KAUJIE Classification Scheme for Literature in

Islamic Economics and Finance

A. Economics in the Sources of Islamic Law

A0 General

A1 Qur’an and Economics

A2 Hadith and Economics

A3 Consensus on Economic Matters

A4 Applications of Customary Practice (urf ) in Economic Matters

A5 Application of Jurisprudential Rules of Deduction/Preference in Economic Matters

A6 Jurisprudential Research Effort (ijtihad) and its Examples in Economic Matters

A7 Economics in other Sources of Islamic Law

B. Economics and Objectives of Shariah (Maqasid al-Shariah)

B0 General

B1 Definition and Classification of (Maqasid al-Shariah)

B2 Maqasid al-Shariah and Contemporary Contracts

B3 Development of Islamic Economics Theory and Maqasid al-Shariah

B4 Islamic Financial Practice and Achievement of Maqasid al Shariah

B5 Maqasid al-Shariah and Economics and Finance Issues (e.g. growth, welfare etc.)

C. Economics and Islamic Jurisprudence

C0 General

C1 Essential Rules of Jurisprudence (related to economic matters)

C2 Jurisprudence of Contracts

C3 Shariah Maxims

C4 Jurisprudence Rules Relating to Non-Monetary Matters

C41 Jurisprudence of Neighborhood

C42 Jurisprudence of Pre-Emption

C43 Jurisprudence of Misappropriation (ghasb)

C5 Jurisprudence of Monetary Matters

C51 Jurisprudence of Wealth and Ownership

C52 Jurisprudence of Torts

C53 Jurisprudence of Trade and other Business Forms

C54 Jurisprudence of Debts

C55 Jurisprudence of Zakah (payers, categories of recipients etc.)

C56 Jurisprudence of Voluntary and Compulsory Charity other than Zakah

C57 Jurisprudence of Inheritance

C58 Jurisprudence of Currencies

C59 Jurisprudence of Markets

D. History of Islamic Thought with Reference to Economic Matters

D0 General

D1 Contributions on Economic Matters Before 5th Century AD

D2 Contributions on Economic Matters from 6th to 19th Century AD

D3 Contributions on Economic Matters After 19th Century AD

D4 Contribution to Economic Thought by Muslim Scholars (Individual)

D5 Contributions by Muslim Scholars on an Economic Issue

E. Islamic Economic Institutions

E0 General

E1 Zakah (a prescribed Islamic levy)

E11 Zakah and Taxation

E12 Zakah , Distributional Equity and Poverty Alleviation

E13 Zakah Accounting

E14 Contemporary Issues in Zakah (e.g. zakah on shares)

E15 Applications of Zakah in Modern Economies and Empirical Studies

E2 Trusts (awqaf )

E21 Historical Role of Awqaf in Economic and Social Development

E22 Contemporary Issues in Awqaf (e.g. cash awqaf, waqf model of insurance)

E23 Applications of Awqaf in Modern Economies

E3 Other Charitable Institutions

E31 Economics of Non-Profit Organizations (NPOs)

E32 Management of NPOs

E33 Goodly Loan Institutions

E4 Market Inspection/Scrutiny (hisbah)

E41 Jurisprudential Aspects of the Institution of Scrutiny

E42 Distinction Between the Institution of Scrutiny and Judiciary

E43 Historical Role of Market Inspector

E44 Contemporary Practices of the Institution and their Evaluation

E5 Public Treasury (bayt al-mal)

E51 Nature and Functions of Bayt  al-mal

E52 Historical Role of Bayt  al-mal

E53 Bayt  al-mal as Compared to Modern Ministries of Finance and Economics

E54 Institution of Shura; Functions, operating rules and Economic Implications

F. Economic Systems and Islam

F0 General

F1 Islamic Economic System

F11 Components of Islamic Economic System

F12 Salient Features of Islamic Economic System

F13 Assessment of Islamic Economic Practices in the Past and Present

F2 Islam and Capitalism

F21 Assessment of Capitalistic System

F22 Similarities and Dissimilarities Between Capitalistic and Islamic System

F3 Islam and Socialism

F31 Assessment of Socialistic System

F32 Similarities and Dissimilarities Between Socialistic and Islamic System

F4 Islam and Welfare State

F41 Assessment of Welfare State System

F42 Similarities and Dissimilarities Between Welfare State and Islamic System

F5 Comparative Economic Systems

F51 General Studies on Islamic Versus other Systems

F52 Specific Studies on a Particular Economic Issue in Various Systems

G. Assessment of Contemporary Economic Thought

G0 General

G1 Contemporary Economic Thought and Islamic World View

G2 Assessment of Classical and Neo-Classical Economics and its Institutions

G21 Scarcity of Resources

G22 Unlimited Wants

G23 Concept of Rationality

G24 Profit/Utility Maximization

G25 Laissez-faire

G26 Pareto Optimality

G3 Assessment of Keynesian Economics and its Institutions

G31 State and Market Intervention

G32 Aggregate Demand and its Components

G33 Role of Rate of Interest in the Economy

G4 Assessment of Marxian Economics and its Institutions

G41 Surplus Value

G42 State Control of Property and its Economic Implications

G43 Labor Compensation

G5 Assessment of Behavioral Economics and Finance

G6 Assessment of Heterodox Economics

G61 Institutional Economics

G62 Austrian Economics

G63 Other Economic Paradigms

H. Economic Analysis

H0 General

H1 Teaching of Islamic Economics and Finance

H2 Economic Models and Paradigms

H21 Methodology of Islamic Economics

H22 Theorization of Islamic Economics

H23 Theory of Financial Intermediation

H24 Assessment of Theories of Islamic Economics and Finance

H25 Role of Jurisprudence in the Development of the Theories of Islamic Economics and Finance

H3 Micro Economic Behavior: Basic Islamic Principles

H31 Individual Decision-Making: Uncertainty, Asymmetric Information

H32 Consumer Economics, Consumer Protection, Household Behavior, Family Economics

H33 Theory of Firm and Organizations of Production

H34 Market Structures and Pricing

H35 Theories of Input and Output Pricing

H36 Allocative Efficiency, Externalities and Welfare

H37 Role of Information in Market Efficiency, Insider Trading

H38 Value Theory

H39 Game Theory

H4 Macro Economics

H41 National Product/Income and its Determination

H42 Unemployment, Inflation and Business Fluctuation/Cycles

H43 Public Sector Economics

H44 Economics of Non-Profit Sector

H45 Scope and Benefits of Privatization

H46 International Trade

H5 Economic and Social Development

H51 Islamic Concept of Development and General Welfare (Falah)

H52 Financial and other Requirement for Development and Growth

H53 Externalities and their Treatment

H54 Issues Relating to Land (rehabilitation, tenure systems, reforms)

H55 Growth and Development in Economies of Muslim Countries

H56 Economic Cooperation among Muslim Countries

H57 Environment and Pollution Issues

H58 Islamic Institutions such as Family, Brotherhood, Neighborhood and Economic Rights and Responsibilities Emerging Therefrom

H59 Colonization, Multinational Economic Institutions and their Effects on LDCs

H6 Economics and Related Sciences Viewed from Islamic Perspective

H61 Economics and Philosophy

H62 Law and Economics

H63 Tort Law and Under Shariah

H64 Family and Personal Law Under Shariah

H65 Business Administration, Auditing  and Accounting

H66 Agricultural and Natural Resource Economics

H67 Economics and Ethics

H68 Economics and Sociology

H69 Economics and Other Social Sciences

I. Financial Economics

I0 General

I1 Rationale for Islamic Finance: Prohibition of riba

I11 Theoretical Debates on riba, (definition, rationale of prohibition etc.)

I12 Types of riba

I13 Riba in Other Religions and Philosophies

I14 Riba Versus Usury Versus Interest

I15 Benchmarking using interest rates like LIBOR

I16 Riba and its Economic Effects

I2 Prohibited Contracts and Practices (Other than riba)

I21 Gharar

I22 Gambling

I23 Ghaban

I24 Prohibited Types of Buyu (Sale/purchase practices)

I3 Theory and Models of Islamic Banking and Finance

I31 Two-Tier Mudarabah

I32 Profit, Loss and Sharing

I33 Investment Banking

I34 Ethics-Based Investing

I4 Islamic Banking Models Compared to Other Banking Models

I41 Islamic Banking and Anglo Saxon Banking

I42 Islamic Banking and Universal Banking

I43 Islamic Banking and Socially Responsible Investing (SRI)

I44 Narrow Banking

I5 Relationship Between Islamic Finance and International Financial Practice

I51 Capital Adequacy, Risk Exposure and Basel Rules

I52 Rules of Engagements with Conventional Banks

I53 Islamic Banking Windows in Conventional Banks

I6 Islamic Non-Commercial Banking Institutions

I61 Theory and Practice of Islamic Fund Management

I62 Mudarabah Funds

I63 Community-Service Based Financing (e.g. Tabung Haji)

I64 Equity Funds and Indices

I65 Islamic Insurance, Insurance Companies (takaful, re-takaful)

