Islamic Economics: Annotated Sources in English and Urdu vol.3

ISLAMIC ECONOMICS Annotated Sources in English and Urdu Volume 3

Compiled by MUHAMMAD AKRAM KHAN

@ Muhammad Akram Khan 1998

British Library Cataloguing in Publication Data Khan, Muhammad Akram Islamic economics.

Vol.3: Annotated sources in English and Urdu. --I. Title 330.0917671

CONTENTS Preface Classification System Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Author Index Subject Index

1 2 3 4 5 6 7 8 9 10

000-General System; Theory; History; System 100- Economic Growth; Development; Planning; Fluctuations

200- Economic Statistics 300- Domestic Monetary and Fiscal Theory and Institutions 400- International Economics 500- Administration; Business Finance; Marketing; Accounting 600- Industrial Organisation 700- Land Management 800- Manpower; Labour; Population 900- Welfare programmes; Consumer Economics

PREFACE This is the third volume of annotated bibliography. The Islamic Foundation at Leicester (UK) published the first two volumes in 1983 and 1991 respectively. The researchers and economists found these volumes quite useful in their academic work. I have received frequent inquiries from scholars and researchers about the status of volume three of the book. In fact, these inquiries have been a stimulus to me for continuing this work during the last eight years.

The present book , as its two previous volumes, contains an annotated description of each entry, which makes it a distinctive contribution as compared to several other highly valuable bibliographies. During the last few years several bibliographies on Islamic economics have appeared. To the extent of their coverage, they are much more comprehensive than the present work. But they provide a list of publications. The task of annotating each entry , despite being a merit, has a limitation as well. I had to procure each item in this volume, read it and summarise it. It makes the whole job very cumbersome and slow. The size of this volume, naturally is, conditioned by the speed with which I could procure, read and summarise the documents. Now that I am venturing to publish this volume, I have collected another set of documents which when annotated will be good for another volume. But for fear of delaying the whole thing too much, I have decided to bring out the third volume with about 650 entries.

This is about the size of each of the first two volumes.

A quick survey of the contents of the book will show that, like in the past, interest and interest-free financial institutions have been focus of most of the research. Other areas such as statistical information or research in environment and ecology from Islamic perspective have been quite nominal.

In the present volume, I have modified the classification system slightly to incorporate some new areas of research. Similarly, the subject index is much more elaborate than the first two volumes. I hope these modifications will be more useful to the future researchers.

Muhammad Akram Khan 31 December 1997

CHAPTER ONE

000-GENERAL ECONOMICS; THEORY; HISTORY; SYSTEMS 010-GENERAL ECONOMICS 011-Need for Islamic Economics AUSAF, ALI, "An Approach to Islamization of Social and Behavioral Sciences," American Journal of Islamic Social Sciences, Herndon, VA, International Institute of Islamic Thought, (6:1) March '89, Pp.37-58.

The two widely used paradigms of Individualism and Collectivism are not appropriate for Islamic social science on account of secularism of the former and scientific atheism of the latter.

Argues in favour of a moral explanation of human behaviour and social processes. There is an immediate need to construct a distinguishable paradigm of its own.

For social scientists. Based on primary sources. Documented.

011:2 ALI, AUSAF, "In Defence of and a Plea for IslamicEconomics" , Universal Message, Karachi, (12:1) June '90, Pp.13-21 Rejoinder to Javed Akbar Ansari on his paper "Poverty of Islamic Economics' (Universal Message, Feb '90). Argues that the literature produced on Islamic economics is rich enough to allow us to believe that Islamic economics is a separate discipline in its own right. However, there is a need to develop a well-argued and rigorous theory of Islamic economics.

For economists. Undocumented.

011:3 ALIYU, CHIKAR UMAR, "Fiqh al-Mu'amalat and the Need for Islamic Economics: A Clarification of Misconception," Lights on Islamic Economics, Malaysia, (2:2) Mar.'92, Pp.41-47.

Distinguishes between Islamic law and Islamic economics. Islamic economics studies the human behaviour in the light of Islamic law. Therefore, we need to develop Islamic economics as a separate discipline from the law.

For Muslim economists. Documented.

011:4 CHAPRA, M.UMER, "The Need for a New Economic System," Review of Islamic Economics, Leicester, (1:1) 1991, Pp.9-47, & Lights on Islamic Economics, Malaysia, (2:2) Mar.'92.

Capitalism and Socialism have failed to achieve even the material objectives set by these systems.

The reason is that their worldview and strategy are opposed to each other. Analyses at length the weakness of the basic assumptions of these systems. Argues that Islamic economic system is the need of the day as its worldview and strategy are in line with each other. Shows how 5

Islamic economic principles promote growth with equity and efficiency.

Persuasive. Analytical. Based on primary sources. Documented.

012-Nature of Islamic Economics 012:1 AGIL, S.OMAR S., "Rationality in Economic Theory: A Critical Appraisal," Journal of Islamic Economics, Malaysia, (2:2) July '89, Pp.79-94 Reviews the concept of rationality in neoclassical and classical economics. Critically evaluates this concept and finds it unsatisfactory. Introduces the concept of Islamic rationality and shows that the Islamic concept is more satisfactory. Stresses the need to replace the rationality assumption in economic theory by Islamic rationality.

Uses diagrams and mathematics. For economists. Based on primary sources. Documented.

012:2 ALI, AUSAF, "Social Sciences in the 20th Century and Beyond: An Islamic Perspective," Hamdard Islamicus, Karachi, (XV:3) Autumn'92, Pp.47-84.

The social science as developed in the West mark the ascendancy of human reason over dogma. But the social sciences have failed to solve the key questions of social theory. The key question of social theory is to find an ideal relationship between individual and society. This is not possible by merely using human reason. It requires the help of knowledge obtained through revelation.The Muslims can play a vital role in developing this theory. But they should learn from the theory of knowledge developed by the West. The analysis of social reality, the reliance on facts and objectivity are the cornerstones of Western contribution towards human knowledge. The Muslims must pay heed to what the humanity has gained through the ages.

Philosophical. For social scientists. Based on primary and secondary sources. Documented.

012:3 ANWAR, MUHAMMAD, "Islamic Economic Methodology" in Faridi, F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.13-36.

Outlines Islamic criteria for validating economic theories and models. Proposes an approach for Islamizing economics. Suggests a process whereby the discipline of Islamic economics can grow through empirical investigations and improvements in the Islamic theories and economic practices of an Islamic society.

Analytical. For economists only. Documented.

012:4 CHOUDHURY, M. A., "Contemporary Islamic Economic Thought," Muslim Education Quarterly, Cambridge, (8:1) Autumn '90, Pp.40-49.

A rebuttal to S. Behdad's paper ("Property Rights In Contemporary Islamic Thought: A Critical Perspective," Review of Social Economy, Vol XLVII:2, Summer '89). Argues that Behdad's paper is an incorrect representation of the nature and scope of Islamic economic theory. Based on his previous papers, shows that there exists a persuasive economic theory of Islam which 6

is distinct from neo-classical and socialist theory.

For professional economists. Based on primary sources. Documented.

012:5 CHOUDHURY, M. A., "Islam, Economics and Society by S.N. H. Naqvi: A Critical Review, " Hamdard Islamicus, Karachi, (XVIV:1) Spring '96, Pp.99-122.

A critical review of S.N.H.Naqvi's book of the same title. Argues that the book has not brought out any new insights. It is a reproduction of the author's earlier writings. On its own merit, it is deeply embedded in the neoclassical framework and does not make any original contribution.

For economists only. Based on primary sources of Islam and modern economics. Documented.

012:6 CHOUDHURY, M. A., "Islamic Economics as a Social Science," Journal of Social Economics, (17:6), Pp.35-60.

International

Develops a crtitique of the Western economic concept of the emergence of social sciences.

The western concept of social sciences owes its origin to the dichotomy between the spiritual matters and scientific enquiry. It excludes considerations of ethics. However, recently some writers have realized the need for integrating ethics into economics. Islamic economics is a social science and incorporates ethical concepts based on the faith in Tawhid. The four basic principles are prohibition of interest, zakah, prohibtion of israf and equitable distribution of resources. These concepts are interactive and reinforce each other.

A scholarly paper. Meant for economists. Based on primary sources and contemporaty economic literature. Documented.

012:7 HOSSEINI, HAMID, "From Homo Economicus to Homo Islamicus:The Universality of Economic Science Reconsidered," London: Macmillan, 1992, Pp.103-116.

Chapter four of Modern Capitalism and Islamic Ideology in Iran by Cyrus Bina and Hamid Zangeneh (eds.). The basic assumptions, scope and approach of economics are too narrow to accommodate the conditions of Muslim countries. Islamic economics is rooted in different behavioural norms. It criticises the homo economicus of neoclassical economics and gives the concept of homo Islamicus who is motivated more by altruistic motives rather than selfish motives. Islamic economics uses the tools of neoclassical economics but it has also developed its own analytical tools. The theory of riba is unique to Islamic economics. Islamic banking is evolving on the basis of this theory. Islamic fiscal theory is also unique as it focuses on zakah.

The deificiency of Islamic economics is that it seems to be utopian.

Analytical. For economists. Based on primary and secondary sources. Documented.

012:8 KHAN, M. AKRAM, An Introduction to Islamic Economics, Islamabad: International Institute of Islamic Thought, 1994, 150Pp Gives an overview of Islamic economics. Discusses need and nature of Islamic economics.

Covers methodology and scope of Islamic economics. Asserts that Islamic economics can play a vital role in the future. Argues that Islamic economics is the economics of the future. Gives a 7

select bibliography.

For economists. Based on primary sources. Documented.

012:9 MANEEF, M.A. BIN M., Intellectual Parameters of Contemporary Islamic Economic Thought and Policy: A Malaysian Case Study, 1994, 340Pp..

Unpublished. Ph.D. thesis. University of East Anglia, U.K. The nascent discipline of Islamic economics has within its domain a whole array of opinions on virtually all contemporary economic problems and issues. Islamic economics can be analysed from the interpretations of the central concept of khilafah. This concept can be interpreted either with reference to the individual or humanity. Each interpretation has its own implications. Carries out a case study of Malaysia within the central concept and its interpretations. Shows how it has led to two different economic programs of the two main Muslim parties since 1981.

For economists. Based on primary sources. Documented.

012:10 RASHID, SALIM, "Islamic Economics: A Historic-inductive Approach," Journal of Islamic Banking and Finance, Karachi, (6:1) Jan.'89, Pp.33-43.

Values have a necessary role in guiding an economy. There is a widespread imposition of values under the mask of neutrality. The rise of Europe during 13-19th centureis owes a lot to Christianity. Christian ethics made people inquisitive, hard-working, and sacrificing. They earned extra money to donate to others. Devout christian leaders and pious people played an active role in improving the social conditions of the poor in their respective times. The contemporary Western education proclaims to be secular. But in fact, it suppresses the ideological aspects. The Muslims should understand the roots of Western knowledge which lie in the values of Christianity. They should pick up from these values to develop Islamic economics.

Philosophical. For economists. Based on primary sources. Documented.

012:11 RASHID, SALIM, "An Agenda for Muslim Economists: A Historic-Inductive Approach," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (3) 1991, Pp.45-54.

The preoccupation of Islamic economists with deductive approach should be moderated by a greater recourse to induction, especially in discussing the role of values in economic system.

Values have played an important role in the Christian West in the past, not withstanding the current advocacy of moral relativism. Values permeate the contemporary body politic as they did in the past. An empirical approach will, therefore, broaden the scope of Islamic economics and increase its interaction with others.

Philosophical. For economists. Documented.

013-Subject Matter and Scope of Islamic Economics 013:1 CHOUDHURY, M.A., "Theory and Practice of Islamic Political Economy," Hamdard Islamicus, Karachi, (XVIII:4) Winter '95, Pp.5-40.

8

The post-modernist awakening of Islam after its long slumber as an active intellectual force, requires fundamental reconstruction. Islamic awakening in the framework of Qur'anic epistemology is yet to attain its revolutionary heights. The evolution of the Shari'ah is to be guided by the unique epistemology, and all disciplines of thought emanating from it must revolve around conscious effort to Unifying Epistemology of tawhidi precepts. Gives a number of policy prescriptions to put these ideas into practice.

For social scitists and philosophers only. Documented.

014-Research in Islamic Economics 014:1 "The International Association of Islamic Banks" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurnace, 1995, Pp.279-280.

A general introduction to the activities of the International Association of Islamic banks.

For general readers. Undocumented.

014:2 "The Islamic Research and Training Institute" in Encylopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.283-293.

A general introduction to the IRTI of the Islamic Development Bank Jeddah. Gives a description of its various programmes and projects.

For general readers. Undocumented.

014:3 "International Centre for Research in Islamic Economics" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.294-295.

A brief introduction to the activities of the Centre for Research in Islamic Economics, King Abduaziz University, Jeddah.

For general readers. Undocumented.

014:4 "Institute of Islamic Banking and Insurance," in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.296-97.

A brief and general introduction to the Institute of Islamic Banking and Insurance.

For general readers. Undocumented.

014:5 SIDDIQUI, SHAHID HASAN, "Institute of Islamic Banking and Finance - Objectives and Activities," Journal of Islamic Banking & Finance, Karachi, (12:2) April '95, Pp.29-38.

A general introduction to the Institute of Islamic Banking and Insurance London.

For general readers. Undocumented.

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015-Bibliographies on Islamic Economics 015:1 KHAN, JAVED AHMAD, Islamic Economics and Finance, London: Mansell Publishing, 1995, 157Pp. A bibliography of the literature on Islamic economics, contaning about 1600 entries upto 1993. Covers subjects such as philosophy of Islamic economics, economic history of the Muslim people, concept of economic development, theory and practice of Islamic financial institutions, monetary and fiscal policies of Islam and Islamic commercial laws.

Covers literature published in English only.

015:2 KHAN, M. AKRAM, Economic System of Islam: Bibliography of Studies in English During 1940- 90, Jeddah: Centre for Research in Islamic Economics, 1992, 85Pp. It is a bibiliography of English sources on economic system of Islam published during 1940-90. The detailed subjects are: Critique of the capitalist system; critique of the socialist system; comparative study of Islam and other systems; economic system of Islam; methodology of Islamic economics; objectives of economic system of Islam; basic principles of economic system of Islam; factors of production; economic growth and development; monetary and fiscal policies and institutions; public finance in Islam; business finance in Islam and criticism of Islamic economics.

For researchers in Islamic economics.

015:3 OTHMAN, ROSLINA, SAJJAD UR RAHMAN, "Publication Patterns in Islamic Economics Literature," Research and Information Bulletin, International Islamic University, Malaysia, (2:2) Sep '94, Pp.5-7.

A brief write-up of a detailed study on the pattern of citation in the Islamic economic literature in English language available in the library of International Islamic University of Malaysia.

Concludes that the growth and progress of Islamic economics, as a discipline is still in its infancy. It needs to be periodically monitored and examined, using bibliometric methods of investigation.

For librarians. Undocumented.

016-Glossaries and Dictionaries of Islamic Economics 016:1 KHAN, M. AKRAM, Glossary of Islamic Economics, London: Mansell Publishing, 1990, 144Pp. Explains over 800 terms in Islamic economics and finance and gives their literal as well as technical meanings.

For researchers. Based on primary sources.

017-Teaching Islamic Economics 017:1 AGIL, S. OMAR B. S., "Towards Becoming a Muslim Economist," Lights on Islamic Economics, International Islamic University, Malaysia, (2:1) Nov.'90, Pp.31-38.

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The students of economics at the IIU, Malaysia should learn Arabic, fiqh, western economics and should show a strong commitment to Islam, if they want to become Muslim economists.

For students of economics. Documented.

017:2 BASAR, HASMET, Coordination and Harmonization of Research Plans and Programmes in Islamic Economics, 1987, 25Pp. Unpublished. Mimeo. Paper presented to the International Workshop on Teaching and Research in Islamic Economics organized by the International Islamic University Malaysia in 1987.

Reviews the overall objectives of the institutions engaged in the teaching and research of Islamic economics. But the major part of the paper is devoted to the discussion of the operations of Islamic Research and Training Institute of the Islamic Development Bank, Jeddah. Makes several proposals to coordinate the work of these institutes.

For economists and teachers of Islamic economics. Undocumented.

017:3 DERAKHSHAN, MASOUD, "Islamic Economics: Teaching and Research," Journal of Objective Studies, Aligarh, (2:1) January '90, Pp.32-45.

It is an analytical evaluation of Islamic economic teachings and research in Iranian universities.

Thinks that Islamic economics must not be considered as simply a review of orthodox Islamic literature. A dynamic equilibrium between the standard academic curricula in modern economics and the traditional studies in Islamic economics. A non-scieitific approach to Islamic economics can be most weakening. The Muslim universities and research institutes should cooperate for the development of Islamic economics.

For Muslim economists. Undocumented.

017:4 HABSHI, S. OTHMAN, al-, Problems Faced by Institutions Involved in Islamic Economics, 1987, 13Pp. Unpublished. Mimeo. Paper presented to the International Workshop on Teaching and Research of Islamic Economics at International Islamic University, Malayasia, in 1987. The problems faced by institutions teaching Islamic economics are: shortage of trained staff, lack of training material, and non-availability of literature. Gives suggestions to overcome these problems.

For Muslim economists and managers of training. Undocumented.

017:5 ILKIN, SELIM, Information and Research for the OIC Community at the Ankara Centre, 1987, 20Pp. Unpublished. Mimeo. Paper presented to the International Workshop on Teaching and Research of Islamic Economics organized by the International Islamic University Malaysia in 1987.

Describes the operations of Statistical, Economic and Social Research and Training Centre for 11

Islamic Countries (SESRTCIC) under the OIC established at Ankara in 1978. Informs about various databases and the publications of the Centre.

For researchers and librarians. Undocumented.

017:6 JASTINEIAH, DARWISH, Curriculum Development in Islamic Economics and Preparation of a Text Book: The Case of CRIE Jeddah, 1987, 10Pp. Unpublished. Mimeo. Paper presented to the International Workshop on Teaching and Research of Islamic Economics organized by the International Islamic University Malaysia in 1987.

Describes the performance and contributiion of Centre for Research in Islamic Economics, King Abdulaziz University, Jeddah.

For researchers and teachers. Undocumented.

017:7 KHAN, M. FAHIM, Cooperation and Training of Research and Teaching Staff in Islamic Economics, 1987, 32Pp. Unpublished. Mimeo. Paper presented to the International Workshop on Teaching and Research of Islamic Economics organised by the International Islamic University, Malaysia in 1987.

Makes an assessment of the training needs of the staff engaged in teaching of economics.

Proposes a number of steps for increasing cooperation among the institutions engaged in the teaching and research of Islamic economics.

For economists. Undocumented.

017:8 SIDDIQI, M. N., M. FAHIM KHAN, Teaching Public Finance in Islamic Perspective, Jeddah: Centre for Research in Islamic Economics, 1992, 186Pp. Consists of a comprehensive note for teachers of public finance discussing the manner in which Islamic concepts and policies can be integrated into a course on public finance. Covers theory of state, sources of revenue, public expenditure, public debt and international aspects. The second chapter consists of a summary of comments given by 17 economists on the first chapter. Fahim Khan summarised those comments.

For teachers of Islamic economics at the university level. Undocumented.

018-Review of Islamic Economics 018:1 EID, FLORENCE, "Studies of Islam, Economics, and Governance: A Survey of Some New Developments," The American Journal of Islamic Social Sciences, Herndon,VA, (11:1) Spring '94, Pp.38-70.

Part one of the paper reviews some of the recent literature on Islamic economics. Covers issues such as riba, zakah, insurance, law of inheritance, and Islamic banking. Literature covered is produced by Khurshid Ahmad, World Bank, Gina Piccinelli, John Waterbury, and 12

Roy Mottahedeh. Some of the literature was either unpublished or in the making at the time of the author's research.

Informative. Based on documents and personal interviews. Documented.

020-GENERAL ECONOMIC THEORY 021-General Equilibrium Theory 021:1 ABU-RASHED, JAMAL, "Terms of Trade, Income Distribution, and Human Resource Development under a Profit-Sharing Scheme," in Ehsan Ahmed, Economic Growth and Human Resource Development in an Islamic Perspective, Herndon,VA: International Institute of Islamic Thought, 1993, Pp.1-16.

Presented to the Fourth International Islamic Economic Seminar on 16-17 May 1992 at the World Bank. Develops a two-sector, two-factor general equilibrium model of a small country.

Shows that an increase in uncertainty over the future prices of exportables leads to resources moving from the uncertainty sector to the sector facing certainty. An increase in uncertainty about terms of trade causes a decline in the cost of borrowing in the exportable sector and a rise in workers' income in the importable sector. The relationship between national income and the uncertainty over the terms of trade depends completely on the zakah payment.

Mathematical. For economists only. Documented.

021:2 CHOUDHURY, M. A., "An Islamic Econometric Model for Malaysia with Policy Implications," Journal of Economic Cooperation Among Islamic Countries, Ankara, (10) 1989, Pp.23-53.

Develops a macroeconomic model for Malaysia for the period 1970-85, with the view of estimating the effects of some major economic indicators on the product market, labour market, financial sector and the consumption and investment functions. The model system is reworked with critical Islamic indicators, such as, zakah expenditure and the profit rate replacing interest rate. Corresponding estimates are then obtained and the macroeconomic results interpreted statisitcally and within the Keynesian type econometric framework. The results of these estimates are used to formaute policies under the Islamic economic principles.

Mathematical. For economists only. Based on primary sources. Documented.

021:3 METWALLY, M. M., "Equilibrium in the Commodity and Money Markets in an Islamic Economy with Zero Rate of Interest," Journal of Islamic Banking and Finance, Karachi, (9:4) Oct. '92, Pp.12-25.

Argues that Islamic economies where the rate of interest is zero, equilibrium can be achieved in both the commodity market and the money market provided that the Muslim authorities are prepared to impose a tax on cash balances at rates which vary according to economic situations. These dues should be imposed in addition to, not in lieu of, zakah, whose rates and objects of disbursement cannot be changed. The proposed dues on idle assets would result in more effective economic policies.

13

Mathematical. For professional economists only. Based on primary sources. Documented.

021:4 MIRAKHOR, ABBAS, "Equilibrium in a Non-Interest Open Economy," Journal of King Abdulaziz Universit: Islamic Economics, Jeddah, (5) 1993, Pp.3-24.

Analyzes an economy in which there are no interest-bearing assets, only equity shares.

Equilibrium conditions are derived for the case of a closed economy, an open economy with trade in goods only, and finally one with trade in both goods and equity shares. It is shown that the rate of return to capital equilibriates savings and investment, that the differential between the domestic and foreign rates of return to equity determines the direction of capital flows, and that under a fixed exchange rate system, adjustments induced by exchange rate are channeled through the asset accounts.

Mathematical. For economists. Uses standard macroeconomic equilibrium analysis tools.

Documented.

021:5 TAHIR, SAYYID, "Towards a Theory of Aggregate Output, Income, and Economic Inequalities Determination in an Islamic Economy," Journal of Islamic Economics, Malaysia, (2:2), July '89, Pp.95-108.

In the context of a closed economy, analyses the determination of the levels of aggregate output and income associated with the current production process and the degree of income inequalties in an Islamic economy. Adopts a four-way classification: producers, consumers, investors, and government. The main finding is that equilibrium levels of aggregate output, income and economic inequalities in an Islamic economy would depend upon, among other things, on three factors: the level of autonomous expenditures, the distribution of income among the poor and the rich, and the output-and-wealth-related zakah flows.

Mathematical. For economists. based on primary sources. Documented.

022-Microeconomic Theory 022:1 BENDJILALI, BOUALEM, FARID B. TAHIR, "A Zero Efficiency Loss Monopolist: An Islamic Perspective," American Journal of Islamic Social Sciences , Herndon,VA, (7:2) Sept '90, Pp.219-232.

In an Islamic environment, the behviour of a single seller is different from that of a pure monopolist. His ultimate objective is not to maximize profit but to please Allah. Profit is only one of his motives. Therefore, he is expected to be ready to sacrifice part of his profits for the social good if and when the social priorities so require. Formulates the problem in its deterministic setting and derives the optimally necessary conditions. Also examines the case of a family of utilities of the Cobb-Douglas form.

Analytical. Mathematical. Based on secondary sources.Documented.

022:2 KHAN, M. FAHIM, "Factors of Production and Factor Markets in Islamic Framework," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (2) 1990, 14

Pp.25-46.

Makes a critical review of the conventional classification of factors of production. Presents a new classification based on the modes of payments for them in the Islamic framework.

Enterpreneurial and hired factors of production are then described and their demand and supply conditions discussed in the context of equilibrium in the labour market.

Analytical. Uses diagrams. For economists. Documented.

022:3 RUSHDI, ALI AHMED, "Monopoly in Islam: A Case for Cross Subsidization," Thoughts on Economics, Dhaka, (8:1) Winter '87, Pp.38-62.

Presents a model where monopoly appears to be more desirable compared to a competitive situation. Argues that the model is applicable only in case of natural monopolies. Concludes that although different in connotation, the demand curve under conventional system will look like the familiar demand curve under conventional system. Advocates for a cross-subsidy among the consumers which can help not only the poor get some of their necessities at a reasonable price but also make the commodity available even to the rich.

Uses graph. For economists. Based on contemporary literature on economic analysis.

022:4 SADEQ, A.H.M., "Factor Pricing and Income Distribution," Thoughts on Economics, Dhaka, (8:3&4) 1987, Pp.37-58.

Thinks that productive materials should be treated as a factor of production under the Islamic scheme. Pricing for factors of production follows the twin principles of justice and scarcity.

The wage rate will lie in between the marginal and average products. Same is true about the productive materials. The prices of capital and enterpreneurship are determined simultaneously. These two factors receive the residual income after paying for all other factors of production. Enterpreneurship does not bear the risk of loss in capital.

Uses graphs. For economists. Based on contemporary economic literature. Documented.

022:5 SATTAR, ZAIDI, "The Ethics of Profits in the Islamic Economic System: A Socioeconomic Analysis," The Islamic Quarterly, London, (XXXII:1) Jan '88, Pp.69-76.

Argues that although Islam does not oppose profit within a free enterprise system, it imposes a moral limit on what an enterpreneur can take as profit. In general, the Islamic norms recommend normal profit and restrain from monopolositic profits. In other word, Islam accepts profit but not profiteering.

For economists. Analytical. Uses diagrams. Documented.

023-Macroeconomic Economic Theory 023:1 AHSAN, A. S. M. FAKHRUL, "Some Issues on the Promotion and Mobilization of Savings Through Islamic Bank, " Thoughts on Economics, Dhaka, (8:2) Summer '87, Pp.25-34.

Studies the experience of Pakistan and Iran in Islamic banks and finds that these countries 15

could not moblize enough savings as they were deficient in financial infrastructure and trained staff. Rate of savings can rise if the Muslim countries attend to these institutional problems.

For general readers. Based on contemporary literature on economics. Documented.

023:2 ANSARI, M. I., "A Critique of an Interdependent Welfare Function in an Islamic Society," Humanomics, Nova Scotia, (7:2), 1991, Pp.71-81 Defines an interdependent welfare function and shows that welfare implications of such a function in modern socieities can be quite perverse. Examines the welfare foundations of an Islamic society through a simple model. Shows that such a society provides an atmosphere in which individual action becomes consistent with social objectives. It also provides an effective mechanism to control and regulate desired level of consumption by controlling human aspirations.

Mathematical. Analytical. For economists only. Documented.

023:3 BASHIR, ABDEL-HAMEED, & ALI F. DARRAT, "Equity Participation Contracts and Investment: Some Theoretical and Empirical Results," American Journal of Islamic Social Sciences, Herndon, VA., (9:2) Summer '92, Pp.219-232.

Constructs an equilibrium theoretical model of investment under the general principle of a profit-sharing arrangement. The analysis is conducted in a noncooperative game framework in which the project participants have different information. Each attempts to maximise his/ her own lifetime utility based on the information they have received. Two alternative games are examined: Counrnot and Stackleberg. The resultant theoretical model is then tested using quarterly data from the Kuwait Finance House, a profit-sharing investment bank. Among a number of possible investment determinants, the model highlights the effect of the profit-sharing ratio and the amount of internal finance on investment. The empirical results confirm the theoretical model. The profit-sharing ratio stimulates investment.

For economists. Mathematical. Documented.

023:4 DARRAT, ALI F., "Towards Abolishing the Rate on Interest in Contemporary Islamic Societies," Journal of King Abdulaziz University : Islamic Economics , Jeddah, (5) 1993, Pp.39-49.

A critical review of M.M. Metwally's paper with the same title published in Vol.2 of the same journal, (1990). Based on the data of Pakistan, Libya and Morrocco, points out that the analysis and conclusions drawn by Metwally are imprecise and incorrect. The main conclusion of this paper is that the rate of interest does play an important role in the demand for money.

Therefore, the laws in the Muslim countries need to be changed to usher in an Islamic economy.

Econometricial. For economists only. Documented.

023:5 GHANNADIAN, FARHAD, & JOHN J. KLEIN, "A Note on Interest and Banking in Islam," Savings and Development, (XV:4) 1991, Pp.373-381.

16

Comments on Mohsin S. Khan's paper (IMF Staff paper no.33, 1986) that the inference about greater stability of the financial system in the Islamic framework does not hold good in developing countries. The developing countries do not have well-developed financial markets.

If we abolish interest from the formal banking sector there will be a diversion of loanable funds to the informal financial sector. Tthe demand for loanable funds in the informal sector will also increase. It will push up the interest rates, albeit, in the balck market.

Analytical. Uses mathematics and diagrams. For economists only. Documented.

023:6 HABIBI, NADIR, "The Consequences of Islamic Banking in a Macroeconomic Framework" in Faridi, F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.102-147.

Analyses the effects of elimination of interest on the volume of real investment. Examines the process of monetary and fiscal policy in an interest-free framework. Compares the policy multipliers between secular economy and Islamic economy.

Mathematical. For economists only. Documented.

023:7 ISLAM, ZOHURUL, The Profitability of Islamic Banking.. Unpublished. Presented to the International Seminar on Islamic Banking organised by the IslamicBank Bangladesh at Dhaka during 11-12 March 1985, Pp.10.

Develops an analytical model to show that the Islamic banking is a profitable proposition.

For economists. Documented.

023:8 JALALUDDIN, ABUL KHAIR M., "Savings and Economic Development in an Islamic Economy," Lights on Islamic Economics, Malaysia, (2:1) Nov.'90, Pp.51-62.

Argues that Islam urges to save and induces to channelise the savings into productive avenues.

Analytical. Uses diagrams and equations. For economists. Documented.

023:9 KHAN, M.FAHIM (ed.), Distribution in Macroeconomic Framework: An Islamic Perspective, Islamabad: International Institute of Islamic Economics, International Islamic University, 1988, 231Pp. Compilation of four papers presented to the Second International Conference on Islamic Economics held in Islamabad in 1983. The papers are: 1. Fahim Khan, "Macroeconomic Function in an Islamic Framework"; 2. Tabakoglu, A., " Labour and Capital Concepts in Islamic Economics" ; 3. Ahmad, A. "A Macro Model of Distribution in an Islamic Economy"; 4. Jarhi, Mabid Ali, "Towards an Islamic MacroModel of Distribution: A Comparative Approach".

These papers have been annotated in Volume II of the present bibliography.

023:10 MAHDI, S. IQBAL & SAIF AL-ASALY, "A Model of Income Determination in an Interest-free Economy " in Faridi, F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.52-66.

17

Develops a simple macroeconomic model of an Islamic economy using IS-LM framework.

Demonstrtes that such a system is not only feasible and viable but probably a better alternative to the traditional approach.

Mathematical. For economists only. Documented.

023:11 RUSHDI, ALI AHMED, Some Impacts of the Elimination of Interest on Employment Generation, 8Pp. Unpublished. Presented to the International Seminar on Islamic Banking organised by Islamic Bank Bangladesh at Dhaka during 11-12 March 1985.

Argues that interest dampens the economy and leads to a disequilibrium where unemployment becomes natural. Elimination of interest leads to full employment.

Analytical. Uses diagrams. For economists only. Based on secondary sources.

023:12 SATTAR, ZAIDI, "Interest-free Banking, Profit-sharing and the Islamic Macro economic Systems, " in Faridi, F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.82-101.

Presents an outline of a macroeconomic model for an Islamic economy, first, as an extension of the static Hicksian IS-LM model and next, within a dynamic framework that allows for long-run equilibrium analysis in a steady state.

Mathematical. For economists only. Documented.

023:13 SATTAR, ZAIDI, "A Dynamic Investment Model with Profit-Sharing in an Interest-free Economy: Methodological Issues, " American Journal of Islamic Social Sciences, Herndon,VA, (8:1) March '91, Pp.109-128.

Presents an investment model within the framework of an integrated macroeconomic model of an Islamic economy. Investment behaviour in the model is guided by an Islamic ethical value system and profit-sharing financial contracts. The typical firm's investment decision is believed to emerge from a dynamic inter-temporal maximization exercise within an infinite time horizon. The method of Calculus of Variations is applied to arrive at the optimal investment and employment criteria for the firm. The result is then incorporated into a macroeconomic model to study the behaviour of key endogenous variables like national income and the rate of profit-share. Comparative statics exercised within a general equilibrium framework reveal the potency of monetary policy but the neutrality of fiscal policy with respect to output and employment.

For economists. Mathematical. Based on secondary sources. Documented.

023:14 SIDDIQUI, SHAMIM A., Saving, Investment and Some Distributional Aspects of a Share economy Based on Islamic Financial Princeiples , 1989, Pp.180.

Unpublished. Ph.D. dissertation. Temple University, 1989. Order No. DA8920306. Attempts to provide a macroeconomic foundation for an Islamic system which replaces the institution of interest by different types of profit and loss sharing musharaka and mudaraba. By using a log 18

utility function and a power production function, shows that investment is higher in the sharing case compared to the traditional interest system. Concludes that the sharing system would be financially stable and may solve the chronic low saving and investment problem of a Third World country like Pakistan.

For economists. Analytical. Based on primary sources. Documented.

023:15 SIDDIQUI, SHAMIM AHMAD, & MOHSEN FARDMANESH, "Saving and Investment Under Mudarabah Finance," Review of Islamic Economics, Leicester, (2:1) 1992, Pp.31-51.

Using an overlapping generation model, studies the nature of profit sharing economy based on Islamic modes of finance and compares it with the one based on interest, under various scenarios. The analysis shows that the level of investment would be higher under mudarabah financing than under interest financing both in the case of certainty and uncertainty. The second major finding of the paper is that the level of investment under mudarabah financing is independent of the profit sharing ratio. Also discusses the pattern of distribution under the two systems but concludes the the model does not give unambiguous results with respect to the relative shares of borrowers and lenders in the profit.

Mathematical. For economists only. Documented.

024-Theory of Falah 024:1 CHOUDHURY, M.A., "Social Choice in an Islamic Economic Framework", American Journal of Islamic Social Sciences, Herndon,VA, (8:2) Sep '91, Pp.259-274.

The consultative democratic process ( shura) defines the determination of both state variables (socioeconomic variables) and policy variables and the simulative interaction between them.

These variables configure the consumption, production, and distribution menus in an Islamic political eeconomy. They are clearly defined variables that help to formulate the social choice, the social welfare function, and the institutional decision-making problems in an Islamic politico-economic order.

Mathematical. For economists only. Documented.

024:2 CHOUDHURY, M. A., "Concept of Time in Islamic Social Welfare Function", Journal of Objective Studies, Aligarh, (3:2) July '91, Pp.1-21.

Develops the philosophy of the concept of time, a planning horizon and a transcendental element linked with ethical policy formulation in the Islamic concsultative assembly. Shows how the transcendental time component becomes a relativistic concept in the Islamic theory of poltical economy and is thus interchangeable with these concepts of time-contingency type. Problems of its definition, existence, equilibrium and optimality are addressed in mathematical terms.

Mathematical. For economists. Documented.

024:3 HALLAQ, SAID SAMI, Individual, Society and Social Choice in Islamic Thought, 1990, 232Pp. Unpublished. Ph.D dissertation, University of Utah, 1990. Order no. DA 19

9035059.

Seeks to determine the relevance of modern social choice theory for an Islamic society.

Western social choice theory takes its analytical point of departure from the individual and the way he or she chooses. Social choice must somehow represent individual choice. Establishes that the individual is central in the Islamic society. Therefore, the selection among social choices must represent individual choices. Hence Western social choice theory directly applies.

Examines the possibility of constructing a social welfare function in an Islamic community with an additional axiom known as "Islamically Imposed". This additional axiom provides for general consistency with the Islamic teachings. Concludes when the choice set constrains alternatives the the individual must do (wajib) or must not do ( haram), the former will be chosen and the latter will never be chosen. If these elements are not in the choice set, then the Western social choice theory applies in a straightforward manner.

Mathematical. For economists. Documented.

030-HISTORY OF THOUGHT 031-History of Economic Thought 031:1 AHGARI, ZOREH, The Origin and Evolution of Islamic Economic Thought, 1991, 240Pp. Unpublished. Ph.D. thesis. The Florida State University. Order No. DA9209105.

Clarifies the confusion and controversy concerning the content and meaning of Islamic economics. The primary objective is to attain a definition for the term "Islamic economic system" based on a thorough investigation of the origin and the evolution of Islamic economic thought. The second objective is to examine the extent to which early Islamic economic thought or its idealogical concepts compares to the medieval economic thought of the West.

Argues that there is a basic continuity of ideas on various economic subjects by Islamic scholars during the ascendancy of Islamic civilization. Points to a certain unity of economic thought between the medieval West and the Muslim East. Analyses the reasons for divergence in the stages of economic growth in the East and the West.

For economists. Based on primary sources. Documented.

031:2 BATTAH, ABDALLA M. , Ibn Khaldun's Principles of Political Economy: Rudiments of a New Science, The American University, 1988. Unpublished. Ph.D Thesis.

Provides a rendition of Ibn Khaldun's contribution on a wide range of subjects: umran, (development), mode of production, specilization, division of labour, laissez faire, money, exchange, asabiyah, anarchy, rise and fall of states, theory of the state , sociology of knowledge, social conflicts, etc. Concludes: (i) Ibn Khaldun should be known as "father of political economy", (ii) Ibn Khaldun has commanded great respect from writers in sociology, history, and philosophy, (iii) Ibn khaldun's political economy is relevant and timely.

For economists and sociologists. Based on primary sources. Documented.

031:3 ESSID, YASSINE, A Critique of the Origins of Islamic Economic Thought, Leiden: E.J.Brill, 1995, 257Pp. 20

Attempts to correct the standard distortion about the history of economic thought and highlights the contribution of Muslim thinkers on the subject. The first part provides a general introduction and the second part reviews the literature.

A serious piece of scholarship and a solid contribution on the history of Islamic economic thought. Based on primary sources and the literature on the subject. Documented.

031:4 FILI, N.A.W. al-, A Critical Edition of "Kitab al- Amwal" by Abu Ja'far Ahmad b.

Nasr al- Dawudi (Vol I & II), 1989, 693Pp. Unpublished. Ph.D. dissertation. University of Exeter (UK), 1989. Order No. BRDX 88428 The first part includes the Arabic text, verified and collected through the collation of all extant copies, together with an exhaustive commentary on geographical, general and linguistic aspects of the text. In the second part presents a critical study of the author, his period and his book. Explains various terms used in the book. Reviews other works on Islamic public finance in manuscript or print form. Indicates direction for further research.

Historical. Based on primary sources. Documented.

031:5 GUSAU, SULE AHMED, "Economic Views of Ibn Khaldun," Journal of Objective Studies, Aligarh, (3:2) July '91, Pp.48-66.

Outlines the views of Ibn Khaldun on such subjects as justice, economic values, labour, exchange, market regulation, value, money, population, growth, trade cycle, international trade, and public finance. Gives an over all evaluation as well.

For general readers. Documented.

031:6 HASANUZZAMAN, S.M., "Shihab al-Din ibn Abi'l-Rabi': On Management of Personal Public Wealth", Islamic Studies, Islamabad, (31:3) Autumn '92, Pp.365-374.

Introduces the book of third century scholar Ibn Abi'l-Rabi Tadubbar al- Mumalik. Summarises manin ideas.

titled Suluk

al- Malik

fi

For historians and Muslim economists. Documented.

031:7 HASSAN, KABIR, & SHAH ABDUL HANNAN, "An Inquiry into the Contribution of Islam to Modern Economic Science," Thoughts on Economics, Dhaka, (4:1-2) Jan-Jun '94, Pp.1-15.

Asserts that during the seventh and fifteenth century of the Christian era, the Muslims contributed towards the economic thought which was then taken upon by the Western economists. There was an intellectual continuity from the Greek and Romans through the Islamic era. Only the Western historians of the economic thought do not recognise it.

For economists. Based on primary sources. Documented.

031:8 ISLAHI, ABDUL AZIM, "Shah Wali Allah's Concept of al- Irtifaqat (Stages of SocioEconomic Development)," Journal of Objective Studies, Aligarh, (2:1) January '90, Pp.46-63.

21

Introduces the concept of irtifaqat of Shah Wali Allah. Dicusses the four stages of socio-economic development as enunciated by him. Shows the contribution of Shah Wali Allah in the development of economic thought.

Descriptive. For Muslim economists. Based on primary sources. Documented.

031:9 ISLAM, ZAFARUL, Socio- Economic Dimension of Fiqh Literature in Medieval India, Lahore: Research Cell Dyal Singh Trust Library, 150Pp. Presents an analysis of the social and economic dimension of fiqh literature produced in the subcontinent during the Muslim rule. Discusses a few major works of that period. Can be treated as a history of fiqh literature in the subcontinent.

For jurists and historians. Based on primary sources.Documented.

031:10 KHAN, M. AKRAM, Economic Teachings of Prophet Muhammad (PBUH): A Select Anthology of Hadith Literature on Economics, Islamabad: International Institute of Islamic Economics & Institute of Policy Studies, 1989, 354Pp. An anthology of the ahadith relating to economic matters. The ahadith have been selected from twelve original texts. Gives Arabic text along with English translation. The classification system helps a modern student of economics to access the ahadith on subjects familiar to him.

Gives a comprehensive index of subjects. Cross-refers all ahadith to various texts.

For students of Islamic economics. Based on primary sources. Documented.

031:11 KHAN, M. AKRAM, Economics of the Qur'an: A Study of Sura al- Ma'ida and Sura Nahl, Lahore: Library & Information Management Academy, 1994, 106Pp. A synthesis of the economic teachings of the Qur'an from fourteen works of exegesis. Gives a summary of the ideas in these tafasir and also extracts of original texts translated into English. It is a pilot study of two chapters of the Qur'an to help the modern students of Islamic economics. The idea is to make available the relevant portions of exegetical literature to a Western-trained economist who does not have easy access to this literature.

Based on primary sources. Documented.

031:12 MALAMI, HUSSAINI U., "Importance of Muhammad Bello's 'Tanbih al- Sahib Ala Ahkam al- Makasib,' to our Contemporary Economic System," Hamdard Islamicus, Karachi, (XVII:4) Winte r'94, Pp.35-40.

Introduces the book written by Sultan Muhammad Bello of Sokot Caliphate. Gives a brief summary of the book which consists of certain instructions to workers and businessmen for observing the Islamic economic ethics.

For general readers. Descriptive. Documented.

031:13 ORMAN, SABRI, Economic Thought of Abu Hamid al- Ghazali: a Methodological Approach, Istanbul, 1985, 13pp.

Unpublished. Mimeo. Paper presented to the Assembly of World's Religions organised by 22

Americana Great George Conference Centre McAfee, New Jersey during 15-21 November, 1985.

Discuss briefly the life sketch of Imam Ghazali and his approach towards ecnomic problems.

Thinks that the Imam followed both an analytical as well as normative approach toward economic matters.

Descriptive. For general readers. Based on primary sources. Documented.

032-Methodology of Islamic Economics 032:1 ABU-SAUD, MAHMOUD, "The Methodology of the Islamic Behavioral Sciences," American Journal Of Islamic Social Sciences, Herndon,VA, (10:3) Fall '93, Pp.382-395.

Distinguishes the Islamic methodology for behavioral sciences from the Western methodology.

Suggests that the Muslim social scientists should follow the methodology of usul al- fiqh. The fiqh should be divided into several different behavioral sciences. But this should be preceded by a fundamental methodological development so that these different sciences will all follow one approach, yield to one logic and lead to one aim.

Philosophical. For Muslim social scientists and jurists. Undocumented.

032:2 ALI, AUSAF, "The Philosophy and Methodology of Islamic Social Science, " Hamdard Islamicus, Karachi, (XVI:3) Autumn '93, Pp.5-35.

The Muslim social scientists should systematise the economic theory of the Islamic society. If they cannot do this, they will not be able to develop social and political theories of Islamic society. The proper course of action will be to base the Islamic social sciences on the epistemic authority of Islamic culture. We must interpret a new the teachings of Islam and decide for ourselves through a process of consensus formation, what is socially, economically and politically feasible and achievable. We should seek to join the abstract scholarship of the ulema and jurists to the task of providing a practical guidance to Islamic social reconstruction.

At present there is not much that we can expect from Islamic social sciences. Perhaps the time is not yet ripe for such an enterprise.

Philosophical. For social scientisits. Based on primary sources. Documented.

032:3 ALI, AUSAF, "The Idea of an Islamic Social Science," Hamdard Islamicus, Karachi, (XVII:2) Summer '94, Pp.17-54.

The Islamic social sciences should be based on the study of real life conditions in the Muslim countries. They should be normative in approach and prescribe policies to change these socieities into Islamic socieities. The Islamic social sciences should theorize about these changes and also give action plans for the change.

Very lucid and readerable paper. For Muslim social scientists. Undocumented.

032:4 ANWAR, M., "Some Issues on the Process of Islamisation of Knowledge," Journal of Objective Studies ,New Delhi, (3:1) Jan.'91, Pp.158-165.

The process of Islamisation of knowledge requires expertise in contemporary knowledge as well as in shari'ah. These skills are not generally available in one individual. Therefore, joint 23

research by teams of religious scholars and social scientists will be necessary. Teaching two majors to undergraduates can also help as some of these young scholars may be able to make a contribution towards Islamisation of knowledge.

For social scientists. Undocumented.

032:5 ANWAR, MUHAMMAD, "Islamic Economic Methodology," in A.Ghazali & Omar (eds), Readings in the Concept and Methodology of Islamic Economics , & Journal of Objective Studies, Aligarh (2:2) April '90, Pp.28-46.

Outlines the Islamic criteria for validiating economic theories and models. Proposes an approach for Islamizing knowledge in economics and suggests a process whereby the discipline of Islamic economics can grow through empirical investigations and improvements in the Islamic theories and economic practices of an Islamic society.

A valuable contribution on the methodology of Islamic economics. For Muslim economists.

Based on primary and secondary sources. Documented.

032:6 CHOUDHURY, M. A., "The Humanomic Structure of Islamic Economic Theory:A Critical Review of Literature in Normative and Positive Economics," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (2:2) 1990, Pp.47-64.

Reviews earlier attempts at formulating a humanisitic political economy. Establishes a principle of Ethical Endogeneity which shows that society maximizes its social welfare through consensus among decision-makers with the choice of goals and policy variables. In the Islamic economy these goals and policies are uniquely set by the shari'ah. The principle of tawhid and brotherhood, of work and productivity and that of distributive equity characterize the Islamic economy which realises these goals through zakah, abolition of interest and profit-sharing.

Mathematical. For professional economists only. Documented.

032:7 CHOUDHURY, M. A., "A Critique of Modernist Synthesis in Islamic Thought: Special Reference to Political Economy," The American Journal Of Islamic Social Sciences, Herndon,VA, (11:4) Winter '94, Pp .475-503.

As with former Muslim rationalists who copied classical Greek thought into an Islamic synthesis and thus distorted the unique essence of the Qur'anic worldview, modern Islamic scholarship appears to be moving into the same form of blind imitation of the West. As a result, no authentic Islamic scholarship has arisen and there remains a methodological contradiction between reality and perception of the Muslim scholars. There is a need to unify the epistemology in the light of unity of God. Scholalry. For Muslim social scientists. Documented.

032:8 FARIDI, F.R., "Islamization of Economics: The Indian and Global Context," Journal of Objective Studies, Aligarh, (2:1) January '90, Pp.72-82.

24

Islamic economics must grow from the realities of the socio-economic conditions. It should not be construed as a variant of traditional economics. It should make a selective use of the traditioanl economics. Islamic economics should systhesise values relevant to total human behaviour and should not restrict itself to mere economic values. The basic framework of Islamic economics ensues from the Qur'an and hadith but its superstructure is based on empirical investigation and induction.

Conceptual. For Muslim economists. Documented.

032:9 FARIDI, F.R., "Islamic Research Methodology: Some Reflections," Objective Studies, Aligarh, (3:1) January '91, Pp.149-157.

Journal of

Western social sciences hardly ever make explicit their assumptions. The assumptions of ethnocentricity and positivism has made it necessary for Muslims to develop their own social sciences. Islamic methodolgy applies both inductive and deductive methods. It is positive as well as normative.

For Muslim social scientists. Documented.

032:10 GUSAU, SULE AHMED, "The Nature and Methodology of Islamic Economics," in R.I. Molla,et.el., Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, 1988, Pp.29-37.

Defines Islamic economics. Thinks resources of earth are not scarce but abundant. Apparent scarcity is due to misutilization, mismanagement or lack of knowledge. Islamic economics takes into account the benefits of the hereafter as well. Rationality in Islamic context is to maximise the welfare of self and others in this world as well as in the hereafter.

For economists. Based on secondary sources. Documented.

032:11 IQBAL, MUNAWAR, "Islamic Approach Towards The Economic Problem," in R.I.Molla et.el., Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, Nigeria, 1988, Pp.12-28.

Describes the Islam's worldview and the difference it makes in approaching the economic problem of man. Enumerates the norms of an Islamic economy.

For economists. Based on secondary sources. Documented.

032:12 KAHF, MONZER, "Islamic Economics and Its Methodology," in A.Ghazali & Omar (eds.), Readings in the Concept and Methodolgy of Islamic Economics, Selangor: Pelanduk Publications, 1989, Pp.40-48.

A crititique of the literature on Islamic economics from methodological point of view.

Discusses the confusion created by some authors in mixing up fiqh with economics.

For Muslim economists. Based on primary sources. Documented.

032:13 KHAN, M. AKRAM, "Methodology of Islamic Economics,"in A.Ghazali 25

&Omar(eds), Readings in the Concept and Methodolgy of Islamic Economics, Selangor: Pelanduk Publications, 1989, Pp.49-68.

Discusses the need for a methodolgy of Islamic economics. The methodolgy of Islamic economics consists of a hard core, hypothesis based on human reason, empirical evidence and some high level assumptions. It has a problem solving bias. Compares the methodolgy of Islamic economics with that of the secular economics. Tackles some related issues.

For economists. Based on primary sources. Documented.

032:14 LOUAY, SAFI, "Towards a Unified Approach to the Shari'ah and Social Inference," American Journal of Islamic Social Sciences, Herndon,VA, (10:4) Winter '93, Pp.464-484.

Underscores the need for reestablishing revelation as a primary source of social theorizing.

Argues that scientific activity presupposes metaphysical knowledge and is even impossible without transcendental presuppositions. The truth of revelation is rooted in empirical activity and thatthe quality of evidence supporting the revealed truth is of no less calibre than that justifying empirical truth.

