory and examines the potential vulnerabilities as well as existence of rent-seeking in Muslim-majority countries, where Islamic finance industry primarily operates.

The paper identifies several areas where both actual and potential rent-seeking exists.

The paper is conceptual. Based on the analysis presented here further studies can be undertaken to determine the scope of rent-seeking and their impact in Muslim-majority societies.

Incorporating rent-seeking in the theoretical and conceptual framework of Islamic economics and finance can enhance understanding about ẓulm and its ubiquitous presence, as Islam has a firm stance to aspire to have a ẓulm-free society.

Understanding rent-seeking behaviour can help appreciate why corruption, inequality and poverty are so entrenched, and why limiting the discourse to ribā (interest) ignores the broader scope of injustice and exploitation.

This might be the first focused paper that conceptually deals with rent-seeking behaviour, connecting the discourse about ribā-interest equation.

The purpose of this paper is to explain three additional parameters, namely maqasid al‐Shariah, financial reporting, and legal documentation of contract for determining Shariah legitimacy of financial instruments in Islamic financial institutions. Currently, contract ('aqd) is the only parameter recognized by Shariah scholars at the supervisory level.

This analysis begins with examining the pitfalls of the contract approach and proceeds to present the maqasid, financial reporting and legal documentation approaches in ascertaining absolute Shariah compliant of financial products.

The paper argues that the four approaches must be applied in package in determining Shariah compliant status to avoid costly errors that might lead to litigations and loss of competitiveness in the Islamic financing business.

The paper provides new insights and integrated analysis of Shariah auditing where knowledge clusters concerning the Shariah, economics, finance and accountancy, and law are algamated to ascertain wholesome Shariah viewpoint.

This paper aims to discuss the possibility of embracing an Islamic perspective on interculturality and social justice as an underlying system of multicultural education. While western thought continues to dominate the education scholarship, advancing an alternative epistemology can ameliorate the scope of multicultural education by considering other relevant elements. In particular, interreligious relations have not been researched extensively in terms of managing cultural capital in schools. This paper argues that Islamic ethics provide a system of justice and rules of conduct that satisfy the principles of multicultural education.

Classical texts (Qu’ran and Hadith) are analyzed to explore the Islamic perspective on interculturality and social justice. While the plurality of interpretations is remarkable, the aim is to examine these texts on the basis of ethical and humanistic orientation.

Islamic ethics are commensurate with intercultural empathy and multicultural education. While some verses are interpreted as evidence of the religious legitimacy of enmity and hostility towards non-Muslims, they are decontextualized readings isolated from the verses’ historical contexts.

This paper proposes considering Islamic ethics as a foundation of multicultural education. Because Islam promotes social justice, teachers and students are encouraged to take action and never tolerate any act of oppression. Teachers should pay attention to conflicts that may arise from theological differences among students.

This paper offers a new perspective that has been sidelined and not considered in Modern issues. Because multicultural education recognizes the necessity of appreciating all cultures, Islam delivers a similar framework that is based on peaceful intercultural communication and social justice.

The purpose of this paper is to explain the theoretical framework of money laundering and expanded to study it from the Islamic perspective. As money laundering sustain truly “global issues” and thus should be treated as such. The purpose is to examine the conception of money laundering under Islamic law in conjunction with the discussion of Islamic law of contract; the most common methods in money laundering involving numerous cash deposits at various bank branches, followed by the purchase of a secured bank instrument, such as cashiers' check; how far is Islamic law able to provide rules, norms in protecting financial institutions, customers and the public from criminal activities?

The paper depended on primary data. The data were procured from the Holy Quran, Prophetic Sunnah which embodied all tenets of Islamic law, and in addition, from the books of the Classical Muslim scholars.

It has been revealed that Islam has initially taken great interest in the market condition, business conduct and economic system. Generally speaking Islam law prohibits all business conducts which compromise unjustified consumption, misappropriation of one's wealth thus creating parasitical classes of people obtaining wealth and money being the root of all criminal activities; financial crimes and the concept of money laundering have been categorised as a division of Islamic criminal law which has been addressed via many provisions in the Quran and Prophet's Sunnah; the prophet and his successors have developed the Institution of Hisbah to control malpractices and criminal activities. Moreover, Islamic law prescribes a set of principles, rules and measures to deal with acts that are most likely to affect the economic scenario.