I66 Cooperatives and Small Saving Institutions

I67 Micro Finance

I68 Housing and Real Estate Financing (Mortgages)

I7 Capital, Money, Stock Markets

I71 Portfolio Choice, Investment Decisions

I72 Asset Pricing, Contingent pricing

I73 Islamic Capital Markets

I74 Money Markets and Islamic Finance

I75 Islamic Equity Markets and Indices

I76 Islamic Secondary Markets

I77 Venture Capital

I8 Modern Contracts/Practices (Having Questions wrt Shariah Permissibility)

I81 Derivatives

I82 Futures

I83 Speculative Activities

I84 Options

J. Islamic Finance in Practice

J0 General

J1 “Islamic” Finance in Medieval Era

J2 Islamic Finance in Twentieth Century

J3 Country/Regional Experiences in Islamic Financial Practices

J31 Experiences of Full Islamization of Economies

J32 Experiences of Mixed Systems in Muslim Countries

J33 Experiences in Non-Muslim Countries

J4 Scope and Prospects of Islamic Finance

J41 History of Growth of Islamic Finance

J42 Challenges Facing Islamic Finance

J43 Future of Islamic Finance

K. Classical Islamic Contracts and their Use in Modern Islamic Financial Products

K0 General

K1 Designing, Structuring, and Pricing of Islamic Products, i.e., Financial Engineering

K2 Use of Conventional Benchmarks, LIBOR, etc.

K3 Qard

K4 Mudarabah

K5 Musharakah

K6 Murabahah

K7 Ijarah

K8 Muzaraah, Musaqah and other modes related to agriculture sector

K9 Salam

K10 Istisna and other modes related to manufacturing sector

K11 Wakalah

K12 Jualah

K13 Pawning (rahn)

K14 Supply Contract (tawrid)

K15 Tawwaruq

K16 Sukuk

K17 Tahawut (Hedging)

K18 Hawalah

K19 Guarantee (daman)

L. Appraisal of Islamic Banking and Finance in Practice

L0 General

L1 Accounting and Auditing Standards

L11 Accounting and Auditing Standards for Islamic Financial Institutions (AAOIFI Standards)

L12 International Standards Such as Set by Basel Committee and their Implications for Islamic Finance

L2 Issues in Islamic Banking Laws and Shariah for Contemporary Islamic Finance Practice

L21 Shariah Standards

L22 Role of Shariah Boards/Shariah Supervisors

L23 Shariah Auditing of IFIs

L24 Issues Relating to Shariah-Compliance

L25 Banking Laws in Various Jurisdictions and Practice of Islamic Finance

L26 Regulatory Schemes and Shariah-Compliance Issues

L27 Efficiency of Islamic Banking

L28 Rating of Islamic Financial Institutions (IFIs), Rating Agencies.

L3 Technical Issues in Islamic Financial Practice

L31 Portfolio Management

L32 Risk and Risk Management

L33 Liquidity and Liquidity Management

L34 Governance Issues in Islamic Banking and Finance

L4 Comparative Performance: Islamic Versus Conventional Banking and Finance

L5 New issues Arising in the Practice of Islamic Banking and Finance

L6 Perceptions about the Practice of Islamic Banking and Finance

M. Income and Wealth Acquisition

M0 General

M1 Islamic Concept of Wealth: Al-Mal (definition, kinds, nature of ownership)

M2 Sanctity of Private Property and its Implications

M3 Collective (Societal) Property and Rights of Member of the Society

M4 Personal Income and Wealth Acquisition

M41 Islamic Rules for Earning (kasb)

M42 Permissible Means of Acquiring Income and Wealth

M5 Islamic Inheritance and its Economic Aspects

M51 Islamic Rules of Inheritance and their Economic Implications

M52 Islamic Rules of Will (wasiyyah) and their Economic Implications

M53 Women’s Rights in Property and Business Matters

M6 Impermissible Means for Acquiring Income and Wealth (akl al-mal bil-baṭil)

M7 Functional Income and Wealth Acquisition

M71 Islamic Concept of Pricing of Factors of Production

M72 Rent and its Jurisprudential Aspects

M73 Labor and Demographic Economics

M74 Wages and Compensation, Minimum Wages

M75 Wage Discrimination Across Genetic and Social Spectra

M76 Employer-Employee Relations; Workers’ Rights; Trade Unions and Collective Bargaining

M77 Pension, Gratuity, Unemployment Insurance

M78 Demographic Composition: Rural-Urban; Male-Female and Their Respective Roles in the Economy and Wage Differentials

M8 Rights and Responsibilities of Wealth Owners

M81 Ownership Rights

M82 Imposition of Restrictions on Ownership Rights (al-hajr, al-safah etc.)