For social scientists. Based on primary sources. Documented.

032:15 MAHDI, SYED IQBAL, "Islamic Approach to Model Building in Economics and Other Social Sciences: A Methodological Framework," Journal of Objective Studies, Aligarh, (2:1) January '90, Pp.83-94.

The first part analyzes the causes of dearth of creative models of Islamic socio-economic political systems. The second part attempts to recapitulate the great debate among Islamic thinkers and reformers which helps in formulating a basis for modern Islamic approach to social sciences. The third part develops a methodological framework for Islamic model building in social sciences.

For Muslim social scientists. Documented.

032:16 RAGAB, IBRAHIM, "Islamic Perspective on Theory Building in the Social Sciences," American Journal of Islamic Social Sciences, Herndon,VA, (10:1) Spring '93, Pp.1-22.

Discusses theory building in Islamic social sciences. Argues for an alternative social science framework based on the Islamization paradigm, which could integrate both empirical and nonempirical elements of behaviour into a united system of explanation. Exploring the possibility of using knowledge derived from revelation as a major source in the process of theory building, encourages the Muslim social scientists to draw upon rich insights derived from transcendental sources, but only after subjecting the resulting propositions to stringent verification. This new model rejects unwarranted dogmatism, unwarranted exclusiveness, and a parochiality that shuns anything that comes from non-Muslims. The Muslim social scientists will have to reorient their critical approach to their disicplines and also acquire a better understanding of the religious sciences: revealed knowledge. This would ensure a Muslim contribution in the social sciences, a contribution that disappeared during centuries of stagnation.

26

For social scientists. Based on primary sources. Documented.

032:17 SHARIF, M. RAIHAN, "On Methodology of Islamic Economics," Thoughts on Economics, Dhaka, (8:1) Winter '87, Pp.1-20.

Gives some general ideas on the methodology of Islamic economics. Islamic economics is multi-disciplinary, and normative. It uses both qualitative as well as quantitative data. Relies on certain maxims as given and proceeds from there.

For general readers. Based on secondary sources and contemporary literature on economics.

Documented.

032:18 ZAQA, M. ANAS, "A Note on Islamizing Economics'" in R.I. Molla, et.el .(eds) Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, 1988, Pp.61-64 Discusses the exact relationship of Islamic economics with secular economics. The secular economics has some normative content and Islamic economics has some positive content.

Islamizing economics will involve statement of normative contributions in Islamic economics, discovery of positive content in the primary sources of Islam, and economc analysis of some parts of Islamic economc system.

For Muslim economists. Contains very valuable insights on methodology of Islamic economics. Based on primary sources. Documented.

032:19 ZARQA, M. ANAS, "Islamic Economics:An Approach to Human Welfare," in A.Ghazali & Omar (eds), Readings in the Concept and Methodology of Isl Economics, Selangor: Pelanduk Publications, 1989, Pp.21-39.

The common concept that secular economics is value-free is a misnomer. Similarly, the concept that the Islamic economics is all normative is also incorrect. There is some positive content in the Islamic economics as well. Philosophical underpinnings of neoclassical economics are hedonism, rationalism, and atomism. They are alien to Islam. Islamic tenets about economics can help us in formulating an Islamic social welfare function. Discusses the contribution of Ghazali and Shatibi.

A very valuable paper on the methodology of Islamic economics. For Muslim economists.

Based on primary sources. Documented.

040-ECONOMIC HISTORY OF THE MUSLIM PEOPLE 041-Pre-Islam and Early Islam 041:1 HASANUZZAMAN, S.M., Economic Functions of an Islamic State, Leicester: The Islamic Foundation, 1991, Pp.392.

Second revised edition of his book; first publised in 1982 from Lahore. Has revised the first two chapters of the first edition and condensed them into the first chapter of this edition. A very comprehensive and authentic account of the economic history of the period of first four caliphs. Covers economic system of Islam and describes all the heads of revenue and 27

expenditure. A detailed account of baitulmal and a note on coinage is also included.

For economic hisorians, economists and general readers. Illustrated with maps and tables.

Based on primary sources. Documnented.

041:2 HASANUZZAMAN, S.M., "Role of Booty in the Economy During the Prophet's Time," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (5) 1993, Pp.63-66.

A critical review of M.Y.M.Siddiqui's paper of the same title published in the same journal (1), 1989. Points out several weak points in Siddiqui's paper, especially, his estimates of Medina's population during the days of the Prophet (pbuh).

Undocumented.

041:3 IBRAHIM, MAHMOOD, Merchant Capital and Islam, Austin: Texas University Press, 1990, 246Pp. Traces the evolution of merchant class in pre-Islam Arabia. Argues that Muhammad's message, besides its spiritual significance, also focussed in building such institutions as would support the merchant class of his days. Islam mobilised the merchant capital to reach the surrounding regions, and it were institutions within Islam which carried the appropriated wealth back to Medina and the rest of Hijaz. The rapid expansion of Islamic state after the Prophet was due to the fact that the merchant class, which now had the political power as well, resorted to expand its market. Islam's supportive institutions helped them. With the expansion of Islam, new members were being recruited to the rank of the wealthy. But the distribution of wealth was more in favour of the old segment. As a result, tension between the old and the new segments was built up, which led to the murder of caliph Uthman.

Ultimately, during the Umayyad's rule, the old segment prevailed. But the Abbasides turned the tide and integrated other sections of the society in the power base.

The distinctive features of Islamic history is that a merchant-capitalist society transformed into a feudal society, with the decline of Abbasides. It is the other way round in Europe.

A scholarly work. For historians. Documented.

041:4 SIDDIQI, M.Y.M., "Role of Booty in the Economy during the Prophet's Time," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (1) 1989, Pp.83-116.

The author estimates the total value of spoils of war during the first decade of the Hijra did not exceed 6 million dirhams. Estimating the cost of living of an average family, and the cost of expeditions, and the losses suffered by the Muslims, the booty was only an insignificant source of income. The Muslims must have maintained their economy by hard work in agriculture, trade and commerce.

Historical. Based on primary sources. Documented.

042-Ummayyads, Abbasids, Fatimides, Mamluks 042:1 SAYED, A. MALIK, al- Social Ethics of Islam:Classical Islamic- Arabic Political 28

Theory and Practice, New York: Vantage Press, 1982, 235Pp. Pages 188-202 deal with the departments of finance and accounts and audit during the Abbasid period. The description is fairly comprehensive.

For historians. Based on primary sources. Documented.

042:2 ZARIF, EL-MAAITAH, An Investigation into the Economic and Adminstrative Organi- zation of the Umayyad Caliphate, UMI in association with The British Library, 1988, 390Pp. Unpublished. Ph.D Thesis submitted to the University of Manchester (UK). Order No. BRD-85788.

Looks at the economic and adminstrative system during the reign of Abd al-Malik ibn Marwan. Second chapter traces the origins and development of the financial institutions namely, al- Jund, al- Dharari, al- Kharaj, and al- Sadaqat. Highlights the reasons for their creation and reform and their functions. Chapter five surveys the history of the currency system. Reviews the reforms introduced by Abd al-Malik. His reforms ended an are of monetary dependence. The Islamic empire got its first currency.

For economists and social scientists. Based on primary sources. Documented.

043-Medieval Islam 043:1 CIZAKCA, MURAT, "Tax-Farming and Resource Allocation in Past Islamic Socieities," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (1) 1989, Pp.59-81.

Considers tax-farming as practised in medieval Egypt, Moghul India and the Ottoman empire as a means of resource allocation in an interest-free economy. Using the material from Turkish archives shows that the system worked by giving signals to the state as to the relative profitability of the various sectors of the economy. In making these bids, the tax farmers were guided by the expected rates of return in the relevant sectors. Changing profit expectations caused geographical and sectoral shifts of resources. The paper places the historical discussion into perspective by making a brief review of contemporary literature on resource allocation in a modern interest-free Islamic economy. It alos notes some negative aspects of the practice of tax-farming.

Historical. Based on primary sources. Documented.

043:2 MORTEL, RICHARD T., "Weights and Measures in Mecca during the Late Ayyubide and Mamluk Periods" in Serjeant, R.L. Bidwell, Arabian Studies , Australia: Cambridge University Press, 1990, Pp. 171-185.

A very well-researched paper, giving measures of length, volume and weight in the Mecca of Mamluk and Ayyubide period. Quotes authority for each measurement from the original sources.

For student of economic history. Based on primary sources. Documented.

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043:3 UDOVITCH, A. L., "International Commerce and Society in Mid-Eleventh-Century Egypt and North Africa" In Esfndiari & Udovitch (eds.), The Economic Dimension of Middle Eastern History, Princeton: The Darwin Press, 1990, Pp.239-253.

On the basis of a Judeo-Arabic text emenating from the Cairo Geniza, a business letter dating from approximately 1045-50, written by a merchant in Tripoli, Libya, to a junior partner and associate in Alexandria. Translation and partial commentary of this document reveals much of the fascinating complexity of the commercial activity during this period.

Based on Cairo Geniza scrolls. For economic historians. Documented.

044-Muslim Dynasties in Spain 044:1 AKRAM, M., & M. SAJID KHAN, "Spain men Ma'ashi wa Ma'ashrati Taraqqi,"(U), Economic and Social Progress in Spain," Islamic Studies, Islamabad, (28-29:4-2, 1991, Pp.729-744.

Gives a brief overview of the indusrial and commercial development in Muslaim Spain.

Argues that the Muslim Spain was highly developed as compared to the rest of the World at that time.

For historians. Based on secondary sources. Documented.

044:2 CONSTABLE, OLIVIA R, At the Edge of the West: International Trade and Traders in Muslim Spain (1000- 1250)5, 1989, Pp.478. Unpublished. Ph.D. dissertation Princeton University. Order No.DA9003638.

After a brief foreward, describing Andalusian history and its dual status as both an integrated region of the Muslim world and a border territory at the edge of the Islamic west, the dissertation consists of six chapters. Chapter one delineates historiography as a field, and discusses problems and research methodology. The next three chapters (II-IV) form the core of the thesis, devoted respectively to routes of trade, and different merchant groups involved in trade and commodities. Chapter V explores the role of Andalus ruler in international trade and the concluding chapter draws this data together, and examines Andalusian commercial patterns in the context of the wider Mediterranean world.

For historians. Based on primary sources including Arabic chronicles and legal works, jewish merchant letters, Latin notarial records and archeological data. Documented.

044:3 CONSTABLE, OLIVIA, Trade and Traders in Muslim Spain, Cambridge: Cambridge University Press, 1994, 320Pp. Surveys the Iberian international trade from the tenth to the fifteenth century, with particular emphasis on commerce in the Muslim period and on changes brought by the Chrisitian conquest of much of Muslim Spain (al-Andalus) in the thirteenth century. From the tenth to the thirteenth century, markets in the Iberian peninsula were closely linked to markets elsewhere of the Islamic world, and a strong east-west Mediterranean trading network linked 30

Cairo with Cordoba. Following routes along the North Africa coast, Muslim and Jewish merchants carried eastern goods to Muslim Spain, returning eastwards with Andalusi exports.

Situated at the edge of the Islamic west, Andalusi markets were also emporia for the transfer of commodities between the Islamic world and Chrisitian Europe. After the 13th century the Iberian peninsula became part of the European economic sphere, its commercial realignment aided by the opening of the straits of Gibraltar to Chrisitian trade, and by the contemporary demise of the Muslim trading network in the Mediterranean.

For historians. Based on primary sources. Documented.

044:4 HEBERT, RAYMOND J., "The Coinage of Islamic Spain," Islamic Studies, Islamabad, (30:1-2) 1991, Pp.113-127.

Traces the history of various coins minted by Muslims during their rule in Spain. In each case gives the weight of metal in the coin and the inscription of it.

For hisotians. Based on primary sources. Documented.

047-Seljuks and Turks 047:1 CIZAKCA, MURAT, "Domestic Borrowing During the Ottoman Era," New Horizon, London, (17) July '93, Pp.5-7.

Traces the history of Ottoman financing. Discusses the methods of tax-farming such as qabalah, iltizam, malikane and esham, practised by the Ottomans to raise funds for civil administration and to finance wars. These methods were free-from interest but had many administrative inefficiencies.

For economists and historians. Undocumented.

047:2 OGUZ, ORHAN, AHMED TABAKOGLU, "An Historical Approach to Islamic Pricing Policy: A Research on the Ottoman Price System and Its Application," Journal of King Abdul Aziz University: Islamic Economics, Jeddah, (3) 1991, Pp.65-80.

The Ottomans resorted to price fixation with a view to ensuring stability in the market. Islamic law does allow price fixation in special circumastances. Ottoman monetary and commercial policies were directed toward price stability and security. Guided by the Islamic principles, a number of institutional arrangements contributed to the welfare of the people by preventing fraud, hoarding and monopolisitic practices.

Historical. For economic historians. Based on primary sources. Documented.

049-Contemporary Situation 049:1 BAKHASH, SHAUL, "The Politics of Land, Law and Social Justice in Iran," Middle East Journal, Washington, (43:2) Spring '89, Pp.186-201.

Reviews the debate over the land reform law of 1986 passed by Iranian Parliament. It shows how the bill was passed, over-riding the Islamic textual provisions under the garb of need for greater social justice. But the debate on the pros and cons of the law was still going on in Iran.

31

For students of law. Based on primary sources. Documented.

050-ECONOMIC SYSTEMS 051-Critique of the Capitalist System 051:1 FARDMANESH, MOHSEN, "The Interest System and Financial Instability," New Horizon, London, (18) Aug '93, Pp.10-11.

Argues that the capitalist system has a built-in instability. The main reason for instability lies in the institution of interest because it determines firms' payment commitments and liabilities independent and prior to observing their receipts.

For economists. Analytical. Undocumented.

051:2 MANNAN, M. A., "Limitations of Secular Economic Tools and Assumptions for Use in Islamic Economics," in R.I. Molla, et.el., Frontiers and Mechanics of Islamic Economics, Sokoto, Nigeria: University of Sokoto, 1988, Pp.38-47.

Ethical imperatives are supreme in Islamic economics. It does not recognize the difference between positive and normative economics. Islamic economic analysis starts with the family as a basic unit. The firm in an Islamic economy does not respond to the individual needs of the owners. It takes into account the needs of the society. The given supply curve of the capitalist society does not reflect the objectives of the Islamic economy. The law of dimishing marginal utility comes in conflict with the shari'ah. The theories of marginal propensity to consume and save and marginal productivity of wages are also not value-neutral. The doctrine of backward-bending supply curve of labour clashes with the Islamic concept of social justice. The Pareto criteria of welfare does not take into account the question of distribution. The neoclassical notion of GNP ignores considerations of economic justice.

For econoimists. Based on secondary

sources. Documented.

051:3 MAYSAM, AL-FARUQI, Studies in the Theory of Value: A Critical Analysis of Classical, Neoclassical and Post Keynesian Theories, Temple University, 1989, 337Pp.Unpublished. Ph.D. thesis. University of Temple (USA), University order no.

DA8912396.

Argues that there is more than one theory in the Classical school. Suggests a new categorization of the theories of value along new lines of analysis of the notion of value.

Argues that there is no systematic analysis of the theory of value in Islamic law or economics, and examines the concepts directly related to the notion of value in the Qur'an, Hadith, and Islamic law. - such as interest, profit, returns, ownership, risk, partnership. From these, develops a valuational and philosophical understanding of the nature of value implicitly present in the Islamic system of thought. Derives the economic theory that would correspond to them, and compares it to the theories surveyed earlier. The conclusion examines some implications of this study on the notion of alienation and the understanding of the nature of economic methodology.

32

For economists and social scientists. Based on primary sources. Documented.

052-Critique of the Socialist System 052:1 MOTEN, A. RASHID, "The Roots of Marxist and Islamic Economic Thoughts: An Evaluation," in R.I. Molla, et.el., Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, 1988, Pp.48-60.

Compares the marxist concept of history with the Islamic concept. The economics in Islam is subject to religious influence. Islam aims at changing this world for the better but unlike marxism it makes it a religious obligation for everyone. Unlike marxism, Islam blends the spiritual with the material. Islam emphasizes unity of mankind and social justice. Rules of economic behaviour in Islam are derived from ethics. It is value-laden and its values are derived from divine sources.

Philosophical. For economists and historians. Based on primary sources. Documented.

054-Islamic Economic System 054:1 ABDELHAFID, BELARBI, Towards an Islamic Economic System, 1992, 241Pp. Unpublished. Ph.D. Thesis. University of Cincinnati. Order No. DA9313830.

Presents an interpretation of Islamic economics within the purview of the mainstream economic theory. Argues that institutionalizing practical morality and ethical values in economic transactions would move towards perfecting market operations. Islamic economic system opens room for transcendence to be quantifiably associated within an institutionalised altruistic behavior supported by such institutions as zakah, profit-loss sharing financial institutions and waqfs. The model developed in the thesis endogenizes zakah as a variable that results in the distribution factor being explicitly stated in the rule of capital accumulation.

For economists. Based on primary sources. Documented.

054:2 ANJUM, M.IQBAL, "An Islamic Scheme of Equitable Distribution of Income and Wealth," The American Journal of Islamic Social Sciences, Herndon,VA, (12:2) Summer '95, Pp.224-239.

An elementary essay on the basic principles of Islamic economy and the mechanism by which it tries to distribute wealth and income equitably.

For general readers. Based on primary sources. Documented.

054:3 AZAM, K. M., The Islamic Economic System, Lahore: Author (262-N Model Town Extension, Lahore), 1995, 31Pp. Outlines the basic principles of Islamic economic system. Thinks that the rates of zakah should be variable and other taxes should be abolished. Argues for complete elimination of interest from the economy although this is not the prime step for moving toward an Islamic economic system.

33

For general reader. based on secondary sourcs. Documented.

054:4 BIRAIMA, M. E., "A Qur'anic Model for a Universal Economic Theory," Journal Of King Abdul University: Islamic Economics, Jeddah, (3) 1991, Pp.3-41.

Outlines a universal Qur'anic economic theory that integrates orthodox economics based on utility maximization as the guiding principle of rational choice, and a new economics based on the maximization of iman as the guiding principle of choice for a rational Muslim. Both principles are shown to be Qur'anic principles that lie at the heart of the Master Plan of Creation (MPC) which depicts God's purpose behind the creation of man and the universe that surrounds him, as well as the basic elements involved in realizing this divine purpose. It is through the unfolding of this divine MPC that the fundamental role of economics in the design of God for man becomes apparent. The universal Qur'anic paradigm is distinguished by its explanatory power, the decisive role it assigns to the moral individual as the kernel of the Islamic economy, its emphasis on man's salvation, and its far reaching implications for Islamic economics with respect to its theoretical principles, methodology, institutions and policy.

Philosophical. For Muslim economists. Based on primary sources. Documented..

054:5 CHOUDHURY, M. A., "A Qura'nic Model for a Universal Economic Theory," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (5) 1993, Pp.51-61.

A critical review of M.E. Biraima's paper of the same title published in the same jouranl (3), 1991. Disagrees with Biraima. Presents his own model.

Mathematical. For economists only. Documented.

054:6 HASAN, MANZOOR al-, "Islah e Ma'aeeshat" (Reforming the Economy) (U), Ishraq, Lahore, (9:1) Jan.'97, Pp.36-47.

Argues that the capitalist system of banking and credit is based on the twin concepts of interest and mortgage. These two concepts are alien to Islam.

For general readers. Documented.

054:7 IBRAHIM, P., "Distributive Justice in an Islamic Economy," Journal of Objective Studies, Aligarh, (4:2) Dec.'92, Pp.59-70.

An elementary essay on the concept of income distribution in Islam.

For general readers. Documented.

054:8 ISLAHI, ABDUL AZIM, "Islamic Distributive Scheme: A Concise Statement," Journal of Objective Studies, Aligarh, (5:1) Jan.'93, Pp.98-111.

A comprehensive but concise statement which enumerates all the measures enunciated by Islam for an equitable distribution of income in the society.

For general readers. based on primary sources.Documented.

34

054:9 KHAN, MOHSIN S., & ABBAS MIRAKHOR, "Islam and the Economic System," Review of Islamic Economics, Leicester, (2:1) 1992, Pp.1-30.

Outlines the salient features of the economic system of Islam. Discusses the following issues: (a) individiual obligations, rights, and self-interest; (b) property rights; (c) contracts; (d) work and wealth; (e) concept of barakah; (f) economic justice; (g) riba; (h) competition and cooperation; and (i) the role of state. Concludes that the Islamic economic system is logically and internally consistent. Its partial implementation will not produce the desired and expected results.

For economists. Based on primary sources. Documented.

054:10 KUSHA, HAMID R., Social Justice: From the Islamic World- System to the European World- Economy, a Study of Power Legitimation , 1989, 454Pp. Unpublished.

Ph.D. dissertation. University of Kentucky. Order No. DA 9001434.

By employing a world-system approach, argues that the issue of social justice was instrumental in the rise of the Islamic world-economy (700-1750) in an extensive part of the Old World. This issue also impacted the quasi-transformation of the Islamic world-economy in the Islamic world-empire.From 1750 to the present, the Islamic world-economy is going through a process of disintegration and incorporation into capitalist world-economy.

However, the issue of social justice has not lost its primordial character in the process of social change in the Islamic world.

Historical. Based on primary sources. Documented.

054:11 MANZOOR, NAYYER, Islamic Economics: A Welfare Approach, Karachi: Saad Publications, 1986, 125Pp. Compares the welfare economic theories with the Islamic economic systems and argues for the superiority of the Islamic concept. Covers such diverse topics as property rights, zakah, interest and interest-free banking, Islamic banks in actual practice in Pakistan and elsewhere, and experience of Islamisation in Pakistan.

For general readers. Based on primary and secondary sources. Documented.

054:12 MUZAMMIL, MOHAMMAD, "Smithian Concept of Economic Behaviour and Islam," Journal of Objective Studies, Aligarh, (3:2) July'91, Pp.39-47.

Thinks that the six characterisitics of human nature conceived by Adam Smith, viz.self-love, sympathy, a sense of property, freedom, dignity of labour, and propensity for exchange, are in consonance with the Islamic framework.

For economists and general readers. Undocumented.

054:13 NASR, S.V.R., "Towards a Philosophy of Islamic Economics," The Muslim World, Hartford, Oct. '87.

Reviews the progress made so far by Islamic economics. Thinks that the Muslim economists 35

have not done enough to develop a coherent philosophy of Islamic economics. They should do so now by bringing all the scattered pieces of knowledge and legal rulings under the comprehensive umbrella of Islamic economic philosophy. Illustrates his main thesis by referring to various basic postulates of Islamic economics.

For economists. Based on primary sources as economics.

Documented.

well contemporary literature on Islamic

054:14 NIK HASSAN, NIK MUSTAPHA, "Implementation of Justice in Economics and Business" in Aidit Ghazali (ed.) Islam and Justice, K.Lumpur: IKIM, 1993, Pp.49-64.

Discusses the importance of economic justice in Islam. Shows how various economic and business principles of Islam promote justice.

For general readers. Based on secondary sources. Documented.

054:15 NOMANI, FARHAD, & ALI RAHNEMA, Islamic Economic Systems, London: Zed Books, 1994, 222Pp. The first four chapters are conceptual. They discuss the main principles of the Islamic economic systems as expounded by the Shi'a and Sunni scholars. The authors cover the whole spectrum of opinions on different issues. The last four chapters discuss the Islamisation efforts in Pakistan, Saudi Arabia, Iran and Libya.

A comprehensive study. For university students and Western scholars of Islamic studies.

Based on primary and secondary sources. Documented.

054:16 SADEQ, A. H. M., "Distribution of Wealth in Islam," in Thoughts on Islamic Economics, Dhaka: Islamic Economics Research Bureau, 1980, 93Pp. A simple but comprehensive statement on the basic principles of Islamic economics which highlight distribution of wealth as one of the objectives of the Islamic economy.

For general readers. Based on primary sources. Documented.

054:17 SHAGIL, M., Islamic Economics: A Global Perspective, New Delhi: Ashish Publishing House, 1989, 175Pp. Discusses the basic concepts of Islamic economics. Argues that all forms of interest are riba.

The Islamic economy should be based on interest-free basis. Islam conceives a global economy.

Elementary. For general readers. Based on secondary sources. Documented.

054:18 SHARIF, M. RAIHAN, "Some Considerations of Equity and Efficiency as Related to the Theory of Distribution under Modern Approach and the Islamic Approach," Thoughts on Economics, Dhaka, (8:3&4) 1987, Pp.12-36.

The Islamic economic processes of production and distribution are founded on a synthesis of 36

efficiency and equity from the point of view of human values within the framework of a co-ordinated socio-economic balance or overall general equilibrium which may be called Islamic general equilibrium.

For general readers. Based on secondary sources and contemporary economic literature.

Documented.

054:19 SIDDIQI, M. N., "Tawhid: The Concept and the Process," in A.Ghazali & Omar (eds.) Readings in the Concept and Methodology of Islamic Economics, Selangor: Pelanduk Publications, 1989, Pp.1-20.

A comprehensive essay on the meanings and economic implications of tawhid. Tawhid leads to emancipation of human beings and human intellect. It suggests that ijtihad, jehad, and knowledge play a crucial role. It gives a mission to the Muslim Ummha to lead the humanity toward a value-oriented life.

Philosophical. For Muslim economists. Based on primary sources. Documented.

054:20 TASIN, M., "Islami Ma'ashi Nizam" (U) (Economic System of Islam), Fikro Nazar, Islamabad, (30:3) Jan '93, Pp.79-112.

Analyses reasons for failure of the Muslims to implement the economic system of Islam: (a) feudalism and uneven distribution of wealth; (b)absence of a consensus on the meaning of islamic economic system; (c) inappropriate intellectual and objective environments; (d) dependence of the Muslim world on aliens for the production of necessities. The strategy to implement Islamic economic system should be as follows: (a) The aim should be to transform the existing capitalistic system completely. No patch work will do; (b) Muslim scholars should jointly agree on a unified interpretation of the basics of Islamic economic system; (c) Public policies should encourage production of the basic necessities; (d) For the transition period a strategy which is not fully Islamic may be accepted with arrangements to review progress towards the ultimate goal of implementing the ideal system.

Conceptual. For Muslim economists and scholars. Undocumented.

056-Islamic Theory of Ownership 056:1 ABE, TAKUMA, A Comparative Study of Islamic Ownership: Conceptual Frameworks of Ownership in Islamic and Western Value Systems, Japan: Institute of Middle Eastern Studies, 1987, 115Pp. Compares the philosophy of ownership relations in Islamic and Western value systems. In Islam the property relations are governed by the concept of Tawhid while in the West the absolute sovereignty lies with the individual. The Islamic system is geared to the evolution of Muslim Ummah. It is giverned by a set of ethical values.

Philosophical. For economists. Based on secondary sources. Documented.

056:2 MOGHADAM, FATEMEH E., "Property Rights and Islamic Revolution in Iran," in E. Haleh and A.L.Udovitch (eds.), The Economic Dimension of Middle Eastern History, 37

Princeton: The Darwin Press, 1990, Pp.147-177.

Explores the possible impact of property relations on the Iranian revolution, its ideology, and the composition of its leading groups. Examines the historic process of development of property relations. The paper is divided into four periods. Background period, from 11th to 18th century; nineteenth century as period of quasi-colonialism; from 1908-53 as period when Iran got integrated with the world economy; and 1954-79 when Iran participated in the world economy as a sovereign nation having full control of its oil resources.

For economic historians. Based on historical sources. Documented.

057-Basic Principles of Islamic Economic System 057:1 GHAMIDI, J.A., "Qanun e Maeeshat" (The Law of Economy ), Ishraq, Lahore, (3:4) April '91, Pp.21-57.

Explains the basic principles of Islamic economy. Answers questions relating to property rights. lawful and unlawful modes of earning. Thinks that the concept of loan finance for business is alien to Islam. Conceives a large public sector.

Conceptual. For general readers. Based on primary sources. Documented.

057:2 GHAMIDI, J. A., "Economic Problem of Man" (U), Ishraq, Lahore, (5:1) Jan '93, Pp.29-38.

Considers that Islam founds its economy on equity rather than debt. Business should be organised on the basis of ones own capital or those of others which take part in it. Mortgage of debt is not allowed except when someone is in a journey. No tax other than zakah is allowed.

For general readers. Undocumented.

057:3 IWAI, SATOSHI, A New Appraoch to Human Economics: A Case Study of An Islamic Economy, Japan: Institute of Middle eastern Studies, 1985, 111Pp. Argues that the basic assumptions of neoclassical economics are unrealistic. The Islamic approach to economics is nearer to reality as it conceives economy in the society rather in a market. Discusses Islam's worldview and its basic axioms. Elaborates the institutions of mudaraba and hisba and Islamic banking based on mudabara.

Based on secondary sources. Documented. For economists.

057:4 LOQMAN, MUHAMMAD, & SURAIYA NAZNEEN, "Islamic Economics: An Approach to Human Welfare - An Evaluation," Thoughts on Economics, Dhaka, (6:2) April '96, Pp.24-38.

A simple statement of basic principles of Islamic economics. Based on secondary sources. For general readers.

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057:5 MAAMIRY, AHMED H., al-, Economics of Islam, New Delhi: Lancer Books, 1987, 156Pp. Discusses the role of planning in economic development as envisaged in the Qura'n. Describes the Islamic law of ownership. Deals with the question of state intervention in economic affairs and argues that the state has a duty to intervene to safeguard the economy, restore social balance and protect the weak. Considers all forms of interest as riba. Banking should be organised on the principle of partnership. In joint stock companies, preference shares and debentures are unlawful. In the end, discusses the question of economic development: it should be comprehensive (material and spiritual), and balanced (production and distribution) and human-centred.

For Muslim economists. Based on primary sources. Documented.

057:6 MANNAN, M. A., Guidelines for Key Issues in Islamic Economics, Jeddah: International Centre for Research in Islamic Economic, 1985, 24Pp. Summarises the basic principles of the economic system of Islam. Makes suggestion to the policy makers in the Muslim countries. Also provides a basis for further development of Islamic economics as a branch of knowledge.

For economists. Descriptive. Undocumented.

057:7 SIDDIQI, M. N., "Islamic Economics and Finance" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.1-14.

Describes basic principles of Islamic economy and moves on to the forms of providing finance to business on interest-free basis.

For general readers. Based on primary sources. Documented.

057:8 UTHMANI, MUHAMMAD TAQI, Islam aur Jadid Ma'eeshat wa Tijarat (U),(Islam and Modern Economy and Commerce), Karachi: Idaratul Ma'arif, 1995, 171Pp. A collection of lecture notes on modern economics presented to a training course for the Shari'ah scholars. Covers the basic principles of economics such as allocation of resources, distribution of income, factors of production, comparative study of capitalism, socialism and Islam, types of business organisation, banking, insurance, stock exchange, and various modes of finance. For each issues gives the position of the shari'ah.

A basic book of economics for the shari'ah scholars. Descriptive. Based on primary sources.

Documented.

057:9 YUNUS, MUHAMMAD, Islami Nizam Ma'aeeshat ke Bunyadi Usul (Basic Principles of Islamic Economic System) (U), Islamabad: Da'awah Academy, International Islamic University, 1992, 87Pp. A general introduction to the basic principles of Islamic economic system.

For general readers. based on primary sources. Documented.

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058-Comparative Study of Islamic Economic System 58:1 FARUQUI, MAHMOOD, "A Paradox of our Times," New Horizon, London, (49) March '96, Pp.3-5.

Takes a critical look at the Western capitalism. Explains the basic principles of Islamic economics and the rationale for the prohibition of interest in Islam. Highlights some of the challenges facing Islamic banks.

For general readers. Undocumented.

058:2 ISMAIL, SYED MUHAMMAD, Critical Analysis of Capitalism, Socialism and Islamic Economic Order, Lahore: Oriental Publications, 1989, 570Pp. Gives salient features of the three economic systems. Examines capitalism and socialism critically and points out their shortcomings. Gives a detailed account of the Islamic economic system. Argues that the Islamic economic order is capable of solving the problems of humanity in this age. Shows how Islam tackles the problem of growth with equity and efficiency.

For general readers. Based on primary and secondary sources. Documented.

058:3 TURNER, BRYAN S., "Islam, Capitalism and the Weber Thesis," The British Journal of Sociology, (XXV:2) June '74, Pp.230-243.

Examines Webers exploration of relationship of religion and capitalism and its application to Islam. Argues that the Weberian thesis is inapplicable to Islam except to a small extent. It is unfortunate that some of the influential Muslims tried to explain the phenomenon of non-development of capitalism in Islamic lands through Weberian thesis.

For sociologists. Documented.

059-Criticism of Islamic Economics 059:1 "The Cash-flow of God," in A Survey of Islam, The Economist, London, 6 Aug '94, Pp.8-10.

Criticises Islamic economics for its simplisitic approach for handling modern complex issues.

Says that Islamic banking sustains on a set of tricks and does not differ essentially from interest-based banking. Also criticises Islamic system of zakah.

Journalistic. For general readers. Undocumented.

059:2 ALI, AUSAF, "Review of Hasanuzzaman's 'Economic Functions of an Islamic State', " Hamdard Islamicus, Karachi, (XV:4) Winter '92, Pp.111-118.

Although a book review, the author chooses to make some general remarks on the inadequacies of the contemporary Islamic economic thought. For example, the Islamic economics has not so far developed a general theory of the economy given the ban on riba.

Contains a few original ideas for further development.

40

For economists. Undocumented.

059:3 ANSARI, JAVED AKBAR, "The Poverty of Islamic Economics," Universal Message, Karachi, Feb.'90, Pp.7-10.

There is a declining interest in Islamic economics by the general public. This is welcome as Islamic economics is mostly an exercise in apologetics, and an attempt to reform capitalism. It has subverted the Islamic social movements. Islamic economics is conceptually sterile and politically barren. Islamic economics cannot help political parties in fighting capitalism i.e. provide a system whereby the quest for material progress does not dominate individual and social life.

For economists. Undocumented.

059:4 BANNERMAN, PATRICK, Islam in Perspective:A Guide to Islamic Society, Politics and Laws, London: Routledge, 1988, 278Pp. Chapter 5 titled "The Islamic Economic System" reviews theory and practice of Islamic economics. Argues that it is very difficult to distinguish Islamic economic system from any other system. For example, in practice, Islamic banking uses techniques of mark-up, etc. which are disguised forms of interest. Similarly, Islamic claim to ethical norms and values is also not unique. Capitalism and socialism have also their roots in Christian ethics. The Islamic economics presents its idealized model and compares it with the Muslim perception of western societies. It conveniently ignores the practice in Muslim societies which is hardly different from the western picture it intends to criticise. In brief, there is little justification for a separate discipline as "Islamic economics".

For Muslim economists. Based on secondary sources. Documented.

059:5 BEHDAD, S., "Property Rights in Contemporary Islamic Thought: A Critical Perspective," Review of Social Economy, (XLVII:2) Summer' 89.

Surveys the literature on Islamic economics and concludes that the Islamic economics lies between neoclassical economics and socialist model. Islamic economics is a lassaiz faire system with a large degree of state intervention. Since the ultimate ownership lies with God, the exact shares of ownership between the individual and the state are indeterminate. There does not exist any consensus among the Islamic sects and nations as to how this problem can be resolved. The Qur'an and the Sunnah of the Prophet contain contradictions. There has not been any development of a theory of capital in Islamic economics. There can be no practical emergence of an Islamic system of economics.

For social scientists. Based on primary and secondary sources. Documented.

059:6 KURAN, TIMUR, "On the Notion of Economic Justice in Contemporary Islamic Thought," in Haleh, E. & A.L.Udovitch (eds.), Economic Dimensions of Middle Eastern History, Princeton: The Darwin Press, 1990, Pp.93-121.

41

Describes and evaluates the notion of economic justice that appears in the literature on Islamic economics. Argues that the present understanding of Islamic economics is based on a faulty model of human civilization. In many contexts, the injunctions bring principles of justice into conflict, both with one another and with other Islamic principles. Suggests that an Islamic society would inevitably contain seeds of disharmony.

For Muslim economists. Based on secondary Islamic sources and contemporary literature on Islamic economics. Documented.

059:7 KURAN, TIMUR, 'Behavioral Norms in the Islamic Doctrine of Economics," Journal of Behavior and Organisation, North-Holland, (4) 1983, Pp.353-379.

At the heart of the contemporary Islamic doctrine of economics lies a set of behavioral norms derived from the first Islamic society in the seventh century Arabia. Tries to argue that these norms cannot serve as a spearhead of a drive for modern economic development. For one thing, the proposed norms are unlikely to enjoy widespread adherence in large societies where it is difficult to achieve common perception of reality, elicit generalized altruism and overcome the free rider problem. Secondly, many Islamic norms are ambiguous, and some interfere with institutions designed to improve the working of markets.

For social scientists. Based on primary sources.Documented.

059:8 KURAN, TIMUR, "The Economic Impact of Islamic Fundamentalism," in Marty, M. & S.Appleby (eds.), Remaking the World: The Impact of Fundamentalism, Chicago University Press, 1992, 55Pp. Argues that the impact of "Islamic economics" has been anything but revolutionary. The main role of islamic banking has been to stimulate domestic and international trade through interest-based financial mechanisms in use throughout the world, though it has used several ruses to disguise this fact. The redistribution scheme known as zakah has nowhere become significant vehicle for reducing inequality, and in at least one country where zakah is now obligatory the direction of redistribution is away from the poor. The systems of zakah in Muslim countries are subject to gross mismanagement and corruption. As for the renewed emphasis on economic morality, it effect on economic behavior appears insignificant. The future of Islamic economics as understood and practised today is going to be very bleak.

Either it will face the same fate as socialism in 20th century or it will adopt major changes in ideas paving way for secularism.

For social scientisits. Based on primary sources. Documented.

059:9 NASR, S.V.R, "Islamization of knowledge: A Critical Overview," Islamic Studies, Islamabad, (30:3) Autumn '91, Pp.387-400.

Criticises the whole enterprise of Islamization of knowledge. Picks up Islamic economics as a case study. Islamic economics has not developed any philosophy of its own. Instead, it has concentrated on discussing interest-free institutions which in the development of knowledge should have come in the end. Islamic economcs should begin by studying the basic premise and assumptions of Western economics and then examine which of these need to be Islamized in the light of the world-view of Islam. In this way it should start revising the entire philosophy of Western economics. Institutional development will follow automatically.

42

A highly incisive and scholarly paper. For Muslim economists. Based on primary sources.

Documented.

059:10 PARVIN, MANOUCHER, "The Political Economy of Divine Unity," in Esfandiari & Udovitich (eds.),The Economic Dimension of Middle Eastern History, Princeton: The Darwin Press, 1990, Pp.215-237.

Argues that the post-revolution Iran is following an ideology based on Islamic political economy of divine unity. The policies and actions of the regime based on this ideology are contrary to the scientific and humanistic advancement of mankind insofar as history is assumed to be ultimately progressive. Thinks that in the not too distant future the Iranian regime will collapse.

For economists. Based on contemporary sources. Documented.

43

CHAPTER TWO

100- ECONOMIC GROWTH; DEVELOPMENT; PLANNING; FLUCTUATIONS 110-ECONOMIC GROWTH, DEVELOPMENT, PLANNING IN ISLAM 110:1 AHMAD, KHURSHID, Tarraqiyati Policy ki Islami Tashkil (U) (Economic Development in Islamic Perspective), Islamabad: Institute of Policy Studies, 1996, 156Pp. Urdu translation of author's published paper on the same subject in English language. Contains a set of statistical tables translated from the World Development Report 1994.

For general readers. Based on primary sources of the shari'ah and modern economics.

Documented.

110:2 AHMAD, THANVIR, "Islam's Integration of the Theory of Investment with the Theory of Distribution," Journal of Objective Studies, Aligarh, (5:2) July '93, Pp.135-146.

The conventional theories of economic development emphasise investment and ignore distribution. The Islamic concepts emphasise both.

Analytical. Uses diagrams. For economists. Based on primary sources. Documented.

110:3 MANNAN, M.A., MEHBOOB AHMAD, Economic Development in an Islamic Framework, Islamabad: International Institute of Islamic Thought, 1996, 380Pp. Proceedings of the Second International Conference on Islamic Economics held in Islamabad in 1983. Contains papers by Sadeq al-Mehdi, Raihan Sharif, Anis-ur-Rahman, Aqeel Ansari, Faridi, Ataulhaq, and Mannan. These papers have been included and annotated in Volume 2 of the present bibliography.

For economists. Based on primary sources and modern economics. Documented.

111-Concept and Objectives of Economic Growth in Islam 111:1 AKHTAR, M. RAMZAN, "Modelling the Economic Growth of an Islamic Economy," American Journal of Islamic social Sciences, Herndon,VA, (10:4) Winter '93, Pp.491-511.

Argues that the moral factors such as "bounty of Allah" (fadl Allah) and "God-consciousness" (taqwa) play a vital role in economic development of an Islamic economy. Builds a model which incorporates these variables and shows that they make a positive contribution toward economic growth.

For economists. Analytical. Mathematical. Based on primary sources. Documented.

111:2 ANSARI, MOHAMMED I., "Islamic Perspectives on Sustainable Development," The American Journal Of Islamic Social Sciences, Herndon,VA, (11:3) Fall '94, Pp.394-402.

Highlights multifaceted nature of the concept of development in Islam. Explains the endogeneity of sustainabale development in Islam. Examines the Islamic characterization of the role of human beings and show show such a role conforms to the requirements of sustainable development. Concludes that in a truly Islamic society, sustainable development is a logical outcome of anormal life and that there is thus no need for a separate strategy of sustainable development.

For economists. Based on primary sources. Documented.

111:3 CHOUDHURY, M. A., "A Mathematical Formulation of the Knowledge-based Worldview of Development," in Ehsan Ahmed (ed.), Economic Growth and Human Resource Development in an Islamic Perspective. Herndon,VA: International Institute of Islamic Thought, 1993, Pp.17-30.

Presented to the Fourth Seminar on Islamic Economics during 16-17 May 1992 at World Bank. Presents a mathematical formalization of a knowledge-based model of development.

Part one formalizes the evolutionary epistemological nature of knowledge-based model. Part two places the evolutionary model in the midst of shuratic process.

For economists only. Documented.

111:4 JAGHUNDI, A.S.A. al- , Islam and Development in the Third World. Unpublished.

Mimeo. Paper presented to the Seminar on Role of Islam in Development, Niamey, 21-25 May, 1992, under the OIC, 14Pp. Argues that the focus of all development effort in the Third World should be on education geared to the needs of the society.

For policy makers. Based on primary sources. Partly documented.

111:5 KHAN, SHUJAAT ALI, "A Critique of Akhtar's Model of an Islamic Economy," American Journal of Islamic Social sciences, Herndon, VA, (11:4) Winter '94, Pp.610-617.

A critical review of Ramzan Akhtar's artical "Modelling the Economic Growth of an Islamic Economy'" (AJISS, 10:4, Winter '93). Thinks. that Akhtar's model is theoretically weak, and inconsistent. Thinks that the ethical variables built into model cannot be measured.

For Muslims economists. Undocumented.

111:6 MANNAN, M.A., The Role of Islam in Development with Special Refernce to Islamic Development Bank, 1992, 39Pp. Unpublished. Mimeo. Paper prsented to the Seminar on Role of Islam in Development, Niamey, 21-25 May 1992, under the OIC. Explains in detail the nature and scope of economic growth and development on an Islamic conceptual level. Gives an overview of the principles of Islamic financial operations and participatory investment banking. Provides a brief account of the contributions of the IDB in the process of economic development and social progress of its member countries and Muslim communities in non-Member countries.

For economists. Based on primary sources. Documented.

111:7 MUTAIRI, HEZAM M. al-, "An Islamic Perspective Towards Development," Hamdard Islamicus, Karachi, (XVI:4) Winter '93, Pp.27-50.

The Western writers on Islam regard Islam as a cause of the economic backwardness of the Muslim economies. Argues that this point of view is incorrect. Presents a better explanation of the concept of development in Islam. Mentions the historical factors that led to stunted growth in some of the Muslim lands.

For general readers and Muslim economists. Based on primary sourcs. Documented.

111:8 NIENHAUS, VOLKER, "Searching for Alternative Paths to Development: Islamic Economic Theory," Thoughts on Economics, Dhaka, (5:1-2) Jan-Jun '95, Pp.7-16.

There is no agreed modern of development in the Islamic economic theory. However, the Western model of economic development can be adapted to fit the Islamic economic framework. An Islamic economic order legitimized by the primary sources of Islam is not only viable; it can also support a process of modernization.

For economists. Undocumented.

111:9 SADEQ, A.H.M., Economic Development in Islam, Malaysia: Pelanduk Publications, Petaling Jaya, Selangor, 1990, 153Pp. Argues that the basic principles of Islamic economics are conducive to economic growth and development. The Islamic concept of development focuses on human development and is comprehensive. It promotes equitable distribution of wealth and income. Highlights various means of achieving a high rate of economic development in Islamic framework.

Based on primary sources. Documented.

111:10 SADEQ, A.H.M, Islam and Economic Development, 1991, 31Pp. Unpublished. Mimeo. Paper presented to the International Conference on Islam and Development in Souteast Asia, organized by Information and Resource Centre and Academy of Malay Studies, Malaysia during 8-9 September, 1991 at Kualalumpur. Argues that Islamic teachings promote economic development. Describes the strategies of economic development in Islam. Argues that Islam favours econmic distribution and the Islamic concept of development does not contradict distributive justice.

An elementary essay. For economists. Based on secondary sources. Documented.

111:11 SADEQ, A.H.M., "Achievement Motivation, Entrepreneurship Growth and Economic Development in Islam," Thought on Economics, Dhaka, (6:1) Summer '85, Pp.1-7.

Rebuttal of Claude R. Sutcliff's essay "Is Islam an Obstacle to Development" ( Journal of Developing Areas, Vol.10, Oct. 1975, Pp.77-81). Argues that Islam is not an obstacle to growth. Instead it promotes economic development.

Elementary. For economists. Based on secondary sources.Documented.

111:12 SAKAR, M. AHMAD al-, Role of Islam in Economic Development, 1992, Pp.9.

Unpublished. Mimeo. Paper presented to the Seminar on the Role of Islam in Development, Niamy, 21-25 May 1992 under OIC. The present paper is only outline of the main paper which was presented, most probably orally by the author.

Enumerates causes of backwardness of the Muslim countries. Suggests that the Muslim countries should establish systems of zakah, strengthen interest-free banking, integrate their economies by freeing flows of labour and capital and by lowering their tariffs against one another.

For policy makers and economists. Undocumented.

112-Critique of the Western Growth Theory and Models 112:1 AHMED, A. YUSRI, Economic Development: Criticism of the Conventional Thought and Model of the Islamic Approach, 1992, 35Pp. Unpublished. Mimeo. Paper presented to the Seminar on Role of Islam in Development, Niamy, 21-25 May 1992, under OIC. Presents the criticism of conventional theory of development and shows its contradicition with Islamic philosophy. Argues that the Western theories are based on such assumptions which are not true in the context of Islamic countries.

The economists of the developing countries are intellectually subordinated to the Western ideology. The Western theories claim to be positive and not normative which does not suit the developing countries. Argues for developing an Islamic theory of development. Islamic concept of development places man in the centre. Implementation of Islam should precede theorising about it. Gives his own definition of development in Islamic framework.

Over-population is a hoax. The Islamic concept of development leads to optimum development of physical resources by creating such structural changes as would maximise human output. Brings out the consequences of adopting such a concept as far as the proposed pragmatic policy for development is concerned.

A highly stimulating and original contribution. For economists. Based on primary sources.

Partly documented.

114-Capital Accumulation 114:1 SADEQ, A.H.M., "Mobilization of Resources for Development," The American Journal for Islamic Social Sciences, Herndon, VA: International Institute of Islamic Thought, (6:2) 1989, Pp.239-256.

Emphsises Islam's approach towards resource mobilization through individual savings, zakah, taxes and public sector enterprises. Islam does not allow external borrowing on interest.

However, interest-free loans or grants are acceptable. Islam lays a great emphasis on human resource development through education, skills training and spiritual development.

For Muslim economists. Based on primary sources. Documented.

115-Institutional Factors of Development

115:1 PRAMANIK, ATAUL HUQ, Development and Distribution in Islam, Selangor: Pelanduk Publications, 1993, 250Pp. Consists of various papers by the author presented to seminars and conferences. Part one emphasises that Islamic concept of development is focussed on distribution of wealth.

Part two covers role of government, and role of Islamic banks in the development of the Muslim ummah. Part three discusses the importance and need for cooperation and integration among various countires of the Muslim world.

For economists. Analytical. Uses diagrams and mathematical analysis. Documented.

115:2 SADEQ, A.H.M., Entreprenuership Development and Training: An Islamic Perspective, 13Pp. Unpublished. Presented to the International Seminar on Entreprenuership Education and Training at Vienna during 5-7 July, 1993.

Argues that entreprenuership is a key factor in development and that Islam provides a very conducive environment for it. Unfortunately, the present day Muslim state lack it. Education and training in this field can help.

For economists. Based on primary Islamic sources. Documented.

116-Alleviation of Poverty in Islamic Framework 116:1 AHMAD, (DR) ZIAUDDIN, Islam, Poverty and Income Distribution, Leicester: The Islamic Foundation, 1991, 112Pp. Describes the Islamic economic framework for the eradication of poverty. Compares it with the prevalent Western approaches to tackle the problem of poverty and shows that the Islamic approach is comprehensive and effective.

For economists and general readers. Based on primary sources. Documented.

116:2 GUSAU, SULE AHMED, "The Prophet Muhammad (PBH) and the Problem of Poverty," Hamdard Islamicus, Karachi, (XVI:I) Spring '93, Pp.19-38.

The Prophet Muhammad adopted certain measures to alleviate poverty in his days. His stratetgy is still valid for fighting poverty in our days. Most prominent of his strategies were: exhortations for help and cooperation, institutiong brotherhood among the Helpers and the Immigrants, obligatory maintenance of family and zakah on the wealthy. These strategies did bear fruit.

For Muslim audience. Based on primary sources. Documented.

116:3 HAQ, IRFAN ul-, Economic Doctrines of Islam: A Study in the Doctrines of Islam and their Implications for Poverty, Employment and Economic Growth, Herondon, VA: International Institute of Islamic Thought, 1996, 334Pp.

Part one introduces the problem and the methodology. Part two covers the Islamic social and political philosophy. Part three discusses the Islamic economic doctrines regarding means of livelihood, work, riba, outline of riba- freebanking, public ownership, fiscal and distributional principles. Part four consists of policy chapters and focuses on poverty aand basic needs, employment and economic growth. Suggests that if the normative teachings of Islam are correctly applied they lead to a prosperous society.

For economists. Based on primary sources. Documented.

116:4 MOHAMMAD, FAIZ, "Prospects of Poverty Eradication Through the Exisiting Zakat System in Pakistan, " The Pakistan Development Review, Islamabad, (30:4) PTII Winter '91, Pp.1119-29.

Based on the results of field survey and comparing the results of zakah collection with the needs of the most dserving people in Pakistan concludes that the present quantum of zakah collection is too meagre to eradicate poverty. Makes several suggestions to improve the situation.

For policy makers and economists. Documented.

116:5 SHIRAZI, NASIM SHAH, "Perception of Poverty in Traditional and Islamic Frameworks," Islamic Studies, Islamabad, (32:3) Autumn '93, Pp.319-328.

