Institutional Perspective of Islamic Economics

Hossein Askari (), Zamir Iqbal and Abbas Mirakhor

Chapter Chapter 2 in Challenges in Economic and Financial Policy Formulation, 2014, pp 11-30 from Palgrave Macmillan

Abstract: Abstract Before embarking upon a description of the Islamic vision of human and economic development and its rules and institutional structure, an important difference between an Islamic economy and market capitalism needs to be emphasized. In the pure market capitalist system, the goal is to maximize production and accumulate the resulting surplus—“accumulation is good”—money for goods and services, in turn for more money, and then repeat this cycle, or money for more money through finance. In Islam, the goal is not maximum output and accumulation, but rather, efficient production, just remuneration, and then sharing with other members of society to develop a thriving society that exudes justice.

Keywords: Market Participant; Risk Sharing; Resource Endowment; Rule Violation; Reduce Transaction Cost (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-1-137-38199-6_2

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DOI: 10.1057/9781137381996_2

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