Islamic Microeconomics

An Introduction

Lukman Hanif Arbi, M. Ishaq Bhatti

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English

Routledge
01 November 2023

Economic theory & philosophy; Monetary economics; Microeconomics; International economics; Banking

Series: Islamic Business and Finance Series

This book bridges the gap between Islamic and conventional (micro)economics by demonstrating how modern tools and theories of microeconomics can be applied to Islamic assumptions regarding economics and finance. In contrast to the tendency for Islamic economics and finance proponents to use qualitative and normative approaches based on idealistic assumptions, this book demonstrates how one can instead construct analytical models of Islamic economics and finance and simply compare the implications with those predominant in today’s world. This book also offers extensive literature reviews demonstrating that for a long time, the gap between Islamic and conventional economics and finance is not as wide as previously thought, allowing those with an interest in both fields to participate more effectively and meaningfully in the ongoing discourse between the two fields.

The authors conceptualize a general approach and apply it to basic consumer theory. More advanced microeconomic ideas are then discussed, culminating in demonstrations of how contract theory can facilitate a deeper analysis and appreciation of Islamic financial securities. A wide spectrum of academic literature on both Islamic and conventional economics and finance is drawn upon to facilitate a better appreciation for both fields and to inspire future works comparing the two in a more objective manner.

By: Lukman Hanif Arbi, M. Ishaq Bhatti
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 453g
ISBN: 9780367330668
ISBN 10: 0367330660
Series: Islamic Business and Finance Series
Pages: 98
Publication Date: 01 November 2023
Audience: College/higher education , Primary
Format: Hardback
Publisher's Status: Active

1. Introduction 2. Decision-Making by Islamic Economic Agents 3. Islamic Consumer Behavior 4. Elements of Contract Theory 5. Islamic Financial Contracts 6. Issues in IFS Financial Engineering and Markets 7. Applications of Our Approach to IFSs 8. Closing Remarks

Lukman Hanif Arbi is an academic at the University of Indonesia (UI), Faculty of Business and Economics. Prior to joining UI, he taught at LaTrobe University, Melbourne, Australia, and Institut Teknologi Bandung, Bandung, Indonesia. He specializes in applying microeconomics to Islamic economics and finance. M. Ishaq Bhatti is a professor of Finance at UBD School of Business & Economics, University of Brunei Darussalam. Prior to joining UBD, he was a professor of Finance and Financial Data Analytics at SP Jain School of Global Management and professor of Finance and Financial Econometrics and the founding director of the Islamic Banking and Finance Programme at LaTrobe University, Australia.