Defines the terms faqir, miskin and ghani in the Islamic perspective and in the secular tradition. Concludes that these concepts have very much similar meanings in both frameworks.

For jurists and Islamic economists. Based on primary sources. Documented.

116:6 TAIB, NASSERI BIN, Islam and Eradication of Poverty with Special Reference to Malaysia's Five Year Plans, 1989, 312Pp. Unpublished. Ph.D. dissertation. Temple University, 1989. Order No. DA8920314.

Islam has many percepts that lead to alleviation of poverty. These percepts have been practised quite successfully in early Islam. These days they are mere rituals with the Muslims. Uses Malaysia as a case study. Under the New Economic Policy, the government of Malaysia has embarked on various programs to eradicate poverty with less than complete success. Islamic solutions can be attempted to eradicate poverty fully.

For economists. Analytical. Based on primary sources. Documented.

116:7 ZARQA, M. ANAS, Potential of Zakat in Poverty Alleviation in Todays's World, Unpublished, 1995, 9Pp. Discusses a methodology to measure poverty in Muslim countries. Then estimates the probable receipts from zakah. Concludes that in most of the Muslim countries zakah receipts if collected properly will bring enough resources to fill the gap.

For economists. Based on contemporary economic literature. Documented.

117-Rural Development in Islamic Framework 117:1 Islamic Banking and Rural Development - A Case Study of the Sudanese Islamic Bank," Thoughts on Economics, Dhaka, (8:2) Summer '87, Pp.59-72.

Explains the programme of the Sudanes Islamic bank for alleviating rurla poverty by extending finance to the rural population.

For bankers. Based on the bank's record. Documented.

117:2 CHOUDHURY, MASUDUL ALAM, MUHAMMAD SYUKRI SALLEH, Grassroots Approach to Sustainable Development: The Dar al- Arqam Way in Malaysia, 21Pp. Unpublished. Presented to the Canadian Economics Association Meetings at the Learned Conference at Carleton University, Ottawa, Canada in June 1993. The Dar al-Arqam way cannot be termed as a conventional grassroots movement because it is not only an economically motivated movement but also inculcates a holistic Islamic approach in its members. This involves a knowledge-induced transformation process. It is a selective and graduated organization.

For economists. Based on primary sources. Documented.

117:3 HANNAN, M.A., "Towards an Appropriate Model of Rural Development by the Islamic Banks in Bangladesh," Thoughts on Economics, Dhaka, (8:2) Summer'87, Pp.73-76.

Mosque can be made a focal point for rural development. The Islamic banks should provide finance through the mosque.

For bankers and planners. Undocumented.

117:4 KHAN, M. AKRAM, Rural Development Through Islamic Banks, Leicester: The Islamic Foundation, 1994, 64Pp. Introduces the problem of rural development and the role of rural finance. Defines a role for Islamic banks in the rural economy. Suggest ways for integrating private sector and the institution of ushr and zakah with interest-free banking to transform the rural economy.

Illustrates the proposal with flow diagrams.

For economists and bankers. Based on primary sources. Documented.

117:5 SALLEH, M. SYUKRI, An Approach to Rural Development - The Arqam Way, London: ASOIB Books, 1992, 326Pp. Originally a doctoral thesis submitted to Oxford University, the book investigates into the contemporary theories of rural development and rejects them. Presents the approach of rural development adopted by Darul Arqam movement of Malaysia, a sufi movement. The Arqam movement involves people at the grassroots and integrates the spiritual with the material. Its main programmes are villagization, economic projects, and spiritual training of its members. It had set up 40 villages in Malaysia by 1992 by resettling its members. The entire development effort is self-financed and self-managed. The movement is led by Ustaz Ashaari Muhammad, a

charismatic sufi leader. The movement has its branches in 15 other countries as well. The main focus of the movement is on the spiritual development of the people. But it has economic programmes such as small scale industries and business enterprises. Through this programme, it disseminates its message. It runs several schools, dispensaries and publishes journals and newspapers. It has its own computer centre and audio-video centre. The government of Malaysia feels threatened from it although it does not have any political programme.

For economists and Islamic activists. Based on primary sources. Documented.

117:6 SALLEH, M.SYUKRI, & RAJA CHULAN DATO RAJA AHMAD TAJUDDIN, An Ethical Approach to Development: The Arqam Philosophy and Achievements, 45Pp.Unpublished. Presented to the the Third International Conference on Ethico-Economics, organised by Centre of Humanomics, University College of Cape Breton, Sydney, Nova Scotia, Canada, during 8-9 October, 1993.

Explores the Darul Arqam's ethical approach toward rural development. Investigates Darul Arqam's foundation of ethics and values. Examines its concept of development in relation to the values and ethics it advocates and observes the result of implantation of Islamic ethics amongst its members. Concludes that the Darul Arqam has significantly established an ethical approach to development based on its own ideological worldview from outside the dominant contemporary development framework, thus establishing an ethical development system within the contemporary dominant systems.

For economists. Based on primary sources. Documented.

118-Islamic Perspective on Sustainable Development 118:1BIRVNDHAVARADARAJAN DHULSI, "Moral Dimension of Resource Utilisation," Journal of Objective Studies, Aligarh, (4:2) Dec.'92, Pp.1-9.

All religions, including Hinduism, Bhuddism, Chrisitianity and Islam, teach a life style which promotes environvmental proection as well sustainable development.

For social scientists. Documented.

118:2 HUSAINI, S.W.AHMED, "Environmental Development vs Military Expenditure: An Analysis of Muslim Countries," Journal of Objective Studies, Aligarh, (5:2) July '93, Pp.18-69.

Reducing military xpenditure and increasing allocation of domestic resources should be the policy of less developed countries for environmental and social development. This kind of development can be sustained without the need to rely on foreign capital and other resources.

Analytical. Illustrated with 23 statistical tables.For economists. Documented.

120-ECONOMIC DEVELOPMENT STUDIES 121-Economic Development Studies of Muslim Countries 121:1 JUNID, S.A.H. al-, Role of Islamic Institutions and Ethics in the Economic Development of Malaysia: Evidence and Strategy, 18Pp.

Unpublished. Paper presented to the International Seminar on Islamic Economy and Future Developments organised by Hakyo Wakfi at Ankara during January 1994. Section 1 focuses on the emerging socio-economic scenario in Malaysia, with particular emphasis on the objectives, strategies, and framework of national development toward Vision 2020. Section 2 explores the creation and evolution of Islamic soci-economic institutions with particular reference to their manifestations in Vision 2020. The thrid section focuses on the challenges faced by these institutions in dealing with issues not yet clearly defined in the Vision 2020.

These issues relate to ecology, ethics and moral values. The last section consists of conclusions and recommendations.

For economists. Based on primary sources. Documented.

121:2 MEHMET, OZAY, Islamic Identity and Development, London: Routledge, 1990, 236Pp. Makes a comparative study of the development effort of Turkey and Malaysia. Argues that one of the causes of the backwardness of Muslim financial institutions is the conservative stand to treat interest as riba. Further, the Muslims have not developed a theory of imperfect competition in the market. They should develop public policies to regulate imperfect competition within the Islamic framewrok. Stresses the need for ijtehad.

For economists and other social scientists. Based on primary sources. Documented.

121:3 SADEQ, A.H.M., Muslims and Economic Development: Present State and Future Potentials5, Kualalumpur, Sept.'1988, 22Pp. Unpublished. Mimeo. Paper presented to the Third International Islamic Geographical Conference on Development and the Muslims, organized by the Department of Geography, Universiti Kebangsaan Malaysia, during 28 August- 2 September 1988, at Genting Highland, Malaysia.

Argues that Islam provides incentives for economic development. Muslim countries are rich in resource endowemwnt but they lag behind in economic development. If the Muslims follow economic norms of Islam their prospects for economic development are quite bright. They can overcome their constraints by mutual cooperation.

For economists. Based on primary sources. Documented.

121:4 SIDEK, M. S. BIN, Islam and Development: An Ethical Analysis with Special Emphasis on Public Resource- Utilization in Malaysia, 1989, 573Pp. Unpublished. Ph.D. dissertation. Temple University. Order No. Da8920307.

Identifies the concepts of development in Islam, concepts that define the ethic and highlight this perspective upon development. Argues that Islam does have its own unique developmental perspective with its elements and instruments. Thinks that the development planning based on Islamic principles, values and criteria will be a viable alternative to the conventional model. The study focuses on Malaysian development policy as it appears in its various development plans. A "secular" paradigm is the main thrust of this development and hence, of public resource-utilization, although Islam is the official religion of the Federation.

For economists. Analytical. Based on primary sources. Documented.

121:5 WAKEMAN, WENDY E. , A Case study of Women, Islam and Development: Strategies and Models for Conducting Projects with Women in the Islamic Context of Um Ruwaba, Sudan, 441Pp. Unpublished. Ph.D. Thesis. Fletcher School of Law and Diplomacy, Tufts University, 1992. Order no. DA9306354.

Examines the interconnections between women, Islam and development in Um Ruwaba District, Sudan. Tests the hypothesis that development projects with women in Islamic districts are possible if a proper strategy is utilised. Develops models for development practitioners to use when conducting projects with women in Islamic locations.

Based on field work. For economists. Documented.

122-Evaluation of Development Experience 122:1 AHMED, OSMAN BABIKIR, The Contribution of Islamic Banking to Economic Development of the Sudan, 1990, 454Pp. Examines the contribution of Islamic banks in the economic development of the Sudan.

Concludes that this has been insignificant. Many factors have affected the role of Islamic banks such as: character and strength of demand for financing development projects, the attitude of the Islamic banks' management, government policies, and the structural rigidities characterizing the Sudanese economy.

For economists and bankers. Based on primary sources. Documented.

122:2 DAPHNE, BUCKMASTER, "Obstacles to Economic Development of the Muslim World," New Horizon, London, (39,40) May, June '95, Pp.14-15,...

Based on the annual report of Islamic Development Bank Jeddah for 1994, draws several conclusions from the data: current accounts of IDB member countries were deficit during 1990-1993; non-oil exporting IDB memebers suffered from heavy trade deficits in 1992 and 1993; there is no significant flow of resources to IDB countries; the greatest obstacle to economic development is the external debt and burden of interest on the Muslim countries.

For economists. Undocumented.

122:3 VALIBEIGI, MEHRDAD, Islamization of the Economy: The Post-Revolutionary Iranian Experience5, 1991, 217Pp. Unpublished. Ph.D. thesis. The American University.

Order No. DA9226094.

The ideological and theoretical underpinning of post-revolutionary economic policies in Iran under the banner of "Economic Islamization" was based on the principles of Islamic economic thought. Islamic economic theory is not, however, a unified body of thought. The thesis identifies two conflicting approaches to private property rights and the economic role of the state: a "Liberal' and a "Radical". The liberal approach does not consider limits to legitimately acquired private property and advocates a limited economic role for the state. The radical approach emphsizes distributive equity through public ownership and a limited ownership of private land and capital. It considers a bigger economic role for the state. The conflic in these two appoaches resulted in the incoherent policies of the state. In retrospect, the most salient

charateristic of the economic Islamization program has been its lack of theoretical consistency and its incoherent policies.

For economists and jurists. Based on primary sources. Documented.

123-Poverty in Muslim States 123:1 CAKMAK, MELEK, "Food Security in the OIC Countries," Journal of Economic Cooperation Among Islamic Counter, Ankara, (11:3-4) Jul '90, Pp.93-109.

Evaluates the food security in the OIC countries in terms of food. The substantial growth rates in the production of major food crops remained insufficient to match the population growth throughout the 1980s. Moreover, the food deficiency could hardly be met through imports due to high indebtedness, especially, of the African countries and due to the worsening terms of trade. Concludes that renewed political commitment to increase food production and access to food are needed as well as greater cooperation among OIC countries.

For economists. Based on primary data. Documented.

123:2 HAQ, RIZWANUL A.N., S.M.ALI AKKAS, "An Indigenous Approach to Overty Alleviation for Sustain- able Development - A Case Study of Hilful Fuzul," Thoughts on Economics, Dhaka, (6:2) April '96, Pp.1-23.

A field study of a local organization in Bangladesh known as Hilful Fuzul engaged in the task of mobilizing local savings and providing those savings to the needy persons on the basis of bai' salam, bai muraba and musharaka. The first two modes are the most common. The survey findings show it to be a sustainable effort.

Based on field survey. For economists. Documented.

123:3 KHAN, M. AKRAM, "Elimination of Poverty in the Islamic Economic Framework," Islamic Studies, Islamabad, (29:2) Summer '90, Pp.143-162.

Describes the extent of poverty in Islamic countries. Develops a model for the elimination of poverty from the Muslim countries.

For economists. Based on primary sources. Documented.

123:4 SHIRAZI, NASIM SHAH, An Analysis of Pakistan's Poverty Problem and Its Alleviation Through Infaq, Pp.196. Unpublished. Ph D. dissertation submitted to the International Islamic University, Islamabad in 1993.

Documents the level of poverty in Pakistan. Analyses the causes of poverty according regions and urban rural categorisation. Shows that infaq and zakah can help alleviate poverty in Pakistan.

123:5 TAMEMI, ARAFAT R. al-, Science and Technology for Development in the Muslim World, 1992, 54Pp.Unpublished. Mimeo. Paper presented to the Seminar on the Role of Islam in Development, Niamy, Niger, during 21-25 May, 1992 under OIC.

Outlines importance of S & T for economic development.The major issues facing the Muslim world revolve around the fact that these countries have not given adequate attention to S & T development. Summarises the state of poverty and underdevelopment in the Muslim world.

One of the main obstacles is neglect of human resource development. Analyses the malaise of brain drain of the Muslim countries. Depicts a profile of agricultural and industrial production of Muslim countries. Emphasises the need to adopt an integrated approach to the development of S & T in the Muslim world. The Muslim countries should develop closer links to share fruits of their respective R & D. Outlines the plans of IFSTAD. The OIC cuntries should join hands in developing environmentally sound technologies. The military technologies should be used for peaceful objectives. The Muslim countries should build endogenous capacity through national policy dialogues.

For policy makers. Documented.

123:6 ZEINELABDIN, A.R., "Poverty in OIC Countries: Status, Determinant and Agenda for Action," Journal of Economic Cooperation Among Islamic Countries, Ankara, (17:3-4) July/Oct '96, Pp.1-40.

Discusses the extent of poverty in the OIC countries. Analyses the causes of poverty and proposes an action plan to alleviate it.

Based on published statisitical literature. Tables and graphs. Documented.

124-Economic Development Through Regional Cooperation 124:1 SADEQ, A.H.M., Economic Development of the Islamic Ummah: A Case for Cooperation, Kualalumpur, n.d., 23 Pp. Islam provides all incentives for development. Muslim countries are rich in resources but lag behind in development. The potential to develop is encouraging if the Muslims follow Islamic norms and values. They should cooperate with one another for this purpose.

For economists. Analytical. Based on primary and secondary sources. Documented.

125-Role of Islamic banks in Economic Development 125:1 WILSON, RODNEY, & M. FAHIM KHAN, "Role of Islamic Banks in Economic Development" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.83-94 Gives a breif and general overview of the contribution of development assistance in development. Discusses the role of Islamic Development Bank Jeddah in promoting development in member countries. For bankers and general readers. Undocumented.

130-STRATEGY AND MECHANISM OF DEVELOPMENT 130:1 ALI, AMEER, "Religio-Cultural Identity and Socioeconomic Development in the Muslim World," The American Journal of Islamic Social Sciences, Herndon,VA, (12:3) Fall '95, Pp.329-346.

Analyses the present state of the Muslim countries of development and resource-endowment.

Also analyses the Muslim response to the challenges posed by the dominance of the West.

Highlights the confusion of the Muslim response. Points out the emerging changes in the world scene. The most important of these changes are the onslaught of information technology, entanglement of the Muslim ummah into the Western worldview of nation-states, population explosion in the Muslim countries and extremely poor quality of the population.

The situation is bleak as the West is marching fast on the road to development while the Muslims are not even in a position to gather up their response and develop a joint strategy. In this race of losing time, the Muslim countries should immediately spend far more resources than at present toward the development of human capital, training and education, research and development. They should also consider reducing expenditure on military build-up. The Muslim governments should not leave this task to the private sector only.

A highly stimulating paper. Based on the latest thinking on the subject. For economists and policy makers. Documented.

130:2 CHAPRA, M.UMER, Islam and the Economic Challenge, Leicester: The Islamic Foundation, 1992, 428Pp. Develops a critique of the Western economic models of capitalism and socialism and how they have failed to bring happiness to humanity. Argues that these models are inherently incapable of achieving what they calim and aim at. Discusses the Islamic response to modern economic challenge. Argues that the Islamic response consists of, mainly, a mechanism of two filter system: the moral and the market. In the light of this mechanism proposes a strategy comprehensive for the development of the Muslim economies in this age.

A scholarly work. for economists. Based on primary sources. Documented.

130:3 UTHMANI, M. T., "Developing an Interest-Free Economy," in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.104-108.

Discusses the strategy to establish an interest-free economy, using the concepts of mudaraba, musharaka, murabaha and ijara.

For general readers. Undocumented.

130:4 WEISS, D., "The Struggle for a Viable Islamic Economy," The Muslim World, Hartford, (LXXIX) Jan '89, Pp.46-58.

The Muslim countries are experiencing an identity crisis. There is movement for Islamization of economies. But so far the hope to achieve this target is very little. But the Western world can hardly ignore this trend.

For social scientisits. Based on primary sources. Documented.

131-Economics of Transition 131:1 ASHRAF, S.M.A., "A Plan for an Interest-free Economy," New Horizon, London, (46-47) Dec '95-Jan '96, Pp.8.

Outlines a plan of action for establishing an interest-free economy. Text books on Islamic economics should be developed. Seminars and workshops should be held to inform people

about practicability of the Islamic economic system. Such multi-national organsations as DMI should set up leasing companies. Government should stop all deficit financing. A strong auditing and monitoring system should be put in place.

For general readers. Undocumented.

131:2 NIENHAUS, V., "Searching for Alternative Paths to Development:Islamic Economic Theory," Annual Report of German Foundation 1991, Bonn: DSE, 1992, Pp.46-54.

Secular economics and the experience of other countries rather than exegesis of the Qur'an and the Sunnah, point the way towards a process of sustained development based on modernization and transformation in the Islamic world. The elements of a system conducive to development do not as a rule run counter to the Islamic world-view; rather, they are compatible with Islam and can be justified using its primary sources. Islamic development model differs from the secular models primarily fom the way system is legitimized. If a system termed 'Islamic' came to be broadly accepted and recognized as such it could play an important part in the economic development of the Islamic world.

For economists and general readers. Undocumented.

133-Investment Decisions and Capital Budgeting 133:1 COX, STELLA, "Islamic Project Financing," New Horizon, London, (53) July '96, Pp.3-7.

Discusses relative merits and demerits of project finance raised in the Islamic market. Cites cases and examples of her experience in the banking sector of the Middle East.

For bankers. Undocumented.

133:2 KAHF, MONZER, "Time Value of Money and Discounting in Islamic Perspective: Re-Visited," Review of Islamic Economics, Leicester, (3:2) 1994, Pp.31-38.

Comments on Fahim Khan's paper published in vol.1, no.2, 1991 pp.35-45 of the same journal. Aims at clarifying the concept of time value of money in Islam. Islam recognises the presence of time value of money and emphasises that as the time value of money is an investment phenomenon, its valuation can only be realistic if it takes place at the end of investment when its outcome becomes known. An evaluation before that point is only illusionary. However, illusion can be used for mental operation but must not be exchanged for actual goods and services.

Analytical. For economists. Based on primary sources. Documented.

133:3 KHAN, M. FAHIM, "Time Value of Money and Discounting in Islamic Perspective," Review of Islamic Economics, Leicester, (1:2) 1991, Pp.35-46.

Argues that there is no justification for assuming zero rate of time preference in an Islamic economy. There is nothing against a positive time preference or against realizing a time value of money in an Islamic framework, as long as time value of money is not claimed as a predetermined value. The paper also identifies possible discount rate to be used in evaluating projects, particulalrly in the public sector. The rates of return paid by

Islamic banks on deposits of different maturities, have been suggested as close proxies for discount rates for the evaluation of projects of different maturities.

Analytical. For economists. Documented.

133:4 MIKA'LU, A.S., "A Note on the Implications of Mudarabah for Capital Budgeting Decisions," Hamdard Islamicus, Karachi, (XIV:3) Autumn '91, Pp.71-75.

Argues that discounting per se is not un-Islamic. The rate of discount is interest which is prohibited in Islam. In an Islamic framework, the rate of interest can be replaced by rate of profit and investment proposals can be discounted.

For economists. Based on secondary sources. Documented.

134-Islamic Economic Institutions 134:1 HABASHI, S.OTHMAN al-, Islamic Economic Institutions: Their Establishment and Development in Malaysia, 12Pp. Unpublished. Paper presented to the Symposium on The Islamic Economy, Financial Institutions and Future Developments organised by True Path Foundation at Ankara during 15-16 January, 1994.

Describes briefly the various Islamic economic institutions coming up in Malaysia. The institutions mentioned are: Bank Islam Malaysia, Tabung Haji, Islamic Economic Development Foundation, Sharikat Takaful Malaysia, Islamic Pawn Firms and Islamic Unit Trust.

Descriptive. For general readers. Undocumented.

140-ECONOMIC FLUCTUATIONS 142-Inflation including International Inflation 142:1 HASHMI, S. MOHYUDDIN, "Qadr e Zar ke Mukhtalif al-Nau' Taghyyurat: Fiqhi Ara' ki Roshni Men," (Variations in the Value of Money: Legal Views), Fikro Nazar, Islamabad, (33:1) July-Sep '95, Pp.39-47.

In the light of opinions of jurists of four sunni schools of law, argues that the Islamic law favours taking into account any variation in the value of money due to inflation. Therefore, in case of loans and other payments involving time, the difference in the value of currency will be taken into account while settling the claims.

For jurists. Based on primary sources. Documented.

142:2 SIDDIQI, M. N., "Impact of Islamic Modes of Finance on Monetary Expansion," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (4) 1992, Pp.37-45.

Focuses on different perceptions about the likely impact of Islamic banks' operations on money supply. Since investment accounts with the Islamic banks carry some withdrawal facility, new money is created when the funds in these accounts go to entrepreneurs on profit-sharing or murabaha basis. Argues that as compared to the conventional banks money creation by

Islamic banks is more closely associated with the creation of additional wealth in the real sector. The resulting expansion in money supply will be smaller compared to that resulting from conventional banks' lending out of their time and saving deposits. The Islamic banks should, therefore, be subjected to a reserve ratio smaller than that applied by the central bank to the conventional banks.

For economists and Islamic bankers. Documented.

143-Indexation 143:1 AHMED, PROF. ZIAUDDIN, "Currency Notes and Loan Indexation," Islamic Studies, Islamabad, (28:1) Spring '89, Pp.39-53.

Argues that the present day currency notes do not have any intrinsic value of their own.

Therefore, if due to inflation the price equivalent of a loan declines, it should be compensated by proper indexation. It will not be engaging in riba to do so.

For jurists. Based on primary sources. Documented.

143:2 CHISHTI, SALIM, "The Case for an Indexed Financial Instrument in an Interest-free Economy, Pakistan Journal of Applied Economics, Karachi, (V:1) Summer '86, Pp.47-61.

Argues that loan indexation has only apparent resemblamce with riba. Introduction of a special indexed financial instrument will be consistent with Islamic economic justice and will rehabilitate the role of financial intermediation at least partially in the Islamic financial system without violating any shari'ah requirements, and thus make Islamic banking more viable.

For economists. Based on primary sources. Documented.

143:3 GHAZI, MAHMOOD AHMAD, "Inflation and Indexation: A Rejoinder from Shari'ah Viewpoint," Pakistan Banker, Lahore, (3:1) Jan '93, Pp.113-117.

Examines the article of Gul Muhammad Khan on the subject published in Pakistan Banker (July '92). Argues that the shari'ah does not support indexation.

For jurists and Muslim economists. Based on primary sources. Documented.

143:4 HASHMI, S.MOHYUDDIN, "Kaghazi Zar ki Naqdi Hathiyyat"(U) (Monetary Value of Paper Currency), Fikro Nazar, Islamabad, (32:4) April '95, Pp.29-45.

Argues that it will be more just if all monetary claims are indexed to the inflation rate rate.

Considers that any increase on a laon to compensate for inflation will not be riba.

For jusrists. Based on primary sources. Documented.

143:5 HASHMI, S. MOHYUDDIN, "Mu'ajjal Ada'igion ki Ashariya Bandi"(U) (Indexation of Deferred Payments), Fikro Nazar, Islamabad, (33;4) June '96, Pp.3-41.

Argues that indexation of deferred payments and loans with the rate of inflation does not contitute riba. Examines and rejects the arguments of those who consider inflation-indexed increase in a loan.

For jurists and economists. A scholarly treatise. Based on primary sources of fiqh and tafsir.

Documented.

143:6 KHAN, GUL MUHAMMAD, "Indexation and inflation: What Does Islam Say?" Pakistan Banker, Lahore: The Bank of Punjab, July '92, Pp.134-140.

Thinks that the Islamic emphasis on justice recommends that in a period of inflation, the lender should be protected against depletion in the value of the money. Thereore, debts should be indexed with reference to the rate of inflation.

For jurists and economists. Based on primary sources. Documented.

143:7 KHAN, GUL MUHAMMAD, "Indexation - Wrong None Nor be Wronged," Islamic Studies, Islamabad, (32:1) Spring '93, Pp.93-111.

Based on the famous tradition of the Prophet (SAAS) that wrong none nor be wronged argues that the spirit of the shari'ah upholds indexation of loans. One who gives an interest-free loan must get back the value he lent and not the quantity of currency notes be cause these notes are not money per se . They represent money. In this age, the purchasing power of these currency notes should be protcted so far as the borrower as well as the lender are concerned.

For jurists and economists. Based on primary sources. Documented.

143:8 MANSOORI, M.TAHIR, "Qardon ki Ashariyya Bandi - Shar'ii Nuqta Nazar" (U), (Indexation of Loans - Shari'ah Point of View) , Fikro Nazar, Islamabad, (33:2) Oct-Dec '95, Pp.51-79.

Critical review of Shah Mohiyyuddin Hashmi's three papers published in this journal regarding value of money. Argues that indexation of loans is not permissible under the Shari'ah. Holds that indexation is neither just nor a practicable concept.

For economists and jurists. Based on primary sources. Documented.

143:9 UTHMANI, M.T., "Currency ki Quwwat e Kharid" ( Legal Position of the Purchasing Power of Money) (U), al- Balagh, Karachi, (23:7,8) 1989, Pp.13-18,13-19.

Argues that the indexation of loans due to inflation is not allowed in Shari'ah since it is difficult to tell the increase due to inflation and increase as interest from each other. However, if a person lends in one currency and recovers the loan in another currency, then it is permissible to settle the loan at the exchange rate of the day repayment is being made even though it involves an increase over the rate when the loan was contracted.

For Muslim economists and jurists. Based on primary sources. Documented.

143:10 WAHID, H. ATIF, "Aik Ahm Iqtisadi Mas'ala aur us ka Hall" (U) (An Important Economic Problem and its Solution), Hikmat e Qur'an, Lahore, (15:8) Aug '96, Pp.35-41.

A commentary on M.Tasin's paper of the same title published in the June '96 issue of the same journal. Disagrees with M. Tasin on indexation of loans. Argues that the indexation of loans is not permissible in the shari'ah.

Based on primary sources. Documented.

150-ROLE OF STATE IN ECONOMIC DEVELOPMENT 151-Public Expenditure in Islam 151:1 HANNAN, SHAH ABDUL, The Role of the Government in an Islamic Economy, Dhaka: Islamic Economic Research Bureau, 1991, 20Pp. An elementary paper on the role of government in the Islamic framework. Discusses various methods by which an Islamic goverment intervenes in the economy such as de-limitation of property, nationalisation, regulation of prices, fixing of minimum wages, and management of zakah for social security purposes.

For general readersw. Based on primary sources. Documented.

151:2 JALAUDDIN, ABULKHAIR M, The Role of Government in an Islamic Economy, ualalumpur: A.S. Noordeen, 1991, 130Pp. Discusses the rationale for government participation in an Islamic economy and the government approach to economic management. Describes the economic functions of an Islamic government.

Covers fiscal policy af an Islamic state and the mechanism to regulate various markets in the Islamic framework. Discusses the role of al- hisba in an Islamic economic economy.

For economists and general readers. Based on primary sources. Documented.

CHAPTER THREE

200-ECONOMIC STATISTICS 220-ECONOMIC AND SOCIAL STATISTICS 222-Demographic, Social and Economic Data 222:1 ABEDIN, SALEHA M., "Muslim Minority and Majority Countires: A Comparative Study of Demographic, Social and Economic Data," Journal Institute of Muslim Minority Affairs, London, (10:2) July '89, Pp.375-424.

Presents demographic, social and economic data of Muslim majority countries and countries where muslims are in minority but their population is over 2 million or over 2% of the population of the country. The countries have been divided in four groups according to percentage of population. The data pertains to the following areas: population distribution, rural-urban divide, age structure, dependencay ratio, crude birth rates, crude death rates, life expectanct, infant mortality, literacy, school enrollment, health care, GNP, food production index, per capita energy consumed, per capita calories consumed, annual rate of inflation.

Analyses the data for comparisons. Thirty pages of statistical appendices.

For economists. Based on primary sources. Documented.

222:2 Statistical Yearbook of the OIC Countries, Ankara: SESRTCIC, 1997, 172Pp. The data are arranged accordiung to data fields such as basic indicators, demography, labour force, health, education, agriculture, industry, energy, mining, transport, communication, tourism, exports, imports, public finance, money and prices, national accounts and international finance. The information is updated till 1995.

Based on primary sources. Documented.

222:3 Statisitical Pocket Book of the OIC Countries, Ankara: SESRTCIC, 1997, 144Pp. Contains statistical information organised according to countries for the OIC members. For each country gives the following information for 1990, 1993, 1994, and 1995: basic indicators, demography, labour force, health, education, agriculture, industry, energy, mining, transport, communication, tourism, exports, imports, public finance, money and prices, national accounts and international finance.

Based on primary sources. Documented.

CHAPTER FOUR

300-DOMESTIC MONETARY AND FISCAL THEORY, AND INSTITUTIONS 310-DOMESTIC MONETARY AND FISCAL THEORY, AND INSTITUTIONS 311-Riba and its Prohibition (Including Riba al- Fadl) 311:1 "Usury: The Lender's Long Lament," The Economist, London, 25 Dec '93, Pp.101-103.

Traces history of usury and its criticism through ages. Shows how it was legitimised under Christianity. Comments on Islamic banking and the Muslim quest for its abolition. Predicts that the Muslims are likely to encounter same pitfalls as the Christians did.

A very interesting essay. Undocumented.

311:2 AHMAD, KHURSHID, "Elimination of Riba: Concept and Problems," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.33-64.

A response to the questionnaire issued by the Supreme Court of Pakistan. Discusses the definition of riba, riba and contemporary transactions, riba and the non-Muslim world, questions of indexation and inflation in case interest is abolished, elimination of interest and foreign loans and a strategy for the elimination of riba.

A scholarly paper. Based on primary sources. Documented.

311:3 AHMED, QADEERUDDIN, "What is Riba?" Management Accountant, Karachi, (3:3) Jul-Sep '94, Pp.65-73.

(Also published in Journal of Islamic Banking and Finance, January '95, pp.7-49) Argues that the prevalent interest on financial assets and loans is not riba prohibted by the Qur'an.

For general readers. Based on primary and secondary sources.

311:4 ALI, MAHFOOZ, "Islamic Banking: Riba, Interest and Profit Sharing," Journal of Institute of Bankers Karachi, (55:3) Sept.'89, Pp.21-32.

Argues that riba means excess or unearned value which one factor may rceive from the other in an exchange transaction. A predetermined factor price, be it interest or wages or profit is susceptible to riba. Interest and riba are not identical. Interest can contain an element of riba but whole of mit cannot be termed as riba. A riba-free rate of interest is actually the equilibrium rate of interest in a purely competitive market of capital in which the rate of interest tends to be equal to its marginal productivity. Capital is sledom overpriced in developing countries. Therefore, the existence of riba in interest rates which may arise to banks is very rare; perhaps a non-existent phenomenon. No policy initiative is required to eliminate something that does not exist.

For economists and bankers. based on contemporary literature. Undocumented.

311:5 ALI, MALIK GHULAM, "Naqd aur udhar qimat men tafawut"( Difference between cash and credit price)(U), Tarjmanul Qur'an, Lahore, (115:3) Nov '92, Pp.99-101.

Argues that it is lawful to charge a higher price if the commodity is being sold on credit as compared to cash price. Quotes some legal decrees by the jurists.

For jurists. Based on primary sources. Documented.

311:6 AYUB, MUHAMMAD, "Meaning of Riba," Journal of Islamic Banking and Finance , Karachi, (10:4) Oct.'93, Pp.33-42.

Argues that the prevalent interest of commercial banks is riba. Counters the arguments of those who try argue that riba and interest are two different things. The Qur'an itself defines riba in such a manner that interest falls in its purview. Counters the point of view of Abdullah Yusufali. Interest in the economy causes unemployment, inflation and inequality of income.

Polemical. For general readers. Undocumented.

311:7 AYUB, MUHAMMAD, "What is Riba?", Journal of Islamic Banking and Finance, Karachi, (13:1) Jan.'96, Pp.7-34.

A critical review of the paper by Justice Qadeeruddin Ahmad, on the same subject published in the same journal (12:1, Jan.'95). Argues that interest and riba are synonymous. Also points out negative effects of interest on the economy.

For general readers and economists. Based on primary sources. Documented.

311:8 BANVI, A. RAHMAN, "Bai' Mu'ajjal" (U), (Sale on Deferred Payment) Hikmat e Qur'an, Lahore, (11:7-8) July '92, Pp.65-73.

Argues that the difference in the cash and credit prices is lawful and not riba as argued by M. Tasin in two of his papers published in Jan. and May 1992 issues of Meethaq, Lahore.

Juristic. Based on primary sources. Documented.

311:9 GHAZI, MAHMUD AHMAD, Hurmat e Riba aur Ghair Sudi Maliyati Nizam (Prohibition of Riba and Interest- free Financial System), Islamabad: Institute of Policy Studies, 1993, Pp.95.

Explains the Qur'anic verses relating to the prohibtion of riba. Counters the arguments which assert that interest and riba are two different things. Describes the nature of consensus on the prohibtion of interest in Pakistan. Makes suggestions about non-interest-bearing financial system.

For general readers. Based on primary sources. Documented.

311:10 HAQUE, ZIAUL, The Nature and Significance of the Medieival and Modern Interpretations of Riba, 28Pp. Unpublished. Paper presented to the ninth annual general meeting of the Pakistan Institute of Development Economics, Islamabad during 7-10, January 1993.

Argues that the prohibition of riba should be conceived in the broader perspective of the shari'ah which aims at uprooting exploitation in all its forms. The prohibtion of riba does not include only interest on loans but also covers rents of land, share-cropping, tax-farming, mudaraba as well.

For economists and religious scholars. Based on primary sources of islam. Documented.

311:11 HASANUZZAMAN, S.M., "Conceptual Foundations of Riba in Qur'an, Hadith and Fiqh," Journal of Islamic Banking and Finance, Karachi, (11:1) Jan '94, Pp.7-15.

Argues that the prevalent interest of commercial banks is riba. Cites verses of the Qur'an, ahadith from authentic books and fiqh.

For economists and bankers. Based on primary sources. Documented.

311:12 JAFAREY, NASIM A., "What is Riba?" Journal of Islamic Banking and Finance, Karachi, (12:1) Jan.'95, Pp.50-52.

A review of Justice Qadeeruddin's treatise on the same subject and published in the same issue of the journal. Supports the argument of the author that riba and bank interest are two different things.

For general readers. Undocumented.

311:13 KAKAKHEL, SIYAHUDDIN, "Bai' Muajjal aur Bai' Murabaha"(U) (Sale on Credit and on Mark-up), Hikmat e Qur'an, Lahore, (11:1) Jan '92, Pp.11-48.

Argues that the difference in the cash and credit prices constitutes riba.

For jusrists. Based on primary sources. Documented.

311:14 KARIM, QAZI A., "Bai' Muajjal" (U), Meethaq, Lahore, (41:5) May '92, Pp.26-32.

Replies to Tasin's paper published in the January 1992 issue of the Meethaq on this subject.

Argues that it is lawful to charge a higher price in a credit deal as compared to cash price.

Based on primary sources. Religious jargon. For jurists and religious scholars. Documented.

311:15 KAZMI, AQDAS ALI, "The Non-equivalence of Interest and Riba," Recorder, Karachi, 14 May 92.

Business

Argues that the prevalent commercial interest is not riba. Thinks that interest plays a positive role in the economy whereas riba is exploitative.

For economists and general readers. Based on conntemporary economic literature.

Undocumented.

311:16 KHAN, GUL MUHAMMAD, "Islamic Financing and Income Tax," Pakistan Banker, Lahore: The Bank of Punjab, (2:1) Jan '92, Pp.7-16.

Emphasises the importance of infaq. Discusses the rationale of prohibition of riba. Traces the history of prohibition of interest among Christians and Muslims. Describes the history of the attempts to eliminate interest from the economy of Pakistan. Thinks that profit-loss sharing cannot succeed until income tax law is abolished. Proposes that the income tax receipts, being only 12% of the total state revenue in Pakistan, the law should be repealed so that the business firms do not have to hide their true profits from the banks.

For general readers. Documented.

311:17 KHAN, M. AKRAM, "The Federal Shari'ah Court Judgement on Riba and Unresolved Issues," Review of Islamic Economics, Leicester, (3:2) 1994, Pp.19-27.

Paper presented to Workshop on Elimination of Riba from the Econom,y orgganised by IPS Islamabad during 11-13 April, 1992. Summarises the main conclusions of the Federal Shari'ah Court judgment. Points out the unresolved issues. Proposes issuing of Pak Dinar as another currency which is pegged to a fixed basket of commodities for dealings in loans, wages, salaries and contracts. Also proposes solution for an interest-free Provident Fund system.

Considers difference between cash and credit price as riba. Proposes that the interest on public and private debt should be discontinued from a cut-off date. The existing debt may be converted into equity of public and private enterprises. The foreign debt should be re-negotiated and got rescheduled on interest-free basis, if the foreign lenders are not willing to accept conversion into PLS finance.

For bankers and economists. Undocumented.

311:18 KHAN, M. AKRAM, "Mas'ala e Sud and Ghair Sudi Mua'malat"(U) (Problem of Interest and Interest-free Transactions), Hikmat e Qur'an, Lahore, (11:7-8) Jul' 92, Pp.19-58.

Part one of the paper examins the arguments which assert that interest and riba are two different things. Argues that there is no difference in the two. Part two makes suggestions about organising interest-free finance for industry, trade, housing, and working capital needs.

Based on primary sources. For economists and general preader. Documented.

311:19 KHAN, M.AKRAM, "Is Commercial Interest Riba? A Professional Revisit to Current Debate," Pakistan Banker, Lahore, (6:1-2) Jan-Dec'96, Pp.71-79.

Argues that interest and riba are one and the same thing. Refutes the point of view of those who try to distinguish them. Also points out the negative role played by interest in the economy.

Based on primary sources and the contemporary literature on economics. For bankers and economists. Documented.

311:20 METWALLY, M. M., "Towards Abolishing the Rate of Interest in Contemporary Islamic Countries," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (2) 1990, Pp.3-23.

Argues through an econometric model that demand for money and investment function in Islamic countries are not influenced significantly by the rate of interest. Also shows by the same technique that these variables in non-Muslim countries are influenced significantly by the

rate of interest. It follows that prohibition of interest in Islam has influenced the behaviour in Muslim countries and that abolishing interest is not going to pose serious problems for them.

Mathematical. For economists. Based on primary sources. Documented.

311:21 NOORZOY, M. SIDDIQ, "Islamic Laws on Riba (Interest) and Their Economic Implications," International Journal Of Middle East Studies, (14) 1982, Pp.3-17.

Discusses the concept of riba al nasi'ah and riba al- fadl. Thinks the all types of interest is riba. Mentions the current and past practice of Muslim countries regarding the practice of interest in commercial dealings. Asserts that there is no fully worked out model of the implications of zero rate of interest. Mentions some of the implications of prohibition of interest for the Muslims living in non-Muslim lands. Considers some sort of indexation of loans during inflation as justified, when interest is prohibited. Works out implications of prohibition of interest for economic dealings between countries.

A thought provoking paper. For economists. Based on secondary sources of Islam.

Documented.

311:22 QARI, M. ALI al- , Bank ka Sud (U) (Bank's Interest), Islamabad: Institute of Policy Studies, 1995, 78Pp. An analytical review of the arguments given in favour of bank's interest. Examines these arguments and refutes them in the light of the shari'ah. Holds that the bank's interest is riba and is not legitimate. Also examines the arguments from the purely economic point of view.

For general readers. Based on primary sources. Documented.

311:23 RAHMAN, TANZILUR, F.M.KHAN & UBAID ALLAH KHAN, Judgment of the Federal Shari'ah Court on Riba, Lahore: Pakistan Legal Decisions Publishers, 1991, 160Pp. The Federal Shari'ah Court of Pakistan examined 115 petitions and three sou moto notices on the legality of interest in the financial system of Pakistan. The Judgment is a historical document as it has collected at one place all the evidence against the legality of interest. It argues that the interest prevalent in financial institutions and in government transactions is riba and thus not lawful. It has examined almost all the relating issues such as indexation, interest on inter-government transactions, international transactions and interest on provident funds. It also suggests that the restructuring of these institutions and procedures should be done on the basis os profit-loss sharing. The annex A reproduces replies by twelve scholars of the questionnaire issued by the Court. Annex B gives an extract from the Report of Council of Islamic Ideology on Elimination of Interest from the Economy issued by it in 1980. For economists, bankers, jurists and policy makers.

For jurists and economists.Based on primary sources. Documented.

311:24 SAEED, ABDULLAH, "The Moral Context of the Prohibition of Riba, " The American Journal of Islamic Social Sciences, Herndon,VA, (12:4) Win '95, Pp.496-533.

Argues that the received doctrine on riba revolves around its legalistic connotations and ignores the moral context of the injunctions. The moral context was to put an end to exploitation. Therefore, the main implication of the prohibition of riba is for the consumption

loans. The jurists had not been able to fully delineate the meanings and implications of riba al- fadl. Because of their preoccuption with the the legal meaning of riba they had to devise several contrivances to handle real life situations.

For jurists and economists. Based on primary sources. Documented.

311:25 SAEED, ABDULLAH, Islamic Banking and Interest: A Study of Prohibtion of Riba and its Contemporary Interpretation, Leiden: E.J. Brill, 1996, 170Pp. Argues that the riba and interest are two different things. The Qur'an has prohibited riba with the intention of helping the poor and the needy. It did not intend to prohibit the interest on commercial loans. Also argues that the present Islamic banks have not been able to abolish interest from their operations. So whatever is being claimed by way of "Islamic " banking is nothing but only a subterfuge to retain interest.

For economists and jurists. Based on primary sources. Documented.

311:26 SAMUELS, WARREN J., "Utility Late Payment Charges," in Essays on the Economic Role of the Government (Vol.2), London: Macmillan Press, 1992, Pp.181-195.

Argues that the late payment charges on the utility bills are usurious. On the basis of a real-life analysis finds out that most of the people who delay payment of utility bills do pay them within one month but the fine paid by them remains the same, even if they delay the payment by six monts. Thus on the one hand the rate of interest charged for late payment is exorbitant and on the other hand the incentive to pay early is reduced. Proposes that that a fixed fine sshould be replaced by an interest charge of 1% - 1.5% per month.

Analytical. For economists. Documented.

311:27 SAMUELS, WARREN J., "The Usury Issue in Public Utility Payment Charges," in Essays on the Economic Role of Government (Vol.2), London: Macmillan Press, 1992, Pp.196-233.

Comments on several court decisions which have treated the late payments surcharge as legitimate. Argues that the courts have not been able to comprehend the full import of the late payments surcharge. Analyses the implications of the surcharge and proves that it is nothing but usury. Thinks that a simple interest rate of 12%-18% per annum on the amounts delayed will be more fair and effective.

For economists. Analytical.Documented.

311:28 SIDDIQI, M. SA'AD, "Ra'as al-Mal," ( Capital) (U), Fikro Nazar, Islamabad, (31:3) Jan.'94, Pp.3-20.

Gives a juridical definition of capital. Argues that interest of all types is unlawful. Indexation of loans is also not allowed in the shari'ah.

For jurists. Based on primary sources. Documented.

& 311: 29 SIDDIQUI, SHAHID HASAN, "What is Riba?" Journal of Islamic Banking and Finance, Karachi, (12:1) Jan.'95, Pp.53-58.

A review of Justice Qadeeruddin's treatise on the same subject and published in the same issue of the journal. Disagrees with the author on the main argument and concludes that riba and interest are one and the same thing.

For general readers. Undocumented.

311:30 SIDDIQUI, SHAMIM A., "Some Controversies in Contemporary Macroeconomics: An Islamic Perspective," Review of Islamic Economics, Leicester, (3:1) 1994, Pp.19-50.

Looks at some current controversies in contemporary macroeconomic theory on the issue of unemployment and inflation. Argues that although analysis of some post-Keynesian economists clearly points out the institution of interest as one of the main causes of financial instability which leads to recession or stagflation, their solution to these problems ignores the issue and assigns an active role to the government instead through its monetary and fiscal policies. Shows that the replacement of interest-based transactions by equity-based transactions will reduce the need to create inflation in solving the problem of unemployment, and may lead to a desirable distribution of income pattern. Finally, argues that the problems being faced by Islamic banks are not insurmountable.

Analytical. For economists. Documented.

311:31 TAHIR, SAYYID, "What is Riba?" Hikmat e Qur'an, Lahore, (13:11) Nov'94, Pp.59-64.

Argues that all types of increments on loan transactions constitute riba. However,reent of houses is not so. Similalrly, opposes indexation of loans as it will constitute riba.

For general readers. Based on primary sources. Documented.

311:32 TAHIR, SAYYID, "Selected Issues in Riba: A Reply to the Comments of Muhammad Akram Khan on "What is Riba?" Hikmat e Quran, Lahore, (14:6) June 1995, Pp.52-64.

Replies to the points raised by Muhammad Akram Khan in Feb-March 1995 issue of the journal which were a criticism on Tahir Sayyid's paper "What is Riba?" (Hikmat e Quran, Nov. 1994). Insists that his earlier contention regarding the methodology, definition of riba, role of time in riba and difference between and cash and credit prices is correct.

For Muslim economists. Undocumented.

311:33 TAHIR, SAYYID, "Riba al-Fadl," Hikmat e Qur'an, Lahore, (14:8) Sept '95, Pp.48-64.

Elucidates the meanings and implications of various ahadith on riba al- fadl and argues that they only explain the Qur'anic injunctions. The Prophet (PBUH) intended to foreclose the door of riba from all directions.

For Muslim economists and jurists. Based on primary sources. Documented.

311:34 TAHIR, SAYYID, "The Qur'an and Riba" The Qur'anic Horizons, Lahore, (1:2) April '96, Pp.30-5.

Argues that all forms of interest are riba and thus covered by the Qur'anic prohibtion.

For economists and jurists. Based on primary sources. Documented.

311:35 TASIN, M., "Ba' Murabaha aur Bai' Muajjal"( U ) (Credit Sale and Sale on Fixed mark-up), Meethaq, Lahore, (41:1) Jan.'92, Pp.33-53.

Argues that it is also riba if people charge a higher price for any sale on credit than the cash price.

Based on primary sources. Analytical. For religious scholars and jurists. Documented.

311:36 TASIN, M., " Bai Muajjal" ( Credit Sal) (U), Meethaq, Lahore, (41:5) May '92, Pp.32-46,52.

Counter-reply to Qazi A. Karim's paper on the same subject and in the same issue of the journal. Defends his earlier position published in Jan.'92 issue of the Meethaq. Argues that a difference in the cash and credit prices will be nothing but riba.

For religious scholars. Based on primary sources. Documented.

311:37 TASIN, M., "Bai Muajjal" (Credit Sale) (U), Hikmat e Qur'an, Lahore, (11:7-8) July '92, Pp.74-82,104.

Criticises A. Rahman Banvi's paper published in the same issue of the journal. Repeates his arguments that the difference between cash and credit prices is riba.

For jurists and religious scholars. Based on primary sources. Documented.

311:38 TASIN, M. , "Mu'amala Kiraya Dari ki Shari'i Hathiyyat" (Legal Position of Rent) (U), Hikmat e Qur'an, Lahore, (14:9-12) Sept-Dec 95, Pp.8-22,37-53,7-27.

Argues that the rent of buildings is neither clearly halah nor clearly haram. It is in between.

It is reprehensible (makruh).

For general readers and jurists. Based on primary sources. Documented.

311:39 UTHMAN, USAMAH A., "Debt and Equity Contracts in the Theory of Social Economy", Review of Islamic Economics, Leicester, (3:1) 1994, Pp.1-18.

In an advanced economy, equity financing should be the rule and not the last resort.

Profit-sharing provides more flexibility in meeting contingencies. It combines 'rules' and 'discretion'. Debt is restrictive, unforgiving, and hence less stable. There is a "fundamental paradox" in the "sale" of both information and money, precluding the image of a 'normal' commodity. Debt provides a market mechanism that may invite opportunism in addition to usual moral hazard problem. Equity has no such mechanism and hence there less room for opportunism. The property-right approach shows an imbalance and assymetry of rights

between the contracting parties in a debt contract. In an interest-based contract, there is a demand for a peculiar type of insurance.

Analytical. For economists. Documented.

311:40 UZAIR, MOHAMMAD, "Socio-Economic Rationale for Interest-free Financing and Certain Conceptual Issues," Journal of Islamic Banking and Finance, Karachi, (13:1) Jan.'96, Pp.35-52.

A discussion of the negative effects of interest on the economy. Subjects such as social justice, mobilisation of savings, capital formation, inflation and uses of money have been discussed.

For general readers. Undocumented.

312- Riba-free Commercial Banking:Theory and Practice 312:1 Elimination of Elements at Variance with Shari'ah Injunction from Mark- up and Musharakah Modes of Financing in Pakistan, Nov '88, 31Pp. Report of the Working Group of Bankers submitted to the Permanent Commission on Islamization of Economy. Discusses the ekements of riba in the mark-up system of financing and proposes several amendments to bring this mode of finance under the umbrlla of the Shari'ah.

For bankers. Undocumented.

312:2 Report of the Expert Group on Banks and Financial Institutions, 1992, 85Pp. Unpublished. Mimeo. Report by a group of scholars, bankers and economists sponspored by Islamic Development Bank Jeddah to support the Government of Pakistan in her endeavours to Islamise the economy. Reviews the Report of the Commision for Islamisation of Economy of Pakistan on Banks and Financial Institutions (1992) and responds to a set of questions raised by the Government of Pakistan. Points out a number of errors in the Commision's report from the shari'ah perspective. Comes up with a number of origional proposals to transform the existing system of banking and financial institutions. Contains three annexes: i) public finance ii) answers to specific questions iii) some misgivings about interest-free banking.

