Overview

This book bridges the gap between Islamic and conventional (micro)economics by demonstrating how modern tools and theories of microeconomics can be applied to Islamic assumptions regarding economics and finance. In contrast to the tendency for Islamic economics and finance proponents to use qualitative and normative approaches based on idealistic assumptions, this book demonstrates how one can instead construct analytical models of Islamic economics and finance and simply compare the implications with those predominant in today’s world. This book also offers extensive literature reviews demonstrating that for a long time, the gap between Islamic and conventional economics and finance is not as wide as previously thought, allowing those with an interest in both fields to participate more effectively and meaningfully in the ongoing discourse between the two fields. The authors conceptualize a general approach and apply it to basic consumer theory. More advanced microeconomic ideas are then discussed, culminating in demonstrations of how contract theory can facilitate a deeper analysis and appreciation of Islamic financial securities. A wide spectrum of academic literature on both Islamic and conventional economics and finance is drawn upon to facilitate a better appreciation for both fields and to inspire future works comparing the two in a more objective manner.

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9780367330668

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Lukman Hanif Arbi is an academic at the University of Indonesia (UI), Faculty of Business and Economics. Prior to joining UI, he taught at LaTrobe University, Melbourne, Australia, and Institut Teknologi Bandung, Bandung, Indonesia. He specializes in applying microeconomics to Islamic economics and finance. M. Ishaq Bhatti is a professor of Finance at UBD School of Business & Economics, University of Brunei Darussalam. Prior to joining UBD, he was a professor of Finance and Financial Data Analytics at SP Jain School of Global Management and professor of Finance and Financial Econometrics and the founding director of the Islamic Banking and Finance Programme at LaTrobe University, Australia.

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