![]() ![]() Chapter 7 introduces the currently practiced Islamic Banking and Finance. This could replace T-bill and provide a base instrument for OMO and liquidity management in the banking and financial sector. If in the short term, the government or central bank needs alternative source of revenue other than Zakat, they can issue GDP linked bonds. How balance of payments and exchange rate stability can be managed in an interest free economy. How and to what extent the institution of Zakat would enable the government to meet its fiscal targets and does not crowd out private sector with public borrowing. It discusses how savings would feature despite discontinuation of interest, how inflation will be checked with central banks not having at their disposal conventional OMO, how liquidity will be managed in banking sector when a central bank wants to inject liquidity or mop up funds. Chapter 6 introduces the monetary reforms. It discusses the potential of the institution of Zakat to meet fiscal needs of the government and to assist it in doing away with deficit financing, fiscal bleeding, crowding out private sector and reducing deadweight loss by parting the way with private sector so as to ensure market economy operating on its own as far as possible and playing an active regulatory role. Chapter 5 introduces the salient features of the proposed economic framework with special focus on fiscal reforms. It analyzes Capitalism, Socialism, Mixed Economy and Islamic economic system. Chapter 4 studies the comparative economic systems. ![]() The ethical principles are discussed based on the study of relevant Quranic text and the narrations of Prophet Muhammad (PBUH). It discusses at length the ideals Islam set before its adherents in the ethical sphere of life. Chapter 3 outlines the economic teachings of Islam with regard to earning and spending. It discusses the thesis of religion, answers some of the questions in the comparative study of religion and tries to resolve few of the misconceptions about the faith of Islam. ![]() Chapter 2 builds the ground for the proposed framework by discussing the foundations of the ethical precepts of Islam. This book provides a holistic socio-economic framework working in conformity with the Islamic principles. ![]()
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