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Maqasid Foundations of Market Economics

Seif Ibrahim Tag el-Din

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Explains the exchange economics behind the Shari'ah compliance conditions of Islamic finance

Drawing on received sources of 'maqasid' (Shari'ah's practical objectives), this book demonstrates how the principles of market economics affect how markets and financial instititions actually operate under Shari'ah law. It shows where Islamic economics converges with and differs from conventional economics through the banning of usury and other Shari'ah-prohibited trade practices.

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Contents

Introduction
Part I. Methodology of economics from the maqasid perspective
1. Economics of maqasid
2. Economic exchange and utility theory
3. Non-market economics and maqasid equitable public policy
Part II. Legitimate economic exchange and productive organization
4. Trade versus usury
5. Principles of economic exchange and the nature of money
6. Economic organisation and factor productivity
Part III. Market imperfections
7. Sources and treatment of market imperfection
8. Lessons from sales usury on market imperfection
Bibliography
Index

About the Author

Seif Ibrahim Tag el-Din is Professor of Economics at Imam University, Saudi Arabia. Author of over 35 research papers, discussion papers and encyclopedia entries. Editor of the journal Review of Islamic Economics.Ph.D. at University of Edinburgh (economics), M.Sc. at Glasgow University (Statistics) and B.Sc. at Khartoum University (economics & statistics). Main research interests are Islamic financial markets, risk-return optimality of interest free finance and economic methodology. Took part in setting up MIHE and developed MA modules in Islamic Banking, Finance & Management. Contributed to the strategic planning and the management process of converting the Saudi National Commercial Bank to an Islamic Bank.

Reviews

The book reflects the author's vast reading knowledge in both economics and the Shari'ah...invaluable
- Hylmun Izhar, Islamic Development Bank, Saudi Arabia, Muslim World Book Review, Volume 34, Issue 2, Winter 2014

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