Abstract
The previous chapter (Chap. 6) discussed innovation in the traditional economics theory and outlined the innovation approach for three main innovation schools. It also explored the issue of innovation bias in the literature and the role of financial innovation in financial crisis as an influencing and exacerbating factor. The financial innovation theory from an Islamic perspective, however, goes beyond the basic principles of its conventional counterpart. Its basic principles on which it could be built are deeply rooted in the teachings of Shariah, namely the Qur’an and Sunnah of Prophet Muhammad, in general and the particular general Shariah rulings of the principles of jurisprudence (usoul al fiqh).
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The secondary sources of Shariah would include Maslah (the consideration of public interest), ‘Aurf (custom) and Istihsan (approval of a good practice that does not contradict Shariah).
References
Al Farrà , Abu Ya’la Muhammad. Ibn al Hussain. Al Hanbali. (1973). Al Ahkaam al Sultaniyyah. Beirut: Dar al Fikr.
Abduh, Esa. (1974). Al Iqtisad al Islami Madkhal wa Manhaj. Cairo: Dar Nahdat Maser Liltiba’a wa al Nasher.
Abdul Meneam, A. M. (1979). Al Niza al Iqtisadi al Islami, Jeddah: Dar al Mujtama’ al’Ilmi.
Abu-Sulayman, A. A. (1976). The economics of Tawhid and brotherhood, contemporary aspects of economic thinking in Islam. Indianapolis, IN: American Trust Publications.
Ahmed, Khalid Abdul Rahman. (1976). Al Tafkeer al Iqtisadi fi el Islam. Damascus: Dar al Khaffaqeen.
Ahmed, Khurshid. (1980). Economic development in an Islamic framework. In K. Ahmed (Ed.), Studies in Islamic economics. Leicester: Islamic Foundation.
Al Aqla, Ali., Abdul Raheem, W., & Abu Shariah, A. (2004). Al Nizaam al Mali wa el Iqtisadi fi al Islam. Riyadh: Al Rushed Publication.
Al Hamshari, Mustafa. (1985). Al Nizam el Iqtisadi fi el Islam. Riyadh: Dar al ‘Oloom Lltiba’a wa al Nasher.
Al Haythami, Ali Ibn Abi Bakr. (1980). Majma’ al Zawa’ed wa Manba’ al Fawa’ed. Syria: Mo’asaset al Ma’aref.
Al Khun, Mustafa. (1994). Athar al ikhtilaaf fi al aua’ed al ousoliyya fi ikhtilafi al fuqaha’a. Beirut: Mua’ asaset al Risalah.
Al Mawardi, Abu al Hasan Ali Ibn Muhammad Ibn Habib. (1985). Al Ahkaam al Sultaniyyah wa al Wilayat al Diniyyah. Beirut: Dar al Kutub al Islamiyyah.
Al Mydani, Abdul Rahman Hasan Habanneka. (1996). La Yasihhu an Yuqal al Insan Khalifatul Allah fi Ardihi Fahiyah Maqulatun Batilah. Beirut: Alrayyan Publication.
Al Najjar, Musleh Abdul Hayy. (2003). Ta’seel al Iqtisad al Islami. Riyadh: Al Rushed Publication.
Al Qasimi, Muhammad J. (1976). Islah al Masajid mena el Bida’ai wal ‘awa’ed (3rd ed.). Beirut: al maktab el Islami (Islamic Publication).
Al Saead, Mustafa Kamel. (1970). Mabad’ ‘Elm al Iqtisad. Beirut: Dar al Nahda al Arabiyyah.
Al Shiraazi, Abdul Rahman Ibn Naser. (1946). Nihayat al Rutbah fi Talab al Hisbah. Cairo: Lajnat al Taleef wa al Tarjamah wa al Nasher Publication.
Al Tha’alibi, Abdul Rahman Ibn Muhammad. (1997). Al Jawahir al Hisan fi Tafseer al Qur’an (Vol. 2). Beirut: Dar Ihya’ al Turath al ‘Arabi.
