Журнал глобальной экономики

Islamic Economics and Modern Economies: Resetting the Research Agenda

Abstract

Suleiman Ibrahim Cohen

The paper serves as background material for the review of debated issues and standpoints in the theory and application of Islamic economics, IE; and for discussion of fruitful research avenues in application of IE to modern economies. The focus is on six areas: (1) theory: links between IE and mainstream economics; while topics (2) to (6) treat applications of the given directives in Islamic economics: (2) replacement of riba by Islamic banking and financial products, (3) replacement of gharar by Islamic insurance and risk management, (4) substitution of haram by Islamic merits, (5) Waqf , and (6) Zakat. The paper proposes some twenty topics of mainly applied research making use of various research methods.