Islamic economics

[siam]

The term "Islamic" for Islamic economics may be slightly problematic as most of the ethical underpinnings of the system also matches that of Judaism and Christianity and there were contributions to this civilization (and its systems) from other civilizations such as the Chinese, Indians, Egyptians Persians, Byzantine, Greco-Roman...etc ...Nevertheless, for Muslims, the basic principles can be traced back to the Quran and to the methodology developed in the Sharia.

The Modern Islamic banking and finance industries are still young and there is much diversity of thought and ongoing debates on various issues.....

here is one opinion at the history of Islamic economics:-

[siam]

Islamic economics (commerce) as a system refers to 2 major aspects---the generation of wealth and the distribution of wealth.
But---it is not quite capitalist, or socialist, or marxist...its an alternate system.

To fit such an alternate system onto the Modern economics/finance, banking system requires some ingenuity. There are discussions on how this should be done.....A person who has worked in the finance and banking industry has this opinion

and
https://www.youtube.com/watch?v=gEb6YMDTIso

[siam]

finance is one aspect of an economic system ---but it has generated much interest so here is some info:-

http://www.worldbank.org/en/topic/fi...slamic-finance

[siam]

for comparision of conventional systems and Islamic systems Thorsten Beck (formerly of the World Bank) has done some studies. His and others who have looked at this have concluded that since the Islamic system is asset-based it fares better under stress conditions....
IMO, the conventional system may be "too big to fail" requiring taxpayer bailouts but the Islamic system is "too good to fail" requiring no bailouts.....
(....however, there are still problems that need to be ironed out.....)

here is another opinion:-

[elam]

Compliments on your complimentary points to our main economic discussion.