A very valuable document on the subject. Undocumented.

312:3 Report on Banks and Financial Institutions by The Commission for Islamisation of Economy, Islamabad, 1992, 47+5Pp. Unpublished. Mimeo.

Gives a brief resume' of the existing practice of banking in Pakistan. Proposes several changes in the existing system: a) Musharaka finance should be provided by the banks but the liability of the banks should be limited. b) The musharaka for import of goods will bind the client to purchase the goods if not sold within 30 days of the import into Pakistan. c) For financing under bai' mua'jjal, the bank must possess the goods before they are sold to the client. d) For working capital needs the banks may enter into two agreements, one for interest-free loan and the other for the purchase of goods on mark-up basis. The latter will contain a higher rate to

compensate the bank for interest-free loan. e) Overhead expenses can be financed through bai' salam and bai' istisna'. f) Prompt payment by the client will entitle him for a cash rebate. g) Banks can recover penalty on the sum as per cent per annum but this will not be treated as income of the bank. Instead the banks will use this money for welfare activities. h) The banks can charge commission for collecting and encashing bills on per cent basis but not on per annum basis. i) Government securities may carry the incentive of relief in income tax. j) Buy-back agreements in mark-up finance should be discountinued. Proposes several steps in the strategy for converting the existing system.

For bankers and economists and government policy makers. Undocumented. Contains a note of dissent by Khalid Ishaq.

312:4 Deleted 312:5 Deleted 312:6 Islamic Banking and Its Problems, London: Institute of Islamic Banking and Insurance, 1993, 32Pp. The Institute of Islamic Banking and Insurance invited Islamic banks to identify issues that in their opinion were hindering progress and needed to be resolved. The response of these banks has been classified and synthesised in this booklet. The issues have been classified into following chapters: Theoretical questions; relations with governments; relations with other Islamic banks; internal structures and organizations; relations with depositors; relations with entrepreneurs; relations with public and relations with foreign countries. It is a gist of all the issues relating to Islamic banks. A very useful and concise statement.

For bankers and economists. Undocumented.

312:7 Report of the Sub- Committee of Bankers on the Implementation of Changes in NIB System, 1993, 14Pp. Unpublished. Report submitted to the Commision for Islamisation of Economy of Pakistan by a panel of bankers appointed by the the Commision to study and comment on its first report on proposed changes in the existing system of banking. The Sub-committee consisted of five bankers. The report has also been countersigned by another panel of five senior bankers. The report disagrees with most of the first Report of the Commision for Islamisation of Economy.

Based on the practical experience of the bankers. For bankers. Undocumented.

312:8 "The Islamic Development Bank: Its Role, Objectives and Performance" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurnace, 1995, Pp.253-260.

A general introduction of the Islamic Development Bank Jeddah.

For general readers. Undocumented.

312:9 "Dar al-Mal al-Islami Group" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.261-266.

Gives a general introduction of Dar al-Mal al-Islami Group: its structure, operations and performance.

For general readers. Undocumented.

312:10 "The al-Baraka Group" in Encyclopaedia of Islamic Banking and Insurance, London: Insitute of Islamic Banking and Insurance, 1995, Pp.267-275.

Gives a general introduction to the activities and performance of the al-Baraka Group of Islamic financial institutions.

For general readers. Undocumented.

312:11 "Survey of Islamic Financial Institutions" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.301-393.

Asurvey of Islamic banks, finance, investment and insurance companies. Each entry gives information about background, capital structure, main operations, performance and future plans.

For general readers, bankers and researchers. Undocumented.

312:12 ABDEEN, ADNAN, & M., DALE N. SHOOK, The Saudi Financial System: In the Context of Western and Islamic Finance, New York: John Wiley, 1984, Pp.159-248.

Par III deals with Islamic banks. Holds that Islam prohibits all types of interest. Traces evolution of Islamic banking since 1963. States the relationship of Islamic banks in Saudi financial system. The DMI has set up Islamic Investment Co. (IIC) in Saudi Arabia. By 1982 it had 18 branches. SAMA regulates the Co. The IIC accepts deposits but does not provide loans.

However, it finances investment in real sector on the basis Islamic principles. Islamic banks take varied degrees of risk which distinguishes them from traditional banks.

For bankers and economists. Based on primary sources. Documented.

312:13 ABDOULI, ABDELHAMID, "Access to Finance and Collaterals: Islamic Versus Western Banking," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (3) 1991, Pp.57-63.

Islamic banking would contribute to the emergence of a just and growing economy by enabling small enterprises to obtain finance on participatory basis in which a collateral is not necessary. This is in sharp contrast with the conventional banking which insists on tangible collaterals, discriminating against small units and favouring the propertied rich. As a result, income distribution deteriorates further, whereas Islamic banking will improve income distribution.

Mathematical. For economists. Documented.

312:14 ABUMOUAMER, F. MAHMOUD, An Analysis of the Role and Function of the Shari'ah Control in Islamic Banks, 1989, 561Pp. Unpublished. Ph.D. dissertation. University College, Cardiff (UK), 1989. Order No. BRDX 89145.

Examines role of shari'ah controls in Islamic banks. Used a questionnaire survey to obtain a broad picture of current shari'ah control practices. Also interviewed a number of persons.

The result showed that the role of shari'ah Control Committees differed from bank to bank.

Also, these committees played an effective role in attracting new investment and clients.

For bankers. Based on field data. Documented.

312:15 AHMAD, AUSAF, Islami Bankari: Nazaryati Bunyaden aur Amli Tajarbat (U) (Islamic Banking: Conceptual Basis and Practical Experience), Islamabad: Institute of Policy Studies, 1992, 80Pp. A brief but comprehensive description of the concept of interest-free banking. Discusses the practices and experience of various countries in this area. Devotes a chapter to dispell misgivings about Islamic banking.

For general readers. Based on primary sources. Documented.

312:16 AHMAD, (DR) ZIAUDDIN, "The Present State of The Islamization of the Financial System in Pakistan,"in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, Pp.65-86.

Paper presented to Workshop on Elimination of Riba from the Economy organised by the Institute of Policy Studies, Islamabad during 11-13 April,1992. Traces history of Islamic banking movement in Pakistan. Concludes that the initial momentum was lost by 1984-85.

Now the Government is going still further away from Islamization. The Government has not tried to tap the potential of mudaraba in solving the problem of unemployment.

For bankers. Undocumented.

312:17 AHMAD, (DR) ZIAUDDIN, "Conversion of Interest Based Banking to Interest-Free Banking" in Encyclopaedia of islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.174-189.

Discusses the basic principles of Islamic banking and describes how a conventional bank can adopt interest-free operations.

For bankers and general readers. Based on contemporary sources. Documented.

312:18 AHMAD, (DR) ZIAUDDIN, "Conversion of Interest-Based Banking to Islamic Banking," New Horizon, London: Institute of Islamic Banking and Insurance, (No.9-10) Nov-Dec'92, Pp.10-14,14-17.

Gives rationale and concept of Islamic banking. A general but comprehensive overview of Islamic banking and various financing techniques used by Islamic banks. Shows how conventional banks can become Islamic banks.

For bankers and economists. Undocumented.

312:19 AHMED, AUSAF, "Evolution of Islamic Banking," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.339-367.

Traces the history and growth of Islamic banking in the contemporary era. Discusses the nature of the business conducted by the Islamic banks. Closes by defending the Islamic banking.

For general readers. Based on primary sources. Documented.

312:20 AHMED, AUSAF, "Contemprary Experiences of Islamic Banks: A Survey," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.369-400.

Paper presented to the seminar on Financial Institutions in Accordance with the Islamic Shari'ah, Jakarta, Indonesia. Surveys the location and nature of business of the Islamic banks. Also covers the experience of those countires which have tried to convert the entire banking system according to the shari'ah. Explains the equity structure, investment structures, term structures, financial indicators and addresses of the Islamic banks. The data are up to 1990.

For bankers and economists. Based on primary data. Documented.

312:21 AHMED, AUSAF, "Contemporary Practices of Islamic Financing Techniques," Islamic Economic Studies, Jeddah, (1:2) June '94, Pp.15-54.

Examines the current practices of contemporary Islamic banks in sources and uses of funds.

Investigates how Islamic financing techniques are used by various Islamic banks in different countries. Also lists important departures and major applications. Gives suggestions for further research.

Analytical. For Islamic bankers and economists. Based on primary sources. Documented.

312:22 AHMED, AUSAF, "The Evolution of Islamic Banking" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.15-30.

Traces the history of islamic banks in this age. Also discusses basic principles of Islamic banking.

For general readers. Based on primary sources. Undocumented.

312:23 AHMED, ELTEGANI A., Islamic Banking: Distribution of Profit (Case Study), 1990, 511Pp. Unpublished. Ph.D. Thesis.. University of Hull (UK). Order No. BRDX987344.

Argues that interest is riba. Introduces the concept of Islamic banking. Discusses the mechansim to detemine profit of each saver and the risks and difficulties in profit-loss sharing.

Carries out a field study of three Islamic banks. Scrutinizes and verifies accounting postulates followed by the Islamic banks. Recommends that the Islamic banks should move to greater investments on the basis of profit sharing modes rather than those modes which bring in a fixed return.

For economists and bankers. Based on primary sources. Documented.

312:24 AHSAN, FAKHRUL, Islamic Banking in Perspective: Concept and Practices, 23Pp. Unpublished. Presented to the International Seminar on Islamic Banking organised by the Islamic bank Bangladesh at Dhaka during 11-12 March 1985.

Presents a comprehensive outline of the nature and business of an Islamic bank. Also sheds light on the the then practice.

Descriptive. For bankers and economists. Documented.

312:25 AHSAN, FAKHRUL, "Islamic Banking in Perspective," Journal of Islamic Banking and Finance, Karachi, (7:1) Jan. '90, Pp.26-38.

A comprehensive paper on the concept of Islamic banking. Besides discussing the principles of Islamic economics gives a brief description of the operations of interest-free banks. Discusses various issues and problems.

For general readers. Based on secondary sources. Documented.

312:26 AINLEY, MICHAEL, "A Central Bank's View of Islamic Banking," New Horizon, London, (46-47) Dec 95/Jan 96, Pp.13-1.6 Thinks that there are a number of problems which indicate the need for a greater understanding of Islamic banking by the Bank of England. The problems relate to definition of Islamic banking, management, supervision, risk, accounting, and shari'ah involvment.

For bankers and economists. Undocumented.

312:27 AKACEM, MOHAMMED, "Islam and the U.S. Banking Crisis," The Wall Street Journal, New York, 9 May '91.

Argues that the Islamic banking system is more stable as in this case the value of liabilities increases or decreases in tandem with banks' profit or loss. there is a little likelihood for banks to fail in such circumastances. The U.S. banks can learn something from the Islamic system of banking.

312:28 ALI, MUAZZAM, "Reflections on Islamic Banking," New Horizon, London, (59) January '97, Pp.4-6 Analyses the strengthts, weaknesses, opportunities and threats to Islamic banking. A sort of stock taking at the end of 1996.

For general readers. Undocumented.

312:29 ALI, OSAMA M., "The Development of Standard Legal Documentation for Islamic Banks," New Horizon, London, (41) July '95, Pp.9-12.

Islamic banks should develop standardised documents for all contracts. It will enhance their credibility and provide basis for greater mutual cooperation. It will provide a solid basis for

development of Islamic banking.

For bankers and economists. Descriptive. Undocumented.

312:30 ALI, SARDAR, Bila Sud Bankari (U) (Interest- free Banking), Islamabad: Rastgar Industries, 1990, 34Pp. Presents a model of interest-free banking within PLS framework. Proposes a number of changes in the companies law and income tax law to encourage interest-free banking. Contains a number of original ideas.

For general readers. Undocumented.

312:31 AMIN, S.H., "Banking and Finance Based on Islamic Principles - Law and Practice in Modern Iran," Islamic and Comparative Law Quarterly, (IX:1) 1989, Pp.1-32.

A comprehensive treatise on the law and practice of Islamic banking in Iran. Describes all forms of deposits and modes of financing. Concludes that the Islamic banking is still evolving. It has several features which make it similar to interest-based banking. For example, it has a penalty clause which allows 12 per cent rate of interest; there is a guarantee of bank deposits and international branches can transact business on interest.

Informative and analytical. For economists and bankers. Based on primary sources.

Documented.

312:32 ANSARI, JAVED AKBAR, "A Proposal for Establishing a Microenterprise Islamic Bank," Journal of Islamic Banking and Finance, Karachi, (13:3) July '96, Pp.53-64.

A feasibility study for establishing a microenterprise Islamic bank with the collaboration of Islamic financial institutions, Muslim community, Islamic Development Bank and public offer of shares.

For bankers and policy makers. Undocumented.

312:33 ANWAR, M., Unpublished.Mimeo.

Islamic

Banking

in

Iran

and

Pakistan,

1992,

14Pp.

Argues that the desire to practice Islamic faith and the practice in the field of banking itself is nearer to Islam in Iran than in Pakistan. The banks in Pakistan have not been able to devise sufficiently flexible modes of finance to meet the need of the day. The decision of the Federal Shari'ah Court and privatisation of banks will add further to the problems of the banks.

For bankers. Based on primary sources. Documented.

312:34 ANWAR, M., "A Call for an International Islamic Commercial Bank," Pakistan Banker, Lahore, (2:1) Jan. '92, Pp.17-26.

Proposes that the Muslims should set up an international commercial bank with a full range of comercial business and services capability on interest-free basis under the

supervision of shari'ah scholars. Gives a rationale for such an institution and proposes a broad strategy for setting it up.

A highly imaginative paper with original insights. For bankers and general readers.

Documented.

312:35 ANWAR, M., "The Role of Islamic Financial Institutions in Socio-economic Development of Malaysia," The Pakistan Development Review, Islamabad: PIDE, (30:4) PTII Winte r '91, Pp.1131-1142.

Reviews the progress of Bank Islam Malaysia and Haji Tabung in Malaysia. Analyses the performance in terms of profitability and account holders. Informative.

For economists. Documented.

312:36 ARIFF, MOHAMED, "Islamic Banking in Malaysia: Framework, Performance, and Lessons," Journal of Islamic Economics, Malaysia, (2:2) July '89, Pp.67-78.

Traces the inception and evolution of Bank Islam Malaysia Berhad (BIMB). Summarises the progress up to 1988. Thinks all the operations of BIMB are interest-free. But there is much more in Islamic banking than mere elimination of interest from its operations. The BIMB has a moral obligation to serve the ummah. The BIMB should set up a research and development department. For greater efficiency, there is a need for greater competition. So some more Islamic banks should come up.

For Muslim economists and bankers. Documented.

312:37 ATTWERGY, BASHIR A., The Islamic Banking Practices: Possible Acceptance in the USA as Perceived by Islamic and US/Western Bankers, 1988, 246Pp. Investigates Islamic banking and finance practices in terms of thier philosphical and economic underpinnings versus those of Western banking system. A survey was conducted to collect data from Muslim bankers, Western bankers familiar with Islamic banking and Western bankers not familiar with Islamic banking. The questionnaire included 20 selcted Islamic banking practices that permitted the respondents to evaluate the US perceived acceptability of the stated Islamic banks' practices. All the three aforementioned groups perceived at least 10 out of 20 practices as acceptable. These ten were: investment accounts, transfer of funds, cost plus finance, profit or loss sharing, trust financing, leasing, lease purchase, letters of guarantee, flexible investment of deposits, and trustee role.

For bankers and economists. Analytical. Based on field data. Documented.

312:38 BASHIR, A.H.M, Financial Contracts in Interest- free Islamic Economics: Theory and Practice, 1990, 133Pp. Unpublished. Ph.D. Thesis. University of Wisconsin, Madison, Order No. DA 9025695.

Using the incentives theory, the first essay formulates profit and loss sharing contracts between investors and entrepreneurs in a generalized principal-agent model which allows for both moral hazard and adverse selection. A numerical solution shows that the PLS system is better than a system based on interest bearing loans contract. The second essay is constructed and tested against theoretical assumptions The empirical results indicated the viability of the

new system and showed that profitability and easy loan policy are the main factors behind the existence of Islamic banks. The third essay reviews some recent models of profit sharing contracts and financial intermediation in Islamic economics.

For economists. Mathematical. Based on primary and secondary sources. Documented.

312:39 BISHNOI, T.R, "Islamic Banking: Some Unsettled Issues of Stability and Growth", Journal of Objective Studies, Aligarh, (4:1) July '92, Pp.142-148.

The competition among banks operating on profit and loss sharing basis requires full disclosure of quality of banks' assets and profits which may create instability in the Islamic banking system at the micro level. Empirical evidence suggests that the financial system in Islamic type tends to record lower growth. The moneary policy also loses it s significance and fiscal policy becomes the only available instrument of credit and economic management.

For economists and bankers. Documented.

312:40 BUCKMASTER, DAPHNE, "Focus on Islamic Development Bank's Aid Projects," New Horizon, London, (43) Sep.'95, Pp.3-5.

Enumerates the aid projects of IDB Jeddah. Includes assistance for emrging Muslim republics, special assistnce projects for member countries and non-member countries, scholarship programme, technical assistance programme for member countries, sacrificial meat utilisation, and IRTI. Descriptive. Undocumented.

312:41 BUCKMASTER, DAPHNE, "IDB Co-operation in Development Financing", New Horizon, London, (53) July '96, Pp.8-9.

Gives a description of the activities of the Islamic Development Bank, Jeddah in providing finance to National Development Financing Institutions of member countries. The IDB has established close contacts with 44 Islamic banks in various countries to co-ordinate and promote their activities.

For general readers. Undocumented.

312:42 CHACHI, ABDELKADER, Islamic Banking, 1989, Pp.371. Unpublished. Ph.D. thesis. University College of North Wales, Bangor (UK), Order No. BRDX 89286.

In the light of empirical analysis, shows that Islamic banking is more appropriate and more relevant to the economic growth and development of the Muslim world. Despite the fact that they are operating in hostile and non-Islamic environments, the existing Islamic banks have managed to mobilize substantial amounts of deposits and have contributed greatly to finance of many economic sectors and projects of the countries in which they are working.

For economists. Based on published empirical data. Documented.

312:43 CIZAKCA, MURAT, Islamic Banks and Venture Capital: Origins, Evolution and Reform Proposals, 1991, 53Pp. Unpublished. Research paper No. ISS/E 91-001, Bogzici University, Istanbul.

In the first part traces the Islamic banks from ancient times. Argues that the Muslims developed the business forms of mudaraba and musharaka from the ancient customs and traditions. These forms travelled to the West where after a long and complex evolution, these forms bloomed into joint stock company. The Muslims then again borrowed the concept of joint stock company from the West. Further dvelopments of this concept are going on in the West in the form of Venture Capital companies. The Islamic banks can integrate their business with the Venture Capital Companies. The present form of Islam banks is removed away from the pure Islamic position as they have concentrated their business on murabaha which is quite close to interest. To avoid this the author gives a set of proposals. Very briefly, he proposes that the Islamic banks should channelise their funds through Venture Capital Companies instead of dealing dirrectly with a multitude of business firms. The Venture Capital Companies have the wherewithal to spread their risk and analyse the business proposals. The author also proposes that the Islamic banks should gradaully move towards musharaka and mudaraba, say at the rate of 5% a year. Further, the government should give Islamic banks some incentives in the form of tax concessions if they adopt musharaka and mudaraba instead of murabaha.The paper has a lot of valuable historical information alongwith some original proposals to reform the Islamic banks.

For historians, bankers and economists. Based on primary sources. Documented.

312:44 CLODE, MICHAEL, "The Unique Implications of the Islamic Financial System," New Horizon, London, (59) January '97, Pp.10-11.

Points out areas for further research and development in the field of Islamic banking. The areas are: development of new financial instruments, cooperation of Islamic banks, Islamic stock exchnage and Islamic insurance for developing avenues for long term finance, training of professionals, and consistency in shari'ah rulings.

For bankers and general readers. Undocumented.

312:45 COBHAM, D., Islamic Banking: Perspectives from the Theory of Financial Intermediation, Scotland: University of St. Andrews, 1992, 28PP. Unpublished. Mimeo.

Islamic banking rejects interest debt contracts in favour of profit and loss sharing partnerships.

However, economic analysis shows that debt contracts are optimal for financial intermediaries in many situations. Islamic banks might be able to offset the disadvantage implied by the need for extra monitoring by operating within a strongly bank-based, as opposed to market-based, financial system, where there is both a better flow of information and stronger commitment between borrower and lender. But there is no sign of the emergence of such a system yet, and in practice Islamic banks are involved mainly in short term trade financing rather than profit and loss sharing partnerships.

For professional economists. Analytical. Based on primary sources. Documented.

312:46 COWAN, DAVID, "Successful Strategies Derived from Islamic Principles," New Horizon, London, (30-31) Aug-Sep '94, Pp.4-5,10-11.

For being successful, the Islamic banks will have to be efficient and effective. They need to educate their potential clientele and staff about the nature of their business. They need to invest in information technology. They should also innovate in Islamic retail products such as credit cards. Similalrly, they should innovate in the field consumption loans.

For Islamic bankers. Undocumented.

312:47 CUNNINGHAM, ANDREW, Banking in the Middle East: Financial Times Report, London: FT Financial Publishing, 1995, 184Pp. Describes banking sector of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Egypt, Iraq, Jordan, Lebanon, Syria, Yemen, Algeria, Libya, Morocco, Tunisia and Iran. Also devotes a part to Islamic banking and briefly explains the essential characteristics that differentiates it from the conventional banking system. Differentiates between theory and practice of Islamic banking. Briefly outlines the four modes of finance such as musharaka, mudaraba, murabaha and ijara.

For businessmen, bankers and economists. Based on primary sources. Documented.

312:48 DARRAT, A.F., "Islamic Interest-free Banking: An Empirical Analysis" in Faridi, F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.203-223.

Endeavors to provide some empirical evidence from Tunisia to test the hypothesis that the financial system becomes more stable without interest-bearing assets than if these assets exists.

Examines and compares the relative usefulness and effectiveness of financial aggregates for policy purposes. Investigates whether interest or non-interest financial assets provide a better intermediate policy target.

Mathematical. For economists. Documented.

312:49 DARRAT, A.F., "Islamic Banking: An Outline of Some Conceptual and Empirical Aspects," Savings and Development, Milan, (XIV:1) 1990, Pp.185-192.

Provides some general outlines of the interest-free Islamic banking system and assesses its theoretical and empircial viability in modern economic systems. In addition to its consistency with the Islamic prohibition of interest-based transactions an interest-free system appears worthy of more serious attention in academic and policy circles particularly in view of the rampant western banking failures in recent years.

For economists and bankers.Based on secondary Islamic sources. Documented.

312:50 GAFOOR, A.L.M.ABDUL, Interest- free Commercial Banking, Netherland: Apptec Publications, Berkenlaan, Groningen, 1995, 86Pp. Tries to re-define the concept of riba as prohibited in the shari'ah. As a result, considers some of the forms of prevalent interest as lawful. Based on this definition, tries to build a model of interest-free banking.

For bankers and economists. Based on secondary sources. Documented.

312:51 GEORGE, EDDIE, ABBAS MIRAKHOR, & KHURSHID AHMAD, "Islamic Banking and Finance," New Horizon, London, (45) Nov. '95, Pp.7-11.

Typescript of three speeches delivered by the authors at the International Conference on Islamic Banking and Finance at the Islamic Foundation, Leicester, during 27-28 September, 1995. Eddie George emphasised the need for greater understanding of the movement of Islamic finance. He also enlisted a number of problems which he faced at the Bank of England as offical regulator of all banks including the Islamic banks. Abbas Mirakhor thought the the problems being faced by the Bank of England were entirely solvable. Khurshid Ahmad pleaded for a better understanding of the Muslim mind and Muslim efforts to restructure their economies on new foundations.

For general readers. Undocumented.

312:52 GUSAU, SULE AHMED, "Some Issues in Islamic Banking," Thoughts on Economics, Dhaka, (8:2) Summe r'87, Pp.1-24.

Survey of literature on Islamic banking. Main issues discussed are as follows: (10 Creation of credit; (2) portfolio of Islamic banks; (3) time-multiple counter loans; (4) inter-bank transactions; (5) profit-loss sharing; (6) consumption vrs. investment loans; (7) investment auctioning; (8) deficit financing; (9) and insurance. Summarises the spectrum of opinion. Gives his own preference as well.

For Muslim economists and bankers. Documented.

312:53 HARDIE, ALEXANDRA R., M. RABOOY, "Risk, Piety, and The Islamic Investor," British Journal Of Middle Eastern Studies, London, (18:1) 1991, Pp.52-66.

Interest and riba are one and the same things. Islam does not favour limited liability. There are different forms of business organisations in the Islamic law. All of them link return with risk.

The Islamic banks indulge in certain forms of business which are not strictly covered by the Islamic law. For example, murabaha is risk-free and cannot be acceptd in the Islamic law.

An original paper based on primary sources. For economists. Documented.

312:54 HARON, SUDIN, "The Philosophy and Objective of Islamic Banking: Revisited," New Horizon, London, (46-47) Dec '95/Jan '96, Pp.5-7.

Discusses the rationale for Islamic banks. Concludes that the Islamic banks are there not only to abolish interest but to introduce morality into business and finance. They are supposed to undertake social and economic uplift of the people as well.

For general readers. Undocumented.

312:55 HARON, SUDIN, & BALA SHANMUGAM, "The Role of Islamic Banks in Mobilising and Allocating Resources in Middle East," Journal of Islamic Banking and Finance, Karachi, (13:2) April '96, Pp.48-64.

A case study of Albaraka Islamic Investment Bank of Bahrain, Jordan Islamic bank, Kuwait Finance House, Faisal Islamic Bank of Sudan, Faisal Finance Institution of Turkey and Dubai Islamic Bank. Compiles and analyses data about the resource mobilization and allocation of these institutions.

For economists and bankers. Based on published reports of these institutions. Documented.

312:56 HARON, SUDIN, "Islamic Banking: A New Vehicle in Fostering Enterpreneurship," Journal of Islamic Banking and Finance, Karachi, (13:3) July '96, Pp.28-39.

An elementary essay on the rationale and mechanics of Islamic banking. For beginners. Based on the contemporary literature on the subject. Documented.

312:57 HARRAN, SAAD al-, Islamic Banking:Managing the Challenges, Kualalumpur: Intitut Kajian Dasar, n.d., 30Pp. [IKD Monograph Series] Describes recent trend toward setting up of Islamic banks in different parts of the world.

Discusses problems being faced by the Islamic banks due to surplus liquidity, moral hazard, risk of fraud, central bank regulations of different countries, limited avenues for equity financing, delay in recoveries and location of Islamic banks in non-Muslim countires. Suggests measures to overcome these difficulties.

Analytical. For bankers and economists. Documented.

312:58 HARRAN, SA'AD, al-, "Islamic Finance Needs a New Paradigm," New Horizon, London, (48) Feb '96, Pp.7-9.

Laments the slow progress made by the Islamic banks in adopting musharaka and mudaraba.

Suggests that the Islamic banks should expand toward the poor rural people of the Muslim world and provide finance at grass root level. Also emphasises need for training and research.

For general readers and Islamic bankers. Undocumented.

312:59 HARRINGTON, JR., JOHN, "The Islamization of Banking in Pakistan" in Faridi.

F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.177-202.

Discusses the distinguishing characteristics of Islamic banking in Pakistan. Comments on its effects on the use of monetary policy and on Pakistan's economic development.

For general readers. Documented.

312:60 HASANUZZAMAN, S.M., "Islamisation of the Financial System in Pakistan" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.231-245.

Describes the evolution and history of Islamic banking in Pakistan. Explains the alternative modes of finance and discusses difficulties being faced in converting the financial system on Islamic lines.

For bankers and general readers. Undocumented.

312:61 HASSAN, TARIQ, "Islamic Banking: The Need for Uniform Regulation," Journal of Islamic Banking and Finance, Karachi, (8:2) April' 91, Pp.15-30.

Stresses the need for uniform rules and regulations for Islamic banks. Reviews the regulatory systems of Islamic banks critically. Argues that the IAIB should set up an Islamic Law Commission for Islamic Banks consisting of Shari'ah scholars and modern jurists. The institution of Religious Boards should be phased out.

For jurists and bankers. Based on primary sources. Documented.

312:62 HASSAN, TARIQ, "Islamic Banking and Finance," in D.G. Pierce, et.el.(eds.)

Current Issues of International Financial Law, London: Butterworth, 1985, Pp.93-109.

Reviews the Islamic economic framework and provides an institutional overview of international, multinational and national commercial Islamic banks and financial institutions.

Outlines the sources of Islamic law and points out the principles of financing laid down.

Discusses various legal issues in the context of modern practices in the field of banking and finance. Provides a broad analytical review of the subject and submits certain conclusions.

For bankers and economists. Based on primary and secondary sources. Documented.

312:63 HIRSCH, ERIC, "Co-operation Between Islamic and Conventional Banks," New Horizon, London, (34) Dec '94, Pp.6-9.

Argues that there exist innumerable opportunities for co-operation between conventional banks and Islamic banks. The conventional banks should learn the shari'ah rules to start with. The shari'ah board of Islamic banks should make accessible their rules to other Islamic banks. There should be national shari'ah boards. The development of an Islamic capital market, where long term risks are exchanged for liquidity, is an extremely important prerequisite for co-operation between conventional and Islamic banks.

For bankers. Undocumented.

312:64 HOMOUD, SAMI HASAN, "Progress of Islamic Banking: The Aspirations and the Realities," Islamic Economic Studies, Jeddah, (2:1) Dec'94, Pp.71-80.

Reviews the progress made by Islamic banks. Evaluates the progress in the light of criticism on Islamic banks and claims made by the banks. Concludes that although much ground has been covered and most of the criticism is not well-founded yet a lot much still needs to be done by the Islamic banks.

For bankers and economists. Undocumented.

312:65 HOOVER, RALPH, "Islamic Banking: A Global Success Story," Newsweek, Hongkong, 26 April '93.

A sympathetic review of the global Islamic banking movement. Informs the reader about the background, evolution and mechanics of Islamic banking.

For general readers. Undocumented.

312:66 HOSNY, MOUSTAFA M., "The Role of the Religious Boards" in Encyclopaedia of Islamic Banking and Insurnace, London: Institute of Islamic Banking and Insurance, 1995, Pp.95-103.

Describes the regulatory role of religious supervisory boards in Islamic banks.

For bankers and general readers. Based on primary and contemporary sources. Documented.

312:67 HUQ, M. AZIZUL, & MAHMOOD AHMED, "Participatory Banking," Thoughts on Economics, Dhaka, (5:1-2) Jan-June '95, Pp.26-34.

An elementary paper on the concept of participatory banking. Argues that the Islamic banking is a shade of participatory banking.

For general readers. Documented.

312:68 HUSSAIN, TAJAMMAL, "To Creat a Welfare State," Pakistan Banker, Lahore, (1:1) July '91, Pp.11-15.

Criticises mark-up financing as practised in Pakistan. Emphasises that Islamic banking should be mainly based on musharaka. Enumerates benefits of musharaka.

For general readers. Undocumented.

312:69 IBRAHIM, M.S., A.H.M.BASHIR & A.F. DARRAT, "Islamic Banking: Some Unsettled Issues of Stability and Growth (A Comment)," Journal of Objective Studies, Aligarh, (5:1) Jan.'93, Pp.112-116.

Critical response to T.R. Bishnoi's paper of the same title published in the same journal in 1992. Disagree with Bishnoi and argue that Islamic banking is a viable solution. The emerging trend is toward acceptance of Islamic position in the world.

For economists. Documented.

312:70 IDRIS, RUSTAM, "Towards Islamic Banking: The Malaysian Experience," New Horizon, London, (29,30,31) Jul-Sep '94, Pp.?, 9, 9.

Describes the Malaysian government's experience in establishing an alternative system known as Interest-free Banking System (IFBS). Explains the system of inter-bank clearance, Islamic pawn broking, securtisation of debts, Islamic mortgage bonds and Islamic interbank money market.

For general readers. Informative. Undocumented.

312:71 ILLIYAS, MOHAMAD, "Legislating for Islamic Banks in Malaysia," New Horizon, London, (38) April'95, Pp.8-1.0 Narrates the brief history of Islamic banking in Malaysia. Highlights various laws in Malaysia relating to Islamic banks.

For bankers and lawyers. Undocumented.

312:72 KABBARA, A.H., Islamic Banking: A Case Study of Kuwait, 1988, 476Pp. Unpublished. Ph.D. dissertation. Loughborough, (UK), 1988. Order No. BRDX87299.

Examines possible introduction of Islamic banking in Kuwait.Focuses on the possible transformation process. Discusses the role of central bank and monetary policy in the Islamic framework. Describes the changes required in the current financing instruments employed by Kuwaiti banks in order to adapt to Islamic banking.

For bankers and economists. Based on primary sources. Documented.

312:73 KARIM, R.A.A., & AMAL EL-TIGANI ALI, "Determinants of the Financial Strategy of Islamic Banks," Journal of Business Finance and Accountancy, (16:2) Spring '89, Pp.193-212 The first section gives a general background of the Islamic banking system. The second section reviews the organization theory literature on the interaction of environment and strategic choice. In the third section, the author discusses the research methodology. The fourth section covers two case studies of Faisal Islamic Bank of the Sudan and Kuwait Finance House.

For bankers and financial analysts. Based on contemporary literature. Documented.

312:74 KAZARIAN, ELIAS, Finance and Economic Development: Islamic Banking in Egypt, Lund: University of Lund, Sweden, 1991, 269Pp. Criticises the available literature on Islamic economics. Reviews the literature on the relationship between financial and economic development. Tries to develop theoretical framework of islamic banking without much success. Thinks that the prevalent interest is not riba. Thinks that the prohibition of interest will adversely affect the rate of savings. Analyses the performance of Islamic banks in Egypt during 1980-88. Misrepresents the Islamic viewpoint.

For economists and bankers. Based on primary and secondary sources. Documented.

312:75 KHALEEFA, M. UTHMAN, "Islamic Banking in Sudan's Rural Sector," Islamic Economic Studies, Jeddah, (1:1) Dec '93, Pp.37-55.

Presents an account of the experience of the Sudanese Islamic Bank (SIB) in the implementation of Islamic banking procedures in the rural sector. Shows how the SIB has successfully practised musharaka financing in the agriculture, industry and trade.

Informative. For bankers and economists. Documented.

312:76 KHAN, A. JABBAR, Non- Interest Banking in Pakistan: Concept, Practice and Evaluation, Karachi: Royal Book Company, 1991, 104Pp. Gives evolution of twelve modes of finance in Pakistan. Explains their mechanism as practised by the banks in Pakistan.

For bankers. Based on the Pakistani laws. Documented.

312:77 KHAN, A.JABBAR, M. RAFI USMANI &TAHIR ALI TAYYABI, Report of the Working Group on Banking, Commision for Islamisation of Economy, Islamabad, 1992, Pp.13++ Unpublished. Mimeo.

Proposes reforms in the operations of commercial banks in Pakistan to make them conform to the shari'ah. The mainstay of the proposals is mark-up and musharaka. Uses the basic framework of the State Bank of Pakistan which visualises 12 modes of finance.

For bankers and economists. Undocumented.

312:78 KHAN, ABDUL JABBAR, "Interest-free Banking: Misgivings and Answers," The Pakistan Banker, Lahore: The Bank of Punjab, July '92, Pp.23-30.

Explains the mechanism of interest-free banking on the basis of mark-up and musharaka.

Enumerates some of the objections on interest-free banking and answers them.

For bankers and general readers. Baed on secondary sources. Documented.

312:79 KHAN, M. FAHIM, Riba- free Alternatives for Transactions in Commercial Banking: A Blueprint. Paper presented to Workshop on Elimination of Riba from the Economy organised by Institute of Policy Studies, Islamabad during 11-13 April, 1992. 17Pp. Legal framework of Pakistan allowed to set up an Islamic bank. The State Bank of Pakistan did not address itself to question of conversion of interest-based system to an Islamic one. The banks remained passive to the change. Proposes that the State bank of Pakistan should set up a shari'ah advisory board to advise the banks about proper method of mark-up financing. Makes policy suggestions for monitoring banks to adopt PLS financing. Buy-back agreement should be replaced by shari'ah-approved mark-up. In the immediate future, mark-up is better than ideal profit-loss sharing, which may be difficult to practise. Deposit banking and investment banking should be separated. There should be shari'ah audit of financial institutions. Training of banking staff will also be necessary.

For bankers. Undocumented.

312:80 KHAN, M. FAHIM, Liability Side of the Banking Sector: Problems and Alternatives in Islamic Perspective, 7Pp. Paper presented to Workshop on Elimiation of Riba from the Economy organised by IPS Islamabad during 11-13 April,1992.

Proposes that the Government should guarantee the real value of saving deposits in banks. In case of inflation, the Government should pay the savers equal to the rate of inflation. This is permissible since it is a guarantee not by the banks but by a third party. In the light of certain fatawas, argues that the guarantee of depositor's value by third parties is permissibleand hence not riba.

For Muslim economists. Undocumented.

312:81 KHAN, M. AKRAM, Islamic Banking in Pakistan: The Future Path, Lahore: All Pakistan Islamic Education Congress, 1994, 96Pp.

Second revised and enlarged edition. The first edition came out in 1992. Reviews the progress of Islamic banking and concludes that it has regressed since it took a start. Analyses reasons for reversal and the role of government, banks, central bank and that of the general public.

Suggests a number of new financial instruments for long term financing. Defines a new role for commercial banks. The banks should do intermediation either for a service charge or should also assume risk if they want to earn a return. The same applies to savers. Those savers who want to earn a return should place their savings in such mutual funds or investment trusts where these funds could be invested in the real sector on profit or loss sharing basis. To overcome the problem of false book-keeping, proposes that the banks should deal with large scale intermediaries and associations of traders rather than a large number of small firms.

These intermediaries, in turn should deal with small traders. Suggests that a number of new institutions like al- hisba, local courts, credit rating agency and an active stock exchange will have to be created to make the system work.

For economists and bankers. Documented.

312:82 KHAN, M. AKRAM, "A Survey of Critical Literature on Interest-free Banking," Journal of Islamic Banking and Finance, Karachi, (6:1) Jan.'89, Pp.45-61.

Surveys the literature critical of interest-free banking. The literature contains ideas which reject interest-free banking outright as well as those which have their suspicion in its success.

Also summarises the operational and conceptual problems of Islamic banking. Points out need for further research in the concepts of Islamic banking.

For Muslim economists. Based on primary sources. Documented.

312:83 KHAN, MOHSIN S., & ABBAS MIRAKHOR, "Islamic Banking:Experiences in the Islamic Republic of Iran and in Pakistan," Economic Development and the Cultural Change, (38:2) 1989-90, Pp.353-376.

The adoption of Islamic banking has not led to the collapse of the financial system as some feared. There has been a rapid growth of private-sector deposits in Islamic modes in both countries, demonstrating that the system can be effective in mobilising resources. But at the same time, because government policies in Iran and Pakistan strongly influence the asset acquisition behaviour of the banking system, it is far more difficult to judge the efficiency of Islamic banking in allocating the mobilised resources, based on the performance thus far of the systems operating in these two countries. How the system would work in the absence of government intervention remains an open question.

Analytical. For economists. Documented.

312:84 KHAN, Z.A., "Characterisitics and Structure of an Islamic Bank" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurnace, 1995, Pp.111-116.

Describes the administrative set up of an Islamic bank.

For general readers. Undocumented.

312:85 KOROUMA, M., "Experience of Islamic Banks in West Africa," Journal of Islamic Banking and Finance, Karachi, (6:1) July 89, Pp.48-51.

A brief note on the DMI's banks in Guinea, Niger, and Senegal established since 1983. The information is upto 1988.

Descriptive. For general readers. Undocumented.

312:86 KOTBY, HUSSEIN E., Financial Engineering for Islamic Banks, Japan: Institute of Middle Eastern Studies, 1990, 220Pp. Discusses evolution and basic framework of Islamic banks. Explains the functions and role of stock exchange in the Islamic framework. Argues that options trading is permissible in Islam.

Criticises various types of swaps in the currency market. Proposes a form of Islamic swap as well. Analyses the role of options trading and suggests a number of strategies for the Islamic banks.

For Islamic bankers. Analytical. Based on primary and secondary sources. Documented.

312:87 LATIF, KHALID, "Understanding Islamic Financing," New Horizon, London: Institute of Islamic Banking and Finance, (10) Dec '92, Pp.10-11.

Discusses various modes of finance used by Islamic banks, such as PTCs, TFCs, mark-up, leasing, renting of services, and qard hasan. Thinks, PTCs and TFCs need re-thinking.

For general readers.

312:88 LAWAI, HUSAIN, "Essentails of Successful Islamic Banking," New Horizon, London, (31) Sept '94, Pp.4-8.

Desccribes the requisites of Islamic banking and products of Islamic banks as being practised by various banks, especially Muslim Commercial Bank of Pakistan. Discusses the difficulties and challenges being faced by the Islamic banks.

For general readers. Undocumented.

312:89 MAHDAVI, HOSSEIN, "Islamic Banking in Iran - Cautious Progress," New Horizon, London, (393) June '92, Pp.7-9.

Describes the operations of Islamic banks in Iran and how they differ from conventional banks. Modes of finance are: modaraba, ju'ala, salam and instalment sales. The monetary policy applies all traditional tools except interest. However, banks can get their financial instruments discounted and re-discounted. Thinks Islamic banking faces a number of problems but they can be handled if the financing is restricted to joint ventures (civil partnerships) only.

For bankers. Undocumented.

312:90 MAHDAVI, HOSSEIN, "Islamic Banking in Iran" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurnace, 1995, Pp.221-230.

Describes fundamental basis of Islamic banking in Iran. Explains unique features of Islamic banking in Iran. Proposes a model which simplies Islamic banking.

For bankers. Based on contemporary literature. Documented.

312:91 MAJEED, M. A., M. A. A. KHAN & M. A. FAROOQUI, "Financial Services Offered under Islamic Economic System: A Case Study of AIFIC," Journal of Objective Studies, Aligarh, (4:2) Dec.'92, Pp.84-100.

A research report on Al-Ameen Islamic Financial and Investment Corporation (India) Limited (AIFIC). Informs the history and progress of the company till 1991.

For the general readers. Documented.

312:92 MANGLA, INAYAT U., JAMSHED Y. UPPAL, "Islamic Banking: A Survey and Some Operational Issues," Reasearch in Financial Services, JAI Press Inc., (2) 1990, Pp.179-215.

Surveys the growth of Islamic banking followed by a discussion on the rationale for the prohibition of interest by Islam. Discuss the key financial techniques and instruments adopted

by Islamic banks. Analyse some operational and regulatory issues faced by Islamic banks.

Give a case study of Pakistan and Kuwait. Conclude that Islamic banking needs more close regulation and a more rigorous theoretical basis. It has a number of nagging problems which needs to be attended before one can expect it to take off.

For economists and bankers. analytically. Based on primary sources. Documented.

312:93 MARTIN, JEREMY, "Secuity in Islamic Banking," New Horizon, London, (48) Feb '96, Pp .4-5.

Discusses the nature of security that Ismaic banks ask for in case of mudaraba, musharaka and murabaha financing. Also explains the Islamic law relating to mortgage.

For bankers. Based on secondary sources. Undocumented.

312:94 MAYER, ELIZABETH ANN, Islamic Banking and Credit Policies in the Sadat Era:The Social Origins of Islamic Banking in Egypt," Arab Law Quarterly, (1) 1985-86, Pp.32-50.

Traces the history and evolution of Mit Ghamr Savings Bank, Nasser Social Bank and Faysal Islamic Bank of Egypt. Evaluates their performance and compares their characteristics.

For social scientists. Based on primary sources. Documented.

312:95 MEENAI, ANWAR, "Islamic Banks and Deposit Mobilisation," New Horizon, London, (49,50) Mar-Apr '96, Pp.6-9,12-13.

The deposit mobilisation by conventional banks is on the basis of interest. But this incentive is not available to Islamic banks. Islamic banks can handle this situation by adopting the system of redeembale equity whereby the companies may be allowed to buy their own shares after a certain specified period. Besides, the governments need to control deficit financing to fight inflation, and rationalise tax structures to allay the fears of the business community, and set up more stock exchanges. These measures can make the Islamic banking conform to the shari'ah.

A thought provoking paper. Undocumented.

312:96 MOORE, CLEMENT H., "Islamic Banks and Competitive Politics in the Arab World," Middle East Journal, (44:2) Spring '90, Pp.234-255.

Based on practical experience of Islamic banking in Egypt, Tunisia and Turkey, the paper examines the politics behind Islamic banking practices. Islamic societies constitute distinctive market segments, courted by governments, political oppositions, and businesses alike.

Wherever Islamic banks compete with conventional ones, competitive politics are likely to deepen the segmentation, enhancing the cohesion of Islamic banking constituencies and thereby diminishing their information costs. Islamic banks should have better prospects for expansion and development in countries that combine competitive banking with competitive politics than under more restrictive regimes.

For bankers and economists. Based on primary and secondary sources. Documented.

312:97 MUDAWI, BAGKIR al-, "Sudan - Testing Ground for Islamic Banking," New Horizon, London, (393) June '92, pp.16-18.

Traces the history of Islamic banking in Sudan. Points out some of the set backs received by Islamic banking in Sudan from the civil war, military regime and drought. Focuses on the role of Faysal Islamic bank of Sudan and its growth.

For general reader. Undocumented.

312:98 MUDAWI, BAGKIR Y. al-, "The Experience of Islamic Banks in the Sudan" in Encyclopaedia of Islamic Banking and Insurnace, London: Institute of Islamic Banking and Insurance, 1995, pp.246-250.

Gives a brief overview of the Islamisation of banks in the Sudan.

For general readers. Undocumented.

312:99 MUHAMMAD, FAIZ, "Problems and Prospects of Eliminating Interest from International Transactions for Pakistan," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1993.

Paper presented to workshop on Elimination of Riba from the Economy organised by Institute of Policy Studies, Islamabad during 11-13 April, 1992.

Analyses the extent and magnitude of interest in Government transactions in Pakistan.

Proposes:

a) Fiscal deficit should be minimised. b) The federal government should waive interest from loans to provincial governments and other agencies. c)The State Bank should provide loans to the federal government on interest-free basis. d) The government should adopt other measures to mobilise additional resources.

Contains a number of annexes of statistical data. For economists and bankers. Documented.

312:100 MUHIUDDIN, GOLAM K. M., & MUHAMMAD ABDUR RAHIM, "Financial Sytem: Islamic vs Conventional with Special Reference to Bangladesh," Thoughts on Economics, Dhaka, (3:3-4) Jul-Dec '93, Pp.25-39.

The conventional financial system and the Islamic financial systems differ because of the particular worldviews. The PLS-based system has revealed some issues. Enumerates those problems. Emphasises the need to resolve these problems. Does not give a solution.

For general readers. Documented.

312:101 NASSIEF, NABIL, "Islamic Banking Around the World," Journal of Islamic Banking and Finance, Karachi, (7:1) Jan.'90, pp. 55-64.

A brief description of the concept and practice of Islamic banking. Also enumerates problems and challenges of Islamic banks.

For general readers. Undocumented.

312:102 NATAPERMADI, MAMAN, "Islamic Banking Moves to Indonesia," New Horizon, London, (25) March '94, pp.4-6.

Gives a brief introduction to the incorporation and operations of Bank Muamalt Indonesia (BMI). The banks has an authorised capital of $250 million and the issued capital of $ 37 million. It was incorporated in 1992. It was in the process of organising itself and training its staff.

Informative. For general readers. Undocumented.

312:103 NAUGHTON, SHERAZ, & BALA SHANMUGAM, "Interest-free Banking: A Case Study of Malaysia," Journal of Islamic Banking and Finance, Karachi, (7:3) July'90, pp.40-57.

Discusses recent economic and financial developments in Malaysia and attempts to place the introduction of Islamic banking within the context of rapid changes taking place. The favourable political climate has a significant influence on the initial growth of Bank Islam Malaysia. However, the continued growth of of the bank appears more to do with a general acceptance of the concept of interest-free banking. The article focuses on the future of the Malaysian banking industry and the prospects of interest-free banking.

Analytical. For bankers and economists. Based on primary sources. Documented.

312:104 NIENHAUS, V., "Islamic Banking: Micreconomic Instruments and Macroeconomic Implications," Thoughts on Economics, Dhaka, (9:1&2) 1988, pp.66-86.

Islamic economic system is not yet well enough developed to perform an effective financial intermediation. However, these deficiencies could be overcome in the future. Gives an example of a new interest-free instrument and secondary market for its trading. A more sophisticated set of financial instruments may improve the chances for Islamic financial institutions to get a banking licence in Western countries. The last section cites example of German banking.

For economists and bankers. Based on contemporary literature. Documented.

312:105 NIENHAUS, V., "Conceptual and Economic Foundations of Islamic Banking," Thoughts on Economics, Dhaka, (4:3-4) July '94, pp.1-37.

Gives the rationale for prohibition of interest in Islam. Describes the concept of Islamic banking. Discusses various modes of financing in the Islamic framework. Based on the data for year 1991-92, gives a real life scenario of Islamic banking. Highlights problems and prospects.

A comprehensive study on the subject. For economists and bankers. Documented.

312:106 NIENHAUS, V., "Islamic Banking and German Banking Law," Thoughts on Economics, Dhaka, (4:1-2) Jan-Jun' 94, Pp.61-73.

In the light of the Fourth Law for the Amendment of the German Banking Law, argues that the Islamic banks can conduct legitimate banking business under the German law. Highlights the differences in the business of a conventional German bank and an Islamic bank.

Based on primary legal sources of German law. For Muslim and German bankers.

Documented.

312:107 OMAR, AFFIFUDDIN, "Development of Islamic Banking in Malaysia," New Horizon, London, (36) Feb '95, pp.12-13.

Surveys the development of Islamic banking in Malaysia.

For bankers. Undocumented.

312:108 OSIMI, M.S.M AL-, Depository Institutions: Reform Along the Lines of Islamic Banking, 1993, pp.236. Unpublished. Ph.D. dissertation submitted to the University of Colorado at Boulder. Order No. DA9423456.

Argues that the debt contacts are risky for economic stability. Investigates the possibility of implementation of the main dea of Islamic banking as part of the needed reform for the depository institutions in the U.S. Making the liability side of the depository institutions based on the principle of profit loss sharing can eliminate the need for deposit insurance.

For economists and bankers. Based on primary sources. Documented.

312:109 PARVEZ, IMTIAZ A., " Islamic Banking," Journal of Islamic Banking and Finance, Karachi, (8:1) Jan. '91, pp.17-41.

Explains the rationale for the prohibition of interest. Cites examples from Jewish and Chrisitian history and from early philosophers. Describes the concepts of Islamic finance in a facile manner.

Recognises criticism on such concepts as murabaha and financial lease but clarifies the stricitly Islamic version. Explains the mechanism of Islamic syndication being practised by Islamic banks. Points out several problems of Islamic banks such as cost of collection, shari'ah admissibility in international courts, manpower shortage, undeveloped interbank and financial markets and absence of accounting standards for Islamic banks.

For bankers and economists. Based on primary sources. Documented.

312:110 PERVEZ, 1MTIAZ A, "Islamic Finance", Arab Law Quarterly,London, (5:4) 1990, Pp. 259-281.

