Islam and the Challenges of Western Capitalism
Published on 26. September 2014
Book
Hardback
560 pages
978-1-78347-888-0 (ISBN)
Description
This unique book brings together some of the finest minds in comparative economic / financial history and modern Islamic finance to discuss the rise, the decline and the contemporary efforts to regenerate Islamic capitalism. The collection features articles on the contribution of classical Muslim scholars to the history of economic thought, the institutions that translated these ideas into everyday life and whether these thoughts and institutions constitute a clash or a symbiosis of civilizations. The efforts of contemporary Muslim thinkers to design a modern Islamic economy are also carefully scrutinized.
These collected works are expertly summarised by the editor in an original introduction and will be welcomed by all those with an historical or contemporary interest in Islamic studies.
These collected works are expertly summarised by the editor in an original introduction and will be welcomed by all those with an historical or contemporary interest in Islamic studies.
Reviews / Votes
'This impressive volume is long overdue. Its starting point is that historically the West met the challenge of Islamic civilization by developing its own form of capitalism and Islamic societies need to do likewise today, and the book provides a comparative analysis of the growth of modern Islamic institutions, assesses their achievements and outlines a blueprint for their future structure. The editor is a noted expert in these topics and, led by his own contributions, the collection of articles offers a well-organized and fascinating account.'More details
Series
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
College/higher education
Dimensions
Height: 244 mm
Width: 169 mm
ISBN-13
978-1-78347-888-0 (9781783478880)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Person
Edited by Murat Cizakca, Professor of Islamic Finance, Comparative Economic and Financial History, INCEIF University, Kuala Lumpur, Malaysia
Content
Contents:
Acknowledgements
Introduction Murat Cizakca
PART I HISTORICAL BACKGROUND
A Not Clash, But Symbiosis of Civilizations
1. Abbas Mirakhor (1987), 'Muslim Contribution to Economics'
2. Murat Cizakca (2013), How Civilizations Borrow Institutions From Each Other
B Why Islamic Capitalism Fell Behind
3. Murat Cizakca (2012), 'Long Term Causes of Decline of the Ottoman / Islamic Economies'
4. Sevket Pamuk (2004), 'Institutional Change and the Longevity of the Ottoman Empire, 1500-1800'
C The Way to Recovery: Why the Existing Systems Developed in the West Would Not Suffice
5. M. Umer Chapra (1991), 'The Need for a New Economic System'
6. Syed Othman Alhabshi (1987), 'The Role of Ethics in Economics and Business'
D From Theory to Application: Pre-Conditions for the Success of the New System
7. Said Amir Arjomand (2009), 'The Constitution of Medina: A Sociolegal Interpretation of Muhammad's Acts of Foundation of the Umma'
8. Murat Cizakca (2007), 'Democracy, Economic Development and Maqasid al-Shari'ah', Review of Islamic Economics, 11 (1), 101-18 [18]
PART II THE ACHIEVEMENTS SO FAR
A Ungku Aziz and Tabung Haji: Reorganization of the Pilgrimage
9. Murat Cizakca (2011), 'The lembaga urusan dan Tabung Haji: financing the Modern Pilgrimage'
B The Birth and Evolution of Islamic Banks
10. Ann Elizabeth Mayer (1985), 'Islamic Banking and Credit Policies in the Sadat Era: The Social Origins of Islamic Banking in Egypt'
11. Volker Nienhaus (2011), 'Islamic Finance Ethics and Shari'ah Law in the Aftermath of the Crisis: Concept and Practice of Shari'ah Compliant Finance'
12. Zubair Hasan (2010), 'Islamic Finance: The Structure-Objective Mismatch and its Consequences'
13. Zeti Akhtar Aziz (2013), 'Financial Stability, Economic Growth and Development'
PART III THE WAY FORWARD
A Do We Still Need Islamic Banks?
