|Publication:||Thunderbird International Business Review|
|Title:||Islamic Business Research|
|Type:||Journal Special Issue|
|Editors:||M. Kabir Hassan (University of New Orleans)|
|Deadline:||November 1, 2017|
Guest Editor: M. Kabir Hassan, University of New Orleans
Contact for Guest Editor: email@example.com
Editorial office: firstname.lastname@example.org
Submission portal: https://mc.manuscriptcentral.com/tibr (to create an account)
Submissions open: May 1, 2017
Submissions close: November 1, 2017
Reviews and Decision: June 30, 2018
Publication: online upon acceptance, print 2019
Islamic economics aims at analysing, interpreting, and resolving economic problems in accordance with the principles of Islam. It supplements conventional economic analysis by exploring the religious and moral aspects of economic life. Islam is an avowedly norm-based way of life seeking spiritual fulfilment, whereas conventional economics is a predominantly secular discipline which maintains a distinction between the positive and normative. Indeed, the trend of standard economics has been to abandon values and ethical theory. Conventional economics construes an economic agent as a collection of preferences (attitudes, tastes, actions, and laws) that adjusts to changes in the costs and benefits of resources. By comparison, Islam considers a human being as a servant and vice-regent of God on earth, adjusting behaviour so as to adhere to the model laid out in Islamic jurisprudence. It is from this perspective that Islam puts great emphasis on keeping one eye on the material and the other on the spiritual.
Accordingly, in the Islamic schema, the rational actor of standard economics is replaced by the ‘faithful’ actor who pursues personal interests within social bounds and communal interest. Self-interest is not denied, but nor is it absolute. It should be moderated by moral and religious concerns to ensure that others are able to enjoy similar freedoms. Economic activity should be both financially and socially beneficial.
Like conventional economics, Islam encourages economic activity, production, trade, and free markets. However, Islam does not prioritize such behaviour over all other aspects of human activity. While the importance of the market is retained, Islam aims to reform it ‘internally’ through the behaviour of market participants and institutions and reorganize it on a more ethical footing.
The aim of this special issue is to focus on empirical studies and evaluate how well Islamic institutions have achieved their objectives. There is necessarily an emphasis on what can be measured and tested, as opposed to what is conceptualized and formulated. Four recent trends substantiate the relevance of this special issue. First, according to the 2009 Pew Forum on Religion and Public Life report, 1.57 billion people, nearly 1 in 4 in the world, are Muslim. Second, the growth of universities in Muslim countries and the expanding interest in Islamic thought in Western universities have created a receptive audience for Islamic economics. Third, the Islamic financial industry nearly doubled from 2007 to 2010, a period when most conventional banks were struggling. The fact that no Islamic banks needed to be bailed out by taxpayer money has increased interest in the soundness and resilience of the Islamic financial model. Finally, it is imperative for the ideals of Islamic economics to be put to the test. Some key questions must be answered. In a global business environment largely unsympathetic to the Islamic model, how well have religious-based values translated into actual performance? Is following the Islamic model a hindrance to financial institutions, or is there evidence that it can be economically and spiritually rewarding? These are questions that can be answered using modern empirical methods.
Original manuscripts are solicited in the following areas: