About 1.2 billion people around the globe live in extreme poverty and 870 million go to bed hungry every night. The ILO estimates that almost 202 million people were unemployed last year, an increase of five million over 2012.1 In this perspective a lot of thinking is going on to find practical...

The paper supplements the theory of consumer behavior with insights from the primary sources of Islam. A consumer who maximizes utility operates within four dimensions: moderation, extravagance, waste, and niggardliness. These dimensions take different meanings in each social stratum. A...

Most of the literature published under the nomenclature of ‘Islamic economics' deals with Islamic guidelines that address Muslims only. However, there is a vast area of economic subjects dealt in the Qur'an and (also hadith of the Prophet) that addresses the entire humanity in the form of...

The paper is a sequel of an earlier paper by the present writer on the same subject. The basic idea of the present paper as well the previous one was that the Muslim economists, if they are serious about developing Islamic economics as a social science, should move away from the process of...

The paper explores relationship of ethical behavior with material well-being (MWB) and happiness from Islamic perspective. The Qur'an discusses MWB under a broad concept of ‘rizq' and asserts that God distributes rizq among people. For understanding this general assertion, we speculate that...

Islamic economics is not a social science yet. It is a work in progress. Islamic economists differ on methodology for developing Islamic economic thought into a social science. They face several dilemmas surrounding religion, Islamic law, conventional economics, contents of Islamic economics,...

Islamic economics is not a social science yet. It is a work in progress. Islamic economists differ on methodology for developing Islamic economic thought into a social science. They face several dilemmas surrounding religion, Islamic law, conventional economics, contents of Islamic economics,...

The existing literature on Islamic economics has not undergone any of the processes of verification or falsification. It is mostly restatement of the postulates as found in the Qur'an or hadith. The literature on methodology of Islamic economics is either superfluous, or ambiguous or confusing....

The paper aims at explaining the need for a starting point for developing an Islamic theory of economics. The paper emphasizes that what is needed is not a ‘theory of Islamic economics' but an ‘Islamic theory of economics'. It is not merely semantics. The paper explains what difference it...