... org! Please update your bookmarks. TOWARD A THEORY OF AGGREGATE OUTPUT, INCOME, AND ECONOMIC INEQUALITIES. Sayyid Tahir. IIUM Journal of Economics and Management, 1989, vol. 2, issue 2, pages 95-108. ...
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This paper explicates the methodology followed by the Prophet SAAWS for elimination of riba during his lifetime, with reference to the Qur'an and the Hadith. It then draws inferences for a strategy that may be followed for elimination... more
This paper explicates the methodology followed by the Prophet SAAWS for elimination of riba during his lifetime, with reference to the Qur'an and the Hadith. It then draws inferences for a strategy that may be followed for elimination of riba with special reference to Pakistan. It also states specific measures as well as line of Pakistan for Islamizing the banking, including how to handle the issue of existing debts.
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Toward a Theory of Aggregate Output, Income, and Economic Inequalities Determination in an Islamic Economy
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Islamic finance literacy has become critical for the future growth of the Islamic financial sector in the twenty-first century. While a multi-pronged approach is called for, the focus in this paper is on the undergraduate programs in... more
Islamic finance literacy has become critical for the future growth of the Islamic financial sector in the twenty-first century. While a multi-pronged approach is called for, the focus in this paper is on the undergraduate programs in Islamic banking and finance. It analyses the state of teaching of Islamic banking and finance at the undergraduate level and proposes solutions for improving the undergraduate education of Islamic banking and finance
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This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature... more
This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature and role of government, in the light of the Shariʽah principles, are revisited. The general goals for macroeconomic policies are discussed along with separate goals for each of the two policies. The argument is capped with a look at practical considerations in the actual working of both the policies. The following are the main points in the paper. (1) Roles of both the policies shall be complementary in the context of the overall objectives at the state level. (2) Thrust of both policies would be different from that presently recognized. These conclusions are drawn in the context of the government’s role being limited to prudent governance and the society’s economic and distributional concerns being addressed as much as possible without adopting the budgetary channel.
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This work seeks to present alternatives to the existing murabahah-, salam-, istisnā-, ijarah-, musharakah- and diminishing musharakah-based financing instruments for financing by Islamic banks in the various sectors of the economy. The... more
This work seeks to present alternatives to the existing murabahah-, salam-, istisnā-, ijarah-, musharakah- and diminishing musharakah-based financing instruments for financing by Islamic banks in the various sectors of the economy. The proposals made here have the distinguishing features that the financing structures are free from wad (promise), and involve less complicated contractual arrangements. The study also spells out a strategy for designing of Shari’ah-based financing instruments for retail banking with implications for building Shari’ah-based—not merely Shari’ah-compliant—financial structures. It also dwells upon institutional arrangements for getting the best out of the Shar’ah-based banking. Islamic Research and Training Institute P.O. Box 9201, Jeddah 21413, Kingdom of Saudi Arabia IRTI
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This article is a chronological study of the Ayat on riba. It explains the legislative process on riba in the light of the Ayat on riba that were revealed on five occasions: 5 years before the Hijrah (Surah ar-Room, 30: 39), shortly after... more
This article is a chronological study of the Ayat on riba. It explains the legislative process on riba in the light of the Ayat on riba that were revealed on five occasions: 5 years before the Hijrah (Surah ar-Room, 30: 39), shortly after the Hijrah (Surah an-Nisaa', 4: 160-162), Shawwal 3AH (Surah Aale 'Imran, 3: 130-136), late 3AH or early 4AH (Surah al-Baqarah 2: 275-277) and sometime in late 9AH or 10AH before Hajjat-ul-Wida'. Backgrounds of the said Revealations the linkages between them are also explained.
