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Theoretical and Empirical Research in Islamic Economics

Tahir, Sayyid (2013) Theoretical and Empirical Research in Islamic Economics. In: 2nd International Conference on Islamic Economics and Economies of the OIC Countries (ICIE 2013), 29 - 30 January 2013, Prince Hotel and Residence, Kuala Lumpur, Malaysia. (Unpublished)

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This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature and role of government, in the light of the Shariʽah principles, are revisited. The general goals for macroeconomic policies are discussed along with separate goals for each of the two policies. The argument is capped with a look at practical considerations in the actual working of both the policies. The following are the main points in the paper. (1) Roles of both the policies shall be complementary in the context of the overall objectives at the state level. (2) Thrust of both policies would be different from that presently recognized. These conclusions are drawn in the context of the government’s role being limited to prudent governance and the society’s economic and distributional concerns being addressed as much as possible without adopting the budgetary channel.

Item Type: Conference or Workshop Item (Full Paper)
Additional Information: 6691/35392
Uncontrolled Keywords: Fiscal Policy, Monetary Policy, the Shariʽah, Government
Subjects: H Social Sciences > HB Economic Theory > HB131 Methodology.Mathematical economics. Quantitative methods
H Social Sciences > HB Economic Theory > HB71 Economics as a science
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User: Prof Sayyid Tahir
Date Deposited: 25 Mar 2014 15:33
Last Modified: 16 Apr 2014 15:55
URI: http://irep.iium.edu.my/id/eprint/35392

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