Gives rationale for the prohibition of interest in the Islamic economy. Explains basic principles of Islamic commercial banking. Some of the areas covered are: various types of deposits; financing tchniques such as mudaraba, shirkah, murabaha and ijarah. A good introduction for those who do not have any introduction to Islamic finance.

For bankers and economists. Based on primary sources. Documented.

312:111 PERVEZ, IMTIAZ A. , " Islamic Sydicated Finance," New Horizon, London, (26,27) Apr-May '94, Pp.10-12,13-14.

Introduces the concept of syndicated finance in relation to Islamic banks. Explains the law and mechanics of Islamic banking. Gives details of various modes of finance such as mudaraba, murabaha, and lease finance. Dispels misgivings about Islamic banking.

For general reader as well bankers. Undocumented.

312:112 QADIR, G., "Interest-free Banking: A Proposal," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies.

Paper presented to workshop on Elimination of Riba from the Economy during 11-13 April,1992.

Different types of finance should get a return on the basis of negotiated weights assigned to them in the light of risk and maturity of the each type. The central bank should act as lender of the last resort on the basis of PLS. The central bank can use a higher or a lower weight for sharing a profit depending upon its objectives of monetary policy. Suggests additional legal and regulatory measures to punish those who conceal true profits.

For bankers. Undocumented.

312:113 RABOOY, M. E. M. S, Islamic Banking in Theory and Practice, 1988, 460Pp. Unpublished. Ph.D thesis. University of Exeter (UK), 1988. Order No. BRDX 86448.

Chapter one discusses prohibition of interest. Chapter two is about finance and investment in Islamic framework. Chapter three deals with the views of Muslim scholars on Islamic banking.

Chapter four is about role of Islamic banking in international finance. Chapter five to eight deal with case studies of Dubai Islamic bank, Islamic Banking in Sudan, Islamic Bank International

in Denmark and Kuwait Finance House. Concludes that the conventional banks cannot be transformed to Islamic banks. A new approach will be needed to practice Islamic banking.

For bankers and economists. Based on primary sources. Documented.

312:114 RAY, NICHOLAS D, Arab Islamic Banking and the Renewal of Islamic Law, London: Graham & Trotman, 1995, 195Pp. Introduces conventional Islamic law to conventional bankers. Thinks that the Arab Islamic banking is a developing system based on medieval Islamic aw. Highlights the Islamic modes of finance. Summarizes the four schools of jurisprudence on these modes of finance. Chapter three of the books gives a comprehensive treatment to Faisal Islamic Bank of Egypt. Mentions very briefly the Muslim point of view on currency, options and futures.

For economists and bankers. Based on primary sources. Documented.

312:115 RIZVI, Z.M., Bankers Response to Islamization of Banking in Pakistan, Islamabad: Institute of Policy Studies. Paper presented to workshop on Elimination of Riba from the Economy during 11-13 April,1992, Pp.13.

The bankers' response to Islamization has been passive and even negative. The bankers involved in the Islamization process never believed in it in their hearts. No bank has carried out any research in this area. Banks are not aware of the innovations taking place in their profession. The banks did not take steps to train their own people in Islamic finance.

For bankers. Undocumented.

312:116 SADEQ, A.H.M., Bases and Fundamentals of Co- operation and Co- ordination Among Islamic Financial Institutions, 1986, 22Pp.Unpublished. Mimeo. Paper presented to the First General Conference of Islamic Banks, at Istanbul, during 18-21 October, 1986.

Enumerates bases of cooperation among Islamic banks: liquidity exchange during imbalance position, portfolio management, development of Islamic financial market, system development, joint ventures, establishment of companies, shari'ah council, personnel devlopment, exchange of information, collective efforts for common interest, and promotional activities. Suggests coordiantion activities as follows: network expansion, lead banking, personnel development, international participation during establishment of Islamic Financial institutions, and shari'ah and Information management system.

Descriptive. For bankers. Documented.

312:117 SADEQ, A.H., The Problem of Fund Use: The Case of Islamic Bank Bangladesh Limited, Dhaka, 1986, 21Pp. Unpublished. Mimeo.

A study sponspored by the World Bank and the University Grants Commission of Bangladesh.

Reviews the progress made by the Islamic Bank of Bangladesh Limited during the first three years (1983-1985). Concludes that the Islamic Bank Bangladesh has been able to mobilize

savings but was not quite successful in investing them on purely interest-free basis. It was mainly using the modes of mark-up and other fixed rate modes.

For economists and bankers. Based on the original documents of the bank and interviews.

Documented.

312:118 SHAH, ASIF JAMSHED, "Interest-free Banking: Muslim World's New Paradigm," Pakistan Banker, Lahore, (6:1-2) Jan-Dec'96, Pp.49-64.

Highlights Islamic injunctions against interest. Explains basic features of Islamic economic system and compares them with capitalism and communism. Discusses the evolution and operations of Islamic banks, including the modes of finance.

For general readers. Based on secondary sources. Undocumented.

312:118 (a) SHEIKH, SHAHZAD (ed.), Journey Towards Islamic Banking, London: Institute of Islamic Banking and Insurance, 1996, 154Pp. A collection of addresses and speeches of Prince Mohamed al-Faysal and Muazzam Ali regrding Islamic banking delivered during 1980-1995.

For general readers. Undocumented.

312:119 SHALLAH, RAMADAN A., Islamic Banking in an Interest- based Economy:A Case Study of Jordan, 1989, .435 Pp. Unpublished Ph.D. thesis. University of Durham (UK) 1989. Order No. BRDX 89950.

Contemporary Islamic banking movement has reached a critical stage. Examines the viability of Islamic banking in an interest-based economy within the general Islamic economic principles and precepts. The point of reference is Jordan. The rise of the Islamic Investment House and the factors that led to its breakdown are major concerns of the study. The Jordan Islamic Bank has proved viable as compared to conventional banks in Jordan. The failure of Islamic Investment House was mainly attributable to malpractices committed by its management.

For Islamic bankers and economists. Based on primary sources and published data.

Documented.

312:120 SHIRAZI (ed.), HABIB, Islamic Banking, London: Butterworth, 1990, 104Pp. Originally written in Persian it was translated into English and published from Tehran in 1988 under the title Islamic Banking Contracts. A practical manual for implementing different legal and financial devices within the framework of banking in Iran. Useful for training bankers.

Based on primary sources of Shi'i fiqh. Documented.

312:121 SHOOK, DALE N., & SALAH S. HASSAN, "Marketing Management in an Islamic Banking Environment: In Search of an Innovative Marketing Concept," International Journal of Bank Marketing, (6) 1988, Pp.21-29.

The perception that the Western marketing concept is useful for developing nations is not all that well-founded. This view fails to account for various environmental factors of macro-marketing that make the transition to the marketing concept more complicated than it appears on the surface. Different cultural priorities, lifestyles and buyer decision-making factors, for example, call for re-evaluation of the efforts and results of the Middle East banks to implement their own unique marketing concept and to achieve the most effective utilization of the banking system in serving the region's economic development goals. Placed in perspective, in this article the authors view the Islamic banking environment as one of the more significant case examples which may be used to evolve a better understanding of the unique aspects of the marketing concept in a developing region.

For bankers. Documented.

312:122 SIDDIQUI, SHAHID HASAN, Islamic Banking, Karachi: Royal Book Company, 1994, 124Pp. Argues that all types of interest is riba, including commercial interest of banks. Thinks that the only alternative is profit-loss sharing. Criticises those modes of finance which hide interest behind new nomenclatures but contain the spirit of interest. Indexation of loans is also not permitted by Islam. Proposes that the Islamic Development Bank Jeddah should play a leadership role in coordinating the Islamic banking. Similarly, there should be a Monitoring Commission for all Islamic banks of the world.

For bankers and general readers. Based on primary and secondary sources. Documented.

312:123 SIDDIQUI, SHAHID HASAN, "Islamic Banking: Rationale, Prospects and Challenges," Journal of Islamic Banking & Finance, Karachi, (13:2) April '96, Pp.26-47.

Explains the rationale of Islamic banking. Examines in detail the collaboration of some mudarba companies with the Internal Finance Corporation and argues that the agreement of the latter do not conform to the shari'ah. Makes a number of proposals for going further in promoting the cause of Islamic banks.

For Islamic bankers and general readers. economics and banking. Documented.

Based on contemporary literature of Islamic

312:124 SUWAIDI, AHMED A. M. al--, The Finance of International Trade in the Gulf Arab States: A Comparative Study Between the Conventional and Islamic Banking System with Special Emphasis on the United Arab Emirates. 1991, 747Pp. Unpublished. Ph.D. dissertation. University of Exeter.UK. Order No. BRDX95415.

Studies and evaluates the experiment of Islamic and conventional banking systems in the Gulf region with reference to financing of international trade. The empirical material is based on a survey of eighty customers and interviews with senior bank officials. Argues that the Islamic banking system is preferable in this area but the management of these banks is not sufficiently experienced. Describes and analyses the actual methods of financing and investigating in international trade in both systems together with problems associated with these methods.

Considers particular challenges arising from fraud and developments of countertrade and Electronic Fund Transfer. Makes recommendations to improve legal framework and managerial

practices.

For bankers and economists. Based on primary sources. Documented.

312:125 TAHIR, SAYYID, "Riba-free Alternatives for Modern Banking," Hikmat e Qur'an, Lahore, (14:2-3) Feb-Mar '95, Pp.105-112.

A simple and outline description of the basic principles of interest-free banking. Covers almost all types of interest-free finance.

For general readers. Undocumented.

312:126 UCAR, MUSTAFA, "Interest-free Banking in Turkey: Special Finance Houses," Islamic Studies, Islamabad: Islamic Research Institute, (31:2) 1992, Pp.219-233.

Describes general features of Special Finance Houses (SFHs), their legal status, organisation, operational procedures and methods of sharing profit and loss. Shows how SFHs utilize their accumulated funds. Some of the methods are: murabaha, leasing, mudarabah, letters of credit, and deposits in other banks.

28 June 1997.

For bankers. Documented.

312:127 UZAIR, MOHAMMAD, "Islamization of Banking, Economic Growth, Welfare, Moral and Allied Aspects," Journal of Islamic Banking & Finance, Karachi, (13:2) April' 96, Pp.7-25.

An elementary essay on the rationale and advantages of Islamic banking.

For general readers. Undocumented.

312:128 WILSON, PETER W., A Question of Interest: The Paralysis of Saudi Banking, Boulder: Westview Press, 1991, Pp.177-192 Chapter ten of the book deals with the question of Islamic banking in Saudi Arabia. On the one hand there is a great pressure on the Saudi government from the fundamentalists to introduce Islamic banking in the country, on the other , the ruling elite does not seem to be convinced of its viability. In this dilemma at least three banks are operating without license from the SAMA. The SAMA itself is confused on the issue. The future of Islamic banking is uncertain in Saudi Arabia.

For economists and bankers. Historical.Based on primary sources. Documented.

312:129 WILSON, RODNEY, "Islamic Banking and Its Impact on the International Scene," New Horizon, London, (36) Feb '95, Pp.8-11.

Surveys the Islamic banking movement briefly. Argues that the Islamic financial instutions are attempting to provide a comprehensive service to the Muslim savers as well as potentially providing insurance and pension provisions. There exists a solid basis for furuther developments. Those involved in ethical investment can learn much from Islamic banking.

For bankers. Undocumented.

312:130 YUSUF, M., A Practical Way to Interest- free Banking. Islamabad: Institute of Policy Studies. Paper presented to workshop on Elimination of Interest from the Economy during 11-13 April,1992. 8Pp. Interest-free banking should be based on PLS. If the profit declared by the businessmen is less than the industry average, then the bank should determine its share at a higher rate. The problem of possible falsification of accounts should be tackled by reforming income tax system and introducing rigorous audits.

Restates the position taken by a number of writers in early days of Islamic finance movement.

For banker. Undocumented.

312:131 ZAHEER, KHALID, An Enquiry into the Basic Concept of Banking as Perceived by the Spirit of Islamic Economic Justice, 1994, 275Pp. Unpublished. Ph. D. dissertation submitted to the University of Wales, the U.K..

Takes a fresh look at the question of validity of Islamic banking in an Islamic economy and concludes that the prevalent banking does not fit into the Islamic concept of justice. The just economic order is the focus of Islam. Examines the Islamic banks in practice and concludes that not only these institutions do not fulfill the requirements of justice but also they do not come up to the standard proclaimed by them in theory. Critically examines the Islamic banking model presented by Sh. Mahmud Ahmad, Akram Khan, and Javed Ghamidy and presents a model of his own.

For economists and bankers. Analytical. Based on primary sources. Documented.

312:132 ZAIDI, N.A., "Riba-free Alternatives in Commercial Banking" Islamabad: Institute of Policy Studies. Paper presented to workshop on Elimination of Riba from the Economy during 11-13 April, 1992 at Islamabad1992, 10 Pp. Interest rate risk in conventional banks leads to failure.The Islamic principles do not invoke this risk. Riba-free banking will involve (a) shari'ah advisory boards (b) abolition of buy-back agreements, discounting of bills, financial leases and financing on the basis of development charges (c) encouragement of bai' salam and mudaraba financing (d) TMCL financing for durable household goods (e) streamlining of deposit structure (f) setting up of saving banks which provide high quality service but do not pay any return on deposits (g) making it obligatory for banks to meet their expenses from their own share of PLS profits (h) floating of interest-free treasury bills by the governments enabling banks to put their statutory reserves in those bills (i) making State Bank finance to banks on the basis of PLS (j) keeping GPF of employees in interest-free bills but giving the employees a retirement grant (k) making interest earned by the Pakistani banks abroad part of a charity fund.

Contains a number of original ideas. For bankers. Undocumented.

312:133 ZAIDI, N. A., " Islamisation of Pakistan's Economy," New Horizon, London: Institute of Islamic Banking and Insurance, (10) Dec '92, Pp.12-13.

Traces the history and progress of Islamisation of economy of Pakistan. Gives future outlook as well.

For general reader. Undocumented 312:134 ZAIDI, N. A., "Islamic Banking in Pakistan," Pakistan Banker, Lahore, (1:1) July '92, Pp.16-23.

Traces the history of Islamic banking in Pakistan. Considers that the practice of mark-up financing in Pakistan is very much akin to interest-based financing. Proposes that (a) riba should be defined; (b) shari'ah advisory board be set up; (c) shari'ah audit should be started.

For general readers. Based on primary sources. Documented.

312:135 ZAIDI, N. A., "The Need and Economics of Cooperation Among Islamic Banks," Thoughts on Economics, Dhaka, (8:2) Summer '87, Pp.35-43.

There is need for creating an agency which acts as a lender of the last resort and a clearing house for all Islamic banks. Proposes that the State Bank of Pakistan should be entrusted with the responsibility of acting as the proposed agency.

For bankers. based on contemporary literature on Islamic banking. Documented.

312:136 ZAIDI, N. A., Elimination of Interest from Commercial Banks and Financial Institutions in Pakistan. Unpublishd, June '91, 27Pp. Explains the twelve modes of finance as practised by the Pakistani banks after the dealings in interest were banned.

For bankers. Undocumented.

312:137 ZAIM, SABAHUDDIN, "The Banking System and Economic Development: The Case of Turkey," New Horizon, London, (36 Feb'95, Pp.14-15.

Summarises the Islamic banking scene in the world and then discusses the evolution of Islamic banking in Turkey. It is in the private sector under the genric name of Private Finance Corporations. These corporations, so far, have a very limited role in the economy of the country.

For economists and bankers. Undocumented.

312:138 ZANAGENEH, HAMID, & AHMAD SALAM, "An Analytical Model of an Islamic Banking Firm" in Cyrus Bina et.el's Modern Capitalism and Islamic Ideology in Iran, London: Macmillan, 1992, Pp.189-214.

Develops an analytical model of an Islamic bank. Shows that the same profit-maximization rule is applicable to an Islamic banking firm as to a traditional banking firm. Supports indexation of loans due to inflation. Considers islamic banking as more fair than conventional banking. Islamic bank also has a social role. The Iranian experience shows that the new system of Islamic banking is still evolving.

Mathematical. For economists. Documented.

312:139 ZINELDIN, MOSAD, The Economics of Money and Banking: A Theoretical and Empirical Study of Islamic Interest- free Banking, Stockholm: Almqvist & Wiksell International, 1990, Pp.276 Originally a Ph.D thesis at University of Stockholm (1985), presents a theorteical and empirical analysis of Islamic banking. Surveys 17 Islamic banks through a questionnaire. Studies Faisal Islamic Bank of Egypt in detail. Thinks that the increase in the nominal value of a loan can be justified to compensate for erosion in the purchasing power of money due to inflation. Thinks that the Islamic banks have not been able to trnasform the Islamic socieities socially and economically. Argues that the Islamic banks should spend more resources in research and development. Finds that mark-up financing is by far the most dominant mode of financing.

For economists and bankers. Based on primary and secondary sources. Documented.

312:140 ZUBERI, HABIB A., "Interest Free Banking and Economic Stability, " The Pakistan Development Review, Islamabad, (31:4) Winter '92, Pp.1077-1087.

Examines the relative stability of the financial system in Pakistan, assuming the fiancial markets are non-interest bearing. Tests the hypothesis that the financial system in Pakistan will tend to be stable in the absence of interest-bearing financial assets. Uses the time series data for the period 1973-1989. Concludes that the hypothesis is valid.

Mathematical. For economists. Based on the literature on Islamic banking. Documented.

313-Riba-free Financial Systems and Fiancial Markets 313:1 "Latest Islamic Fiqh Academy Rulings on Finance," New Horizon, London, (13) March '93, Pp.12-13.

Reports the decisions of the seventh session of the OIC Fiqh Academy, which met in 1992.

Difference in cash and credit prices are allowed. Contract of istisna' is allowed with fully deferred price payable in instalments. Selling a property on the condition that the seller will buy it back later on involves riba and is not allowed. Trading in futures market where the contract concludes on a converse contract of sale resulting in a settlement based on the difference in price is not permissible. Underwriting is allowed provided no fee or commission is charged and the underwriter takes the shares on the face value. Prefered shares are not permissible.

Initial charge in the issue of shares is allowed only if it is levied to cover the administrative expenses.

Juristic. Translation from Arabic text which is not available with the present article.

Undocumented.

313:2 ALKAFF, S.H.A.R., "Financing a Modern Islamic Welfare State," The Universal Message, Karachi, (12:10) March '91, Pp.33-41.

Discusses various Islamic techniques to raise finance for financing welfare activities of an Islamic state.

313:3 BAHAR, ADNAN al-, "Islamic Banking in the 1990's: Developments and Innovations," New Horizon, London, (36) Feb'95, Pp.6-7.

Discusses the product innovations and future developments in Islamic banking. Argues that it is critical to closely monitor the market and the different forces shaping it in order to detect and track trends and needs and to bring together the knowledge and wisdom of the learned shari'ah scholars and the skills of experienced Islamic bankers to achieve and maintain a leading edge.

For bankers. Undocumented.

313:4 COX, STELLA, "Research and Development for Islamic Banks, New Horizon, London, (42) Aug. '95, Pp.5-8.

Reviews the progress made by the Islamic banks during the past two decades. Points out the need for greater research and development by the Islamic banks. Identifies areas and issues for research and development.

For bankers. Undocumented.

313:5 COX, STELLA, "Accessing Islamic Finance: Marketing and Investment Opportunities, New Horizon, London, (48) Feb'96, Pp.10-13.

Discusses avenues of cooperation between Islamic banks and western traditional banks.

Shows how, in practice, the Western financial market and the Islamic banks are coopeerating and what other opportunities are potentially available.

For audience of a conference in London. Undocumented.

313:6 DUNCAN, RICHARD, "Islamic Financial Products: Planning for the Future Market," New Horizon, London, (37) Mar'95, Pp.10-12.

Maps out constraints impeding the development of Islamic banking into 21st century, from the lack of uniform Shari'ah guidelines to product innovation. The Islamic banks must plan for the future if they have to survive.

For Islamic bankers. Undocumented.

313:7 EDWARDES, WARREN, "Competitive Pricing of Islamic Financial Products," New Horizon5, London, (39) May'95, Pp.4-6.

The Islamic banks will face growing competition from conventional banks. Their products must bring more financial gains as compared to the conventional ones. Merely being Islamic will not give them any edge in the future.

For Islamic bankers. Undocumented.

313:8 HARRAN, SAAD, al-, Islamic Finance: Partnership Financing, Malaysia: Pelanduk Publications, 1993, 404Pp. Discusses the question of prohibition of interest, problems of debt financing, profit-loss sharing system, musharaka financing, mudaraba financing, fiscal and monetary system of Islam, challenges of Islamic banks, and case study of Sudanese economy with reference to agricultural fniance and the role of Islamic banks. Part of the book is based on a survey for the evaluation of musharaka financing by Islamic banks.

For Muslim economists and bankers. Based on secondary Islamic sources. Documented.

313:9 HUSSEIN, JAFFAR, "Islamic Financial System in the 1990s", al- Nahdah , (10:1-2) 1990, Pp.10-16.

Discusses the emergence of Islamic financial system in the context of the revival of islam and counts the differences between the conventional system and Islamic system. Suggests measures to improve the Islamic financial system in Malaysia. Indicaates the direction of future development of the Islamic financial system.

For bankers and economists. Undocumented.

313:10 JASSAR, AL-JASSAR, "The Islamic Financial and Capital Market Developments," New Horizon5, London, (44) Oct.'95, Pp.6-8.

Discusses the latest developments and trends involved in the Islamic financial sector as well as the difference in growth patterns and structures. Outlines the future trend in Islamic finance.

Future development will mainly depend on the emergence of an efficient interbank market.

For bankers and economists. Undocumented.

313:11 KAMEL, SHEIKH SALEH, "Islamic Banks and Financial Institutions: Future Challenges," New Horizon, London, (35) Jan '95, Pp.4-6.

Presented to the Bahrain Conference on "Investment Opportunities and the Challenge of derivatives," held on 25-26 October 1994. Argues that concept of derivatives have a little role to play in Islamic banking. The Islamic financial institutions should judge all new instruments in the light of the shari'ah and only if they conform to the Shari'ah strictly should they be accepted.

For bankers. Undocumented.

313:12 KHANNAK, ALA, "The Scope of Islamic Banks and Their Role in Developing The Arab Capital Markets," New Horizon, London, (42) Aug.'95, Pp.3-4.

There is a rapid growth of Islamic banks in the world. The Islamic banks can play a significant role in developing capital markets of the Muslim countries by placing their funds as equity or

by funding projects on profit-loss sharing basis. Joint ventures could be another possibility.

They can also provide various financial services, support the stock exchanges through underwriting, nominee and custodian services, share valuation services, corporate advisory services, and designing of various financial products.

For bankers. Undocumented.

313:13 MALAIKAH, SALEH, "Innovation and Research in Islamic Financial Products: Current Trends" New Horizon, London, (33) Nov.'94, Pp.12-13.

There is a great need for research in Islamic financial instruments. The Islamic banks should standardise their practice so that the Islamic banking becomes a going concern and provides a basis for syndication.

For the Islamic bankers. Undocumented.

313:14 MALLAT, CHIBLI (ed.), Islamic Law and Finance, London: Graham & Trotman, 1988, 196Pp. Collection of eight essays presented at a conference held in April 1988 and organized by the Center of Near and Middle Eastern Studies and the Law Department, School of Oriental and African Studies, University of London. The first part deals with legal aspect of law and finance in Islam, while the second part focuses on its financial side. Each part consists of four essays.

The essays discuss a variety of legal and financial issues in Islam. though the books main preoccupation is with Islamic banking.

For Muslim economists and bankers. Documented.

313:15 MOHAMED, ISMAIL HASSAN, "The Islamic Financial Market: Mobilizing and Utilizing Funds" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurnace, 1995, Pp.129-136.

Describes the mechanism of various financial instruments in vogue in the Islamic financial market. Also discusses some other instruments which are still at the stage of ideas.

For bankers. Based on contemporary practice of Islamic banks. Undocumented.

313:16 MURSHED, A.J.M.HUMAYUN, "Fundamentals of an Islamic Financial System," Islamic Quarterly, London, (XXX:4) 1994, Pp.251-260.

Describes the basic principles of Islamic banking and insurance.

Elementary. Undocumented.

313:17 OMAR, AFFIFUDIN B.H, "High Street Islamic Banks - Only a Step Away?" New Horizon, London, (42) Aug.'95, Pp.9-11.

Reviews the progress made by Islamic banking in Malaysia. Informs about various developments

in Malaysia such as Islamic pawn broking, Islamic debt securities, Islamic underwriting, finance for venture capital, etc. Thinks the trend shows that theIslamic banking in Malaysia wwill effectively compete the centuries old conventional banking.

For bankers. Undocumente.

313:18 PERVEZ, IMTIAZ A., "The Financial Instruments Used by Islamic Banks," New Horizon, London, (45,46-47) Nov-Dec'95, Pp.3-5, 19-21.

In the first part dicusses the rationale for the prohibition of interest in Islam . In the second part discusses various financial instruments acceptable to Islamic.

For bankers and economists. Undocumented.

31319 SARKER, ABDUL AWWAL, "Islamic Financial Instruments: Definition and Types," New Horizon, London, (50.51) Apr-May '96, Pp.3-6.

Describes the concept of financial instruments in the Islamic framework. Explains the main features of various financial instruments issued by Pakistan, Jordan, Malaysia, Iran and Gulf countries.

Informative. For gneral readers. Undocumented.

313:20 SIDAT, EBRAHIM, "Legal Framework for an Islamic Financial System with Reference to Company & Mercantile Law," in Elimination of Riba from the Economy, Islamabd: Institute of Policy Studies, 1994, Pp.237-261.

Paper presented to the seminar on Elimination of Riba from the Economy organised by the Institute of Policy Studies, Islamabad, in April 1992. Raises isues regarding elimination of interest from the economy of Pakistan. Compares the legal implications of Participatory Term Certificates and musharaka. Thinks the taxation system needs to be overhauled. The Institute of Chartered Accountants should also play its role in giving guidance towards profit-loss sharing system.

Conceptual. Undocumented.

313:21 SIDDIQUI, SHAHID HASAN, "Interest-free Financing Agreement," New Horizon, London, (43) Sept.'95, Pp.10-11.

Reviews the agreement between International Finance Corporation (IFC) and three leasing mudaraba companies of Pakistan. Criticises the agreement on the plea that it contains clauses which bring back interest into it and violate the spirit of the Shari'ah.

For bankers. Undocumented.

313:22 WILSON, RODNEY, "Islamic Financial Instruments," Arab Law Quarterly, (6:2) 1991, Pp.205-214.

Reviews recent developments in financial instruments and examines their relevance to Islamic finance. Islamic finance does not accept speculation. arbitrage and hedging. Islam allows zero

coupon bonds issued at a discount. Saudi Arabian Monetary Agency issued such bonds.

Similarly, IDB issued Islamic certificates of deposits. There is a need to develop other Islamic instruments and Islamic stock exchange.

For Islamic bankers and economists. Based on secondary sources. Documented.

313:23 WILSON, RODNEY, "Marketing Strategies for Islamic Financial Products," New Horizon5, London, (38,39) Apr-May ' 95, Pp.4-6, 7-9.

Argues that the Islamic banks often do not concentrate on the marketing of their products and services. There is a genuine veil of ignorance between the Islamic banks and their potential clients. The banks should launch aggressive marketing and advertising campaigns. Suggests some of the strategies in this respect.

For Islamic banks. Undocumented.

313:24 WILSON, RODNEY, "Development of Islamic Financial Instruments," Islamic Economic Studies, Jeddah, (2:1) Dec '94, Pp.103-115.

The Islamic banking movement has gained a momentum in a very short time. But there is room for further development. The Islamic banks should cooperate to develop an inter-bank financial market. They should develop new financial instruments such as Islamic Certificates of Deposit.

Islamic Development Bank has already taken the lead by setting up Islamic Banks' Portfolio and Islamic Unit Trust Fund. This bank could grow to be a supernational Islamic bank as banker of the Islamic banks.

For bankers and economists. Undocumented.

314-Riba-free Stock and Commodity Exchanges 314:1 AHMAD, SHEIKH AZMI, "Islamic Instrument Study Group: A Report," New Horizon, London, (51) May '96, Pp.6-9.

Discusses the establishment and functions of the Islamic Instruments Study Group (IISG) of the Securities Commission, Malaysia. Explains the opinion of the study group about call warrants, transferable subscription rights and securitisation of assets.

For jurists. Descriptive. Based on the documents of the study group.

314:2 AHMED, A.R.YOUSRI, "Islamic Securities in Muslim Countries' Stock Markets and an Assessment of the Need for an Islamic Secondary Market," Islamic Economic Studies, Jeddah, (3:1) Dec'95, Pp.1-38.

Reviews the Islamic financial instruments issued by Kuwait, Jordan, Pakistan, IDB and Egypt.

Points out their deficiencies from the Shari'ah point of view. Highlights the need for a secondary market in Islamic securities. Identifies the factors which can help develop such a market.

For economists and financiers. Based on contemporaty literature on Isslamic economics and modern finance. Documented.

314:3 ALI, SALMAN SYED, "Stock Market: An Islamic Perspective," in Mohibul Haq Sahibzada (ed.), Emerging Role of Stock Markets, Islamabad: Institute of Policy Studies, 1995, Pp.69-81.

Discusses role of stock market in economic development as recognised by Islamic economists.

Section two covers permissibility of various assets and contracts that are traded on the contemporary stock market. Section three will dress the issue of speculation in the stock market followed by concluding remarks.

For economists. Based on secondary sources.

314:4 ARIF, MUHAMMAD, "Muslim World's Stock Markets:Prospects of Mutual Linkage," Pakistan Banker, Lahore, (5:1) Jan.'95, Pp.55-67.

Describes distinct features of an Islamic stock market and also identifies the avenues of and potential for cooperation among Muslim countires, and medium and long term financing. Also elaborates their linkages with capital markets in developed countries. Deals mainly with sock markets of Bangladesh, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Morocco, Pakistan and Turkey.

For economists and bankers. Based on contemporary data. Documented.

314:5 GARI, MOHAMAD EL-, "Towards an Islamic Stock Market," New Horizon, London, (32) Oct '94, Pp.4-7.

Examines the legality of options market from the Shari'ah point of view. Argues that some of the features of the options market are un-Islamic and need modifications. Proposes some modifications to make the exisiting options market compatible with the Shari'ah.

For economists and bankers. Undocumented.

315-Riba-free Financial Intermediaries 315:1 "Islamic Leasing Gains Popularity," New Horizon, London, (11) Jan'93, Pp.16-17.

Surveys the activities of the Islamic banks about leasing finance of conventional banks.

in promoting leasing. Gives an update

For bankers. Undocumented.

315:2 AHMED, NASIRUDDIN, "The Development of an Islamic Money Market," New Horizon, London, (55) Sept. '96, Pp.3-5.

Emphasises the need for the development of Islamic money market and Islamic financial instruments. Cites the example of Bangladesh where four Islamic banks have been established and they need such institutions and instruments.

For bankers. Undocumented.

315:3 HASSAN, HUSSEIN HAMED, "Financial Intermediation in the Framework of Shari'ah," Islamic Economic Studies, Jeddah, (1:1) Dec '93, Pp.21-36.

Examines the shari'ah position on the creation, transfer and negotiation of financial instruments.Argues that the financial instruments represent a common share in the ownership and have a limited liability. But where they stand for debts payable by a third party, the negotiation of debts is stipulated by the shari'ah. Argues that it is justified to issue several financial certificates for one single slam sale operation. The shari'ah does not , however, allow salam certificates to be sold at a price other than its face value before the delivery of the goods in question. It is maintained that financial instruments can be issued for specific and general types of investment having different maturities. The proceeds of financial instruments resulting from their sales can be invested through various modes of Islamic financing, such as leasing, equity participation, etc.

A very scholarly paper. For financial experts and jurists. Undocumented.

315:4 HELW, MOHAMOUD el--, "Islamic Securitisation - A Practical Approach," New Horizon, London, (57) Nov.'96, Pp.7-8.

Securitisation offers both opportunities and challenges to Islamic financial institutions. On the one hand it enables Islamic financial institutions to enter new markets, appeal to new classes of investors, clean their balance sheets, and earn fee income. On the other hand, Islamic financial concepts demand extra caution in respecting the basic tenets of Islamic financial principles.

For bankers. Based on contemporary literature. Undocumented.

315:5 HENNAWI, MOHAMED el-, "Potential Islamic Certificates for Resource Mobilization," Islamic Economic Studies, Jeddah, (1:1) Dec '93, Pp.57-70.

Discusses the possibility of developing three financial instruments by the Islamic banks: Islamic Certificates of Deposit, Investment Certifcates, and muqarada bonds . Outlines salient features of these instruments.

For financial experts and Islamic banks. Documented.

315:6 KASIM, ABDUL JABBAR, "Leasing Industry: A Cursory Assessment," Journal of Islamic Banking and Finance, Karachi, (8:4) Oct.'91, Pp.42-47.

A general analysis of leasing industry in Pakistan. Data is upto 1991. Enumerates some of the constraints of lease financing.

For general reader. Undocumented.

315:7 KHAN, IQBAL AHMED, "Strategic Perspectives on Islamic Finance and Investments," New Horizon, London, (37) March' 95, Pp.4-6 Discusses the techniques applied by Islamic financial institutions in the area of asset allocation

and transaction origination strategy, and the future challenges facing managers of Islamic finance. Thinks that the future challenge will be in keeping abreast with the paradigms of international finance and working together with conventional financial institutions.

For bankers and economists. Undocumented.

315:8 MEENAI, S.A., The Islamic Development Bank:A Case Study of Islamic Cooperation, London: Kegan Paul International, 1989, Pp.226.

Traces the evolution and growth of IDB Jeddah. Discusses the performance of the bank under various modes of finance such as loan, equity, technical assistance, lease, foreign trade, project. Also covers bank's role in developing least developed member ountries. Discusses problems of the bank and its activities relating to research and training. Also discusses the bank's position in relation to conformity with the Shari'ah.

For bankers and economists. Based on primary sources. Documented.

315:9 MEMON, NOOR AHMED, "Leasing: A Flexible Mode of Financing, " Journal of Islamic Banking and Finance, Karachi, (6:1) Jan.'89, Pp.18-21.

An elementary essay on leasing. Explains various types of leasing prevalent in the world.

Descriptive. For students. Undocumented.

315:10 QURESHI, D.M., "Lease Financing," Journal of Islamic Banking and Finance, Karachi, (6:1) Jan.'89, Pp.14-17.

Clarifies the concept of lease financing. Thinks an Islamic version of lease finance should involve some form of profit-loss sharing. Prescribes a number of legal changes before the concept can be practised successfully in Pakistan.

For bankers. Undocumented.

315:11 QURESHI, D.M., "Agenda for a New Strategy of Equity Financing by the Islamic Development Bank," Islamic Economic Studies, Jeddah, (1:1) Dec'93, Pp.71-88.

Analyses the effort of the Islamic Development Bank Jeddah in equity financing. Compares it equity financing by IFC, ADB and AFIC. Draws conclusion for a changed strategy of equity financing which could be followed by the IDB. For policy makers and practising bankers. Undocumented.

315:12 ZUBAIDA, SAMI, "The Politics of the Islamic Investment Companies in Egypt," British Society for Middle Eastern Studies Bulletin, London, (17:2) 1990, Pp.152-161.

Traces the evolution of Islamic investment companies in Egypt. These companies came to prominence during 1985-88. They accepted huge deposits from the public and distributed abnormal profits for some time. In actual practice, the profits did not arise from business operations but fresh deposits were distributed as dividends. Ultimately, all of these companies became insolvent. The government efforts to regulate them were too late and were also

resisted by these companies in the name of Islamic business finance. Muslim Brotherhood party also supported these companies.

For Muslim economists and bankers. Based on newspaper reports. Documented.

316-Riba-free Consumer Credit 316:1 ABDALLA, M.G. EL-DIN, "Partnership Financing for Small Enterprise: Problems and Suggested Improvements," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp.56-61.

Paper presented to the Workshop on Partnership Financing for Small Enterprise organised by The Centre for Enterprise Development, Cranfield (UK) and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995 at Cairo. Introduces the Sudanese Islamic Bank and its modes of finance. Highlights advantages and disadvantages of musharaka finance. Suggests improvements.

For bankers and policy makers. Based on real-life data. Documented.

316:2 ADAM, SAFAA EL-AGIB, "Experience of Traditional Savings Groups and el-Kifaya Bank in Financing Poor Women: Sudanese Experience," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp.24-29.

Paper presented to the Workshop on Partnership Financing for Small Enterprise organised

by The Enterprise Development Centre, Cranfield, (UK), and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995, at Cairo. Cites the cases of traditional al-Khatta Groups and Bank el-Kifaya and mechanism by which they help the poor women develop small businesses. Both follow Islamic modes of finance and are free from interest.

For bankers and policy makers. Based on real life data.Documented.

316:3 AKHTAR, M. RAMZAN, "Practice and Prospects of Musharaka Financing for Small Enterprises in Pakistan," Journal of Islamic Banking & Finance, (13:3) July'96, Pp.7-27.

Paper presented to the Workshop of Partnership Financing for Small Enterprise organised

by The Enterprise Development Centre, Cranfield (UK), and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995 at Cairo. Outlines the framework for musharaka financing in Pakistan. Summarises the experience of Pakistan and concludes thaqt in practice the Pakistani banks have not resorted to musharaka financing on any considerable scale. But the prospects for adopting musharaka are bright, if there is a will.

For bankers and policy makers. Based on real-life data. Documented.

316:4 ANWAR, M., "Strategies to Settle Existing Debts Under An Islamized Banking System," Pakistan Banker, Lahore, (3:2) Jul '93, Pp.65-70.

Paper presented to the Ninth Annual General Meeting of Pakistan Society of Development Economists at Islamabad during 7-10 January 1993. Argues that compensation against infaltion to lenders is not riba. Proposes that the existing debts of banks should be

converted through one of the three main strategies: (a) debt service charges in proportion to inflation; (b) debt-debt swaps by converting present outstanding debts into interest-free debts; (c) debt-equity swaps.

Contains a number of original proposals. Based on primary sources. Documented.

316:5 BHASRI, M.E.T el-, NAWAL ABDALLA ADAM, "The Impact of Partnership Financing on Enterprise Development: The Case of the Sudanese Islamic Bank," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp13-18.

Paper preesented to the Workshop on Partnership Financing for Small Enterprise organsied by The Enterprise development Centre, Cranfield (UK) and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995 at Cairo.

Introduces the methods of financing small enterprises followed by the Sudanese Islamic Bank.

Concludes with the help of five case studies that the bank was instrumental in develoing small enterprises.

Based on real life data. For bankers and policy makers. Documented.

316:6 BIN FAZIL, M.SHARIF, "Financial Instruments Conforming to Shari'ah," Journal of Islamic Banking and Finance , Karachi, (10:4) Oct.'93, Pp.7-20.

Proposes six financial instruments to replace the interest-bearing instruments: Participatory Term Certificaate, Modharabah (sic) Certificates, Consumer Durable Certificates, Housing Finance Certificates, Opportunity Cost certifcates, Indexed Saving Certificates. Claims these instruments are interest-free but does not give detailed mechanics of their operations.

For bankers and economists. Based on secondary sources. Undocumented.

316:7 EBRAHIM, M.S., ZAFAR A. HASAN, "Mortgage Financing for Muslim Americans," American Journal of Islamic Social Sciences, Herndon,VA, (10:1) Spring'93, Pp.72-87.

The paper presents a model of equity participating mortgage in real estate market in American economy. By a mathematical construction the paper shows that the mechanism of equity participating mortgage, as compared to an interest-bearing mortgage expands the pool of real estate investors to include those with nontaxable income, like pension funds. The model is good for both Muslim and non-Muslim societies.

Mathematical. For economists only. Documented.

316:8 HARRAN, SAAD al-, "Proposal for an Integrated Marketing Model of Musharakah Financing to Help Disadvantaged Fishing People in Malaysia," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp 45-50.

Paper presented to theWorkshop on partnership Financing for Small Enterprise organised by The Enterprise Development Centre, Cranfield (UK) and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995, at Cairo. Identies causes of poverty among the community of fishermen in Malaysia. Introduces the Islamic model of finance based on

musharaka. In the proposed model, minimises the role of middlemen, proposesa more efficient method of marketing and suggests new opportunities for fishermen.

For policy makers. Illustrated with figures and diagrams.

316:9 IBRAHIM, BADR EL-DIN, "Financing Challenges for Small Enterprises: The Experience of Sudanese Islamic Bank," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp. 3-12.

Unpublished. Paper presented to the Workshop on Partnership Finance for Small Enterprise organised by the Enterprise Development Centre, Cranfield (UK) and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995 at Cairo. Introduces the Islamic concept of finance and summarises the experience of Sudanese Islamic Bank. Concludes that the most popular mode of finance for small business was murabaha. The mark up rate was 3-4 per cent per month.

For bankers, economists and policy makers. Based on data from the field. Documented.

316:10 KARAKI, M.A. el-, MOHAMMAD HAMDAN, "Credit and Investment Under the Interest-free Basis with Special Reference to Cattle Raisers& Jordan Valley Farmers," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp42-44.

Paper presented to the Workshop on Partnership Financing for Small Enterprise organised by The Enterprise Development Centre, Cranfield (UK) nd The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995, at Cairo. Studies experience of Islamic Bank for Finance and Investment Jordan with respect to agricultural credit. Concludes that some farmers liked to avoid interest. Others prefered borrowing on interest. Some others were indifferent.

For bankers and policy makers.Based on real-life data. Documented.

316:11 KHALDI, KHOLOUD, "Musharaka Financing for small Enterprise Under the Islamic Bank Lending Programme," in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp. 22-23.

Unpublished. Paper presented to the Workshop on Partnership Financing for Small Enterprise organised by The Enterprise development Centre, Cranfield and The Arab Foundation for Enterprise Development, Cairo during 10-13 July 1995 at Cairo. Based on two case studies of the Jordan Islamic Bank concludes that musharaka is an applicable alternative method for small business and could be implemented for Muslims who are reluctant to borrow on interest.

For bankers and policy makers. Based on real life data. Documented.

316:12 METWALLY, M. M., "Financing Housing,Consumer Durables and Personal Expenditure in an Islamic Economy: An Opportunity Cost Project Approach," Journal of Islamic Banking and Finance, Karachi, (9:1) Jan.'92, Pp.23-32.

Makes an original proposal to finance consumer durables. The consumer needing finance will select from out of the projects being financed by the banks as a reference point. He will then

borrow money from the bank for his durable asset but will repay the principal alongwith the profit that the bank will be earning from the selected project of a third party. In case of loss to the bank from the third party, the consumer borrower will also get the proportionate relief from the bank.

For Muslim economists and bankers. Based on primary sources. Documented.

316:13 NOURAIN, ASIM, "ACORD Credit Programmes in Sudan:The Musharaka Experience", in Malcom Harper (ed.), Partnership Financing for Small Enterprises, London: Intermediate Technology Publications, 1997, Pp. 30-34.

Paper presented to the Workshop on Partnership Financing for Small Enterprise organised

by The Enterprise Development Centre, Cranfield (UK) and The Arab Foundation for Enterprise development, Cairo during 10-13 July, 1995 at Cairo.

Based on the experience of Agency for Cooperation in Research and Development (ACORD) concludes that murabaha has been a more convenient method of financing as compared to musharaka. In view of the inflation in Sudan, musharaka has a greater potential to grow in the future.

For bankers and policy makers. Based on real-life data. Documented.

316:14 SAADALLAH, RIDHA, "Concept of Time in Islamic Economics," Islamic Economic Studies, Jeddah, (2:1) Dec '94, Pp.81-102.

Islam recognises the time value of money. By a consensus of the jurists, increase in the price due to deferment of payment can be done and it will not be treated as riba. But a reduction in the credit price if the payment is made before the due date is not allowed by a consensus.

Juristic. For economists and jurists. Based on primary sources. Documented.

316:15 TOHAMY, MOHAMED EL-, Experience of Islamic Bank on Partnership Financing, 13Pp. Unpublished. Paper presented to the Workshop on Partnership Financing for Small Enterprise organised by The Centre for Enterprise development, Cranfield (UK), and The Arab Foundation for Enterprise development, Cairo during 10-13 July 1995 at Cairo. Explains the various modes of finance adopted by The Faisal Islamic Bank.

For banks and non-governmental organisation working in the field of rural development.

317-Riba-free Central Banking 317:1 CHAPRA, M.UMER, "Monetary Management in an Islamic Economy," New Horizon, London, (33, 34, 35), 4-5,10-11,10-11, New Horizon, November '94, December '94, January '95.

The demand for money in an Islamic economy will be much more stable due to absence of interest and speculative motives for money. The central bank can target on a money supply by regulating deposits. It will mean reducing the fiscal deficits of the government. The central

bank has at its disposal several instruments: statutory reserve requirement, credit ceiling, moral suasion, government deposits, foreign exchange swap and the use of a common pool. The central bank can make the high powered money created by it available to the government as interest-free loans. The central bank can also provide high powered money to commercial banks for onward financing to the rural and urban poor. The risk of banks can be reduced by introducing a laon guarantee scheme. The additional costs of project evaluation can be offset parttly by gradated fees to be collected by the government out of profits earned from such financing by the banks.

For bankers and economists. Undocumented.

317:2 FADIL, FARAH, "Central Banks and Islamic Banking," New Horizon, London, (37,38,39) March '94, April '94, May '94, Pp.7-9, 12-14,10-12.

Discusses the question of exclusion of Islamic banks from the regulatory control of central banks. Argues that there is nothing which should qualify Islamic banks to be excluded from the control of central banks. They are capable of influencing general equilibrium through prices and saving/expenditure decisions, particularly in view of their weight in the national aggregates in their economies.

For economists and bankers. Undocumented.

317:3 HASANUZZAMAN, S.M., "Practical Options for Central and Commercial Banking," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.197-216 Paper presented to the seminar on Elimination of riba from the Economy organized by the Institute of Policy Studies, Islamabad, in April 1992. Thinks the the prevalent techniques of Islamic banking are neither covered by the shari'ah nor practicable from the banks' point of view. Proposes that the banks should adopt the role of intermediaries and charge a fixed fee for their service. the return on the funds of the savers should be passed on to them after charging this fee, whether there was a profit or a loss.

Conceptual. Undocumented.

317:4 HASAN, ZUBAIR, "The Financial Sytem and Monetary Policy in an Islamic Economy," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (3) 1991, Pp.85-93.

Comments on the paper of Mohsin S. Khan and Abbas Mirakhor of the same title published in the same journal (Vol.1), 1989. Argues that the authors have imposed on their model a structure and constraints which lend a tautological character to their exercise. The indiscreet replacement of the rate of interest in the secular model by a profit rate makes their conclusion tentative and questionable. Formulation infirmities have further weakened their position.

However, the paper opens up some new areas of investigation in Islamic banking.

Mathematical. Uses diagrams. For economists. Documented.

317:5 HASEEB, A., "Management of Islamic Monetary System," Journal of Objective Studies, Aligarh, (6:2) July '94, Pp.117-126.

An elementary essay on the feasibility and practibility of interest-free monetary policy by the central bank.

For bankers and general readers. Undocumented.

317:6 HENNAWI, MOHAMMED el-, "Reserves and Liquidity Needs of Islamic Banks," New Horizon, London, (8,9) Oct-Nov '92, Pp.15-16.

Thinks that the central banks should not require the Islamic banks to meet the minimum cash reserve requirements and liquidity ratio requirements so far as investment accounts are concerned. But since it is not visible that the central banks will give this concession to Islamic banks in the foreseeable future, the Islamic banks have been trying to develop new financial instruments to invest the cash reserves into those instruments. Gives examples of some such instruments. Discusses IDB's Ivestment Portfolio, IDB Investment Fund, al-Tawfeek Company for Investment Funds, PTCs of Pakistani banks, and muqarada bonds of Jordan government. Introduces these funds and financial instruments.

For bankers. Undocumented.

317:7 Deleted 317:8 KHAN, MOHSIN S., & ABBAS MIRAKHOR, "The Financial System and Monetary Policy in an Islamic Economy," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (1) 1989, Pp.39-58.

Describe the main characterisitics of an Islamic financial system. Develop a theoretical model of an Islamic economic system by generalising the standard IS-LM model in order to study the effects of monetary policy on the macroeconomic variables of an Islamic economy. Whether the authorities attempt to influence moneary conditions through changing the money supply or use the flow of mudaraba financing as an intermediate objective, there would be no fundamental change in the way monetary policy affects economic variables. An expansionary monetary policy would reduce rates of return and increase output.

Mathematical. For economists. Documented.

317:9 KHAN, MOHSIN S., ABBAS MIRAKHOR, "Monetary Management in an Islamic Economy," Journal of King Abduaziz University: Islamic Economics, Jeddah, (6) 1994, Pp.3-21.

Discusses the reasons for prohibition of interest in an Islamic economy. Argues that in the absence of interest, financial relations will have to be organized on the basis of PLS. This will necessitate evolution of new finacial instruments and a well-functioning stock exchange. The central bank will need to play a leadership role in devloping primary and secondary markets in equity stocks and a for a money market. The central bank in an Islamic economy will have all the tools of monetary policy available except interest rate.

For economists. Documented.

317:10 MAHDAVI, HOSSEIN, The Impact of New Banking System on the Instruments of the Monetary and Credit Policy in Iran, Tehran: Central Bank of Iran, 1986, 14Pp.

Unpublished. Paper presented to the International Seminar on Islamic Banking, 11-14 June 1986 at Tehran. Discusses the implications of the prohibition of interest on the monetary policy instruments. Mentions the rate of profit sharing, expected rates of profits, reserve ratio, open market operation as alternatives. Thinks that discounting of bills is lawful in Islam. Also thinks that any return on deposts by the Central bank to the state owned enterprises is lawful and not interest.

For bankers and economists. Undocumented.

317:11 QARNI, I. H., "Regulatory Control of Islamic Banks by Central Banks" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.211-215.

Discusses the mechansim by which central banks can regulate Islamic banks without employing rate of interest as a tool of the monetary policy.

For bankers. Undocumented.

317:12 RADWAN, AHMAD H. "Alternative Tools of Supervision by Central Banks for Islamic Banks," New Horizon, London, (11) Jan '93, Pp.12-14.

Bank rate should be replaced by profit-sharing ratio as a tool for controlling credit. For directing credit to specified sectors the central bank can enforce a change in profit rates on trade-related modes of finance and profit sharing in investment-related modes. The central bank can direct the banks not to implement any investment programme until it is cleared by the central bank. Other regulations could be: participation of expert observers on behalf of the investors in the meetings of the board of directors; examination of accounts by independent auditors appointed by the investors or examination by central bank inspectors. The banks should also institute a Profit Equalisation Fund.

For bankers and economists. Undocumented.

317:13 RUSHDI, ALI AHMED, "Central Banking Policy: An Islamic Perspective," Thoughts on Economics, Dhaka, (8:2) Summer '87, Pp.77-88.

Discusses various instruments of credit control in the absence of interest.

For bankers and economists. Based on contemporary literature on central banking.

Documented.

317:14 SADEH, ANWAR K. al-, "Regulatory Control of Islamic Banks by Central Banks" in Encyclopaedia of Islamic Banking and Insurnace, London: Institute of Islamic Banking and Insurance, 1995, Pp.216-218.

Explains the mechanism by which central banks can control Islamic banks without using interest as a tool of monetary policy.