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This paper builds a simple macroeconomic model for a closed Islamic economy. The model focuses on not only determination of aggregate output and income (as in conventional macroeconomics) but also the determination of inequality in the... more
This paper builds a simple macroeconomic model for a closed Islamic economy. The model focuses on not only determination of aggregate output and income (as in conventional macroeconomics) but also the determination of inequality in the determination of aggregate disposable income between the poor (the have-nots) and the rich (the haves). Policy multipliers are also calculated. On the economic policy side, the results establish that Islamization of an otherwise non-Islamic economy through the introduction of zakah, will lead to increase in aggregate output and income but the end result may be either way for the degree of income equality
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Analysis of poverty and income inequality has a long tradition in Pakistan. This study breaks some fresh ground in a number of respects. Following the summary of the economic background in chapter I, a consistent series of poverty... more
Analysis of poverty and income inequality has a long tradition in Pakistan. This study breaks some fresh ground in a number of respects. Following the summary of the economic background in chapter I, a consistent series of poverty estimates from 1963/64 to 1993/94 (14 observations) is developed in order to
Islamic finance literacy has become critical for the future growth of the Islamic financial sector in the twenty-first century. While a multi-pronged approach is called for, the focus in this paper is on the undergraduate programs in... more
Islamic finance literacy has become critical for the future growth of the Islamic financial sector in the twenty-first century. While a multi-pronged approach is called for, the focus in this paper is on the undergraduate programs in Islamic banking and finance. It analyses the state of teaching of Islamic banking and finance at the undergraduate level and proposes solutions for improving the undergraduate education of Islamic banking and finance.
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Toward a Theory of Aggregate Output, Income, and Economic Inequalities Determination in an Islamic Economy
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This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature... more
This paper summarizes salient features of the existing thinking on fiscal and monetary policies in the Islamic economics literature. It outlines institutional framework for these policies from the Islamic economics perspective. The nature and role of government, in the light of the Shariʽah principles, are revisited. The general goals for macroeconomic policies are discussed along with separate goals for each of the two policies. The argument is capped with a look at practical considerations in the actual working of both the policies. The following are the main points in the paper. (1) Roles of both the policies shall be complementary in the context of the overall objectives at the state level. (2) Thrust of both policies would be different from that presently recognized. These conclusions are drawn in the context of the government’s role being limited to prudent governance and the society’s economic and distributional concerns being addressed as much as possible without adopting th...
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Islamic banking started in earnest in the 1970s with personal initiative of the concerned Muslims to address the problem for riba. The pioneers included committed and resourceful individuals, professional bankers, Islamic economists and... more
Islamic banking started in earnest in the 1970s with personal initiative of the concerned Muslims to address the problem for riba. The pioneers included committed and resourceful individuals, professional bankers, Islamic economists and religious scholars. There was no initial working model to act upon, except the thought that interest-based banking might be replaced by banking on the basis of profit-and-loss sharing. This effort took place when the financial system at large, as also the regulatory environment, was riba-based. Things soon began to change in the late seventies and in the early eighties with recognition at the state level for the need to develop riba-free financial system in Iran, Sudan, Pakistan and Malaysia. In the meantime, Islamic bankers also organized themselves through International Association of Islamic Banks. This was soon followed by establishment of AAOIFI for achieving standardization in Islamic banking practices. The current position is that there are mo...
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This thesis addresses a long-standing puzzle in empirical econometrics: Does the size distribution of income matter in the aggregate consumption function? Current opinion on whether distribution matters is divided. There is also a lack of... more
This thesis addresses a long-standing puzzle in empirical econometrics: Does the size distribution of income matter in the aggregate consumption function? Current opinion on whether distribution matters is divided. There is also a lack of consensus (among those who believe ...
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This paper highlights salient features of the Islamic banking literature during 1995-2005 (section 1). It reports on major developments on the Islamic banking scene in selected Muslim and other countries (section 2). It briefly looks at... more
This paper highlights salient features of the Islamic banking literature during 1995-2005 (section 1). It reports on major developments on the Islamic banking scene in selected Muslim and other countries (section 2). It briefly looks at performance of the banks on the Shari'ah benchmark (section 3). Last but not least, it identifies the direction for future research (section 4). The paper also gives a classified bibliography of the Islamic banking and finance literature produced during 1995-2005.
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This paper explicates the methodology followed by the Prophet SAAWS for elimination of riba during his lifetime, with reference to the Qur'an and the Hadith. It then draws inferences for a strategy that may be followed for elimination... more
This paper explicates the methodology followed by the Prophet SAAWS for elimination of riba during his lifetime, with reference to the Qur'an and the Hadith. It then draws inferences for a strategy that may be followed for elimination of riba with special reference to Pakistan. It also states specific measures as well as line of Pakistan for Islamizing the banking, including how to handle the issue of existing debts.