Al Zarqa, Mustafa Ahmed. (2012). Al Madkhal al Fiqhi al ‘Aaam (3rd ed.). Damascus: Dar al Qalam.
Al-Faruqi, I. R. A. (1976). Foreword contemporary aspects of economic thinking in Islam. Indianapolis, IN: American Trust Publications.
Asad, M. (1993). Islam at the crossroads. Gibraltar: Dar al-Andalus Ltd.
Bourdieu, P. (1987). The force of law: Toward a sociology of the juridical field. Hastings Law Journal, 38, 814.
Bourdieu, P. (1989). Social space and symbolic power. Sociological Theory, 7(1), 14–25.
Bourdieu, P. (1990). In other words, essays towards a reflexive sociology. Oxford: Polity Press.
Bourdieu, P., with Loic, W. (1992). Reponses. Paris: Seuil.
Cantori, L. J., & Lowrie, A. (1992). Islam, democracy, the state and the West. Middle East Policy, 1, 49–61.
Chapra, M. U. (1992). Islam and the economic challenge. Herndon, VA: International Institute of Islamic Thought.
Eaton, G. (1994). Islam and the destiny of man. Cambridge: The Islamic Texts Society.
Green, R. M. (1993). Centesimus Annus: A critical Jewish perspective. Journal of Business Ethics, 12, 945–954.
Hamed, Mahmoud. H. (2000). Al Nizam al Mali wa el Iqtisadi fi el Islam. Riyadh: Dar al Nasher al Daowli.
Ibn Mandhur, M. Ibn Makram. (2009). Lisan Al Arab. Beirut: DKI.
Ibn Taymiyyah, Taqyyul Deen Ahmed. (1994). Al Khilafah wa Al Mulk (Hammad Salamah, Rev. Ed., 2nd ed.). Jordan: Al Manar Publication.
Keynes, J. A. M. (1972). The collected writings of John Maynard Keynes. London: Macmillan for the Royal Economic Society.
Khallaf, Abdel Wahhab. (1942). The science of jurisprudence, Ilm Usul al-Fiqh. Syria: Dar al-Qalam Publication and Distribution.
McCahery, J., & Picciotto, S. (1995). Creative lawyering and the dynamics of business regulation. In D. Yves & S. David (Eds.), Professional competition and professional power: Lawyers, accountants and the social construction of markets. London: Psychology Press.
Naqvi, S. (1981). Ethics and economics: An Islamic thesis. Leicester: Islamic Foundation.
Rajan, R. G. (2010). Fault lines. New Jersey: Princeton University Press.
Rice, G. (1999). Islamic ethics and the implications for business. Journal of Business Ethics, 18, 345–358.
Siddiqi, M. N. (1981). Muslim economic thinking: A survey of contemporary literature. In K. Ahmad (Ed.), Studies in Islamic economics. Leicester: The Islamic Foundation.
Smith, A. (1789). An inquiry into the nature and causes of the wealth of nations (Vol. 3, 5th ed.). England: A. Strahan and T. Cadell.
Smith, K. (2006). From petrodollars to Islamic dollars: The strategic construction of Islamic banking in the Arab Gulf. Cambridge, MA: Harvard University.
Turner, A. (2012). Economic after the crisis, objectives and means. London: MIT Press.
United Nations Development Program (UNDP). (1994). Human development report. Oxford: Oxford University Press.
Wilson, Rodney, and El-Ashker, Ahmed A. F. (2006). Islamic economics: A short history. Boston, MA: Brill Academic Publishers.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2017 Springer International Publishing AG
About this chapter
Cite this chapter
Alamad, S. (2017). Financial Innovation Theory from an Islamic Perspective. In: Financial Innovation and Engineering in Islamic Finance . Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-319-52947-9_7
Download citation
DOI: https://doi.org/10.1007/978-3-319-52947-9_7
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-52946-2
Online ISBN: 978-3-319-52947-9
eBook Packages: Economics and FinanceEconomics and Finance (R0)