For bankers. Undocumented.

317:15 SADEQ, A.H.M., "Islamic Perspectives on Monetary and Fiscal Policies and Their Implications for Economic Development," International Journal of Islamic and Arabic Studies, Bloomington, (5:1) 1988, Pp.1-15.

Describes the objectives and instruments of monetary and fiscal policies of Islam. Argues that these policies are conducive to economic growth and development.

For economists. Based on secondary sources. Documented.

317:16 ZAIDI, IQBAL, & ABBAS MIRAKHOR, "Stabilization and Growth in an Open Islamic Economy," Review of Islamic Economics, Leicester, (1:2) 1991, Pp.1-20.

Islam proposes replacement of interest-based financial system with one which operates on the basis of risk and profit sharing. Using a general equilibrium model, the paper investigates some open-economy implications of the adoption of Islamic banking for growth and stabilization of the economy. It analyzes the long-run effects of Islamic banking on international capital flows and on the economy's capacity to adjust to disturbances. It concludes that monetary policy can be used effectively for stabilization purposes and that disturbances to asset positions are absorbed efficiently in an Islamic financial system.

Mathematicl. For economists. Documented.

317:17 ZANGENEH, HAMID, & AHMAD SALAM, Central Banking in an Interest Free Banking System: A Formal Macroeconomic Model, Widener University, Chester, Pennsylvania, n.d., 18Pp. There is no much literature on regulatory, monetary and institutional aspects of interest free Islamic banking framework. Evaluate the functions and tools of central banking in an Islamic framework. For example, central banks can use discount rate on the basis of average rate of return in different sectors of the economy plus or minus a discretionary premium/discount factor. For open market operations the central banks can adopt a system of "composit stock" representing its ownership of all of the government and government enterprises and probably state owned commercial banks. The central banks can adopt either 100% reserve ratio or zero percent reserve ratio. Similarly, profit-loss sharing ratio, refinance ratio, selective credit control and moral suasion could be other tools of the monetary policy.

Present a mathemathical model of the above tools. For professional economists. Mathematical.

Documented.

318-Elimination of Riba from Government Transactions 318:1 Employees Provident Fund Investment: An Alternative Dimension, Kualalumpur: International Islamic University, 1993.

Unpublished. Report of the Research Centre, International Islamic University of Malaysia.

Proposes a set of financial instruments to invest the Employees Provident Fund on interest-free basis. The proposal includes, equity financing, mudaraba, murabaha, ijarah, sydicated financing, and housing finance.

For policy makers. Based on real-life data. Analytical. Documented.

318:2 AHMAD, (DR.) ZIAUDDIN, "Financing Government Transactions in an Interest-free Economy," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.173-180.

Paper presented to the seminar on Elimination of Riba from the Economy in April 1992.

Discusses the question of deficit financing and thinks some deficit financing within safe limits can be allowed in the Islamic framework. Government mobilize resources through muqarda bonds for its commercial enterprises. It can also offer some concession on income tax for getting interest-free loans from the people. However, thinks that the government should honour its commitment to pay interest on those loans which it contracted in the past.

Conceptual. Undocumented.

318:3 AHMAD, KHURSHID, "Self-Reliance and Elimination of Riba," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.181-195.

A summary of the report prepared by the Committe on National Self- Reliance set up by the Government of Pakistan. The author was the chairman of the Committee. Defines self-reliance. Proposes that the government disinvest its assets in public enterprises and pay off its foreign and domestic debts. It would reduce the drain on resources by way of debt servicing. Suggests the creation of a National Self-Relaince Fund with the help of public and expatriate Pakistanis. Answers questions about the stability and the viability of the proposal.

Conceptual. Based on recent research documents in modern economics. Documented.

318:4 KHAN, FAHIM, & MONZER KAHF, "Financing Government Budget Deficit," New Horizon, London, (393-5), Apr-Jun '92, Pp.17-18, 19-20, 23-24.

Discusses the role of Prophet Muhammad (SAAW) in the organisation of both the collection of state revenue and the means of its expenditure. In the present age the government can meet its deficit by issuing financial instruments for income-generating activities as well as for non-income-generating activities. For the first categories the instruments could be: musharaka and mudaraba certificates; leasing-based instruments; trading-based instruments for the purchase and sale of specific goods. For non-income-generating activities the instruments could be: istisna' certificates; ijara/ju'ala certificates for the provision of goods and services on some future date; and foreign exchange bearer certificates.

For bankers and economists. Undocumented.

318:5 KHAN, FAHIM, "Mobilization of Domestic Funds on Islamic Principles:The Case of Financing Government Expenditure," New Horizon, London, (16-17) Jun-Jul '93, Pp.13-14, 9-10.

Proposes that government transactions can be financed by several ways such as commercialization of its activities, leasing of durable assets,especially, infrastuructural projects and supply of goods to the government by private sector companies on mark-up basis. Another possibility is that the government may index its loans with inflation but with the conditions that the rate of indexation will not be pre-determined, will be applicable only during an interim period and will be applicable only on government loans and not on private loans.

For bankers and economists. Descriptive. Undocumented.

318:6 MUHAMMAD, FAIZ, "Financing Government Transactions in an Interest-free Economy: A Case of Pakistan," in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.143-72.

Paper presented to Workshop on Elimination of Riba from the Economy organised by Institute of Policy Studies, Islamabad during 11-13 April, 1992.

Analyses the extent and magnitude of interest in Government transactions in Pakistan.

Proposes: a) Fiscal deficit should be minimised. b) Federal government should waive interest from loans to provincial governments and other agencies. c)The State Bank should provide loans to the federal government on interest-free basis. d) The government should adopt other measures to mobilise additional resources.

Contains a number of annexes of statistical data. For economists and bankers. Documented.

318:7 TAHIR, SAYYID, "Fiscal Implications of the elimination of Riba," Hikmat e Qur'an, Lahore, (14:4) April '95, Pp.60-65.

Elimination of riba from the economy will necessitate re-formulation of fiscal policy as well.

The government will need to procure non-tax financing on the basis of shari'ah-approved methods. Makes some suggestions in this regard.

For general readers. Undocumented.

318:8 ZARQA, ANAS, "Islamic Financing of Mute Social Infrastructure: A Suggested Mode Based on Istisna," New Horizon, London, (393) May '92, Pp.10-13.

Proposes a new financial instrument to finance Government projects relating to social infrastructure such as roads, drinking water, sewerage, etc based on the concept of bai' al- istisna. The government can issue Deferred Payment Certificates (DPCs) to investors/contractors who will receive payment in instalments from the government for the work done by them. The holders of these certificates can use them for making payments for various supplies purchased by them. The DPCs shall be redeemable at face value.

For bankers and economists. Undocumented.

319-Riba-free Foreign Trade 319:1 TAHIR, SAYYID, "Prospects for International Transactions without Riba," in in Elimination of Riba from the Economy, Islamabad: Institute of Policy Studies, 1994, Pp.263312. Paper presented to Workshop on Elimination of Riba from the Economy organised by Institute of Policy Studies, Islamabad, during 11-13 April,1992. Explains the procedure of international trade between two parties as it is practised in the contemporary economy.

Analyses the exisitng practices to identify presence of interest. Proposes that all costs including cost of time should be built into the price in the first instance. In the last part

discusses international capital movements for earning interest. Suggests that all such interest income should be confiscated.

For economists. Analytical. Undocumented.

320-DOMESTIC FISCAL POLICY AND PUBLIC FINANCE 320:1 IQBAL, MUNAWAR, "Fiscal Reform in Muslim Countries with Special Reference to Pakistan," Islamic Economic Studies, Jeddah, (2:2) June '95, Pp.15-34.

Based on the published statistics for the period 1971-88, analyses the trends of public expenditure in Pakistan. Highlights the problem of fiscal deficit and gives its analysis. Suggest a number of measures to overcome the problem of fiscal deficit.

For economists. Based on contemporary literature on economics. Documented.

320:2 TAHIR, GAILANI MUJI, Islamic Budgetary Policy: In Theory and Practice, 1988, 580Pp. Unpublished. Phd. Dissertation, University of Aberdeen (UK), 1988. Order No. BRDX 93566.

Focuses on macroeconomics ideas of Islam as they relate to Islamic budgetary policy.

Propounds a theory which could be applied to any method or institution of budgeting in order to ascertain its Islamicity. Formulation of budgetary policy of Islam requires attention of people from different disciplines. The present day budgetary policy of Islam should consist of: (a) a financial theory consisting of money, financial institutions taxation, government finance and fiscal policy; (b) a distribution theory and income policy; (c) a theory of international economic relationship of an Islamic state with the rest of the world.

For economists. Based on primary sources. Documented.

321-The Zakah Law 321:1 ABDULLAH, AHMED ALI, Zakatable Funds. 44Pp. Unpublished. Presented to the Third Zakah Conference held at Kualalumpur during 14-17 May 1990.

Compares the law of zakah in the Sudan with the law in Saudi Arabia. Explains the application of the laws in the two countries on the business and industrial sector.

For economists and jurists. Based on legal documents. Undocumented.

321:2 ALI, MALIK GHULAM, "Zakat on Ornaments"(U), Tarjmanul Qur'an, Lahore, (112:1) Sept '89, Pp.45-48.

Argues that the ornaments of all types of ornaments are subject to zakah, whether a woman is customarily wearing them or not. Even a lady who can maintain herself is required to pay zakah on her ornaments. There is no zakah on a plot of land bought for resale at a profit by an individual.

321:3 GILANI, SYED AS'AAD, Islam ka Nizam Ushr wa Zakat (U) (Islamic System of Ushr and Zakat), Lahore: Maktaba Ta'amir e Insaniyyat, 1985, 207Pp.

Gives a summary of the economic law of zakah. A comprehensive discussion on the problem of tamlik. For ordinary readers. Undocumented.

321:4 HAIDARI, KARAM, Masa'il Zakat wa 'Ushr (The Law of Zakah and Ushr) (U), Islamabad, 1985, 256Pp. A collection of 17 papers by different writers on various aspects of the law of zakah and ushr.

For general readers. Based on primary sources. Undocumented.

321:5 ISLAHI, AMIN A., & SAEED AHMAD, "Zakat: Kitabuz zakat of Mu'watta Imam Malik," Tadabbur, Lahore, (Nos. 27-32) Pp. 89-90,14-21, 22-29, ...

Urdu transaltion and explanation of the book of zakah of Muwatta by Imam Malik. Amin Ahsan Islahi delivered the expalnation in a series of lectures which were then transcribed by the co-author for the journal.

For general readers. Based on primary sourced. partly documented.

321:6 ISLAM, ZOHURUL, SHAH ABDUL HANNAN & A.F.M. YAHYA, Zakah and Ushr: Socioeconomic Administrative Implications, Dhaka: Bureau of Islamic Economics Research 1988, 42Pp. Collection of three papers. Highlights the socioeconomic implication of zakah. Cites case studies of pakistan, Bangladesh and Iran. Gives a brief abstract of zakah law in Bangladesh.

Enume rates some of the difficulties in collection and distribution of zakah.

For general readers and policy makers. Based on contemporary literature. Documented.

321:7 KAHF, MONZER, "Zakat: Unresolved Issues in Contemporary Fiqh," Journal of Islamic Economics, Malaysia, (2:1) January '89, Pp.1-22.

Takes a critical look at the exisitng fiqh literature on zakah. Zakah should not be restricted to only those items of wealth on which it was levied in the days of the Prophet. More research is needed to determine the zakatability of industry, business and services. The condition of growth (nama') needs reconsideration. There is a need to redefine the concept of nisab. Rates of zakah on new forms of wealth should also be consistent. Exemptions from zakah must also be in harmony with those applied to old activities. Zakah can eradicate poverty in the Muslim world within a reasonable time, only if the new forms of wealth and income are considered zakatable. Distribution of zakah should give priority to those measures which promote rehabilitation of the poor.

A highly stimulating paper. Juristic. For Muslim economists and policy makers. Based on primary sources. Documented.

321:8 SATO, HIDEKEI, Understanding Zakat: An Inquiry into the Methodological Problems of the Science of Economics, Japan: Institute of Middle Eastern Studies, 1987, 116Pp.

Discusses the institution of zakah from the perspective of economic anthropology. Argues that that this institution is unique as it does not require reciprocity fromt the receiver. It leads to the the unification of the Ummah.

For economists. Based on secondary sources. Documented.

322-Economic Role of Zakah 322:1 ABBADI, A.SALAM AL-, Role of Zakat Funds in Contributing to Finance Development Projects, 1992, 8Pp. Unpublished. Mimeo. Paper presented to Seminar on Role of Islam in Development, Niamy, 21-25 May 1992, under the OIC. Synopsis of the research paper. Reviews and analyses the impact of zakah on the individual and the society in the light of the concept of comprehensive development from an Islamic point of view. Draws guidelines for policy-makers in the Islamic society in order to utilize zakah in achieving development especially in the field of financing development projects. The zakah collecting bodies can invest the funds in income-generating projects which will be eventually owned by the beneficiaries of the zakah. The objective should be to make the poor self-reliant. Zakah can play a significant role at the level of the Muslim ummah by transferring these funds across the borders. A World Zakah Institution should be established at the level of the Muslim ummah.

For policy-makers and economists. The synopsis is undocumented although the paper sems to have full documentation.

322:2 ANWAR, MUHAMMAD, "Channeling Zakah Funds into Long-term Investments," New Horizon, London, (7,8) Aug-Oct '92, Pp.18-20, 17-18.

Paper presented to the 7th Expert Level Meeting of Central Banks, Monetary Authorities and Islamic Banks, held at Kualalumpur 27-29 July,1992. Proposes that the zakah funds shold be used to buy shares of a newly created corporate body known as Awqaf- Zakah Investment Fund (AZIF). The zakah collecting agencies then allot these shares to zakah beneficiaries. The shares should be encashable at retail stores, banks, unit trusts, etc. The AZIF will also encash them. The AZIF will invest these funds into long term projects. The profit shall be paid as dividend to shareholders. To hedge against losses the AZIF will be supported by the Government and also by building reserves by the AZIF. The author also justifies the proposal on the basis of the shari'ah.

An original paper. Based on secondary and primary sources. For bankers and economists.

Documented.

322:3 DIABI, ALI, " The Concept of Zakah Evasion: An Economic Interpretation," Review of Islamic Economics, Leicester, (2:2) 1993, Pp.17-28.

Provides an overview of the main opinions about zakah evasion and about the legitimacy of penalty enforcement in case of evasion. Using the usual expected-utility-maximization framework, it formulates the problem, analyzes some of the comparative-static results, and draws welfare implications of zakah evasion under different states of nature.

For jurists and economists. Mathematicasl.Uses diagrams. Documented.

322:4 ISLAM, ZOHURUL, & S.M.ALI AKKAS, "Estimation of Zakat in Bangladesh," Thoughts on Economics, Dhaka, (4:3-4) July '94, Pp.688-ff.

Based on the statisitics for 1991-92, estimate that the zakah collections from agriculture and bank balances of Bangladesh will be about 2 billion takas. Do not include estimates for other forms of wealth.

Statisitcal. For economists. Documented.

322:5 PEERZADA, SYED AFZAL, "The Idea of Merit Effect:Islam's Contribution to Economics," Journal of Objective Studies, Aligarh, (3:1) 1991, Pp.1-22.

After briefly introducing the law of zakah, brings in the concept of 'merit effect'. By 'merit effect' the author means an intense desire on the part of zakah payers to pay zakah and other duties regularly, sincerely and honestly to earn more religious merit in this world and in the hereafter.

Shows that because of this merit effect, the individual will be induced to work harder and pay his religious dues regularly and happily.

Analytical. Uses diagrams. For economists.

322:6 SALAMA, ABDIN AHMED, Voluntary and Compulsory Application of Zakah: A Case Study of Sudan, 14Pp. Unpublished. Presented to the Third Zakah Conference held at Kualalumpur during 14-17 May 1990.

Analyses the voluntary and compulsory application of zakah in the Sudan during 1400-1410 H. Investigates into the basis on which zakah is applied under the law. Highlights the difficulties in application. Statisitical findings show the temporal growth of zakah proceeds.

The contribution of each region to zakah proceeds reflect the disparities in wealth and income.

Also relates the zakah effort to the GDP. For economists. Based on zakah law and statistical literature. Documented.

322:7 SHEHATA, SHAWKI ISMAIL, "Limitations on the Use of Zakah Funds in Financing Socio- Economic Infrastructure," Islamic Economic Studies, Jeddah, (1:2) June '94, Pp.63-78 Describes the rules pertaining to the eight heads of account on which zakah funds can be spent. Opines that it is not permissible to use these funds on building of infrastructure which is used by all nor can zakah be spent on civil adminstration of the state.

For economists and jurists. Based on primary sources. Documented.

322:8 SHIRAZI, NASIM SHAH, "Targeting, Coverage and Contribution of Zakat to Households Income: The Case of Pakistan," Journal of Economic Cooperation Among Islamic Countries, Ankara, (17:3-4) Jul/Oct '96, Pp.165-186.

Based on the Household Income Survey of 1990, analyses the distribution of zakah and its effect on the economic condition of the poor in Pakistan. Concludes that most of the distribution is well-targeted but the impact is very low as it addresses only 2.7% of the houeholds.

For economists. Based on the primary data. Documented.

324-Other Sources of Revenue of Islamic State 324:1 SIDDIQI, M .N., "An Overview of Public Borrowing in Early Islamic History," Review of Islamic Economics, Leicester, (2:2) 1993, Pp.1-16.

Examines the main features of public borrowing in the first four centuries of Islamic history.

Cites six cases of public borrowing by the Prophet (pbuh) himself. Has not been able to find any instance of public borrowing in the period of first four caliphs or during the Umayyads at the level of central government. Cites some instances of public borrowing during the later period of Abbasids. Draws lessons for contemporary practice.

For Muslim economists and historians. Based on primary sources. Documented.

325-State and Local Government Finance and Baitulmal 325:1 Pakistan Bait- ul- Mal Act 1991, Islamabad: Government of Pakistan, 1991, 9PP Text of the Baitul Mal Act Pakistan 1991 as passed by the National Assembly of the country.

325:2 FADL, KHALED A. EL-, "Tax Farming in Islamic Law (Qibalah and Daman of Kharaj): A Search for a Concept," Islamic Studies, Islamabad, (31:1) Spring'92, Pp.5-32.

Reviews the definition of qibalah offered by lexicographers. Summarises the modern scholarship on the concept. Illustrates that the the historical records use the term in a vague manner. Traces the development of the concept in the juridical literature and presents a proper perspective of the term.

For jurists and historian of economics. Based on primary sources. Documented.

325:3 HASAN, M. AYNUL, & A. N. SIDDIQUI, "Is Equity Financed Budget Deficit Stable in an Interest Free Economy?" Islamic Economic Studies, Jeddah, June '94 (1:2), Pp.1-14 Analyzes the stability of an equity financed budget deficit in an interest free Islamic economy.

To this effect a small closed economy theoretical macroeconomic model broadly consistent with the Islamic tenets is developed. Found that under a strong wealth effect an equity financed deficit is not necessarily unstable and that government expenditure policies may contribute positively in terms of enhancing the output of the economy.

Mathematical. Based on secondary sources. Documented.

325:4 IQBAL, ZUBAIR, MOHAMMED S. AMERAH, Public Finance in Islam, Lahore: Readers' Publishers, 1990, 126Pp. An elementary introduction to the basic principles of public finance in Islam. Lists sources of revenue. Discusses public expenditure, budget financing and economic implications of Islamic fiscal system.

For undergraduate students. Based on secondary sources. Documented.

325:5 KAHF, MONZER, "Budget Deficits and Public Borrowing Instruments in an Islamic Economic System," Herndon,VA, (11:2) Summer'94, Pp.200-222.The American Journal of Islamic Social Sciences, Discusses the Islamic principles of financing, Islamic view point on provision of public goods, and various instruments of public resource mobilisation. The substantive part of the paper deals with several new instruments of public borrowing.

For Muslim economists and policy makers. based on primary sources. Documented.

326-Zakah Administration 326:1 Survey of Social & Economic Impact of Zakat and 'Ushr on Individuals and Households, Karachi: Federal Bureau of Statistics, Governmen. of Pakistan, 1988, 130Pp. Report of a survey carried out in 1985 to find out the demographic and socio-economic characteristics of zakah and ushr recipients and to know the impact of rehabiltation assistance on the income of the recipients. Views of the chairmen of Local Zakat Committees about the present system of zakah and 'ushr and their suggestions for improvement were also obtained.

For economists, adminstrators of zakah and 'ushr. Statistical data.

326:2 Report of the Committee Appointed by the Prime Minister to Review the Existing System of Zakat and 'Ushr, Islamabad: Central Zakat Adminstration, Government of Pakistan, 1992, 38Pp. Report of a committee which consisted of six politicans and five adminstrators of zakah in Pakistan. Reviews the system of zakah and ushr in Pakistan as it existed in 1991. Makes fifty six recommendations to improve the efficiecy and effectiveness of the system.

For policy makers. Undocumented.

326:3 ADI, M.Y.H. al-, Zakah Management and Application in Contemporary Yemen, .

42Pp. Unpublished. Presented to the Third Zakah Conference at Kualalumpur during 14-17 May 1990.

Describes briefly the law of Zakah. Highlights the law of Yemen regarding zakah management.

Descriptive. Based on the official documents. Undocumented.

326:4 AJEEL, A.Q.DHAHI al- , A Study on the Activities of Zakah Institutions Based on Non- Compulsory Payment of Zakah, 55Pp. Unpublished. Paper presented to the Third Zakah Conference at Kualalumpur during 14-17 May 1990.

Describes the sources, collection and distribution of zakah in Kuwait.

Descriptive. based on the official papers of Kuwait Zakah House.

326:5 BUTT, PARVEZ AHMAD, Zakat Collection: A Case Study of Pakistan, 25Pp. Unpublished. Paper presented to the Third Zakah Conference at Kualalumpur during 14-17 May 1990.

Describes the law, organisation, revenue and disbursement of zakah in Pakistan since the inception of the zakah law to year 1407-1408 AH. Descriptive. Based on official files. Undocumented.

326:6 FARIDI, F.R., "An Analysis of Zakah System in India: Collection and Distribution," Journal of Objective Studies, Aligarh, (5:1) Jan.'93, Pp.59-89.

Highlights the conditions of the Muslims in general in India. Based on some data collected for the voluntary sector, shows how zakah is collected and distributed in India.

For economists. Documented.

326:7 GHAZALI, AIDIT, MOHAMED JAMIL , ARIF, HAMID, & AZRNI, Zakat: A Case Study of Malaysia, 84Pp. Unpublished. Paper presented to the Third Zakah Conference held at Kualalumpur during 14-17 May 1990.

Discusses the history, administration and law of zakah in Malaysia. Describes the system of collection and distribution of zakah. Analyses the problems and government efforts for improving the system.

For policy makers, and general public. Based on the published documents of the zakah administration. Documented.

326:8 KAHF, MONZER, Applied Institutional Models for Zakah Collection and Distribution in Islamic Countries and Communities, 43Pp. Unpublished. Presented to the Third Zakah Conference at Kualalumpur, during 14-17 May 1990.

Based on the case study of Pakistan, Saudi Arabia, Sudan, Malaysia, Yemen, Kuwait and Jordan studies the system of collection and distribution of zakah. Explains that there are three categories of these system: a) institutional models for collection of zakah in the absence of legal framework; b) institutional models for collection of zakah under the legal system; c) institutional models for distribution of zakah under (b) above.

For economists, zakah managers and policy makers. Undocumented.

326:9 KHAN, M. AKRAM, Organizing Zakah, Lahore: All Pakistan, Islamic education Congress, 1990, 38Pp. Proposes a model to collect and distribute zakah in amodern Muslim state. Prescribes a set of legal, administrative and accounting controls in the collection and distribution of zakah.

For policy makers. Based on primary sources. Documented.

326:10 KHAN, M. AKRAM, "An Evaluation of Zakah Control Systems in Pakistan," Islamic Studies, Islamabd, (32:4) Winter'93, Pp.413-432.

Evaluates the legal, administrative and financial controls of the zakah system in Pakistan. Part one discusses the shari'ah controls and evaluates them against the agreed shari'ah principles.

Part two examines the adminstrative controls in the light of good management practice. Part three evaluates the financial controls of the zakah administration within the framework of generally accepted principles of financial management. The last part summarises the conclusions and makes recommendations.

For economists, public managers and policy makers. Based on primary sources and real-life data. Documented.

326:11 METWALLY, M.M., A.CHOWDHURY, "Enforcement of Zakat in Contemporary Muslim Countries: A Practical Model," Journal of Islamic Banking and Finance5, Karachi, (10:3) Jul'93, Pp.28-41.

Gives a brief description of the law of zakah. Develops a model for calculating zakah. Shows the caluculation by an accounting example.

For accountants and tax-practitioners. Based on secondary sources. Documented.

326:12 MOHAMMAD, FAIZ4, Relationship between Official Zakat Collections and Voluntary Payments to Charitable Organizations, 37Pp. Unpublished. Presented to the Third Zakah Conference at Kualalumpur during 14-17 May 1990.

Concludes that in Pakistan the introduction of compulsory zakah deductions on certain amwal- e- zahira does not necessarily lead to reduction in voluntary payments made to these bodies.

For economists and policy makers. Based on a field survey of zakah system in Pakistan in 1988.

Undocumented.

326:13 MOHAMMAD, M.IBRAHIM, Practical Application in Zakah Collection: A Case Study of Sudan, 23Pp. Unpublished. Presented to the Third Zakah Conference held at Kuala Lumpur during 14-17 May 1990.

Describes the system of zakah collection in the Sudan during the ten year 1400 H - 1409 H in the light of Law of Zakah Fund 1980 and Zakah Taxation Act 1984. The latter law repealed 20 other taxes. But in 1406 another law re-imposed those taxes. While levying zakah on salaries, the law exempted the amount enough to meet the basic needs and also exempted the nisab.

For general readers. Based on statisitical records and legal documents. Undocumented.

326:14 MUHAMMAD, ABDULAZIZ BIN, Zakat and Rural Development in Malaysia, Kuala Lumpur: Berita Publishing, 1993, 235Pp. Part one deals with zakah in the context of contemporary socio-economic development perspectives which traces the philosophical foundations of modern sciences and its limitations.

It discusses the Islamic worldview and its concept of development with special reference to zakah. Part two deals with the practice of zakah in early Islam. It traces the concept of zakah in other religions, both in the East and in Chrisitianity and Judaism. It discusses the evolution

of the law of zakah in the ealy period of Islam. Part three stresses the practice of zakah in Malaysia. It traces the historical and socio-political background of the practice of zakah, and various legal and economic issues relating to zakah administration in Malaysia. Makes various recommendation to harmonise the practice of zakah with the social reality.

326:15 MUHAMMAD, FAIZ, Evaluation of Zakah and Ushr in Pakistan, Islamabad, 1992, 210Pp. Unpublished. A study sponsored by the Central Zakah Administration of Pakistan.

The report is based on the data upto 1988. The data was collected through a sample survey and processed through computer. Concludes that the present system of zakah and ushr in Pakistan was far from satisfactory. It did not collect all the possible zakah and ushr nor did it cover all the entitled persons. It has done little to alleviate poverty in the country. Makes several suggestions to improve the system.

Based on primary and secondary data. Documented.

326:16 SCOTT, JAMES C., "Resistance without Protest and without Organization:Peasant Opposition to the Islamic Zakat and the Chrisitian Tithe," Comparative Studies in Society and History, (29) 1987, Pp.417-452.

Based on the field survey of a village of Malaysia in the Kedah state, argues that the the peasants have a tendency to evade zakah. They do not protest against it openly but try to evae its payment since they believe that the zakah collected by the state functionaries is either misappropriated or misspent. This, the writer thinks, is very much similar to the protests which we notice by the French peasantry over several centuries against the Christian tithe.

Sociological. Based on field work and study of history. Documented.

326:17 ZAMAN, M.RAQUIBUZ, Some Administrative Aspects of the Collection and Distribution of Zakah and the Distributive Effects of the Introduction of Zakah into Modern Economies Jeddah: International Centre for Research in Islamic Economics, 1987, 74Pp. There is a need to reconsider the coverage of zakah and the levels of wealth that oblige the owner to pay zakah with a view to ensuring equity among zakah payers. Argues that nisab of the zakah should be revised. Suggests an adminsitrative setup for the collection and distribution of zakah which is low cost, simple and allows a major role in zakah adminstration to the local communities. Finally, presents simulated results of the distributive effects of zakah for two economies - one very poor and the other relatively rich - extracting data from the published sources. This shows a way to planners and policy makers in Muslim countries.

For Muslim economists. Based on primary sources.

Documented.

327-Waqf 327:1 , , "Learning from the Past: Cash Waqfs and Venture Capital," New Horizon, London, (11) Jan'93, Pp.18-19.

Traces the history of cash endowments in the Ottoman empire. Proposes that the rich people should be encouraged to set aside their savings in the form of a waqf. The waqf funds should

be made available to venture capital companies who would enter into mudaraba agreements with entrepreneurs. The profits will be distributed between entrepreneurs and venture capital company and the waqf in pre-determined proportions. Thus, the institution of waqf could be developed for providing finance to the business besides being a source of social service.

327:2 CIZAKCA, MURAT, "Relevance of the Ottoman Cash Waqfs to Modern Islamic Economics," New Horizon, London, (18,20) Aug-Oct'93, Pp.12-15, 7-9.

Traces the history of cash waqfs in the Ottoman empire during 15th century upto 18th century. They were a dominant mode for providing education, health and other social services during this period. People with surplus cash will deposit it with a properly incorporated cash waqf. The manager of the waqf used to give these funds to entrepreneurs on mudaraba. Thus we note an elementary form of commercial Islamic banking in this institution. The institution died mainly because of mismanagement.

327:3 HUSAIN, SH. AFTAB, "Classification and Condition of Auqaf," Hamdard Islamicus, Karachi, (XII:3) 1989, Pp.3-28.

Defines the term waqf. Takes up various legal issues pertaining to waqf, e.g., perpetuity, ownership, subject matter of waqf, conditions of waqf, etc.

Legalistic. Based on primary sources. Documented.

327:4 KOZLOWSKI, GREGORY C., Muslim Endowments and Society in British India, Cambridge: Cambridge University Press, 1985, .221Pp. A doctrol dissertation in social history at Minnessota University. Focuses on how political, social, economic and legal upheaval of British rule in India impelled the wealthier Muslims to create awqaf to preserve their wealth and influence. Also reviews a brief history of the changing fortunes of awqaf in Egypt, Turkey, Iraq, and Iran. Selects forty awqaf set up between 1820 and 1910 in Bombay, Bihar, United Provinces, and Madras and analyses them.

A good source book on the subject.

327:5 MANDAVILLE, JON E., "Usurious Piety: The Cash Waqf Controversy in the Ottoman Empire," International Journal Of Middle East Studies, (10) Aug.'79, Pp.289-308.

Traces the origin and evolution of cash waqf during the fifteenth to seventeenth centuries of Ottoman empire. Argues that the original legal opinion was against it as the those people who established cash waqf would invest this money on interest and from out of the proceeds of interest certain benevolent objectives were achieved. Susequently, the ulema accepted. Later on controversy started between the two points of view regarding its legality. The paper documents this controversy.

For economic historians. Based on primary sources. Documented.

327:6 MCCHESNEY, R.D., "Waqf in Bulkh and Bukhara in the Second half of 17th Centur y," Hamdard Islamicus, Karachi, (12:2) summer '89, Pp.39-56.

Deals with the institution of waqf in Bulkh and Bukhara in the second half of the 17th century.

Examines four early documents on the subject. Concludes that the waqf materials in general are a rich source of information about economic, social and political conditions of the period.

For historians of economic thought. Based on primary sources. Documented.

327:7 ZARQA, M.ANAS, "Financing and Investment in Awqaf Projects: A Non-Technical Introduction," Islamic Economic Studies, Jeddah, (1:2) June'94, Pp.55-62.

Describes some important features of traditional awqaf and awqaf law. Points out some innovative methods for financing awqaf projects.

Legalistic. For jurists and economists. Based on primary sources. Documented.

328-Islamic System of Taxation 328:1 ARIF, MUHAMMAD, "Impact of Interest-Free Banking on Taxation System: Dangers and Checks," Pakistan Banker, Lahore, January'94, Pp.80-82.

Reviews the basic features of Islamic banking and relates them with the taxation system in Pakistan. Thinks that the Islamic banking will encourage more tax evasion. Hence a system of strionger penalities and greater transparency of tax evaders is necessary.

For general readers. Documented.

328:2 CHAUDHRY, M.S., Taxation in Islam and Modern Taxes, Lahore: Impact Publications International, 1992, 220Pp. Discusses basic principles of islamic taxation. Gives history of Islamic taxes like zakah, ushr, fai, kharaj, ushur, jizya. Gives legal provisions about collection, expenditure and adminstation of all these taxes. Compares the islamic system with the contemporary system of taxation.

Holds the opinion that for a modern state, taxes in addition to zakah are lawful in Islam.

For general readers. Based on primary and secondary sources. Documented.

328:3 FARIDI, F.R., "The Islamic Criteria of the Distribution of Tax Burden," Journal of Objective Studies, Aligarh, (4:1) July '92, Pp.1-13.

Describes the general principles of taxation as derived from the shari'ah. Develops criteria for the distribution of tax burden in an Islamic economy and compares it with the conventional economic theory.

For economists. Based on primary sources. Documented.

328:4 GULAID, M.A.4, Public Sector Resource Mobilization in Islam, Jeddah: Islamic Research and Training Institute, 1992, .51Pp. Part one deals with the public sector in Islam. Part two studies the public sector activities of contemporary Muslim society. Part three explores methods of financing contemporary public sector needs. Part four mentions some tax and non-tax sources of revenue for a livestock-based

economy of the present day.

Descriptive. For Muslim economists. Based on primary and secondary sources. Documented.

328:5 HUSSAIN, MUHAMMAD, A Macroeconomic Taxation Model for an Islamic Economy, 11Pp. Unpublihed. Paper presented to the ninth annual genral meeting of the Pakistan Institute of development Economics, Islambad, during 7-19 January 1993.

Based on the ideas of Imam Abu Yusuf and Ibn Khaldun develops a macreconomic model of taxation for an Islamic economy. Thinks that lower taxes lead to justice which invite baraka from the heaven.

Uses diagrams to explain the model.

328:6 MUKHERJI, BADAL, "A Macro Model of the Islamic Tax System," Indian Economic Review, (15:1) Jan-Mar'80, Pp.65-74 Gives a macroeconomic model of Islamic tax system mainly based on the institution of zakah.

Uses diagrams and mathematics to describe the model only for professional economists. based on secondary sources. Undocumented.

328:7 PEERZADE, SAYED AFZAL, "The Genesis of Supply-Side Tax Policy in the Islamic System of Taxation," Journal of Objective Studies, Aligarh, (5:2) July '93, Pp.70-88.

Explains the origin of supply side economics in the Western economic literature and deduces salient features of this economics. Argues that the Islamic system of taxation as visible from the basic sources of Islam and from the wrtings of Islamic scholars has the genesis of supply side economics.

For economists. Based on primary sources. Documented.

329-Public Expenditure in Islam 329:1 TOUTOUNCHIAN, IRAJ, "Resource Mobilization for Government Expenditures Through Islamic Modes of Contract: The case of Iran," Islamic Economic Studies, Jeddah, (2:2) June '95, Pp.35-58.

Argues that in conventional economic system, fiscal and monetary policies are independent of each other and often conflicting. In an Islamic economy, financial (rather than monetary policies) and fiscal policies are not mutually exclusive. In the absence of interest-based loan markets these two policies can not only exist, they can also reinforce each other. The Iranian experience in this regard has een quite successful. An Islamic state can use Islamic modes of contract to partially and even completely finance some public expenditures.

Analytical. Uses diagrams. Based on contemporary economics literature. Documented.

330-INSURANCE IN ISLAMIC FRAMEWORK 331-Critique of Modern Insurance and Practice

331:1 "General Insurance and Islamic Shari'ah" Thoughts on Economics, Dhaka, (1:2-3) Jul-Dec'91, Pp.54-65.

A paper prepared by a panel consisting of Moulana Abdur Rahim, Shah Abdul Hannan, Azizul Huq, Moulana Farududdin Masud, Nur Mohammad Akon and submitted to Islamic Foundation and OIC Secretariat. The concept of insurance is perfectly compatible with the shari'ah. Islam prefers mutual insurance. The practice of insurance in the contemporary world can be reorganised to conform to the shari'ah. Reinsurance is also acceptable to the shari'ah.

For general readers. Undocumented.

331:2 KORSHID, ALY, "Insurance and Islam - The Challenge to Western Firms," New Horizon, London, (33) Nov.'94, Pp.10-11 The Western insurance companies can introduce some changes in their operations and make them acceptable, still remaining profitable. Discusses what is needed to be changed in the Western practice of insurance to make it conform the Islamic shari'ah.

For general readers. Undocumented.

331:3 SOLAIMAN, MD., A.N.M.NURUL KAREM, "Islamic Insurance Revisited:An Analysis from Observational Context," Thought on Economics, Dhaka, (4:1-2) Jan-Jun'94, Pp.16-40 Based on an empirical survey, argues that the basic principles of insurance are Islamic except for practices which do not conform to the shari'ah. The existing practices can be re-modelled to confrom them to the Islamic framework. For Muslim economists. Based on a field survey and primary sources. Documented.

332-Concept of Insurance in Islamic Framework 332:1 CHISTI, M.A., Review of Insurance Practices and their Islamic Alternatives, Paper presented to the Workshop on Elimination of Riba from the Economy organised by the Institute of Policy Studies, Islamabad during 11-13 April,1992. 19Pp. Explains the basic concept of insurance. Considers that the concept of mutual insurance, though favoured by Islamic scholars, does not cater for the present day business needs and is not practicable. Discusses the nature of takaful business started by Islamic insurance companies. Argues that the modern insurance is lawful in Islam except for the element of riba which is not the essence of insurance.

For general readers. Undocumented.

332:2 JANAHI, ABDULATIF, "Life Insurance and Islamic Takafol," New Horizon, London, (21) Nov.'93, Pp.5-6 Gives a brief introduction to the concept of life insurance in Islam. Argues that the Islamic takaful is a viable alternative to the conventional insurance.

332:3 SADIQ, CH. MOHAMAD, "Islamic Insurance (Takafol): Concept and Practice" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.197-208.

Describes general principles of insurance and re-insurance. Touches upon managerial and legal aspects as well.

For genral readers. Undocumented.

332:4 YUSOF, M. FADZLI, "The Concept and Operational System of Takaful Business," New Horizon, London, (51,54) May,Aug'96, Pp.10-13, 12-14.

Explains the concept of Islamic insurance as practised in Indonesia. The system is based on the concept of mutual help and cooperation. Explains the life insurance and asset insurance plans as being practised.

For general readers and Muslim economists. Undocumented.

332:5 ZAMAN, M.RAQUIBUZ, "Some Issues in Risk Management and Insurance in a Non-Muslim State" American Journal of Islamic Social Sciences, Herndon, VA (5:2) 1988, Pp.263-273.

Thinks that the contemporary insurance is acceptable with the exception of involvement of riba but that is not inherent in insurance. Insurance funds can be invested on PLS-basis.

Supports life insurance with the proviso that the policy should cover the risk of death but should not be a source of enrichment. Therefore, in case a person does not die till the maturity of the policy, he should not get anything. In this way, the premium rates can be reduced considerably and a very large population can avail of the benefits of insurance.

For general reader. Based on secondary sources. Documented.

333-Islamic Insurance in Practice 333:1 "The Islamic Takafol Company," New Horizon, London, (11) Jan'93, Pp.20.

A simple description of the Islamic Takafol Company, a wholly-owned subsidiary of Dar al-Maal al-Islami.

Descriptive. For general reader.

333:2 YUSOF, M.FADZLI, "Takaful - Islamic Alternative to Insurance," Journal of Islamic Banking and Finance, Karachi, (7:1) Jan.'90, Pp.39-54.

Explains the concept of Islamic insurance pointing out the problem with the contemporary insurance practice. Describes in details the operations of Syarikat Takaful Malaysia Sn. Bd. Descriptive. For general redears. Illustrated with diagrams. Undocumented.

CHAPTER FIVE

400-INTERNATIONAL ECONOMICS 420-TRADE RELATIONS, COMMERCIAL POLICY AND INTEGRATION 421-Trade Relations Among Muslim Countries 421:1 Role of Private Sector in Developing Islamic World Through the Experience of Islamic Chamber. Unpublished. Mimeo. Paper presented to the Seminar on Role of Islam in Development, Niamey, 21-25 May 1992, under the OIC, 7Pp. Discusses the role of Islamic Chamber of Commerce, Industry, & Commodity Exchange (ICCICE) in promoting trade relations among OIC member countries in the wake of global trends toward privatisation.

Descriptive. For general readers. Undocumented.

421:2 HANAFI, ABDULAZIZ, "Islamic Chamber of Commerce, Industry and Commodity Exch- ange: Historical Background and Activities, Journal of Islamic Banking and Finance, Karachi, (8:3) July'91, Pp.28-32.

Gives a brief summary of the history and organization of ICCICE set up at Karachi in 1978 under the auspices of OIC. The information is upto 1990.

421:3 SULTAN, ABDULLATIF A., Shipping in the OIC Member Countries. Unpublished.

Mimeo. Paper presented to the Seminar on Role of Islam in Development, Niamey, 21-25 May 1992, under the OIC, Pp.6 Introduces the Islamic Shipowners Association (ISA). The Islamic governments should provide support to the shipping companies. There is great need for coordination among shipping companies within the OIC. Makes a number of suggestions to promote shipping industry of the OIC countries.

Descriptive. For general readers. Undocumented.

424-Economic Integration among Muslim Countries 424:1 AKKAS, ALI, "Towards Establishing an Islamic Common Market," Thoughts on Economics5, Dhaka, (3:3-4) Jul-Dec'93, Pp.49-77.

A Free Trade Area seems neither appropriate nor adequate for economic integration of Muslim countries. A Common Market in the strict sense of the term also does not seem to be a pragmatic

policy. Customs Union is another impossibility. A pragmatic policy will require to proceed slowly and in stages. The stages could be: (a) free movement or movement with a very minimal restriction of some selected commodities; (b) movement with no restriction or a very minimal restricition of some selected factors of production; (c) a comparable protective trade policy; (d) a negotiated distribution of industrialization based on comparative advantage.

For economists. Documented.

424:2 ALLALI, BADRE-EDDINE, Inter-Islamic Trade and Economic Integration.

Unpublished. Mimeo. Paper presented to the Seminar on Role of Islam in Development, Niamey, 21-25 May 1992, under OIC,.13Pp. Gives a brief overview of the trade pattern of the OIC member countries with one another and with other parts of the world. Concludes that the inter-Islamic trade is very low. Describes the role of Islamic Centre for Development of Trade (ICDT). Contains statisitical information on trade of OIC members. For policy makers. Undocumented.

424:3 CINDORUK, SADI, Economic Cooperation Among OIC Countries and the Islamic Common Market. Unpublished. Mimeo. Paper presented to the Seminar on Role of Islam in Development, Niamey, 21-25 May,1992, under the OIC,11Pp. Provides analysis of the obstacles and preconditions for the success of any attempt at multilateral integration. Describes the role played by the OIC during the last 18 years in setting up a scene for economic cooperation among member countries. Reviews the experience of the OIC member countries with sub-regional economic integration groupings. Argues that the Islamic Common Market will remain a goal for some time to come due to several difficulties.

For policy makers and economists. Undocumented.

440-INTERNATIONAL INVESTMENT AND FOREIGN AID 441-Capital Flows and Muslim Countries 441:1 CHAPRA, M.U., "Islam and the International Debt Problem,"Journal of Islamic Studies, London, (3:2) 1992, Pp.49-77.

Thinks that the international debt problem of the Muslim countries can be solved by following the economic principles of Islam. In particular, Islam offers a system of double filters: market prices and moral teachings. The consumerism can be halted by filtering the demand through these two filters. This will reduce the overall demand. Added to these are the Islamic teachings regarding interest free finance and fiscal restraints for he governments. If the package of these teachings is put into practice the Muslim economies will not have the need to borrow in the future.

Analytical. For economists. Based on primary sources. Documented.

441:2 ZEINELABDIN, ABDELRAHMAN4, Intergovernmental Capital Flows in OIC Countries and Their Determinants:Recent Experience and Future Prospects," Journal Of Economic Cooperation Among Islamic Countries, Ankara, (11) 1989, Pp.55-80.

Reviews the volume, nature and determinants of inter-governmental capital flows among OIC countries and their future prospects. Stresses thefact that the political, cultural and Islamic solidarity considerations weigh more than the economic considerations in determining flows.

Shows that the the flows do not reflect either the availability of funds or capital needs of the Islamic countries. Recommends some measures to enhance capital flows among OIC countries especially with regard to joint ventures and direct potfolio investments, stressing the importance of more intense and structured contacts between the private sectors of the OIC countries.

For economists and policy makers. Based on primary sources. Documented.

460-INTERNATIONAL ECONOMIC ORDER AND ISLAM 460:1 MIKAILU, A.S., "Macroeconomic Stabilisation Problems of African Countries and the Islamic Framework for Reform,"Hamdard Islamicus, Karachi, (XVIII:2) Sept '95, Pp.25-40.

Highlights the macroeconomic problems of some West African countries in the wake of World Bank and IMF restructuring plans. Argues that these plans have totally failed to solve any problem. In fact, they are strategies to impoverish the poor countries. Outlines the Islamic economic system and argues that it hold a promise to solve the macroeconomic problems of these countires. Basically an exploitative world economic order has been responsible for the misery of these countries.

For economists. Documented.

CHAPTER SIX

500-ADMINSTRATION;BUSINESS FINANCE;MARKETING;ACCOUNTING 510-ADMINISTRATION 512-Types of Business Organisation in Islam 512:1 Report of the Pakistan Banking Delegation on the Discussions with Scholars of Selected Countries, 1988, 136Pp. Unpublished. Mimeo. Available from Mansoor Ahmad Khan, Senior Advocate, 1-C, 2nd Floor, State Life Square, I.I. Chundrigar Road, Karachi-0224.

A 5-member delegation of Pakistani bankers and jurists visited Saudi Arabia, Egypt, Sudan, Jordan, Switzerland, France, England, Kuwait, and Iran in May 1988. They discussed with scholars of these countries question relating to limited liability, incorporation, musharaka mudaraba and murabaha. The present report is a sort of minutes of the meetings and not organised subject wise. But it contains a lot of very useful material on these questions.

For jurists and Muslim eeconomists. Undocumented.

512:2 Qarardadain aur Sifarshat (U) (Resolutions and Recommendations), Jeddah: Islamic Fiqh Academy, nd,183Pp. A compilation of the resolutions and recommendations of the OIC's Islamic Fiqh Academy adopted during 1984-1992. Gives only the translation of the texts without any explanation or notes. Several of these resolutions deal with subjects relevant to Islamic economics, such as zakah, insurance, riba, Islamic banks, share certificates, stock exchanges, various modes of Islamic finance such as ijara, mudaraba, musharaka, murabaha, exchange rates, housing finance, instalment sales, financial market, and bai' istisna, etc.

For jurists and economists. Undocumented.

512:3 ADAM, M. IBRAHIM,M., The Perceived Problems in the Utilisation of Letters: A Comparative Study, 1991, Pp.497. Unpublished. Ph.D. thesis.University of Aberdeen (UK).

Order No. BRDX96276.

Chapters nine and ten deal with murabaha. Reviews the controversy about the legality of murabaha as being used by the Islamic banks. Also discusses the position of Islamic banks regarding discounting of bills, confirmation of credits, overdraft facilities, foreign exchange dealings and service charges.

For jurists and bankers. Based on primary sources. Fully documented.

512:4 AFZAL, TAYYEB, "Leasing in Pakistan: Experience, Development and Prospects," New Horizon, London, (50) Apr'96, Pp.7-9.

Lease-financing has progressed fast in Pakistan. It is a much more convenient arrangement of finance for both the parties. Highlights some of the problems being faced by the leasing

companies and suggests solutions for those problems.

For general readers. Undocumented.

512:5 BANWI, A. RAHMAN, "Bai' Mu'ajjal"(U) (Credit Sale), Hikmat e Qur'an, Lahore, (11:12, 12:1) ' Dec. 92, Jan. '93, Pp.84-102,15-29 (16:4) Apr '96, Pp.7-9.

Refutes M.Tasin's paper published in the same issue of the journal under the same heading.

Argues that the difference in cash and credit prices is lawful and not riba.

For jurists. based on primary sources. Documented.

512:6 HASAN, A.A.BIN HAJI, "al-Mudaraba and Its Identical Islamic Partnerships in Early Islam," Hamdard Islamicus, Karachi, (12:2) Summer '89, Pp.11-38.

Gives definition of mudaraba and its legal conditions and types. Traces the history of various forms of business practices in early Islamic period and links it with the concept of mudaraba.

For historians of economic thought. Based on primary sources. Documented.

512:7 HASAN, MASOOD, "Islamic Modes of Investment: Its Relevance to India," Journal of Objective Studies, Aligarh, (5:2) July '93, Pp.147-169.

The Islamic modes of investment such as shirka and mudaraba are more suitable to Indian economy as they introduce greater equity in the economic relationships.

For general readers. Documented.

512:8 HASANUZAMAN, S.M., "Mudaraba in Non-Trade Operations," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (2) 1990, Pp.69-87.

Introduces mudaraba as being permitted against the rules of analogy which required fixed wages for the working party. This exception was made only in favour of trading activities and cannot be extended to industry, agriculture, services, etc. In applying mudaraba in all kinds of business, contemporary Islamic banks are going beyond the standard fiqh.

Juristic. Based on primary sources. Documented.

512:9 HASANUZZAMAN, S.M., "Limited Liability of Shareholders:An Islamic Perspective," Islamic Studies, Islamabad, (28:4) Winter'89, Pp.353-361.

The concept of legal person exists in shari'ah in the form of waqf and baitulmal. The present day concept of limited liability of shareholders of a joint stock company fits well into the shari'ah framework.

Juristic. Based on primary sources. Documented.

512:10 HASANUZZAMAN, S.M., "Islamic Law and Finance," in Encylopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.67-82.

Discusses the Islamic law of mudaraba, musharaka, ijara, wakala, amana, wadiya, ariya, rahn, hawala, and kafala.

Based on primary sources. Undocumented.

512:11 HASSAN, TARIQ, "Legal Process for Establishing Rules for Murabaha Contracts," Journal of Islamic Banking and Finance, Karachi, (4:4) 1987, Pp.71-74.

Instead of applying establised rules formulated by early Islamic jurists mainly for trade purposes to current trade financing modes being developed, an effort should be made to evolve new rules through the process of logical deduction or qiyas, or ijma'.

For jurists. Undocumented.

512:12 HUSSAIN, TAJJAMAL, "Mudaraba Floatations in Pakistan: Incentives and Shocks," Pakistan Banker, Lahore, (3:1) Jan'93, Pp.101-102.

Traces evolution of mudaraba business in Pakistan. Comments that the levy of income tax on the mudaraba income in 1992-93 will discourage the mudaraba as well as the process of Islamisation of economy.

For general readers. Undocumented.

