Introduction to Islamic Economics: Theory and Application

Abstract

Book Review By Hossein Askari, Zamir Iqbal and, Abbas Mirakhor Wiley Finance Series, 2015. 402 pp., ISBN: 978-1-118-73296-0 The first two chapters revisits the different types and evolutions of economic systems, highlighting the current state of global economy with its major failure to tackle the most concerns in economies; distribution of incomes, caused by irrational assumptions leading to regret of societal wellbeing, environmental degradation and recurring financial crises. Focus is directed the Islamic Economic Paradigm as an alternative to managing resources efficiently in ways that upholds justice for all members of a nation in a sustainable manner. Salient features including agenttrustee relationship, rule compliance, scarcity, freedom of choice, and the Law in a nutshell are briefly previewed to build the case for the subsequent chapters.