This invaluable paper identifies the attitude of the Islamic law in monitoring and preventing the concept of money laundering, further distinguishing between illicit gains (al‐Kasb al Haram) and lawful gains. Finally, this paper reviews the Islamic norms relating to confiscation and forfeiture of Ill‐gotten wealth and property.

The purpose of the study is twofold: first, it is to develop each aspect of maṣlaḥah ḍarūriyah (essential needs), i.e. dīn (faith/religion), nafs (soul), ʿaql (intellect), naṣl (descendants) and mal (wealth), into various aspects of organisational essential needs; second, it is to formulate maṣlaḥah-based performance measurement.

The research is an exploratory study that uses a two-stage design: defining the research question and developing the research design. The research question is how each element of maṣlaḥah ḍarūriyah can become an element of organisational essential needs. The research design developed is to formulate maṣlaḥah-based performance measurement.

The study concludes that maṣlaḥah ḍarūriyah could be developed as a basis for identifying organisational essential needs. The five elements of maṣlaḥah ḍarūriyah are developed into the following organisational essential needs: worship orientation, internal process orientation, talent orientation, learning orientation, customer orientation and wealth orientation. Maṣlaḥah-based performance measurement uses five variables: strategic objective, measure, formula, target and strategic initiatives and applies the modified plan – do – check – action cycle: performance planning, performance implementation, performance evaluation and performance action.

Organisational essential needs can be developed by Islamic financial institutions (IFIs) into performance measurement. IFIs have six essential needs that can be developed into performance variables. Key performance indicators that can be developed for each need are worship orientation (social responsibility, regulatory compliance and Sharīʿah compliance); internal process orientation (innovation process, digital adaptation and employee satisfaction); talent orientation (career development, talent pool, compensation and benefits); learning orientation (training programme, training evaluation and return on training investment); customer orientation (customer engagement, customer satisfaction, customer survey and promotion programme); wealth orientation (profitability, cost-cutting, share prices, dividends, cost efficiency and financial sustainability).

This paper contributes to new knowledge. The study attempts to discuss the organisational essential needs based on the maṣlaḥah ḍarūriyah concept, while previous studies discussed organisational needs based on Maslow’s hierarchy of needs. In developing performance measurement, organisational performance is measured in a balanced manner. According to the concept of maṣlaḥah, not only financial factors but also worship, internal processes, talents, learning and customers define organisational needs. Thus, organisational needs are considered not only in terms of material factors but also in terms of spiritual (worship) factors.

This book is important for demonstrating a significant lacuna in our current view of the history of economic thought. It reflects many years of research, and of struggle with established views, on the part of the editor and principal author, S. M. Ghazanfar, who is to be congratulated for having thus carried his program to fruition. He has been ably aided by A. A. Islahi and Hamid Hosseini in this venture. I am reminded of the introduction to Maria Rosa Menocal's (1987) book on The Arabic role in medieval literary history where she poses the question of “courtly love” and thus, indirectly, of chivalry, for Medieval Europe. What is the origin of the troubadour, the bearer of songs of courtly love? A simple solution presents itself in the Arab word “tarab,” or song, from which troubadour seems to follow naturally. Nonetheless, the suggestion was dismissed out of hand because troubadour “could not” have arisen from a society which oppresses women! We should be more concerned with the facts than with our preconceptions about societies.

The purpose of this paper is to examine the concept of Islamic banking in Nigeria, against the backdrop of the country's peculiar socio‐cultural background and economy.

The paper reviews related issues and prospects in the context of Islamic banking in the Nigerian economy.

Implementation and success of Islamic banking in Nigeria would require: re‐shaping the society, restructuring of the economic system and re‐framing of the laws according to the dictates of Islam. This will not be easy in Nigeria, given her multi‐religious nature. The most difficult and important task, however, is the reformation of society, which has to be undertaken as an on‐going process. The paper recommends a dual banking system, where the conventional system will run side by side with the Islamic banking system.

The paper offers some useful suggestions that may lead to effective interest‐free banking operations in Nigeria.