512:13 IRFANI, A.M., Mudaraba Karobar ka Jai'za (U) (A Review of the Mudaraba Business), Islamabad: Institute of Policy Studies. Unpublished. Paper presented to the Workshop on Elimination of Riba from the Economy orgsanised by the Institute of Policy Studies, Islamabad during 11-13 April, 1992, 6 Pp. Argues that some of the juridical rules on mudaraba are not practicable these days and need amendment in the light of commercial practice.

An original paper. For legal experts and Documented.

businessmen. Based on primary sources.

512:14 RAHMAN, KHALILUR, "Mudaraba Floatations in Pakistan: Role of Religious Board," Pakistan Banker, Lahore, (3:1) Jan '93, Pp.103-105.

Describes the role of religious boards in the floatation of mudaraba in the law of Pakistan.

The religious boards clear each applications for registration of mudaraba but have no role afterwards.

For general readers. Undocumented.

512:15 RASOOL, GHULAM, "Role of Mudarba Floatations in Pakistan's Capital Markets," in Elimination of Riba from the Economy, Islamabad:Institute of Policy Studies, 1994, Pp.217-236.

Discusses the Pakistani law on floatation of mudarabas.Thinks that it has brough a healthy impact on the capital market so far as interest-free finance is concerned. proposes that the fiscal incentives for the mudarabas should continue, the competence of regulatory bodies

should be increased, and the role of the shar'ah supervisory body should remain restricted to the shari'ah.

Conceptual. Undocumented.

512:16 Deleted 512:17 RASUL, GHULAM, "Mudarabah Floatations in Pakistan: Economic Impact and Further Acceleration," Pakistan Banker, Lahore, (3:1) Jan '93, Pp.106-108.

Gives a simple economic analysis of the mudarabas in Pakistan. Thinks that the mudarabas in Pakistan are on sound footings as they are being regulated by three agencies. Gives some suggestions to enhance the pace of mudaraba floatations in Pakistan.

For general reader. Undocumented.

512:18 TASIN, M., "Mu'amalah Shirkat ki Haqiqat aur Shari'i Hathiyat"(U) (Legal Position of Shirkah), Hikmat e Qur'an, Lahore, (11:11-12) 1992, Pp.7-30.

Explains the legal position of various forms of partnership agreements. Thinks that Islam does not allow joint stock companies with limited liability. Similarly, the sale and purchase of shares and certificates on stock exchange are also not allowed.

Jurisitic. Based on primary sources. Documented.

512:19 UMAR, M. A. HALIEM, "Bai' us Salam," Journal of Islamic Banking and Finance, Karachi, (9:3) July '93, Pp.56-64.

Extracts from author's report:"Islamic Economic and Accounting Norms for the Salam Contract with Contemporary Application". It is not clear whether the original report is published or not.

It is also not clear for whom this report was written. The present article consists of some fatawas relating to the law of bai' salam.

For jurists. Undocumented.

512:20 UTHMANI, M.T., "Ijara," al-Balagh International, Karachi, (5:5-6) Sept'94, Pp.43-54.

Describes the juridical position of ijara and the malpractices being indulged into by the Islamic bankers. Defines the conditions on which financial lease can become acceptable according to the Islamic law.

Jurisitic. For general readers. Undocumented.

512:21 UTHMANI, M. T., "Murabaha," al-Balagh International, Karachi, (5:4) August'94, Pp.29-35.

Describes the law of murabaha from the purely legal point of view. Identifes the limits within which it can be practised in the Islamic finance. Criticises the practice of Pakistani banks as they are practising murabaha.

Legalistic. For bankers and economists. Undocumented.

512:22 UTHMANI, M.T.., "The Principle of Limited Liability from the Shari'ah Viewpoint," New Horizon, London, (7) Aug-Sep'92, Pp.21-22.

Argues that the concept of incorporation is acceptable in shari'ah but the concept of limited liability of shareholders is permissible in the case of public limited companies and for sleeping partners. The liability of shareholders of private limited companies and active partners should be unlimited in shari'ah.

For jurists. Based on primary sources. Undocumented.

513-Cooperation and Price Theory 513:1 KAHF, MONZER, "Market and Prices in Islamic Perspective," Journal of Objective Studies , Aligarh, (5:1) Jan '93, Pp.23-58.

Presents Islamic point of view within the stream of human knowledge on pricing and markets.

Section one deals with the institution of the market in general as it developed during the times of the Prophet (pbuh). Section two delineates the functions of the market. Section three discusses the performance of the market and objections of its critics. Section four explores the characterisitics of the market functioning in the Islamic economic system.

For students of Islamic economics. Based on primary sources. Documented.

514-Principles of Islamic Management 514:1 RAHMAN, MAWDUDUR, & MUHAMMAD AL-BURAEY, "An Islamic Perspective of Organizational Controls and Performance Evaluation," American Journal of Islamic Social Sciences, Herndon, (9:4) Winter'92, Pp.499-514.

Distinguish between a secular organisation and an Islamic organisation with respect to their goals and mission. Argue that since the employees in an Islamic organisation have a perspective in which material attainments and spiritual attainments go side by side, the method to assess performance of the employees in the Islamic organisation will also be different.

For management scientisits. Illustrated. Based on primary sources. Documented.

515-Management of Islamic Financial Institutions 515:1 HUSSAIN, MOSTAQUE, "Non-Financial Management Accounting," New Horizon, London, (57) Nov. '96, Pp.5-6.

If the Islamic financial institutions want to compete with the conventional institutions, they have to be more efficient. They need to measure their performance accurately and properly.

Therefore, the management of Islamic financial institutions needs more sophisticated accounting and information systems to maximise the benefit to shareholders and depositors and to conform to the principles of the shari'ah.

For bankers. Based on contemporary literature. Undocumented.

520-BUSINESS FINANCE AND INVESTMENT 520:1 IBRAHIM, KHEDHER M. al-, "An Islamic Investment" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.193-196.

A general introduction to Islamic modes of fianance and investment.

For general readers. Undocumented.

521-Economics of Profit-sharing 521:1 BASHIR, M.A.HAMEED, "Profit-Sharing Contracts with Moral Hazard and Adverse Selection," American Journal of islamic Social Sciences, Herndon,VA, (7:3) Dec'90, Pp.357-383.

In case of profit-sharing contracts, long-term relationships are preferable because inculcating ethics in financial markets will take time. If Islamic ethics are internalized in financial markets, contracts will not only be optimal, but Islamic morality will also induce entrepreneurs to reveal their private information and deter them from cheating or shirking. No need will arise for monitoring, because there would be no divergence between the agent's decision and the decision that would maximize the investor's welfare. The agent will know that if promises are not kept and careful decisions are not reached, the entrepreneur's reputation will be tarnished and access to funds needed in the future will be lost.

For economists only. Mathematical. Based on secondary sources. Documented.

521:2 DIN, S.I.TAG el-, "Debt and Equity in a Primary Financial Market: A Theory with Islamic Implications," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (4) 1992, Pp.1-33.

Emphasizing risk averse nature of fund suppliers in an uncertain environment, establishes the possibility of riba-free Preto-optimality in a primary financial market, explaining real life dominance of the mixed debt/equity system in terms of deviation from informational efficiency.

Risk premia normally associated with equity returns re definite indicators of risk aversion on the part of demand side real investors. Under totally undiversifiable risk, a financier may prefer equity to risk-free asset even though he is more risk-averse than the demand side issuer of equity. The paper concludes that free market dynamic forces generate a fiancial order giving privileges to active demanders of funds rather than 'sympathizing' with risk-averse suppliers of funds as conventional analysis implies. Theoretical claims of efficiency losses in the financial supply process due to Islamization appear to be groundless.

Mathematical. Uses diagrams. For economists. Documented.

521:3 DIN, S.I.TAG EL, "Risk Aversion, Moral Hazard and Financial Islamization Policy," Review of Islamic Economics, Leicester, (1:1) 1991, Pp.49-66.

Critically examines the analytical basis of the proposition that removal of interest-based finance

is harmful to the process of supplying investible funds. The possible harmful effects are either due to the risk-averse nature of fund suppliers, as indirectly implied by the mean-variance portfolio choice theory, or due to the moral hazard problem. Refutes both the propositions.

Mathematical. For economists. Documented.

521:4 HARON, SUDIN, & BALA SHANMUGAM, "The Effect of Rates of Profit on Islamic Bank's Deposits: A Note," Journal of Islmic Banking & Finance, Karachi, (12:2) April'95, Pp.18-28.

Based on the data of Bank Islam Malaysia Berhad, argue that there is a negative correlation between the rates of profit and the deposit level.

Use correlation and regression analysis. Based on published financial statements of the bank.

For economists only. Documented.

521:5 KHAN, MOHSIN S., "Islamic Interest-Free Banking" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.50-66.

Theoretical analysis of profit-loss sharing model. Gives a basic model of Islamic banking with fixed and flexible prices and traces its effect on capital market, money market, goods market.

Analytical. Used mathematics and graphs. For economists only. Based on primary sources of Islam and modern economic theory. Documented.

521:6 KHAN, WAQAR MASOOD, "Towards an Interest-free Islamic Economic System," Journal of King Abdulaziz University:Islamic Economics, Jeddah, (1) 1989, Pp.3-3.8 Uses rigorous mathematical techniques to compares the Islamic financial system based on variable return scheme (VRS) with the the traditional one based on fixed return scheme (FRS). It is shown, under certain assumptions which include risk aversion on the part of investors, that the Pareto optimal contract is the VRS. Also VRS spreads risk more evenly than FRS allowing more risk taking in the economy. The domination of the real world by FRS, i.e. debt contracts, is shown to be caused mainly by informational asymmetry and higher monitoring costs in case of VRS. But these costs are not prohibitive. The more effective the methods of monitoring and the higher the level of honesty on the part of economic agents, the more superior the Islamic financial system would prove to be in practice.

For economists only. Mathematical. Documented.

521:7 MEADE, J.E., "Can We Learn a 'Third Way' from the Agathotopians?" in Liberty, Equality and Efficiency, London: Macmillan Press, 1993, Pp.85-99.

Based on the hypothetical island of Agathotopia economy, discusses the organisation of production sector on the basis of labour sharing in the profit rather than working for a fixed wage. Argues that the typical neoclassical model where capital hires labour can be repalced with a much better income distribution and harmonious labour-capital relationship. Outlines the the scheme.

A very insightful paper for the Muslim economists. Analytical. Documented.

521:8 MEADE, J.E., "Agathotopia: The Economics of Partnership" in Liberty, Equality and Efficiency, London: Macmillan Press, 1993, Pp.100-188.

Develops a full scale model of an economy where capital and labour join as equal partners.

The workers work for a share in capital. Also discusses the role of the state in sustaining the system. Argues that the model is better on account of efficiency and equity.

An insightful model for Muslim economists. Documented.

521:9 MIRAKHOR, ABBAS, "Theory of an Islamic Financial System" in Encylopaedia of Islamic Banking and Insurance, London: Institute of islamic Banking and Insurance, 1995, Pp.31-49.

Discusses basic principles of islamic banking. Analyses economic effects of profit loss sharing on the stability of the financial system, saving and investment in the economy. Also discusses monetary policy and role of central banks in an interest-free environment.

Based on modern economic literature. For economists. Documented. Bibliography missing.

521:10 OBIYATHULLA, ISMATH BACHA, Conventional Versus Mudarabah Financing: An Agency Cost Perspective, Dec '94, Unpublished. Mimeo. Circulated by the Department of Business administration, International Islamic University, Selangor, Malaysia, 16Pp. Argues that the mudaraba financing has the agency problems both of debt financing as well as equity financing. This is so because of the typical conditions of mudarabah. Examines the mudarabah financing in the light of Signalling Theory and Control Hypothesis of corporate finance.

For students of finance. Uses diagrams. Analytical. Documented.

521:11 PRESLEY, JOHN R., & JOHN G. SESSIONS, "Islamic Economics: The Emergence of a New Paradigm," The Economic Journal, (104) May 1994, Pp.584-596.

Illustrates the potential impact of the Islamic doctrine on western economic relationships by focussing on the prohibtion of interest (riba) in Islamic economics. Shows that the alternative method of financier remuneration (i.e. mudarabah profit-loss sharing) will, under certain conditions, enhance capital investment on account of its ability to act as an efficient revelation device. By applying the ideas developed in the western contract literature, it shows that a mudarabah contract between the manager of a project and a syndicate of investors may permit a more efficient revelation of any informational asymmetries between the two.

Mathematical. For professional economists only. Based on secondary sources of Islam.

Documented.

521:12 ROSLY, SAIFUL AZHAR, "Welfare Implications of Interest-free Bank Asset Management," Journal of Islamic Economics, Malaysia, (2:2) July'89, Pp.109-118.

Islamic banks can play a positive role in the public welfare by reducing economic instability.

They can manage their assets portfoli in such a manner as would reduce the cyclical movements of the economy. It requires a conscious effort by the Islamic banks. The equity-based Islamic banks do have the necessary ability to counter the cyclical movements.

For Islamic bankers and economists. Documented.

521:13 SHARIF, B. B. KHALIL, el-, Law and Practice of Profit-sharing in Islamic Banking with Particular Reference to Mudaraba and Murabaha, 1990, Pp.374. Unpublished. Ph.D. dissertation. University of Exeter (UK). Order No. BRDX 94518.

Idetifies the difficulties in the practice of Islamic economic law by the Islamic banks and suggests solutions. The two areas studies in depth are: mudaraba and murabaha. Discusses the Islamic law in both cases and suggests it can be applied by the Islamic banks.

For economists and bankers. Based on primary sources. Documented.

521:14 SIDDIQI, M.N., "Some Economic Aspects of Mudarabah," Review of Islamic Economics, Leicester, (1:2) 1991, Pp.21-34 Traces the practice of mudaraba through several centuries of Islamic history. Though its widest application was in trade, it has also been used in non-trading business activities. Its application to agriculture, manufacturing, services and financial sectors poses no serious problems. Argues that mudaraba or profit-sharing between suppliers of capital and entrepreneurs, is especially suitable for the financial sector and a financial sector based on profit-sharing is superior to the one based on interest. Sharing is also superior to a hire contract in terms of fairness.

For economists. Based on primary sources. Documented.

522-Economics of Islamic Financing Techniques 522:1 KHAN, M. FAHIM, "Comparative Economics of Some Islamic Financing Techniques," Islamic Economic Studies, Jeddah, (2:1) Dec '94, Pp.35-7.

Presents some economic dimensions of the major Islamic financing techniques in a comparative perspective. The comparative economics of these techniques has been discussed with respect to (a) their distinctive economic features, (b) role of these features in economic decision making, and (c) macroeconomic consequences. Argues that the the Islamic modes of finance provide tremendous flexibilty to individuals as well as society in the management of their financial affairs.

Analytical.For economists. Based on the literature on Islamic economics. Documented.

523-Ijara, Hire-Purchase and Instalment Sales 523:1 AHMED, MAHMOOD, "Bai' Salam for Export Oriented Industries," Journal of Islamic Banking & Finance, Karachi, (13:1) Jan.'96, Pp.59-61.

Discusses the mechanics of using bai' salam for export financing by the banks.

For bankers. Undocumented.

523:2 MUZAFFAR, MOHAMMAD, "Ijara: Financing on the Basis of Hire-Purchase and Leasing" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.137-144.

Discusses various legal forms of leasing. Covers operating and financing lease. Describes the method by which Islamic banks are using this method of finance.

For bankers. Based on the primary sources and contemporary concepts. Undocumented.

523:3 WEIST, DEREK, "Issues in Islamic Leasing" New Horizon, London, (52) June '96, Pp.7-9 Explains the expereience of the Islamic Investment Banking Unit of the United Bank of Kuwait in leasing. Argues that some of the clauses of conventional leasing agreements need be modified to make them compatible with the shari'ah. The bankers should consider tax benefits of their clients while formulating a leasing package. The ensure that all lessees are of an appropriate quality. Also they should ensure that the residual value estimates on each lease are sufficiently prudent.

For bankers. Undocumented.

524-Venture Capital 524:1 CIZAKCA, MURAT, "Venture Capital" in Encyclopaedia of Islamic Banking and Insurnace, London: Institute of Islamic Banking and Insurnace, 1995, Pp.145-158.

Part one describes the role of venture capital in the Western financial markets. Part two discusses the mechanism by which this concept can be used by the Islamic banks in their operations.

For economists and bankers. Based on primary sources of Islam and contemporary economic literature. Documented.

525-Islamic Unit Trusts 525:1 HASAM, S.U., "Islamic Unit Trusts" in Encyclopaedia of Islamic Banking and Insurance, London: Institute of Islamic Banking and Insurance, 1995, Pp.159-163.

Gives a general description of the mechanism of Islamic Unit Trusts.

For general readers. Undocumented.

530-MARKETING 531-Business Law and Ethics and Economic Implications 531:1 AHMAD, MUSHTAQ, Business Ethics in Islam, Islmabad: International Institute of Islamic Thought, 1995, 215Pp.

Gives a description of the basic principles of Islamic economics. Discusses the business law of Islam with special reference to its emphasis on ethics.

For Muslim economists and jurists. Based on primary sources. Documented.

531:2 AHMAD, SYED FAYYAZ, "The Ethical Responsibility of Business: Islamic Principles Implications," Journal of Objective Studies, Aligarh, (3:1) January'91, Pp.23-43.

Compares the Islamic business ehtics with the Western business ethics. Mentions Islamic business ethics such as thruthfulness, honesty, trust, sincerity, brotherhood, science, knowledge, justice, observance of contracts, abstaining from false advertising, avoiding misrepresentation, using proper weights and measures, non-indulgence in hoarding and profiteering, fair recruitment practices, brotherly treatment of workers, and protection of environments.

Descriptive. For general readers. Documented.

531:3 AMIN, S.H., Commercial Arbitration in Islamic and Iranian Law, Glasgow: Vahid Publications, 1990(?), 504Pp. Contains a detailed account of laws and practices governing arbitration in Iran, particularly in the post-1979 period when, following the end of monarchy, Islamic law attained the dominant position. The first chapter, outlining the status and modalities of arbitration as found in the classical books of Islamic jurisprudence, provides a summary account of traditional views of classic Muslim jurists on various aspects of arbitration. The rest of the book is concerned largely with historical development of arbitration law in Iran.

For jurists. Based on primary sources. Documented.

531:4 CHATGAMI, ABDUS SALAM, "Islami Ma'asheet ke Bunyadi Usul" (U) (Basic Principles of Islamic Economy), Bayyenat, Karachi, (55:3-11) Mar-Nov'93 Pp. volume wise:35-40, 47-50, 31-37,25-30, 45-50, 37-42, 45-48, 33-36, 25-30, 34-37.]

Gives an outline of the business law of Islam. Some of the important ideas: sale of papers for profit or loss of an advanced booking of a house or a car,etc not allowed; issue of shares on premium or discount by the company not allowed; difference between cash and credit price allowed if clearly agreed in advance but further increases in the price linked to time not allowed; setting aside of a part of the profits of the company as reserve not allowed.

For general readers. Contains several important insights. Based on primary sources and documented.

531:5 CIZAKCA, MURAT, "Mutual Adoption and Diffusion of Partnership Techniques Between the Middle East and Europe" in E. Ihsanoglu (ed.), Transfer of Modern Science & Technology to the Muslim World, Istanbul: Research Centre for Islamic History, Art and Culture, 1992, Pp.425-441.

Paper presented to the International Symposium on "Modern Sciences and the Muslim World" organised by the Research Centre for Islamic History, Art and Culturre, Istanbul during 2-4 September 1987. Argues that the Middle East possessed a sophisticated tradition of business partnerships, the origins of which have been traced to the Assyrian period. The rich tradition which formed the basis of trade survived in the form of customs and traditions

well known by the mercantile communities in the Middle East. The basic contribution of Islam was to systematize and incorporate this tradition into Islamic jurisprudence. This incorporation had to conform to the basic Islamic teachings. It was basically through the exercise of istihsan and hiyal that large segments of mercantile customary law were incorporated. From the Muslim East these practices spread to the West where they underwent a thorough growth and evolution until in nineteenth century, the Muslim world started borrowing back from the West. Thus the history has come a full circle back. The process of Muslim borrowing is still going on.

An original contribution on the economic history of the Muslims. For economists and historians. Based on primary sources. Documented.

531:6 CLODE, MICHAEL, "Islamic Banking: A Western Lawyer's Perspective," New Horizon, London, (49) Mar'96, Pp.10-14.

Discusses the implications of Islamic business transactions, popularised by Islamic banking, for practitioners of law in a western country. The transactions referred to are: murabaha, ijara, and mudaraba.

For lawyers and bankers. Undocumented.

531:7 HASANUZZAMAN, S.M., "Bay' Salam: Principles and Practical Application," Islamic Studies, Islamabad, (30:4) Winter '91, Pp.443-461.

Reported in Vol.II of this work at 531:7 as an unpublished seminar paper. Documents the bare law on bai' salam: definition, rationale, conditions, and other rules. Analyses the economic role of bai' salam in Islamic banking.

A comprehensive paper. For economists and bankers Based on primary sources. Documented.

531:8 HASSAN, A.A. HAJI, Sales and Contracts in Early Islamic Commercial Law, Islamabad: Islamic Research Institute, 1994, 266Pp. A comprehensive book on the commercial law of Islam. Covers commercial practices in pre-Islam Arabia, commercial ethics of islam, management of market, voidable contracts, risk in sales, partnership, loans, deposits, al-hajr, al-kafalah, al-ijarah, al-ju'ala and al-sulh.

Juridical. For jusrists and Islamic economists. Based on primary sources. Documented.

531:9 ISLAHI, AMIN A., & SAEED AHMAD, "Muwatta ki Kitab al-Buyu"(Book of Sales in Muwatta of Imam Malik)(U), Tadabbur, Lahore, (33-39) 1990-92.

Urdu transaltion and explanation of the traditions of the Prophet (SAAW) as reported in Kitabul Buyu' of Mu'watta of Imam Malik. The explanations were delivered by the author in a series of lectures and transcribed by the co-author.

For general readers. Based on primary sources. Partly documented.

531:10 KAMALI, M. HASHIM, "Tas'ir (Price Control) in Islamic Law," The American Journal of Islamic Social Sciences, Herndon,VA, (11:1) Spring '94, Pp.25-37.

Price control should be resorted to only when there is an urgent need for it. In cases of necessity the Islamic government can impose price controls. But the stat's policy, in principle, should be that of restraint. The present day free market economy reflects the interests of capitalists more than those of the consumers. A great deal of imaginative work is needed to shift the balance of market forces in favour of the latter. Muslim governments should protect the public interest these days more than any time earlier in the history.

A scholalry paper. For jurists and Muslim economists. Based on primary sources.

Documented.

531:11 MIA, M. A.HANNAN, & M. A.MANNAN, "Can Businessmen Apply Islamism?"

Thoughts on Economics, Dhaka, (6:1) Jan '96, Pp.35-48.

Islam provides practicable and useful guidelines for business.

For general readers. Undocumented.

531:12 PAMERANZ, FELIX, "Business Ethics:The Islamic Perspective", The American Journal of Islamic Social Sciences, Herndon.VA, (12:3) Fall'95, Pp.400-404.

Emphasises the need for adopting business ethics. Also argues that the Islamic business ethics should be taught at university level in business courses.

For general readers. Based on primary sources.Documented.

531:13 RAHMAN, GAUHAR al--, "Pagari ka Mas'ala (U)" ( The Question of Lump Sum Advance), Tarjmanul Qur'an, Lahore, Dec'95, Pp.59-62.

A juridical opinion on the practice of paying a lump sum amount to the owner of a building at the time of leasing, this amount being over and above the regular rent. Holds that this practice is not covered by the sharia'h rules.

Juridical. For general readers. Based on primary sources. Documented.

531:14 UTHMANI, M.T., "Kaghazi note aur currency ka hukm" (Legal Position of Paper Currency) (U), al-Balagh, Karachi, (23:3) 1988, Pp.25-36.

Discusses the legal position of exchange of currency notes for domestic currency as well as for foreign currency. Holds it does not involve interest if people exhange currencies at free market rate rather than at official rates. However, it is objectionable since it leads to disobedience of law.

For jusrists. Based on primary sources. Documented.

531:15 UTHMANI, M.T., "Proceedings of the Seventh Meeting of The Fiqh Academy of OIC," al-Balagh, Karachi, June '92.

Reports the main decisions of the Fiqh Acadey of the OIC. The decison relate to the legality of trading in options, futures, indices, corporate share, preference shares, limited liability, mortgage, cash discount, bai' al-istisna' and bai' al-wafa. The Academy decided that the trading

in options, future, indices, preference shares and bai' al-wafa is not allowed. However, the Academy considered equity shares, limited liability of the corporations, cash discount, difference in the cash and credit prices and bai' al-istisna' as alwful.

For general readers. Undocumented.

535-Marketing of Islamic Financial Products 535:1 MARTIN, JEREMY, "Enhancing the Competitiveness of Islamic Banks," New Horizon, London, (54) Aug.'96, Pp.4-6.

For greater competitiveness, the Islamic banks need political stability, avail of the advantage of the regulation for owning real assets, and increase expertise of the staff. The Islamic banks should join hands to maintain a central register of the sharia'ah boards so that the cost of referring each case by each bank to the shari'ah board is reduced. The Islamic banks should also try to find out a solution of the problem of delay in repayment by the debtors.

For bankers. Undocumented.

535:2 WILSON, RODNEY, "Quantifying the Islamic Financial Market Size", New Horizon, London, (54,55) Aug-Sep'96, Pp.9-14,13-15.

Discusses the question of strategy for expanding the size of the Islamic financial market. Gives several suggestions for marketing of the Islamic products.

For Islamic bankers. Based on the field survey of Islamic banks. Undoumented.

540-ACCOUNTING AND AUDITING 540:1 SIMPSON, ANNE, PAUL WILLING, "Accounting and Auditing Issues in Islamic Banking," New Horizon, London, (46-47) Dec95/Ja96, Pp.3-4.

Enlists the currents issues in accounting and auditing of Islamic banks and financial institutions.

Accounting issues are: Treatment of investment accounts, recognition of income, allocation of expenses, disclosure of social activities. Auditing issues pertain to investment accounts, liquidity mmanagement, rates of return to investors, and shari'ah compliance.

For accountants and auditors. Undocumented.

541-Accounting in the Islamic Framework 541:1 Concepts of Financial Accounting for Islamic Banks, Bahrain: Financial Accounting Organization for Islamic Banks, 1992, 25Pp..

Unpublished. Presented to the seminar on financial accounting standards held in Bahrain during 12-13 December 1992.

Defines various terms of financial accounting from Islamic point of view. States the recognition

and measurement criteria for these concepts. Discusses the quality of information aspects.

A very-well drafted statement for accounting professionals. Can become a basis for future standards of accounting for Islamic banks and other financial institutions.

Undocumented.

541:2 The Objectives of Financial Accounting for Islamic Banks and Financial Institutions, Bahrain: Financial Accounting Organization for Islamic Banks, 1992.

A draft unpublished statement presented to a seminar on financial accounting standards for Islamic banks and financial institutions held at Bahrain during 12-13 December 1992.

Discusses process and general objectives and limitations of financial accounting. Emphasises the importance of establishing accounting standards for Islamic banks. Explains the appraoch to establishing objectives of financialaccounting standards. Lays down objectives of fiancial accounting reports for Islamic banks and other institutions.

For professional accountants. Undocumented.

541:3 Financial Accounting in Countries Where There are Islamic Banks and Financial Institutions, Bahrain: Financial Accounting Organization for Islamic Banks, 1992, 80Pp. Surveys accounting law and practices in Kuwait, Pakistan, Sudan, Jordan, Egypt, Tunis, Qatar, Dubai, Malaysia. Reports of results of field work for 13 financial institutions. Concludes that the Islamic financial institutions differ in their treatment of various items of financial information in measurement, recognition and disclosure. Emphasises the need for developing standards of accounting for Islamic banks. Contains three papers as appendices prepared by professioanl accountants and consultants.

For accountants and bankers. Undocumented.

541:4 The General Presentation and Disclosure Standard in the Financial Statement of Islamic Banks and Financial Institutions, Bahrain: Financial Accounting Standards Board for Islamic Bank, 1992, 60Pp. Paper presented to the Seminar on Concepts, Objectives and Standards of Financial Accounting for Islamic Banks and Financial Institutions held at Bahrain during 12-13 December, 1992. Suggests a general standard for disclosure of information in the financial statements of Islamic Banks and other financial institutions.

For accountants. Undocumented.

541:5 ABDALLAH, AHMED ALI, "The Role of Shari'ah Supervisory Boards in Setting Accounting Policies in Islamic Banks," in Development of an Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.129-142.

Discusses the role of Shari'ah Supervisory Board, Department of Fatwa and Research and Higher Shari'ah Supervisory Baord of a typical Islamic bank. Gives examples from the Sudanese practice. Shows how these organs affect the accounting policies of Islamic banks.

For accountants, bankers and regulators of banks. Undocumented.

541:6 ABO HEBEISH, A.M., "The Practical Application of Islamic Rules in Business Adminstration: Financial Accounting," in Faridi, F.R. Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.148-176.

Argues that in the Islamic framework the capital provided by creditors should be maintained by the business. It means before we determine the net income of a business, the deterioration in the real value of the capital provided by the creditors should first be made good and then the residue be divided among various providers of capital.

Analytical. For accountants. Documented.

541:7 AHMED,el-TEGANI A., "Accounting Postulates and Principles from an Islamic Perspective," Review of Islamic Economics, Leicester, (3:2) 1994, Pp.1-18.

Reviews and scrutinises accounting postulates from an Islamic perspective. Accounting entity theory does not conflict with the Islamic principles. The going-concern postulate does not conflict with Islam but the conservatism postulate is not compatible with it. The accounting period postulate does not contradict any Islamic principle. The objectivity principle is a desired principle from Islamic perspective. Similarly, matching principle is one of the most desired principle from Islamic point of view. The consistency principle is desirable from Islamic perspective. The cost principle is questionable from Islamic point of view. The realisation principle is considered acceptable. The disclosure principle should include the needs of the Islamic society.

For accountants. Based on contemporary literature. Documented.

541:8 ARCHER, SIMON, & NOOR ABID, "International Accounting Regulations for Islamic Banks," New Horizon, London, (56) Oct.'96, Pp.3-6.

Emphasises the need for internationally acceptable accounting and auditing standards for Islamic banks. Highlights the efforts made so far and points out the direction for further research.

For accountants. Based on current literature. Undocumented.

541:9 BADAWI, MOHAMED H. el-, & SULTAN M. al-SULTAN, "Net Working Capital vs Net Owner's Equity Approach to Computing Zakatable Amount:A Conceptual Comparison and Application," American Journal of Islamic Social Sciences Herndon,VA, (9:1) Spring'92.

Defines the concept of mal nami ( growing capital). Argues that the traditional concept of working capital does not fit well int the Islamic concept of Growing Capital. Therefore a number of adjustments will have to made to calculate zakatable assets. Compares the working capital approach to the owner's equity, the approach followed in Saudi Arabia to calculate zakah.

Both the approaches lead to different figures of zakah payable.

For accountants. Based on secondary and primary sources. Documented.

541:10 BANAGA, A.GADIR, "Islamic Banking System: Some Problems in Basic Concepts," Pakistan Accountant, Karachi, Oct.'87, Pp.31-38 Explains the main business operations of Islamic banks. Points out the difficulties in accounting treatment of various transactions. Poses a number of questions. Also suggests some answers with a need for setting up of accounting standards body for Islamic banks.

For accountants. Undocumented.

541:11 CHOWDARY, HUSSAIN Z., "PLS Accounting in Bangladesh," New Horizon, London, (38) April '95, Pp.11.

Compares the accounting practice of the Islamic Bank Bangladesh and the al-Baraka Bank Bangladesh and concludes that both of them follow almost similar set of principles for keeping accounts and distributing profits among PLS account holders.

For bankers and accountants. Undocumented.

541:12 GAMBLING, T., & R. A.A.KARIM, "Islam and 'Social Accounting," Journal of Business Finance and Accounting , (13) 1986, Pp.29-50.

The traditional double-entry-based accounting is well-suited to an orthodox, positivist society of any kind. It is unsurprising that it is proving inadequate, as people are returning to more integrated world-views, whether Islamic or otherwise. It may be that the proposition that the doctrine of zakah could be developed into a formal system of social insurance, and so provide point of entry into an n-dimensional assessment of economic reality, is worthy of consideration as a solution to the general problems of accounting, apart from its religious connotation in Islam.

For accountants. Conceptual. Documented.

541:13 GAMBLING, T., R. A. A. KARIM, Business and Accounting Ethics in Islam, London: Mansell, 1991, 153Pp. In the broader framework of Islam, discusses the types of business organisation allowed in it.

Argues that Islam upholds unlimited liability of the business partners, does not recognise incorporation and absentee investors. Islam does not accept the oncept of time value of money nor does it recognise discounting in capital budgeting. The purpose of accounting in Islam is to calculate liability towards zakah payment, which is based on net realisable value of assets.

Islam, therefore, does not accept the Western concepts of historical costing, conservatism, going concern and periodicity. Since Islam requires everyone to participate in the business in which one invests its capital, the possibility of aliens buying a concern is minimised.

Therefore, the fear of mergers, take-overs and insider trading in the Islamic economy is reduced.

An original work. Based on primary sources. For Muslim economists and accountants.

Documented.

541:14 GAMBLING, T., "Accounting for Islamic Banking,"in Development of an Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.47-52.

Argues that the accounting system for Islamic banks will be no more different from a secular business which is run on ethical standards. points out some of the differences which an ethical approach in business can make.

Narrative. For accountants. Undocumented.

541:15 HAMAT, MUSTAPHA, "Accounting Standards and Tax Laws in Islamic Banking," New Horizon, London, (25, 26) Mar-Apr '94, Pp.8-11, 13-15.

Explains the peculiar nature of the business of Islamic banks. Discusses some of the accounting practices of the Bank Islam Malaysia Berhad (BIMB) relating to fund accounting, mudaraba, murabaha, leasing, depreciation and bad debts. Thinks that accounting of Islamic banks follow a cash basis rather than an accrual basis. In case of lease financing the BIMB does not record any fixed asset in the balance sheet. it only records the lease receivable less the profit margin which is not received. But for operating lease it records a fixed asset in the balance sheet reduced by annual depreciation. For foreign currency transactions, the BIMB discloses the assets and liabilities in the balance sheet at the rate of exchange of the balance sheet date. But for reporting these trransactions, it uses the rate of exchange of the date on which the transaction is realised. Gains or losses on foreign traansactions due to exchange rate fluctuation are recorrded when realised. In case of bad debt accounting, the BIMB revalues the receivables and charges the bad debts to income. There is need to develop some new accounting standards for Islamic banks. The tax laws of Malaysia also need some amendments to accomodate Islamic banking business.

For bankers and accountants. Undocumented.

541:16 HAMAT, MUSTAPHA, "Accounting Standards for Islamic Banks,"in Development of Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.61-72.

Highlights the existing accounting standards that are relevant to the operation of Islamic banks.

Assesses the applicability of the existing accounting standards in reporting results of Islamic banks' operations. Discusses changes and modifications which are necessary in the existing standards to make them compatible with the sharia'ah.

For accountants only. Documented.

541:17 HAMID, SHAARI, RUSSELL C. & FRANK C., Bookkeeping and Accounting Control Systems in a Tenth Century Muslim Administrative Office, n.d., 17Pp. Unpublished.

Mimeo.

An integrated accounting system existed in Muslim Administrative offices of the tenth century.

Evidence suggests that some modern-day-like bookkeeping and accounting control procedures may have been practised. It is reasonable to believe that Italian traders were educated in the use of sophisticated business methods by their Muslim counterparts. Importantly, the accounting system used in the Muslim Administrative offices was consistent with the preconditions for employing modern-day bookkeeping and accounting control procedures.

The Muslim accounting system described in this article separated record and custodial functions; closed accounts monthly and audited them; and maintained an elaborate system of

vouchers and documents of authorization to enhance internal control. Conjecture that the Muslim world contributed to the development of European accounting is justified.

For accountants. Based on secondary sources. Documented.

541:18 HASHIMI, FUAD AZIM, "The Need and Rationale for Setting up of Accounting Standards for Islamic Banks," Pakistan Accountant, Karachi, Oct. '87, Pp.23-29.

Explains the need and importance of accounting standards for Islamic banks. Discusses Islamic modes of finance and shows how they will require a set of uniform rules to record them in the books of accounts. Pleads that a body should be set up for developing accounting standards for Islamic banks.

For accountants. Undocumented.

541:19 HAYASHI, TOSHIKAZU, On Islamic Accounting, Japan: Institute of Middle Eastern Studies, 1989, 130Pp. Islamic accounting is society-oriented while western accounting is focussed on business entity.

All Islamic accounting is normative. Western accounting does not discuss any rules to connect the problems of business organisation with the society. But the future direction of development in accounting theory is to relate business entities with the society. Thus Islamic accounting can lead the future development of accounting. Islamic accounting can contribute to the creation of a new paradigm in accounting.

Explains Islamic accounting by taking arithmatical illustrations from zakah accounting.

For accountants and economists. Analytical. Documented.

541:20 HUSAIN, SYED MOHAMAD, "Taxation Issues in Islamic Banking," New Horizon, London, (32,33) Oct-Nov '94, Pp.12-13, 6-8.

Highlights the problems faced by the business firms dealing with Islamic banks for getting their tax matters settled, since the tax laws have not kept pace with the changes taking place in the financial sector. Cites examples of Malaysia and Pakistan. Stresses the need for cooperation among the Islamic banks to lobby for a world wide recognition of the Islamic finance and removing any disadvantags that the present tax laws are bringing in their wake for those who deal with the Islamic banks.

For Islamic bankers, accountants. Undocumented.

541:21 ISLAM, QAZI SAIDUL, "Accounting Policies Governing Disclosure of Financial Facts of the Islamic Banks Working in Bangladesh," Thoughts on Economics, Dhaka, (6:2) April'96, Pp.39-53.

Discusses the concept and rational of disclosure requirements of banks and applies them to Islamic banks. Evaluates the practices of the two Islamic banks operating in Bangladesh on these criteria.

For accountants. Based on contemporary accounting literature. Documented.

541:22 KARIM, R. A. A., "Financial Accounting and Reporting of Islamic Banks and Financial Institute, " in Encyclopaedia of Islamic Banking and Insurance , London: Institute of Islamic Banking and Insurnace, 1995, Pp.117-128.

Discusses the need for standardised accounting practices by the Islamic banks. Describes the efforts made for evovling accounting standards for financial reporting by the islamic banks.

For accountants. Based on contemporary accounting theory. Documented.

541:23 KARIM, R. A. A., "Regulation of Financial Reporting Islamic Banks" in Development of an Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.53-60.

Explains the role of shari'ah supervisory boards of Islamic banks in standard setting for accounting. Describes the formal mechanism of Islamic banks for developing accounting standards and the role played by The Financial Accounting Organisation for Islamic banks and Financial Institutions based at Bahrain.

For accountants. Undocumented.

541:24 KHAN, M. AMANULLAH, "Contemporary Accounting Practices and Islamic Banking," Review of Islamic Economics, Leicester, (3:1) 1994, Pp.51-61.

The accounting profession has not been able to evolve a universal definition of profit. The so called GAAP are quite vague and lack consensus. In this situation, PLS financing will face a real problem.Until clrearly defined, the profit will mean different things to different people. In this situation, each PLS financing agreement should clearly define the concept and method of measurement of profit. While doing so, the general guidelines given by International Accounting Standards should be kept in view.

For accountants. Documented.

541:25 MEERA, A. KAMEEL M., "Assessing Zakat from Generally Accepted Financial Statements," Lights on Islamic Economics, Malaysia, (2:2) March '92, Pp.1-13.

Explains the calculation of zakah on a sole proprietorship, partnership firm, mudaraba, and a joint stock company in the light of Shafi'i fiqh, and Hanafi fiqh. Gives accounting illustrations.

For accountants. Documented.

541:26 PERVEZ, IMTIAZ A., "Accounting Problems of Islamic Banks:An Insider's Perspective-II," in Development of an Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.87-96.

Compares the accounting for Islamic banks with the accounting for conventional banks.

For bankers. Documented.

541:27 SHEHATA, ISMAIL SHAWKI, "Islamic Concepts and Princeples as Practised in Islamic Banks", Journal of Objective Studies, Aligarh, (2:1) Jan. '90, Pp.10-31.

Part one discusses the concepts and principles as practised in the Islamic banks. Part two takes up the question of Islamic identity of Islamic banks and discusses the practices and strucuture of securities. Part three throws light on the various services the Islamic banks can provide.

Part four shows how to calculate zakah on the wealth of the Islamic banks. Illustrates the accounting with an example. Uses the Saudi law of zakah as the basis of calculation.

For accountants and bankers. Documented.

541:28 SHIHADEH, MUSA A., "Accounting Systems for Islamic Banking: An Insider's Perspective ," in Development of an Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.73-86.

Taking Jordan Islamic Bank as an example, gives the outlines of the accounting system of an Islamic bank. Argues that the accounting system of an Islamic bank agrees to the system of secular banks in some respects and differs in others.

For bankers and accountants. Illustrative.

541:29 SIDAT, EBRAHIM, "The Accountant's Role in the Islamisation of the Economy," in Development of an Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.117-128.

Gives a simple description of an Islamic economy. Digresses to state the Islamisation of economy in Pakistan. Points out the responsibility of accountants in this process.

Descriptive. For accountants. Undocumented.

542-Auditing in the Islamic Framework 542:1 BADAWI, SAMIR T., "Auditing of Islamic Banks: A Practitioner's Perspective," in Development of an Accounting System for Islamic Banking, London: Insitute of Islamic Banking and Insurance, 1994, Pp.97-104.

Stresses the need to develop auditing guidelines for the auditors of the Islamic banks in three areas: (a) allocation of profit generated by the Islamic banks; (b) disclosure and audit of related party transactions; and (c) risk provisions related to invested funds and to whom these provisions should be reimbursed in case the risk disappears.

For accountants. Undocumented.

542:2 JANAHI, KHALID A., "Auditing of Islamic Banks:A Practitioner's Perspective," in Development of Accounting System for Islamic Banking, London: Institute of Islamic Banking and Insurance, 1994, Pp.105-115.

Dicusses the issues relating to investment funds to be treated as on balance sheet or off balance sheet, fiduciary issues and shari'ah issues. Gives some ideas on the concept of shari'ah audit of Islamic banks.

For accountants and bankers. Undocumented.

543-Financial Analysis in Islamic Framework 543:1 HAMOURI, QASSEM, "Rationality: Time and Accounting for the Future in Islamic Thought" in Faridi, F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.67-81.

Argues that the Islamic teachings should be integrated with economic analysis in order to formulate the microfoundations of Islamic economics, starting with the concept of rational behaviour. Supports the concept of discounting. The difference in the rationality of homo Islamicus and homo economicus lies in the fact the both have different sets of alternatives but both are rational. mathematical. For economists. Documented.

544-Financial Analysis of Islamic Financial Institution 544:1 METWALLY, S.MOSTAFA, ""The Aggregate Balance Sheet and Results of Transactions and Financial Indicators for Islamic Banks and Financial Institutions Members of the International Association of Islamic Banks for the Year 1410 H/1990," Journal of Islamic Banking and Finance, Karachi, (9:2) April'92, Pp.7-57.

Contains consolidated balance sheet and income statement of 22 banks and financial institutions. Excludes 9 Pakistani Islamic banks. Figures have been converted into US dollars at the rate prevalent on the date of individual balance sheet. Also gives financial statements of each unit separately. Gives financial analysis of these statements.

For bankers and accountants. Documented.

544:2 ZAIDI, NAWAZISH ALI, "Performance of Banks under Non-interest System," Journal of Islamic Banking and Finance, Karachi, (8:1) Jan.'91, Pp.42-50.

Analyses the performance of nationalised five banks of Pakistan. The data is upto 1989.

For bankers and general readers. Contains statistical tables. Documented.

CHAPTER SEVEN 600-INDUSTRIAL ORGANISATION;ECONOMICS OF CHANGE 610-INDUSTRIAL ORGANISATION

610:1 GHAZALI, AIDIT BIN, "A Study of Industrialization from the Qur'an, the Sunnah and the Islamic Civilization," in Aidit bin Haji Ghazali, Industrialisation from an Islamic Perspective, kulalumpur: IKIM, 1993, Pp.19-72.

Quotes verses of the Qur'an which refer to industrialization.

Refers to several ahadith which encourage industrialization. Traces the history of industrial development in the Muslim civilizations of Andalus, al-Maghreb, Egypt, Iraq, Anatolia, and Oman. Argues that Islam emphasizes equal development of agriculture 610:2 IBRAHIM, ABDUL KHALID BIN, "Towards Effective Muslim Participation in Industrialisation: Future Directions in Malaysia,". in Aidit bin Haji Ghazali, Industrialisation from an Islamic Perspective, kulalumpur: IKIM, 1993, Pp.91-100.

Argues that an effective Muslim particiaption requires development of enterpreneurial culture incorporating Muslim values. For formal capital, the use of zakah funds for manufacturing and industrial investment could be promoted. Islamic business studies should be introduced at all level.

For economists. Documented.

610:3 HABASHI, S. OTHMAN al-, "The State of Industrialization in the Muslim Wordl," in Aidit bin Haji Ghazali, Industrialisation from an Islamic Perspective, kulalumpur: IKIM, 1993, Pp. 73-90.

Examines the status of industrialization and reason for lack of it as well as the tremenduous potential for industrial growth in the Muslim world. Provides a rationale for structural change and industriliazation in order to achieve progress. The major reasons are: lack of efficient infrastructure, capital and skilled manpower. Moreoever, many Muslim countries are small in terms of population, market size and lack quality production for international penetration.

For economists. Documented.

610:4 KHAN, M. AKRAM, "A Study of Industrialization from the Qur'an, the Sunnah and the Islamic Civilization," in Aidit bin Haji Ghazali, Industrialisation from an Islamic Perspective, kulalumpur: IKIM, 1993, Pp.135, 141-146.

Comments on Aidt Ghazali's paper on the same subject presented to the Conference. Argues that the vesrse in the Qur'an which mention various types of food, metals and transport modes do not refer to inducement for industrialization in Islam. Instead, a better approach will be to cast a look at the process of industriliazation and various social and cultural values which influence and are influenced by this process.

For economists. Documented.

610:5 YAN, LIN SEE, "Towards Effective Muslim Participation in Industrilisation: Future Directions in Malaysia," in Aidit bin Haji Ghazali, Industrialisation from an Islamic Perspective, Kulalumpur: IKIM, 1993, Pp.101-133.

Analyses the financing needs of the Muslims in Malaysia for their participation in the industrial process. Describes the role of Islamic firm in industrial development. Gives a brief profile of industrilization in the OIC countries, especially, Malaysia. Discusses the role of venture capital in promoting industrialisation in Malaysia.

For econmists. Documented.

620-ECONOMICS OF CHANGE 621-Technological Change in the Islamic Framework 621:1 "Draft Code of Conduct on the Transfer of Technology for the Memeber States of OIC," Technology Window, Islamabad, (5:4) Jul-Aug'93, Pp.4-18.

Draft code of conduct on the transfer of technology for the memebr states of the Organization of Islamic Conference was adopted in the sixth meeting of COMSTECH during September 19-21, 1993 held at Islamabad. The code was presented by the Secretariat of the COMSTECH. This is the text of the code presented and adopted in the meeting.

For scientists and economists. Undocumented.

621:2 DAGHESTANI, FAKHRUDDIN A., "The Role of Research in Industrial Technology Transfer and Development in Islamic Countries," Technology Window, Islamabad, (5:2-3) Mar-May 93, Pp.4-19,4-17.

The weak R&D systems in Islamic countries resulted from lack of real demand for their inputs created by the mode of economic and industrial planning which favours material inputs to development over the endogenous R&D and S&T inputs. In consequence,the economic and technological dependence of these countries has increased over the years. A better alternative to this mode of planning is the techonology-based industrial development planning which creates the demand for endogenous R&D in the process of real techonology transfer and in the generation of new technologies. The role of industrial R&D system in these countries is briefly described. Suggestions and recommendations are made to create more demand for the national industrial R&D system and to increase its capabilities in supplying this demand.

For economists and scientists. Documented.

621:3 MAHMOUD, M. KAMEL, "Human and Institutional Infrastructures for Acquisition, Absorption aand Diffusion of Technology in Islamic Countries," Technology Window, Islamabad, (5:5) Sep-Oct'93, Pp.4-14.

Inspite of sharing a common Islamic heritage, the OIC countires differ in many socio-economic aspects including technology trade. Generally, all of these countries are "importers" of technology. They are in a weak position in technology bargains and accept many unfair terms. They have very little absorption and diffusion of technology. To strengthen their capabilities in acquisition, absorption and diffusion of technology, Islamic countires should establish a national institutional machinery for monitoring and regulating technology imports. Governments should issue legal instruments to maximize the benefits of imports of technology.

For policy makers and business community. Contains statistical data. Documented.

622-Privatisation

622:1 NASSIEF, NABIL, "The Role of Islamic Banks in Privatisation Process," New Horizon, London, (35) Jan'95, Pp.12-13.

Presented to Bahrain Conference on "Investment Opportunities and Challenges of derivatives in Middle East," held on 25-26 October 1994. Summarises the privatisation scene in the Muslim world as well in other countries. Argues that the Islamic banks can play a pivotal role in facilitating privatisation process through direct equity participation, evaluation of units offered for sale, advising the investors, and offering restructuring services.

For bankers. Undocumented.

CHAPTER EIGHT 700-LAND MANAGEMENT

710-LAND UTILISATION 711-Ecology and Environment in Islamic Perspective 711:1 KHALID, FAZLUN, JOANNE O'BRIEN (eds..), Islam and Ecology, London: Cassell Publishers, 1992, 111Pp. Chapter one deals with Islam and ecology, the planet earth, air, water pollution, afforestation,and the relationship between humanity and animals. Chapter analyses Islamic ethics and environment. Chapter three is concerned with science within Islam. Chapter four examines natural resources. Chapter five deals with trade and commerce in Islam. Chapter six studies desert reclamation and conservation in Islamic law. Chapter seven discusses disconnected people. After giving some very brief information about people and their environment it concentrates on gathering demographic data on Dayak tribesmen of East Malayasia and the Tuareg of Saharan Africa.

For general readers. Based on primary and secondary sources. documented.

CHAPTER NINE 800-MANPOWER; LABOUR; POPULATION 810- MANPOWER 812-Manpower Planning 812:1 AZIZ, ABDUL, "Firm Levle Decisions and Human Resource Development in an Islamic Economy," The American Journal of Islamic Social Sciences, Herndon,VA, (10:2) Summer'93, Pp.201-216.

Compares the Islamic concept of development with the Western concept of development. Argues that the firms in an Islamic economy should engage in the training and development of its employees and general citizens. The wages should eb related to the productivity of each person, woman or man. The person which are to be laid off should get a sufficient advance notice and there should be programmes for their re-training.

The community is responsible to maintain the unemployed. The workers should be partners raher than mere wag-earners. For this they need to be trained and skillful. The government should establish rules and regulations to oversee the business sector for the implementation of the shari'ah.

For Muslim economists. Based on primary sources. Documented.

