At the theoretic and philosophical level, the project endeavors to explore and explain the teachings of Islam and the Islamic worldview and its impact on values, preferences and behavior of an individual and the effect of these on the socioeconomic relations.
At the applied level, the project aims to suggest institutions, modified and new, which are consistent with Islamic principles and teachings and that can cure the most chronic and persistent problems of poverty, unemployment, inequality and multidimensional underdevelopment at the broader level and also enable the fulfillment of contemporary needs of modern societies and economies.
At the analytical level, the project strives to critically, objectively and (to the extent possible) empirically appraise the institutions – both contemporary and theoretical – which aim or promise to cure the above ills and fulfill contemporary needs of modern societies and economies.
Allah taught us the desirable behavior, actions and attitudes by giving us guidance through a functioning conscience i.e. inner guidance and by sending to us the pious Prophets i.e. external guidance. Muhammad (Peace Be Upon Him) was the last messenger and Quran, the last and only authentic source of divine guidance for the whole world till the end of this world. After revelation came to Muhammad (Peace Be Upon Him) 1400 years ago, Muhammad (Peace Be Upon Him) being the last messenger of Allah is the only source of divine guidance for human beings.
Since no messenger and divine guidance were to come after Muhammad (Peace Be Upon Him), His teachings are broad, flexible, thorough and comprehensive and based on principles that are applicable for all times and for all societies.
As per Islam, societies and civilizations are not bound to follow any particular culture, tradition, custom, particular tools, institutions and ways of carrying out different functions of life. They are only obliged to follow certain broad principles. In compliance with these principles, the societies are given room to make their own institutions which suit their particular civilization, level of development and access to modern tools and techniques.
Islamic Economics Project researches on Islamic Economics in the research areas of:
- Comparative analysis of Islamic principles with mainstream economic philosophies.
- Holistic Development Economic Framework in Interest Free Economy.
- Theory and Application of Interest Free Corporate Finance.
- Theory and Application of Interest Free Public Finance.
- Theory, Application & Appraisal of Interest Free Financial Intermediation.
- Theory of Taxation in Islam and Formulation of Fiscal Policy consistent with Islamic principles.
- Theory of Monetary Economics and Formulation of Monetary Policy consistent with Islamic principles.
- Phase wise Application & Policy Guidelines for Proposed Principles and Institutions in Economy.
- Empirical Research to Appraise & Improve Solutions.
- The Project will support and promote research and researchers in Islamic Economics.
- Original papers with applied focus and impact factor will be considered for publishing from the platform of Islamic Economics Project and will be published on Project’s website.
- The project will strive to promote its researches at various platforms including research conferences etc.
- The project will attempt to foster healthy debates and envisions becoming a think tank in Islamic Economics.
How You Can Participate
- By praying before Allah for guidance for all of us.
- Reading the project’s research.
- Writing in-depth articles and papers for the project.
- Providing feedback and criticism.
- Encouraging others in your network who have interest in Sociology, Philosophy, Economics and Religion to read the project’s research.
- There are more than 800+ subscribers of the IEP newsletters.
- IEP website has been visited by people from more than 140+ countries and it has received more than 60,000+ hits in just a very short span of time.
- IEP has issued 100+ Newsletters so far.
Project’s Future Plans
- Increase the number of subscribers to 1,000 by the end of 2014.
- Prepare short documentaries and multimedia rich presentations on IEP research.
- Offer fellowship formally to Islamic economists.
- Translate IEP research work in Urdu and Arabic.
- Register IEP as a trust/society and set up exclusive pages in global research repositories.
- Arrange exclusive sessions on Islamic economics in Global Economic Conferences for IEP fellows.
- Preparing policy papers and submitting it to policy making and regulatory bodies.
- Besides, publishing researchers’ work, providing feedback and critical appraisal on the works submitted to IEP.