Islam and the Challenges of Western Capitalism

Edited by Murat Çizakça, Professor of Islamic Finance, Comparative Economic and Financial History, INCEIF University, Kuala Lumpur, Malaysia

‘This impressive volume is long overdue. Its starting point is that historically the West met the challenge of Islamic civilization by developing its own form of capitalism and Islamic societies need to do likewise today, and the book provides a comparative analysis of the growth of modern Islamic institutions, assesses their achievements and outlines a blueprint for their future structure. The editor is a noted expert in these topics and, led by his own contributions, the collection of articles offers a well-organized and fascinating account.’

• Contents:AcknowledgementsIntroductionMurat ÇizakçaPART IHISTORICAL BACKGROUND ANot Clash, But Symbiosis of Civilizations1. Abbas Mirakhor (1987), ‘Muslim Contribution to Economics’2. Murat Çizakça (2013), How Civilizations Borrow Institutions From Each OtherB Why Islamic Capitalism Fell Behind3. Murat Çizakça (2012), ‘Long Term Causes of Decline of the Ottoman / Islamic Economies’4. Şevket Pamuk (2004), ‘Institutional Change and the Longevity of the Ottoman Empire, 1500–1800’C The Way to Recovery: Why the Existing Systems Developed in the West Would Not Suffice5. M. Umer Chapra (1991), ‘The Need for a New Economic System’6. Syed Othman Alhabshi (1987), ‘The Role of Ethics in Economics and Business'D From Theory to Application: Pre-Conditions for the Success of the New System7. Saïd Amir Arjomand (2009), ‘The Constitution of Medina: A Sociolegal Interpretation of Muhammad’s Acts of Foundation of the Umma’8. Murat Çizakça (2007), ‘Democracy, Economic Development and Maqasid al-Shari’ah’, Review of Islamic Economics, 11 (1), 101–18[18]PART IITHE ACHIEVEMENTS SO FAR A Ungku Aziz and Tabung Haji: Reorganization of the Pilgrimage9. Murat Çizakça (2011), ‘The lembaga urusan dan Tabung Haji: financing the Modern Pilgrimage’B The Birth and Evolution of Islamic Banks10. Ann Elizabeth Mayer (1985), ‘Islamic Banking and Credit Policies in the Sadat Era: The Social Origins of Islamic Banking in Egypt’11. Volker Nienhaus (2011), ‘Islamic Finance Ethics and Shari'ah Law in the Aftermath of the Crisis: Concept and Practice of Shari'ah Compliant Finance'12. Zubair Hasan (2010), ‘Islamic Finance: The Structure-Objective Mismatch and its Consequences'13. Zeti Akhtar Aziz (2013), ‘Financial Stability, Economic Growth and Development’PART IIITHE WAY FORWARD A Do We Still Need Islamic Banks?14. Mufti Muhammad Taqi Usmani (2008), ‘Looking for New Steps in Islamic Finance’15. Obiyatulla Ismath Bacha (1997), 'Adapting Mudarabah Financing to Contemporary Realities: A Proposed Financing Structure'B Non-Bank Financial Institutions: Venture Capital16. Murat Çizakça (2000), ‘Achievements of Venture Capital and its Potential in Emerging Markets With Specific Reference to Turkey’17. AbulKhair Jalaluddin (2007), ‘Motivations of Australian Small Business Firms to Apply Profit-Loss Sharing Method of Finance'C Cash Waqfs or the Waqf of Stocks18. Murat Çizakça (1998), ‘Awqaf in History and its Implications for Modern Islamic Economies’19. Tunku Alina Alias (2012), 'Venture Capital Strategies in Waqf Fund Investment and Spending'20. Magda Ismail A. Mohsin (2012), ‘Waqf-shares: New Product to Finance Old Waqf Properties'D Takaful21. Syed Othman Alhabshi and Shaikh Hamzah Shaikh Abdul Razak (2009), ‘Takaful: Concept, History, Development, and Future Challenges of its Industry'22. Ashraf bin Md. Hashim (2007), ‘The Collection of Waqf through Insurance Companies: A Critical Analysis of the Malaysian Experience'E Public Borrowing in an Islamic Context23. Muhammad Nejatullah Siddiqi (1993), ‘An Overview of Public Borrowing in Early Islamic History'24. Yasemin Zöngür (2009), ‘Comparison between Islamic and Conventional Securitization: A Survey'F Esham: A Proposal for Islamic Public Borrowing or Sharing Revenue with the State25. Murat Çizakça (2013), ‘Proposal for Innovation in the Capital Markets: Esham’Index