820-LABOUR 821-Rights and Duties of Labour 821:1 EGAMI, TOMOYUKI, Labour and Action in Islam: Searching for an Outlook on Lost Labour, Japan: Institute of Middle Eastern Studies, InternationalUniversity of Japan, 1990, 113Pp. Refers to world crises such as inflation, shortage of energy, multilateral trade problems, increase in violence, pollution, and crime. Human beings have been alienated. But labour in Islam is a dimension of God's worship. Islam encourages moderation and hard work but does not recommend excessive labour.

A Master's dissertation. For economists. Based on secondary sources. Documented.

822-Determination of Wages 822:1 AKHTAR, M.RAMZAN, "An Islamic Framework for Employer-Employee Relationships," American Journal of Islamic Social Sciences, Herndon, (9:2) Summer '92, Pp.202-218.

Surveys the Islamic literature on labour and wages. Develops a framework determination of wages in an Islamic economy. Argues that the wages Islamic economy will be determined by supplementing the marginal wage transfer payment by the employer so as to be sufficient for basic needs workers.

for the in an with a of the

For economists. Based on primary sources. Documented.

822:2 HASANUZZAMAN, S.M., "Workman's Bonus: Shari'ah Arguments - For and Against," Hamdard Islamicus, Karachi, (XIV:2) Summer '93, Pp.115-124.

Written in a question-answer form, argues that the bonus paid to industrial worker as a result of bargain between the employer and the trade union is against the spirit of the Shari'ah. The bonus defies the the hadith 'al-kharaj bil daman and la ribh ma lam yudman' as well as runs counter to the important legal maxim al-ghurm bi'l ghunum'. The arguments supporting the payment of bonus on the ground of workman's contribution, of his position of a working partner in mudaraba, of his bargaining power and of his nuisance value are rejected.

Juristic. Based on primary sources. Documented.

822:3 SADEQ, A. H. M., Determination of Wages and Income Distribution, Kualaumpur . Unpublished. Mimeo. Paper presented to the Seminar Kebangsaan Ekonomi Islam organized by the International Islamic University of Malaysia, during 19-20 December, 1989, 19 Pp. Propounds a theory of wage determination in the Islamic framework. The wage rate in an Islamic economy shall be determined by the combined effect of average product of labour, supply of labour and considerations of basic needs of the workers. Illustrates with the help of curve diagrams.

For economists. Based on secondary sources. Documented.

823-Labour Management Relations 823:1 RAHMAN, A. R. ABDEL, "An Islamic Perspective on Organizational Motivation," The American Journal Of Islamic Social Sciences, Herndon,VA, (12:2) Summer '95, Pp.185-203 Reviews contemporary theories of employee motivation and concludes that they do not help in understanding the employee motivation in the public sector or ihsan is the key concept which fashions the human behaviour in an Islamic economy. Ihsan inculcates a spirit among employees which propells them to provide excellent service to their clients and makes them conscious of their accountability before God. A stimulating paper. Based on primary sources.Documented.

840-DEMOGRAPHIC ECONOMICS 841-Family Planning in Islam 841:1 AKBAR, KHALID FAROOQ, "Family Planning and Islam: A Review," Hamdard Islamicus , Karachi, (XVII:3) Aut '94, Pp.85-94.

Argues that Islam does not oppose contraception. Even abortion is allowed if carried out within 120 days of conception. The opposition to family planning is not overed by the shari'ah.

For general readers. Based on primary sources. Documented.

841:2 BOWEN, DONNA LEE, Islam and Family PLanning, Washington: World Bank: Population and Human Resources Division, (1:1) 1991, Pp.31 Surveys the legal opinions regarding birth control in the Islamic jurisprudence.

Concludes that the Islamic laws makes it a matter of choice for husband and wife to practice or not any method of family. Notes that there is a certain amount of resistance among the religious leaders against family planning for various political and social reasons.

For social scientists. Based on primary and secondary sources. Documented.

841:3 IBRAHIM, P., "Population Growth & Economic Development: An Islamic Perspective, Journal of Objective Studies, Aligarh, (6:2) July '94, Pp.69-88.

Argues that the economic development and population growth go hand in hand. The spectre of over-population is ill-founded as there is immense potential in the resources of the earth to feed ever-growing population. Islam does not support family planning. God plans the population according to a divine plan.

For general readers. Based on primary and contemporary sources. Documentented.

841:4 SAJJAD, MUSLIM, "Abadi - Bhuk aur Ghurbat ka Mas'ala ya Taraqqi ka Zeena"(U) (Population- a cause of poverty or a medium of progress), Tarjamanul Qur'an, Lahore, (120:11) Nov '94, Pp.57-63.

Argues that the threat of overpopulation is more an imagined problem than a real one. If properly utilised, the population can become a base for economic progress.

For generalreaders. Undocumented.

850-HUMAN CAPITAL 851-Training and Human Development for Islamic Banks 851:1 HAJJAR, BANDAR al-, J.R.PRESLEY, & J.W.WRIGHT, JR., "Structural and attitudinal Impediments to Effective Capital Distribution in Saudi Arabi'a Islamicizing Economy: Implications for Financial Sector Training" in Ehsan Ahmed, Economic Growth and Human Resource Development in an Islamic Perspective, Herndon,VA: International Institute of Islamic Thought, 1993, Pp.87-96.

Presented to the Fourth Seminar on Islamic Economics on 16-17 May 1992 in the World Bank.

The problem faced by Islamic banks in Saudi Arabia is the absence or lack of trained personnel. The kingdom's risk management curriculum should focus on the training of both the borrowers as well as lenders. It will mean better training programs in the banking system, the market-place and the halls of government.

For economists and bankers. Documented.

851:2 HAQ, AZIZUL, "Manpower Development for Islamic Banking and Establishment of a Regional Training and Research Institute in Dhaka," Journal of Islamic Banking and Finance, Karachi, (7:1) Jan.'90, Pp.10-25.

Introduces the banking Argues for the establishment of a be set up in Dhaka.

Beneficiaries could also

sector of Bangladesh and the place of Islamic banking in it. regional training and research institute of Islamic banking to Pakistan and malysia can become partners in setting up. be other countries of Southeast Asia.

For Muslim bankers. Undocumented.

851:3 HARRAN, SAAD al-, "New Strategic Alliances," New Oct.'96, Pp.7-12.

Horizon, London, (56)

Argues that the Islamic financial institutions have not been able to develop into enterpreneurial institutions. There is a great need for cooperation among the Islamic financial institutions and the universities to develop manpower necessary to run these institutions on professional lines. Also proposes a strategy for developing the training program and the curricula for the Islamic bankers.

For Islamic bankers. Undocumented.

851:4 MARASHEDEH, OMAR, "Human Resource Development and Islamic Financial Institutions," New Horiaon, London, (32) Oct.'94, 11Pp. The Islamic banks can compete are developed to face the new human resources. They should training and development of the

with traditional banks only if their human resources challenges. The Islamic banks should invest in their set up human resource divisions, responsible for personnel.

For Islamic bankers. Undocumented.

852-Human Resource Development in Islamic Perspective 852:1 BASHIR, ABDELHAMEED, ALI F. DARRAT, "Human Capital, Policies, and Economic Growth: Some Evidence for Muslim Countries Ahmed, Economic Growth and Human Resource Development in Perspective, Herndon,VA: International Institute of Islamic Thought, 1993,

Government ", in Ehsan an Islamic Pp.97-107.

Presented to the Fourth Seminar on islamic Economics on 16-17 May 1992 in the World Bank.

The diversities in the rates of growth between OIC countries seems to be explained primarily by two factors: the-start-of-period- level of per capital real GDP and the start-of-the-period stock of human capital. The data reveal a negative association between government policy and economic growth across the countries examined.

Mathematical. For economists. Documented.

852:2 PRAMANIK, ATAULHUQ, "Human Development in the Context of Some Resource Rich, Education-Poor and Resource-Poor, Education-Rich Countries", in Ehsan Ahmed, Economic Growth and Human Resource Development in an Islamic Perspective,Herndon,VA: International Institute of Islamic Thought, 1993, Pp.61-72.

Presented to the Fourth seminar on Islamic Economics on 16-17 May 1992, in the World Bank.

Suggests that no nation, regardless of the success it has achieved in terms of human development based on materialisitically determined positive value judgements, can afford to neglect ethical, spiritual, and moral considerations in uplifting human beings.

For economists. Documented.

852:3 SULIMAN, OSMAN, "Human Resource Development and Economic Growth in a Capital -Poor Islamic Economy: The Case of Sudan", in Ehsan Ahmed, Economic Growth and Human Resource Development in an Islamic Perspective, Herndon,VA: International Institute of Islamic Thought, 1993, Pp.73-86 Presented to the Fourth Seminar on Islamic Economics on 16-17 May 1992 in the World Bank.

Examines labor's weak disposibilityt and ability to be innovative in a labor-rich capital-poor economy. A producation function possessing the characteristics of a weakly disposable labor has been theoretically derived and estimated empirically by using data from Sudan over 1960-87. The results are supportive of the weak disposibility of labor.

Mathematical. For economists. Documented.

852:4 UPPAL, JAMSHED, "Investment in Human Capital Financed By Profit and Loss Sharing Contracts" in Ehsan Ahmed, Economic Growth and Human Resource Development in an Islamic Perspective Herndon,VA: International Institute of Islamic Thought, 1993, Pp.31-44 Presented to the Fourth Seminar on Islamic Economics on 16-17 May 1992 in the World Bank.

Examines the human capital investment decisions in an Islamic economy. Under perfect market assumptions the cost of capital with mudaraba financing will be at least equal to the cost of capital of an all-equity financed firm. When market imperfections are considered, the use of debt can reduce the cost of capital. Therefore, under PLS system the cost of capital to the firm will be higher. However, the behaviour of investment under the Islamic interest-free system may be influenced by changes in the investor's time and risk preferences, qualitative changes in contracting behaviour, a lowering of moral hazard, and an increase in expected returns. The totality of these issues precludes a definitive answer.

Mathematical. For economists. Documented.

853-Intellectual Capital 853:1 MARASHDEH, OMAR, "Intellectual Capital: The Way Ahead," New Horizon, London, (37) March '95, Pp.14.

This one-page article argues that the Islamic banks should accept the intellectual capital as a valid collateral. Once a project is identified, an Islamic bank could act as an underwriter or a venture capitalist. It could seek high net-worth investors to purchase stakes in such projects on a musharaka basis. In this arrangement, the entreprpeneur contributes his intellectual capital know-how, the bank contributes its managerial skill and the investors contribute their capital.

For economists and bankers. Undocumented.

CHAPTER NINE

900- WELFARE PROGRAMMES;CONSUMER ECONOMICS

920- CONSUMER ECONOMICS

921- Consumer Behaviour in the Islamic Framework 921:1 GARI, M.A. EL-, "Some Islamic Insights on the Theory of Consumer Behaviour"4, Journal of Objective Studies5, Aligarh, (2:1) January'90, Pp.1-9 The neoclassical theory of consumer behaviour is relevant to a person who is purely "homo economicus". But the real human beings are not "homo economicus". They are motivated by many other things. In an Islamic society, there will exist a higher self, an advanced human nature which has its its distinct system of motivations. Thus in the context of Islamic economy, the consumer theory will not be just a reinterpretation of the neoclassical consumer theory. It will be an independent theory with its specific variables.

Conceptual. For economists. Documented.

921:2 HASAN, ZUBAIR, "Zakah, Moderation and Aggregate Consumption in an Islamic Economy"4, Journal of KAU: Islamic Economics5, Jeddah, (2) 1990, Pp.91-100 Comments on Munawar Iqbal's paper of the same title (JRIE,Vol.3, No.1, Summer 1985). Argues that Munawar's effort is good in patches, suffers from some serious errors, and hardly makes any contribution to the available literature on the subject.

Uses diagrams and mathematics. For economists only.

Documented.

921:3 KHAN, M.FAHIM, "Zakah, Moderation and Aggregate Consumption in an Islamic Economy"4, Journal of KAU:Islamic Economics5, Jeddah, (2) 1990, Pp.101-105 Comments on Munawar Iqbal's paer of the same title (JRIE, Vol.3 No.1, summer 1985).

In Islamic economics, the concumption function is much more than mere consumption-income relationship. We must recognize the institutional framework within which an Islamic consumer is supposed to behave. This framework is more than mere market. Islamic economy has non-market institutions which influence the consumer behaviour. Thus Keynesian analysis will not help.

For economists. Documented.

921:4 ZAMAN, ASAD, "Towards Foundation for an Islamic Theory of Consumer Behav- iour" in Faridi,F.R., Essays in Islamic Economic Analysis, New Delhi: Genuine Publications, 1991, Pp.37-51 Argues that the positive economics is loaded with value judgements which are antithetical to Islam. The Muslims can construct similar theories without incorporating value judgements of the positive economics. Constructs one such theory on consumer behaviour.

Mathematical. For economists only. Documented.

A U T H O R I N D E X Abbadi, A. Salam Al-, 322:1 Abdallah, Ahmed Ali, 541:5 Abdalla, M.G. El-Din, 316:1 Abdeen, Adnan, M., 312:12 Abdelhafid, Belarbi, 054:1 Abdouli, Abdelhamid, 312:13 Abdullah, Ahmed Ali, 321:1 Abedin, Saleha M., 222:1 Abe, Takuma, 056:1 Abo Hebeish, A.m., 541:6 Abu-Rashed, Jamal, 021:1 Abu-Saud, Mahmoud, 032:1 Abumouamer, F.Mahmoud, 312:14 Adam, M.ibrahim, M., 512:3 Adam, Safaa El-Agib, 316:2 Adi, M.Y.H.al-, 326:3 Afzal, Tayyeb, 512:4 Agil, S.Omar B. S., 021:1, 017:1 Ahgari, Zoreh, 031:1 Ahmad, Ausaf, 312:15 Ahmad, Khurshid, 311:2, 318:3, 110:1 Ahmad, Mushtaq, 531:1 Ahmad, Sheikh Azmi, 314:1 Ahmad, Syed Fayyaz, 531:2 Ahmad, Thanvir, 110:2 Ahmad, Ziauddin, 116:1, 312:16, 312:17, 312:18, 318:2 Ahmed, A.R.Yousri, 112:1, 314:2 Ahmed, Ausaf, 312:19, 312:20, 312:21, 312:22 Ahmed, Eltegani A., 312:23, 541:7 Ahmed, Mahmood, 523:1 Ahmed, Nasiruddin, 315:2 Ahmed, Osman Babikir, 122:1 Ahmed, Prof. Ziauddin, 143:1 Ahmed, Qadeeruddin, 311:3 Ahsan, A.S.M.fakhrul, 023:1 Ahsan, Fakhrul, 312:24, 312:25 Ainley, Michael, 312:26 Ajeel, A.Q.Dhahi Al-, 326:4 Akacem, Mohammed, 312:27 Akbar, Khalid Farooq, 841:1

Akhtar, M.ramzan, 822:1, 111:1, 316:3 Akkas, Ali, 424:1 Akram, M., 044:1 Ali, Ameer, 130:1 Ali, Ausaf, 011:1, 012:2, 059:2, 032:2, 032:3, 011:2 Ali, Mahfooz, 311:4 Ali, Malik Ghulam, 321:2, 311:5 Ali, Muazzam, 312:28 Ali, Osama M., 312:29 Ali, Salman Syed, 314:3 Ali, Sardar, 312:30 Aliyu, Chikar Umar, 011:3 Alkaff, S.H.A.R., 313:2 Allali, Badre-Eddine, 424:2 Amin, S.H., 531:3, 312:31 Anjum, M.Iqbal, 054:2 Ansari, Javed Akbar, 312:32, 059:3 Ansari, M.I., 023:2 Ansari, Mohammed I., 111:2 Anwar, M., 312:33, 312:34, 316:4, 032:4 Anwar, Muhammad, 322:2, 312:35, 012:3, 032:5 Archer, Simon, 541:8 Ariff, Mohamed, 312:36 Arif, Muhammad, 328:1, 314:4 Ashraf, S.M.A., 131:1 Attwergy, Bashir A., 312:37 Ayub, Muhammad, 311:6, 311:7 Azam, K.M., 054:3 Aziz, Abdul, 812:1 Badawi, Mohamed H.el-, 541:9 Badawi, Samir T., 542:1 Bahar, Adnan Al-, 313:3 Bakhash, Shaul, 049:1 Banaga, A.Qadir, 541:10 Bannerman, Patrick, 059:4 Banvi, A.Rahman, 311:8,512:5 Basar, Hasmet, 017:2 Bashir, A.H.M., 312:38 Bashir, Abdel-Hameed, 023:3, 521:1, 852:1 Basri, M.E.T. El-, 316:5 Battah, Abdalla M., 031:2

Behdad, S., 059:5 Bendjilali, Boualem, 022:1 Bin Fazil, M.Sharif, 316:6 Biraima, M.E., 054:4 Birvndhavaradarajan, Dhulsi 118:1 Bishnoi, T.R., 312:39 Bowen, Donna Lee, 841:2 Buckmaster, Daphne, 312:40, 312:41 Butt, Parvez Ahmad, 326:5 Cakmak, Melek, 123:1 Chachi, Abdelkader, 312:42 Chapra, M.Umer, 011:4, 130:2, 317:1, 441:1 Chatgami, Abdus Salam, 531:4 Chaudhry, M.S., 328:2 Chishti, Salim, 143:2 Chisti, M.A., 332:1 Choudhury, M. A., 012:4, 024:1, 117:2, 032:6, 032:7, 111:3, 024:2, 013:1, 012:5, 012:6, 021:2 Chowdary, Hussain Z., 541:11 Cindoruk, Sadi, 424:3 Cizakca, Murat, 047:1, 327:2, 312:43, 531:5, 043:1, 524:1 Clode, Michael, 531:6, 312:44 Cobham, D., 312:45 Constable, Olivia R., 044:2, 044:3 Cowan, David, 312:46 Cox, Stella, 313:4, 313:5, 133:1 Cunningham, Andrew, 312:47 Daghestani, Fakhruddin A., 621:2 Daphne, Buckmaster, 122:2 Darrat, A.F., 023:4, 312:48, 312:49 Derakhshan, Masoud, 017:3 Diabi, Ali, 322:3 Din, S.I.Tag El-, 521:2, 521:3 Duncan, Richard, 313:6 Ebrahim, M.S., 316:7 Edwards, Warren, 313:7 Egami, Tomoyuki, 821:1 Eid, Florence, 018:1 Essid, Yassine, 031:3 Fadil, Farah, 317:2 Fadl, Khaled A. El-, 325:2

, 054:5,

Fardmanesh, Mohsen, 051:1 Faridi, FRr., 032:8, 032:9, 328:3, 326:6, Faruqui, Mahmood, 058:1 Fili, N.A.W. Al-, 031:4 Gafoor, A.l.M.Abdul, 312:50 Gambling, T., 541:12, 541:14 Gari, M.A El-, 921:1 Gari, Mohamad El-, 314:5 George, Eddie, 312:51 Ghamidi, J.A, 057:1, 057:2 Ghannadian, Farhad, 023:5 Ghazali, Aidit, 326:7, 610:2 Ghazi, Mahmood Ahmad, 143:3, 311:9 Gilani, Syed As'aad, 321:3 Gulaid, M.A, 328:4 Gusau, Sule Ahmed, 116:2, 032:10, 031:5, 312:52 Habashi, S.Othman Al-, 134:1, 017:4, 610:3, Habibi, Nadir, 023:6 Haidari, Karam, 321:4 Hajjar, Bandar Al-, 851:1 Hallaq, Said Sami, 024:3 Hamat, Mustapha, 541:15, 541:16 Hamid, Shaari, 541:17 Hamouri, Qassem, 543:1 Hanafi, Abdulaziz, 421:2 Hannan, M.A., 117:3 Hannan, Shah Abdul, 151:1 Haq, Azizul, 851:2 Haq, Irfan Ul-, 116:3 Haq, Rizwanul A.n., 123:2 Haque, Ziaul, 311:10 Hardie, Alexandra R., 312:53 Haron, Sudin, 312:54, 312:58, 521:4, 312:55, 312:56 Harran, Al-Harran, 312:57, 313:8, 316:8, 851:3 Harrington, Jr, John, 312:59 Hasam, S.U., 525:1 Hasan, A.A.bin Haji, 512:6 Hasan, M. Aynul, 325:3 Hasan, Manzoor Al-, 054:6 Hasan, Masood, 512:7

Hasanuzzaman, S.M., 512:8, 512:9, 031:6, 531:7, 822:2, 317:3, 311:11, 041:1, 041:2, 512:10, 312:60 Hasan, Zubair, 921:2, 317:4 Haseeb, A., 317:5 Hashimi, Fuad Azim, 541:18 Hashmi, S.Mohyuddin, 143:4, 142:1, 143:5 Hassan, A.A. Haji, 531:8 Hassan, Hussein Hamed, 315:3 Hassan, Kabir, 031:7 Hassan, Tariq, 312:61, 512:11, 312:62 Hayashi, Toshikazu, 541:19 Hebert, Raymond J., 044:4 Helw, Mohamoud El-, 315:4 Hennawi, Mohamed El-, 315:5, 317:6 Hirsch, Eric, 312:63 Homoud, Sami Hasan, 312:64 Hoover, Ralph, 312:65 Hosny, Moustafa M., 312:66 Hosseini, Hamid, 012:7 Huq, M.Azizul, 312:67 Husaini, S.W.Ahmed, 118:2 Husain, Sh.Aftab, 327:3 Husain, Syed Mohamad, 541:20 Hussain, Moshtaque, 515:1 Hussain, Muhammad, 328:5 Hussain, Tajammal, 312:68, 512:12 Hussein, Jaffar, 313:9 Ibrahim, Abdul Khalid Bin, 610:2 Ibrahim, Badr El-Din, 316:9 Ibrahim, Khedher M.al-, 520:1 Ibrahim, M.S., 312:69 Ibrahim, Mahmood, 041:3 Ibrahim, P., 054:7, 841:3 Idris, Rustam, 312:70 Ilkin, Selim, 017:5 Illiyas, Mohamad, 312:71 Iqbal, Munawar, 032:11, 320:1 Iqbal, Zubair, 325:4 Irfani, A.M., 512:13 Islahi, Abdul Azim, 031:8, 054:8

Islahi, Amin A., 321:5, 531:9 Islam, Qazi Saidul, 541:21 Islam, Zafarul, 031:9 Islam, Zohurul, 023:7, 322:4, 321:6 Ismail, Syed Muhammad, 058:2 Iwai, Satoshi, 057:3 Jafarey, Nasim A., 311:12 Jaghundi, A.s.a. Al-, 111:4 Jalaluddin, Abu Khair M., 023:8, 151:2 Janahi, Abdulatif, 332:2 Janahi, Khalid A., 542:2 Jassar, Al-Jassar, 313:10 Jastineiah, Darwish, 017:6 Junid, S.A.H. Al-, 121:1 Kabbara, A.H., 312:72 Kahf, Monzer, 032:12, 325:5, 321:7, 513:1, 133:2, 326:8 Kakkhel, Siyahuddin, 311:13 Kamali, M. Hashim, 531:10 Kamel, Sheikh Saleh, 313:11 Karak, M.A. El-, 316:10 Karim, Qazi A., 311:14 Karim, R.A.A., 541:22, 312:73 Karim, Rifaat A.A., 541:23 Kasim, Abdul Jabbar, 315:6 Kazarian, Elias, 312:74 Kazmi, Aqdas Ali, 311:15 Khaldi, Kholoud, 316:11 Khaleefa, M.Uthman, 312:75 Khalid, Fazlun, 711:1 Khan, A.Jabbar, 312:76, 312:77, 312:78 Khan, M.Fahim, 017:7, 022:2, 023:9, 133:3, 312:79, 312:80, 318:4, 318:5, 921:3, 522:1 Khan, Gul Muhammad, 143:6, 143:7, 311:16, Khan, Iqbal Ahmed, 315:7 Khan, Javed Ahmad, 0151 Khan, M. Akram, 015:2, 123:3, 031:10, 016:1, 311:17, 312:81, 311:18, 610:4, 312:82, 032:13, 117:4, 031:11, 326:9, 326:10, 012:8, 311:19 Khan, M. Amanullah, 541:24 Khan, Mohsin S., 312:83, 317:7, 317:8, 317:9, 054:9, 521:5 Khannak, Ala, 313:12

Khan, Shujaat Ali, 111:5 Khan, Waqar Masood, 521:6 Khan, Z.A., 312:84 Korouma, M., 312:85 Korshid, Aly, 331:2 Kotby, Hussein E., 312:86 Kozlowski, Gregory C., 327:4 Kuran, Timur, 059:6, 059:7, 059:8 Kusha, Hamid R., 054:10 Latif, Khalid, 312:87 Lawai, Husain, 312:88 Loqman, Muhammad, 057:4 Louay, Safi, 032:14 Maamiry, Ahmed H.,Al-, 057:5 Mahdavi, Hossein, 312:89, 317:10, 312:90 Mahdi, S.Iqbal, 023:10, 032:15 Mahmoud, M. Kamel, 621:3 Majeed, M.A., 312:91 Malaikah, Saleh, 313:13 Malami, Hussaini U., 031:12 Mallat (ed.), Chibli, 313:14 Mandaville, Jon E., 327:5 Maneef, M.A. Bin M., 012:9 Mangla, Inayat U., 312:92 Mannan, M.A., 111:6, 051:2, 057:6, 110:3 Mansoori, M. Tahir, 143:8 Manzoor, Nayyer, 054:11 Marashdeh, Omar, 853:1 Marashedeh, Omar, 851:4 Martin, Jeremy, 312:93, 535:1 Mayer, Elizabeth Ann, 312:94 Maysam, Al-Faruqi, 051:3 McChesney, R.D., 327:6 Meade, J.E., 521:7, 521:8 Meenai, Anwar, 312:95 Meenai, S.A., 315:8 Meera, A.kameel M., 541:25 Mehmet, Ozay, 121:2 Memon, Noor Ahmed, 315:9 Metwally, M.M., 316:12, 021:3, 326:11, 311:20 Metwally, S.Mostafa, 544:1

Mia, M.A.Hannan, 531:11 Mika'lu, A.S., 133:4 Mikailu, A.S., 460:1 Mirakhor, Abbas, 021:4, 521:9 Moghadam, Fatemeh E., 056:2 Mohamed, Ismail Hassan, 313:15 Mohammad, Faiz, 116:4, 326:12, 312:99, 318:6, 326:15 Mohammad, M.Ibrahim, 326:13 Moore, Clement H., 312:96 Mortel, Richard T., 043:2 Moten, A.Rashid, 052:1 Mudawi, Bagkir Al-, 312:97, 312:98 Muhammad, Abdulaziz Bin, 326:14 Muhiuddin, Golam K.M., 312:100 Mukherji, Badal, 328:6 Murshed, A.J.M.Humayun, 313:16 Mutairi, Hezam M. Al-, 111:7 Muzaffar, Mohammad, 523:2 Muzammil, Mohammad, 054:12 Nasr, S.V.R, 054:13, 059:9 Nassief, Nabil, 312:101, 622:1 Natapermadi, Maman, 312:102 Naughton, Sheraz, 312:103 Nienhaus, Volker, 131:2, 312:104, 312:105, 312:105, 111:8 Nik Hassan, Nik Mustapha, 054:14 Nomani, Farhad, 054:15 Noorzoy, M.Siddiq, 311:21 Nourain, Asim, 316:13 Obiyathulla, Ismath Bacha, 521:10 Oguz, Orhan, 047:2 Omar, Affifuddin, 312:107, 313:17 Orman, Sabri, 031:13 Osimi, M.S.M. Al-, 312:108 Othman, Roslina, 015:3 Pameranz, Felix, 531:12 Parvez, Imtiaz A., 312:109, 312:110, 312:111, 313:18, 541:26 Parvin, Manoucher, 059:10 Peerzada, Syed Afzal, 322:5, 328:7 Pramanik, Ataul Huq, 115:1, 541:26 Presley, John R., 521:11 Qadir, G., 312:112

Qari, M.Ali Al-, 311:22 Qarni, I.H., 317:11 Qureshi, D.M., 315:10, 315:11 Rabooy, M.E.M.S., 312:113 Radwan, Ahmad H, 317:12 Ragab, Ibrahim, 032:16 Rahman, A.R.Abdel, 823:1 Rahman, Gauhar Ar-, 531:13 Rahman, Khalilur, 512:14 Rahman, Mawdudur, 514:1 Rahman, Tanzilur, 311:23 Rashid, Salim, 012:10, 012:11 Rasul, Ghulam, 512:15, 512:16, 512:17 Ray, Nicholas D., 312:114 Rizvi, Z.M., 312:115 Rosly, Saiful Azhar, 521:12 Rushdi, Ali Ahmed, 023:11, 022:3, 317:13 Saadallah, Ridha, 316:14 Sadeh, Anwar K. Al-, 317:14 Sadeq, A.H.M., 111:9, 114:1, 124:1, 317:15, 111:10, 111:11, 822:3, 121:3, 312:116, 312:117, 115:2, 054:16, 022:4 Sadiq, Ch. Mohamad, 332:3 Saeed, Abdullah, 311:24, 311:25 Sajjad, Muslim, 841:4 Sakar, M.Ahmad Al-, 111:12 Salama, Abdin Ahmed, 322:6 Salleh, M.Syukri, 117:5, 117:6 Samuels, Warren J., 311:26, 311:27, , Sarker, Abdul Awwal, 313:19 Sato, Hidekei, 321:8 Sattar, Zaidi, 023:12, 023:13, 022:5 Sayed, A.Malik, Al-, 042:1 Scott, James C., 326:17 Shagil, M., 054:17 Shah, Asif Jamshed, 312:118 Shallah, Ramadan A., 312:119 Sharif, B.B.Khalil, el- 521:13 Sharif, M. Raihan, 032:17,054:18 Shehata, Ismail Shawki, 322:7, 541:27 Sheikh, Shahzad (ed.), 312:118(a) Shihadeh, Musa A., 541:28

Shirazi, Habib (ed.), 312:120 Shirazi, Nasim Shah, 116:5,123:4, 322:8 Shook, Dale N., 312:121 Sidat, Ebrahim, 313:20, 541:29 Siddiqi, M. Saad, 311:28 Siddiqi, M.N., 054:19, 324:1, 521:14, 142:2, 017:8, 057:7 Siddiqi, M.Y.M., 041:4 Siddiqui, Shahid Hasan, 312:122, 313:21, 311:30, 014:5, 312:123 Siddiqui, Shamim A., 023:14, 023:15, 311:31 Sidek, M.S. Bin, 121:4 Simpson, Anne, 540:1 Solaiman, M., 331:3 Suliman, Osman, 852:3 Sultan, Abdullatif A., 421:3 Suwaidi, Ahmed A.M. Al-, 312:124 Tahir, Hailani Muji, 320:2 Tahir, Sayyid, 319:1, 311:32, 312:125, 021:5, 318:7, 311:33, 311:34, 311:35 Taib, Nasseri Bin, 116:6 Tamemi, Arafat R. Al-, 123:5 Tasin, M., 311:36, 311:37, 311:38, 512:18, 054:20 Tohamy, Mohamed El-, 316:15 Toutounchian, Iraj, 329:1 Turner, Bryan S., 058:3 Ucar, Mustafa, 312:126 Udovitch, A.l., 043:3 Umar, M.A.Haliem, 512:19 Uppal, Jamshed, 852:4 Uthmani, M.T., 057:8, 130:3, 143:9, 512:20, 512:21, 512:22, 531:14, 531:15 Uthman, Usamah A., 311:39 Uzair, Mohammad, 311:40, 312:127 Valibeigi, Mehrdad, 122:3 Wahid, H.Atif, 143:10 Wakeman, Wendy E., 121:5 Weiss, D., 130:4, Weist, Derek, 523:3 Wilson, Peter W., 312:128 Wilson, Rodney, 313:22, 312:129, 313:23, 313:24, 125:1, 535:2 Yan, Lin See, 610:5 Yunus, Muhammad, 057:9 Yusof, M. Fadzli, 332:4, 333:2 Yusuf, M., 312:130

Zaheer, Khalid, 312:131 Zaidi, Iqbal, 317:16 Zaidi, N. A., 312:132, 312:133, 312:134, 312:135, 312:136, Zaim, Sabahuddin, 312:137 Zaman, Asad, 921:4 Zaman, M.Raquibuz, 332:5, 326:16 Zangeneh, Hamid, 312: 138, 317:17, Zarif, El-Maaitah, 042:2 Zarqa, Anas, 032:18, 032:19, 116:7, 327:7, 318:8 Zeinelabdin, A.R., 123:6, 441:2 Zineldin, Mosad, 312:139 Zubaida, Sami, 315:12 Zuberi, Habib A., 312:140

544:2

S U B J E C T

I N D E X

Audit and Accounts - Financial Analysis 544:1 - In Islamic banks 312:23, 312:79, 540:1, 541:3, 541:11, 541:15, 541:15, 541:20, 541:21, 541:22, 541:23, 541:24, 541:26, 541:27, 541:28 - In Islamic framework 541:1, 541:2, 541:6, 541:7, 541:12, 541:13, 541:14, 541:19 - In Muslim history 541:17 - Issues in 541:10, 541:13, 542:2 - Role of accountants 541:29 - Standards for Islamic banks 541:3, 541:4, 541:5, 541:8, 541:16, 541:18, 541:24, 542:1 Bai' Salam - As a financing technique 523:1 - Law of 512:19, 531:7 Baraka al- Group - A general intoduction to 312:10 Baitul Mal - Role of 041:1, 325:1 Bello, Muhammado - Economic ideas of 031:12 Banking - Criticism of interest-based 054:6, 057:2 Bibliography - Of Islamic economics 015:1, 015:2, 015:3 Business - Ethics 531:1, 531:11, 531:12 - Law 512:2, 531:1, 531:4, 531:13 - Law of arbitration in Islam 531:2 - Types of contracts 512:1, 512:10, 531:6, 531:8, 531:9, 531:14, 531:15 Capitalism - Criticism of 051:1 Comparative Economic Systems - Capitalisam, Socialism and Islam 058:2 - Capitalism and Islam 051:2, 054:12, 058:1, 058:3 - Socialism and Islam 052:1 Dar al- Mal Islami - Its approach to development 117:2, 117:5 - Introduction to 312:9 - Role in Africa 312:85 Dawudi, Abu Jafar - Economic ideas of 031:4 - Islamic economic institutions 121:1 - Role of Islamic banks in economic development 122:1 Debt - Settlement of exisiting 316:4

Development - Alleviation of poverty in Islamic framework 116:1, 116:2, 116:3, 116:4, 116:6, 123:1, 123:2, 123:3, 123:4, 123:6 - And women, 121:5 - Causes of muslim under-development 111:7, 111:12, 115:2, 116:6, 121:3, 122:2, 123:5, 130:1, 130:4 - Conceptual framework for 057:5, 110:1, 110:2, 110:3, 111:1, 111:2, 111:3, 111:4, 111:5, 111:6, 111:7, 111:7, 111:8, 111:9, 112:1, 121:4, 131:2 - Criticism of western theory 112:1, 117:5, 130:2 - Finance for, in Islam 023:8, 115:1 - Institutional factors for 115:2 - Islam not an obstacle to 111:7, 111:11 - Islam's approach toward 111:9, 115:1 - Islamic perspective on sustainable development 111:2, 117:2, 118:1, 118:2, 123:2 - Rural development in Islamic framework 117:1, 117:3, 117:5, 117:6 - Strategy of, in Islam 111:9, 111:10, 111:12, 112:1, 115:1, 118:2, 130:2, 130:3, 131:1 Economic Cooperation - Among muslim states 115:1, 124:1 - Through stock markets 314:4 Economic History of The Muslim People - Capitalism during medieval era 031:1 - During Abbasid period 042:1 - During Ayyubides period 043:2 - During early Islam 041:2, 041:4, 041:4 - During Fatimides period 043:2 - During the period of pious caliphs 041:1 - During the period of the Prophet 041:3 - During Umayyad period 042:2 - History of coinage 041:1, 041:1, 041:1, 044:4 - In Egypt 043:1, 043:1, 043:3 - In India 043:1 - In Iran 049:1, 056:2 - In Spain 044:1, 044:2, 044:3, 044:4 - In Turkey 043:1, 047:1, 047:2 - Pre-Islam Arabs 041:3 - Tax farming during Medieval era 043:1 Economic Justice - Elements of 054:10, 054:14 Economic System - Basic principles 054:3, 054:9, 054:11, 054:15, 057:4, 057:6, 057:7, 057:8, 057:9 Economic Teachings

- Of Prophet Muhammad 031:10 - Of the Qur'an 031:11 Economic Thought - Contribution of Muslims 031:1, 031:2, 031:3, 031:7 - Islamization of 032:8, 032:16, 032:18, 059:9 - Of muslims during medieval era 031:9 Employment - Theory of, in Islam 116:3 Environment - Islamic concept of, 711:1 Ethics - Business 531:2, 531:11, 531:12 Factors of production - Concept, in Islam 022:2, 022:4 Falah - Theory of 024:10 Family Planning - Arguments against 841:3, 841:4 - Arguments for 841:1, 841:2 Fiscal Policy - Public borrowing 324:1, 325:5 - Public expenditure 329:1 - Role of baitul mal 325:1 - Sources of revenue 324:1, 328:4 - Tax farming 325:2, 325:2 Ghazzali - Economic ideas of 031:13, 032:19 Glossary - Of Islamic economics 016:1 Hisba - And Islamic economy 057:3 Ibn Abi'l Rabi - Ideas of 031:6 Ibn Khaldun - Economic ideas of 031:2, 031:5 Ijara - As a financing technique 512:20, 523:2, 523:3 Income Distributuion - Theory of, in Islam 023:9, 023:10, 054:2, 054:7, 054:8, 054:16, 054:18, 110:2 Indexation - And Islam 142:1, 143:1, 143:2, 143:3, 143:4, 143:6, 143:8, 143:9, 143:10, 311:17, 311:21, 311:23, 311:28, 311:31, 312:80, 312:138, 316:4, 318:5 Industrialization - Concept of 610:1, 610:4 - In Muslim history 610:1, 610:4 - Strategy for 610:2, 610:3, 610:5 Infaq

- Economic implication of 123:4 Insurance - Arguments for 331:1, 332:5 - In practice 332:4, 333:1, 333:2 - Law of, in Islam 332:1, 332:2, 332:3 - Mutual 331:2, 332:1 - Transforming the exisiting 331:3, 332:5 Interest - And economic instability 051:2 - And inflation 311:30 - And unemployment 311:30 - Capital flows and muslim countries 441:2 - Efforts to eliminate it 311:16 - Its elimination from government transactions 311:17, 318:2, 318:6 - Its elimination from international transactions 311:17, 311:23, 319:1 - Its elimination from provident funds 311:1, 311:23, 318:1 - Negative role of 122:2, 311:19, 311:39, 311:40 - On utility charges 311:26, 311:27 - Positive role of 023:5 - Prohibition in Islam 312:113, 312:118, 313:18 - Strategy to eliminate it 312:2, 312:3, 312:7 - Time preference, theory of 316:14 - Zero rate of 023:4, 311:21 International Monetary Arrangements - International crisis 441:1 International Trade - Exploitation in 460:1 - For integration of muslim economies 424:2 - Islamic common market 424:1, 424:3 - Protection in 421:1, 421:2 Investment - Consumption-investment mix 023:3 - Inter-temporal decisions 023:11 - Saving-investment mix 023:3, 023:14 Iran - Islamization of economy 122:3 Islamic Banks - And capital market 312:63, 312:70, 313:10, 313:12, 314:1, 314:2, 315:2, 521:5 - And economic stability 312:39, 312:104, 312:108, 317:8, 317:16 - And economic stability 312:27, 312:48, 312:49, 317:8, 521:12 - And income distribution 312:13 - And income tax 311:16, 312:30, 312:95, 313:20, 328:1, 541:15 - And inter-bank clearance 312:70 - And money supply 142:2 - Central banking 312:26, 312:72, 312:112, 317:1, 317:2, 317:3, 317:4, 317:5, 317:6, 317:8, 317:9, 317:10, 317:12, 317:14, 317:15, 317:17, 317:30 - Concept of 312:23, 312:24, 312:25, 312:30, 312:37, 312:42, 312:45,

-

-

-

312:47, 312:49, 312:50, 312:51, 312:54, 312:56, 312:62, 312:67, 312:73, 312:74, 312:84, 312:100, 312:105, 312:109, 312:110, 312:123, 312:125, 312:127, 312:131, 312:139, 313:9, 313:14, 313:16, 313:19, 521:5, 521:9, 521:13 Consumer finance by 316:12 Converting interest-based banks into 312:17, 312:18, 312:72, 312:77, 312:79 Cooperation among 312:116, 312:135 Criticism of 059:1, 059:4, 311:25, 312:33, 312:53, 312:68, 312:81, 312:82 Discounting of bills 317:10, 543:1 Economics of PLS 312:38, 312:104, 312:108, 317:8, 521:2, 521:4, 521:5, 521:6, 522:1, 852:4 Equity finance by 315:11 Evolution of 312:12, 312:19, 312:22, 312:86, 312:118 Financial instruments for 312:81, 312:86, 312:104, 313:6, 313:13, 313:15, 313:18, 313:19, 313:22, 313:24, 314:2, 315:2, 315:3, 315:3, 315:4, 315:5, 316:6, 317:6 Financial intermediaries in 315:3 Financing trade and industry by 311:18 History of 312:43 Housing finance by 316:7, 316:12 In Bangladesh 312:117, 851:2 In Egypt 312:74, 312:114, 312:139, 315:12 In Germany 312:106 In India 312:91 In Indonesia 312:32, 312:34, 312:102 In Iran 312:31, 312:33, 312:83, 312:89, 312:90, 312:120, 312:138, 317:10 In Jordan 312:119, 316:10 In Kuwait 312:72, 312:73, 312:92 In Malaysia 312:35, 312:36, 312:70, 312:71, 312:103, 312:107, 313:9, 313:37, 316:8, 521:4, 541:15 In Middle East 312:96, 312:124, 313:19 In Pakistan 312:1, 312:3, 312:33, 312:59, 312:60, 312:76, 312:77, 312:78, 312:79, 312:81, 312:83, 312:88, 312:92, 312:99, 312:115, 312:133, 312:134, 312:135, 312:136, 312:140, 313:20, 315:6, 316:3, 316:6, 512:21 In Practice 312:15, 312:21, 312:28, 312:64, 312:65, 312:105, 312:131 In Saudi Arabia 312:12, 312:128, 851:1 In the Sudan 312:73, 312:75, 312:97, 312:97, 312:98, 313:8, 316:1, 316:2, 316:5, 316:9, 316:13, 541:5 In Turkey 312:126, 312:137 In USA 312:37 International 312:34, 312:113, 315:7 Issue in 312:52, 312:92 Leasing finance by 315:1, 315:6, 315:9, 315:10 Legal documents for 312:29 Mark-up financing by 312:2, 312:3, 312:68, 312:78, 312:79, 312:108, 312:130, 312:134, 312:139

- Market management in 312:121, 313:5, 313:7, 313:23, 535:1, 535:2 - Modes of finance in 312:87, 312:89, 312:110, 312:111, 312:114, 312:118, 312:124, 312:136, 313:8, 316:15, 512:7, 520:1 - Mortagage in 312:94, 853:1 - Mudraba finance by 312:43 - Musharka financing by 312:3, 313:8, 313:20, 316:1, 316:3, 316:11 - Problem of 312:6, 312:57, 312:88, 521:13 - Profitability of 023:7, 544:2 - Project financing by 133:1, 133:3 - Regulation of 312:51, 312:61, 312:92, 312:112, 317:11, 317:12, 317:14, 521:1 - Relationship with conventional banks 312:63, 312:96, 313:7, 313:21 - Research and development in 312:44, 312:139, 313:4, 313:13 - Role of , in rural development 117:3, 117:4, 312:58, 316:10 - Role of Shari'ah Supervisory Boards 312:14, 312:66, 541:5 - Role of, in economic development 312:42 - Role of, in enterpreneurship 312:56 - Role of, in fighting poverty 117:1, 312:54, 312:138, 521:12 - Role of, in resource mobilization 312:55, 312:95 - Shari'ah control of 312:14 - Strategy for 312:46, 312:130, 312:132, 313:3, 313:6 - Survey of 312:11, 312:16, 312:20, 312:52, 312:57, 312:73, 312:73, 312:82, 312:92, 312:101, 312:113, 312:129, 312:137, 312:139 - Working capital finance by 312:3 Islamic Development Bank - Performance of 315:8, 315:11 - Role of, in economic development 111:6, 125:1, 312:8, 312:40, 312:41 Islamic Economics - Courses for 017:3 - Criticism of 059:1, 059:2, 059:3, 059:4, 059:5, 059:6, 059:7, 059:8, 059:9, 059:10, 122:3, 312:74 - Definition of 012:8, 032:10 - Future of 012:8 - Methodology of 012:3, 012:8, 012:11, 017:3, 031:1, 031:13, 032:1, 032:2, 032:3, 032:4, 032:5, 032:6, 032:7, 032:8, 032:9, 032:10, 032:11, 032:12, 032:13, 032:14, 032:14, 032:15, 032:16, 032:17, 032:18, 032:19, 051:2, 051:3, 111:2, 111:10, 116:3 - Nature of 012:1, 012:2, 012:4, 012:5, 012:6, 012:7, 012:9 - Need for 011:1, 011:2, 011:3, 011:4, 012:8 - Philosophy 012:7, 012:9 - Plan for research 017:3, 057:6 - State of research in 014:1, 014:2, 014:3, 014:4 - Surveys in 018:1 - Teaching 017:1, 017:2, 017:3, 017:4, 017:6, 017:7, 017:8 Islamic Economic System - Definition of 031:1 - Towards an 054:1, 054:20, 057:6 Islamic Economic Institutions - In Malaysia 134:1

Islamic Economy - Basic principles of 032:11, 057:1, 057:3, 531:1 - In practice 054:15 Islamic Economic Institutions - Centre for Research 014:3, 017:6, 017:20 - Islamic research and Training Institute 014:2, 017:2 - SESRTCIC 017:5 Islamic State - In early Islam 041:1 Labour - Human resource development 812:1, 851:1 - Industrial relations 821:1, 822:2, 823:1 - Islamic work ethics 851:2, 851:4, 852:1, 852:3 Land - Land reforms 049:1 Leasing - A financing technique 315:1, 315:6, 315:9, 512:4 Liability - Concept of limited, and Islam 312:53, 512:9, 512:22, 541:13 Macro-economic - Theory, in Islam 021:1, 021:2, 021:3, 021:4, 021:5, 023:10, 023:12, 023:13, 023:14 Micro-economic - Demand curve 022:3 - Theory, in Islam 022:1, 022:2, 022:3, 022:4, 022:5, 024:3 Mudaraba - Basis of banking 057:3 - Criticism of 512:14, 512:15, 512:17 - Economics of 521:10, 521:11, 521:14 - Law of 512:6, 512:8, 512:12, 512:13 - Saving and investment under 023:15 Muhammad, Imam - Economic ideas of 512:3 - Law of 512:11, 512:21

Musharaka - In history 531:5 - Law of 512:18 Ownership - By individual 122:3 - By state 056:2, 122:3 - Concept of 056:1, 056:2, 057:5 - Limits of 056:3 Planning - In Islam 057:5 Price - In Islamic economy 513:1, 531:10 Privatisation - Role of Islamic banks 622:1

Profit - Concept of, in Islam 022:5 Profit-sharing - Economics of 021:1, 021:2, 021:3, 023:3, 023:13, 312:38, 521:1, 521:2, 521:3, 521:6, 521:7, 521:8, 522:1 Project Financing - By Islamic banks 133:1 - Discounting in Islamic framework 133:4 Production - Factors of 022:2, 022:4 Public Finance - In Islam 325:4 - Public expenditure in Islam 329:1 Qur'an, -al - Model of economic theory 054:4, 054:5 Riba - And other religions 311:1, 311:21 - Definition of 311:2, 311:4, 311:6, 311:6, 311:7 - Difference of cash and credit prices :311, 311:5, 311:8, 311:14, 311:17, 311:32, 311:36, 311:37, 311:38, 313:1, 316:14, 512:5 - Does not include bank interest 311:2, 311:4, 311:12, 311:15, 311:24, 311:25, 312:50, 312:74 - Includes bank interest 054:17, 057:5, 311:9, 311:10, 311:11, 311:13, 311:18, 311:19, 311:20, 311:21, 311:22, 311:23, 311:28, 311:29, 311:31, 311:34, 312:12, 312:23, 312:53, 312:122, 313:8 - Rationale for the prohibtion of 058:1, 311:16, 312:105, 313:18, 317:9, 317:16 - Riba al- fadl 311:21, 311:24, 311:33 Riba-free Banking - Causes of economic backwardness 121:2 Riba-free Credit - Riba-free finance 057:7 Riba-free Economy - Saving and investment in 023:15 Saving - Supply of, in Islamic economy 023:1, 023:8, 023:14, 023:15 Securities Market - Preference shares 313:1 - Underwriting of 313:1, 313:17 Shah Waliullah - Ideas of 031:8 Shatibi, Imam - Ideas of 032:19 Socialism - Criticism of 052:1 State - Economic role of 151:1, 151:2 - Fiscal policy of 317:15, 318:5, 318:7, 320:1, 325:3 - Islamic budgetary policy 320:2

- Mobilizing resources 318:5, 318:8, 328:4 - Raising financefor welfare 313:2 - Role of, in Islam 057:5 - Servicing public debt 318:3 Statistics - Of Muslim countries 222:1, 222:2, 222:3 Stock Exchange - Concept of, in Islam 314:3, 314:4, 314:5 - Derivatives 313:11 - Futures contracts 313:1 - Options trading 312:86, 312:114, 313:17, 531:15 - Speculation 314:3 Tawhid - Economic implications of 054:19 Taxation - Theory of, in Islam 328:2, 328:3, 328:5, 328:6, 328:7 Technology - Strategy for 621:3 - Transfer of 621:1, 621:2 Time Value of Money - Concept of, in Islam 024:2, 133:2, 133:3, 541:13 Unit Trusts - Mechanics of, in Islam 525:1 Values - Role of socio-economic 012:10, 012:11, 051:3, 111:1, 111:5 Venture Capital - As basis for Islamic banking 524:1 Wage - Determination of, in Islamic economy 022:4, 822:1, 822:3 Waqf - During Muslim history 327:1, 327:2, 327:4, 327:5, 327:6 - Law of 327:3, 327:7 Welfare - Function, in Islam 023:5 Zakah - Accounting of 541:9, 541:12, 541:13, 541:25, 541:27 - Administration of 326:8, 326:9, 326:10, 326:11, 326:12, 326:17 - And income distribution 326:17 - Economic role of 116:4, 116:7, 123:4, 322:1, 322:2, 322:5, 322:7 - Evasion of 322:3 - Expenditure from 322:7 - Fiscal role of 321:6, 328:6 - In Saudi Arabia 541:9, 541:27 - In Bangladesh 321:6 - In India 326:6 - in Kuwait 326:4 - In Malaysia 326:7, 326:14, 326:16 - in Pakistan 116:4, 322:8, 326:1, 326:2, 326:5, 326:12, 326:15 - In the Sudan 321:1, 322:6, 326:13

- In Yemen 326:3 - Issues in, law of 321:7 - Law of 321:1, 321:3, 321:4, 321:5, 321:6, 321:8, 322:5, 326:14, 326:17 - No tax other than 057:2 - On land 321:2 - On ornaments 321:2 - Rates of, should be variable 054:3