This work seeks to present alternatives to the existing murabahah-, salam-, istisnā-, ijarah-, musharakah- and diminishing musharakah-based financing instruments for financing by Islamic banks in the various sectors of the economy. The... more
This work seeks to present alternatives to the existing murabahah-, salam-, istisnā-, ijarah-, musharakah- and diminishing musharakah-based financing instruments for financing by Islamic banks in the various sectors of the economy. The proposals made here have the distinguishing features that the financing structures are free from wad (promise), and involve less complicated contractual arrangements. The study also spells out a strategy for designing of Shari’ah-based financing instruments for retail banking with implications for building Shari’ah-based—not merely Shari’ah-compliant—financial structures. It also dwells upon institutional arrangements for getting the best out of the Shar’ah-based banking. Islamic Research and Training Institute P.O. Box 9201, Jeddah 21413, Kingdom of Saudi Arabia IRTI
This thesis addresses a long-standing puzzle in empirical econometrics: Does the size distribution of income matter in the aggregate consumption function? Current opinion on whether distribution matters is divided. There is also a lack of... more
This thesis addresses a long-standing puzzle in empirical econometrics: Does the size distribution of income matter in the aggregate consumption function? Current opinion on whether distribution matters is divided. There is also a lack of consensus (among those who believe ...
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Land tenureship may take the form of self-cultivation, contractual workers, leasing and partnership. This paper focuses on the last one known as muzara`ah or share-tenancy. After clarifying what riba stands for, it reviews the misgiving... more
Land tenureship may take the form of self-cultivation, contractual workers, leasing and partnership. This paper focuses on the last one known as muzara`ah or share-tenancy. After clarifying what riba stands for, it reviews the misgiving about share-tenancy as a case of riba. It also argues at length in favour of share-tenancy as a legitimate mode of land tenure in Shari`ah. Finally, it also draws attention to some reforms to ameliorate the negative aspects of share-tenancy arrangements currently in vogue.
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... org! Please update your bookmarks. TOWARD A THEORY OF AGGREGATE OUTPUT, INCOME, AND ECONOMIC INEQUALITIES. Sayyid Tahir. IIUM Journal of Economics and Management, 1989, vol. 2, issue 2, pages 95-108. ...
Research Interests:
This thesis addresses a long-standing puzzle in empirical econometrics: Does the size distribution of income matter in the aggregate consumption function? Current opinion on whether distribution matters is divided. There is also a lack of... more
This thesis addresses a long-standing puzzle in empirical econometrics: Does the size distribution of income matter in the aggregate consumption function? Current opinion on whether distribution matters is divided. There is also a lack of consensus (among those who believe distribution effects exist) on the nature of such effects; that is, whether a decrease or an increase in income inequality is needed to stimulate aggregate demand. In this thesis, the previous or existing tests are challenged on the grounds that they do not properly take into account the causal link between the variability of the marginal, not the average, propensity to consume (with respect to the income level) and the existence of distribution effects. This particular link is taken care of, however, if one tests for the linearity (in income) of the micro relation underlying one's aggregate consumption function. The rejection of the linearity hypothesis will establish the existence of distribution effects. E...
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Islam is both a religion and a way of life. Whereas Allah Sub'hanahu wa Ta'aala prescribed a set of acts of personal worship, He also gave a code of conduct for interaction among human beings. This code consists of permissible... more
Islam is both a religion and a way of life. Whereas Allah Sub'hanahu wa Ta'aala prescribed a set of acts of personal worship, He also gave a code of conduct for interaction among human beings. This code consists of permissible forms of transactions vis-a-vis the ...
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The ‗Divine Will on Ribā' means what Allah SWT (Subḥanahū Wa Taʿāla) desires the believers to do through His dislike, condemnation and prohibition of ribā in the Qurãn. This study investigates this matter. It represents a departure from... more
The ‗Divine Will on Ribā' means what Allah SWT (Subḥanahū Wa Taʿāla) desires the believers to do through His dislike, condemnation and prohibition of ribā in the Qurãn. This study investigates this matter. It represents a departure from the dominant tradition that focuses on what ribā is. Methodology of analysis is explained at the outset. Data from the Qurãn are reproduced. A preliminary conclusion is first drawn as to what the Basic Edict on ribā in the Qurãn is. That is then refined by closely examining the communication style in the Qurãn and bringing into the picture the Sunnah of the Prophet SAAWS (ṢalAllaho ʿAlaihay Wa Sallam) traceable to selected Aḥadīth on ribā. Final conclusion on the ‗Divine Will on Ribā' is this: all loans, debts and similar other exchanges must be settled on an equal basis (in terms of units of the object of exchange), and there should not be even an indirect violation of this principle. The study also explains the ḥikmah (Divine Wisdom) and practical implications of the Divine Will.