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Gain deeper insight into the principles and theory of Islamic economics Introduction to Islamic Economics: Theory and Application provides an overview of the organizing principles and fundamentals of an Islamic economy. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book addresses the core economic principles underlying a system based on the foundational teachings of Islam, and examines the implications for economic policies. Social welfare, economic justice, market functionality, efficiency, and equity are explored from an Is

The Islamic financial industry is growing rapidly. There are a number of foundational elements that are still developing, with macroeconomic policy goals and instruments, and policy formulation in the public sector at the forefront. Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system. The authors discuss the characteristics, logic, objectives, organizing principles, policies and policy instruments in an economic system structured on the foundational teachings of Islam. This exciting new volume addresses the design and implementation of policies in Muslim countries and outlines the all-important question of policy objectives designed and implemented to convert the conventional system into Islamic economic and financial systems as envisaged in the Quran.

This book examines military expenditures, arms imports and military deployment to analyze how and why the Persian Gulf is the most militarized region in the world. The authors explore Muslim teachings about peace, war and economics; how it affects military and economic development. They also delve into contributing factors of oil wealth disparities, high oil revenues, corruption and foreign interference, and then present analysis with an assessment of the effects of high military expenditures including wars, conflicts, instability and the economic toll

In explaining the determinants of economic growth, economists have attempted to distinguish the relative contributions made by various inputs. Theodore Schultz concluded that improvements in human capital have made larger contributions to growth than increases in physical capital. E. F. Denison was even more specific in his pioneering studies of changes in real national income in the United States from 1927 to 1967, estimating that 23 percent of the growth could be explained by improvements in the educational level of the labor force and 20 percent by advances in technological and managerial knowledge. On the basis of such results, we may conclude that expenditures on education and training, public health, and general research contribute significantly to productivity in the industrialized nations by raising the quality of human capital; thus these outlays command a continuing return in the future.

Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system, The Islamic financial industry is growing rapidly. There are a number of foundational elements that are still developing, with macroeconomic policy goals and instruments, and policy formulation in the public sector at the forefront. Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system. The authors discuss the characteristics, logic, objectives, organizing principles, policies and policy instruments in an economic system structured on the foundational teachings of Islam. This exciting new volume addresses the design and implementation of policies in Muslim countries and outlines the all-important question of policy objectives designed and implemented to convert the conventional system into Islamic economic and financial systems as envisaged in the Quran