LIMITS OF THE ISLAMIC ECONOMIC MODEL BY DEFINING ITS POSITION IN THE GLOBAL ECONOMY

Lubomir Cech () and Kristina Krupova ()
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Lubomir Cech: Kyiv Cooperative Institute of Business and Law
Kristina Krupova: Faculty of International Relations, University of Economics in Bratislava

Medzinarodne vztahy (Journal of International Relations), 2020, vol. 18, issue 2, 97-114

Abstract: Since the second half of the 20th century, theoretical concepts, as well as economic praxis, are more and more highlighting the Islamic economic model differing from existing liberal concepts. Islamic economy implements basic religious rules in its model and it is fully compatible with Sharia Islamic law. The paper is dealing with the specifications of the Islamic economic model and its position in the global economy. The Islamic economic model is most significantly expressed in the financing area where it offers an alternative to commercial financing. In the paper we define basic limitations of Muslim dogmatism in the economic area, keeping of which is in the currently globalized world economic system a subject of discussions.

Keywords: Economic Model; Islamic Economy; Islamic Law; Financing (search for similar items in EconPapers)
JEL-codes: A10 A13 Z12 (search for similar items in EconPapers)
Date: 2020
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