14. Mufti Muhammad Taqi Usmani (2008), 'Looking for New Steps in Islamic Finance'
15. Obiyatulla Ismath Bacha (1997), 'Adapting Mudarabah Financing to Contemporary Realities: A Proposed Financing Structure'
B Non-Bank Financial Institutions: Venture Capital
16. Murat Cizakca (2000), 'Achievements of Venture Capital and its Potential in Emerging Markets With Specific Reference to Turkey'
17. AbulKhair Jalaluddin (2007), 'Motivations of Australian Small Business Firms to Apply Profit-Loss Sharing Method of Finance'
C Cash Waqfs or the Waqf of Stocks
18. Murat Cizakca (1998), 'Awqaf in History and its Implications for Modern Islamic Economies'
19. Tunku Alina Alias (2012), 'Venture Capital Strategies in Waqf Fund Investment and Spending'
20. Magda Ismail A. Mohsin (2012), 'Waqf-shares: New Product to Finance Old Waqf Properties'
D Takaful
21. Syed Othman Alhabshi and Shaikh Hamzah Shaikh Abdul Razak (2009), 'Takaful: Concept, History, Development, and Future Challenges of its Industry'
22. Ashraf bin Md. Hashim (2007), 'The Collection of Waqf through Insurance Companies: A Critical Analysis of the Malaysian Experience'
E Public Borrowing in an Islamic Context
23. Muhammad Nejatullah Siddiqi (1993), 'An Overview of Public Borrowing in Early Islamic History'
24. Yasemin Zoenguer (2009), 'Comparison between Islamic and Conventional Securitization: A Survey'
F Esham: A Proposal for Islamic Public Borrowing or Sharing Revenue with the State
25. Murat Cizakca (2013), 'Proposal for Innovation in the Capital Markets: Esham'
Index
Acknowledgements
Introduction Murat Cizakca
PART I HISTORICAL BACKGROUND
A Not Clash, But Symbiosis of Civilizations
1. Abbas Mirakhor (1987), 'Muslim Contribution to Economics'
2. Murat Cizakca (2013), How Civilizations Borrow Institutions From Each Other
B Why Islamic Capitalism Fell Behind
3. Murat Cizakca (2012), 'Long Term Causes of Decline of the Ottoman / Islamic Economies'
4. Sevket Pamuk (2004), 'Institutional Change and the Longevity of the Ottoman Empire, 1500-1800'
C The Way to Recovery: Why the Existing Systems Developed in the West Would Not Suffice
5. M. Umer Chapra (1991), 'The Need for a New Economic System'
6. Syed Othman Alhabshi (1987), 'The Role of Ethics in Economics and Business'
D From Theory to Application: Pre-Conditions for the Success of the New System
7. Said Amir Arjomand (2009), 'The Constitution of Medina: A Sociolegal Interpretation of Muhammad's Acts of Foundation of the Umma'
8. Murat Cizakca (2007), 'Democracy, Economic Development and Maqasid al-Shari'ah', Review of Islamic Economics, 11 (1), 101-18 [18]
PART II THE ACHIEVEMENTS SO FAR
A Ungku Aziz and Tabung Haji: Reorganization of the Pilgrimage
9. Murat Cizakca (2011), 'The lembaga urusan dan Tabung Haji: financing the Modern Pilgrimage'
B The Birth and Evolution of Islamic Banks
10. Ann Elizabeth Mayer (1985), 'Islamic Banking and Credit Policies in the Sadat Era: The Social Origins of Islamic Banking in Egypt'
11. Volker Nienhaus (2011), 'Islamic Finance Ethics and Shari'ah Law in the Aftermath of the Crisis: Concept and Practice of Shari'ah Compliant Finance'
12. Zubair Hasan (2010), 'Islamic Finance: The Structure-Objective Mismatch and its Consequences'
13. Zeti Akhtar Aziz (2013), 'Financial Stability, Economic Growth and Development'
PART III THE WAY FORWARD
A Do We Still Need Islamic Banks?
14. Mufti Muhammad Taqi Usmani (2008), 'Looking for New Steps in Islamic Finance'
15. Obiyatulla Ismath Bacha (1997), 'Adapting Mudarabah Financing to Contemporary Realities: A Proposed Financing Structure'
B Non-Bank Financial Institutions: Venture Capital
16. Murat Cizakca (2000), 'Achievements of Venture Capital and its Potential in Emerging Markets With Specific Reference to Turkey'
17. AbulKhair Jalaluddin (2007), 'Motivations of Australian Small Business Firms to Apply Profit-Loss Sharing Method of Finance'
C Cash Waqfs or the Waqf of Stocks
18. Murat Cizakca (1998), 'Awqaf in History and its Implications for Modern Islamic Economies'
19. Tunku Alina Alias (2012), 'Venture Capital Strategies in Waqf Fund Investment and Spending'
20. Magda Ismail A. Mohsin (2012), 'Waqf-shares: New Product to Finance Old Waqf Properties'
D Takaful
21. Syed Othman Alhabshi and Shaikh Hamzah Shaikh Abdul Razak (2009), 'Takaful: Concept, History, Development, and Future Challenges of its Industry'
22. Ashraf bin Md. Hashim (2007), 'The Collection of Waqf through Insurance Companies: A Critical Analysis of the Malaysian Experience'
E Public Borrowing in an Islamic Context
23. Muhammad Nejatullah Siddiqi (1993), 'An Overview of Public Borrowing in Early Islamic History'
24. Yasemin Zoenguer (2009), 'Comparison between Islamic and Conventional Securitization: A Survey'
F Esham: A Proposal for Islamic Public Borrowing or Sharing Revenue with the State
25. Murat Cizakca (2013), 'Proposal for Innovation in the Capital Markets: Esham'
Index