M83 Ownership Responsibilities (prohibition of israf, tabdhir, hoarding, payment of zakah, etc.)

M84 Contemporary Issues in Acquisition and Management of Wealth

N. Basic Needs, Distributive Justice and Poverty Alleviation

N0 General

N1 Concept of Basic Needs in Islam

N2 Islamic Strategy for Need Fulfillment

N3 Basic Needs and Islamic Distributive Schemes

N4 Means for Need Fulfillment in Early Islamic History: (e.g. role of zakah and infaq)

N5 Social Safety Nets and Modern Concepts

N6 Measurement and Analysis of Poverty: Its types, Measures etc.

N7 Poverty Alleviation (beyond need fulfillment)

O. Islamic Trading and Business Principles and Contracts

O0 General

O1 Islamic Theory of Contracts

O2 Types of Contracts from Compensation Perspective (mu’awadat, tabarru’at)

O3 Types of Business From Legal Title Perspective (individual proprietorship, sharikat, types of sharikat)

O4 Types of Business from the Perspective of Shariah Ruling (detestable, void, vicious)

O5 Gharar and its Implications for Modern Contracts (trading of risk and/or uncertainties)

O6 Rules Governing Combining Different Type of Contracts

P. Business Management and Administration from an Islamic Perspective

P0 General

P1 Trading

P2 Importing/Exporting

P3 Services

P4 Other business Types

P5 Marketing

P6 Human Resource Economics

Q. Money and Monetary Economics

Q0 General

Q1 Islamic Concept of Money

Q11 Definition, Types and Functions on Money from an Islamic Perspective

Q12 History of Development of Money in Islamic Countries

Q13 Demand for Money and its Determinants

Q14 Time Value of Money and Interest Rates

Q2 Metallic Money and Rules Governing their Issuance and Use

Q21 Gold and Silver

Q22 Copper

Q23 Other Metallic Money

Q24 Rules Governing Exchange on Currencies

Q25 Other Earlier Forms of Money

Q26 Paper, Plastic and Other Modern Types of Money

Q27 Status and Rules for Issuance and Usage of Other Types of Money

Q3 Monetary Systems, Standards and Regimes

Q31 Gold Standard

Q32 Standards Based on Fiat Money

Q33 International Monetary Arrangements

Q4 Financial Markets and Macroeconomy

Q41 Government Policies and Regulation

Q5 Central Banking and Monetary Policy

Q51 Money Supply: Base Money and Credit Creation

Q52 Tools of Monetary Policy

Q53 Special Issues Related to Islamic Banks

Q6 Inflation and Indexation

Q61 Inflation (including historical perspectives)

Q62 Indexation

Q63 Price Fixation (tasir)

Q7 Debts and Rights/Responsibilities of Creditors and Debtors

Q71 Types of Debt (loan, deferred price in sale, deferred dowry etc.)

Q72 Rights and Responsibilities of Creditor

Q73 Rights and Responsibilities of Debtor

Q74 Permissibility and Conditions of Declaring Bankruptcy

Q8 Financial and Economic Stability: Islamic Perspective

Q81 Islamic Finance and Economic and Financial Stability

Q82 Islamic Finance and Economic, Debt and Financial Crises

R. Fiscal Economics

R0 General

R1 Lessons from the institution of Bayt al Mal for Contemporary Fiscal Economics

R2 Rules of Public Revenue and Expenditure

R3 Sources of Public Revenue in Early Islamic History

R31 Zakah al-Mal

R32 ‘ushr

R33 Ghanaim

R34 Ushur

R35 Kharaj

R36 Jizyah

R4 Modern Sources of Public Revenue

R41 Contemporary Taxes and the Rules Governing Them

R42 Direct Versus Indirect Taxes

R43 Business Taxes

R44 Personal and other Non-Business Taxes

R45 Taxes on International Trade

R46 Tax Evasion and Avoidance

R47 Non-Tax Public Revenue

R48 Resource Mobilization for Public Sector Through Islamic Modes (e.g. sukuk)

R5 Public Expenditure and its Types

R51 Public Expenditure Mandated by Shariah

R52 Public Expenditure Mandated by Citizens

R53 Public Expenditure Caused by Emergencies

R6 Public Expenditure by Sectors

R61 Public Expenditure on Social Sectors: Education

R62 Public Expenditure on Social Sectors: Health

R63 Public Expenditure on Welfare Programs

R64 Public Expenditure on Defense, and Internal Security

R65 Project Evaluation; Social Discount Rate

R66 Public Expenditure on Infrastructure

R67 Good Governance, Corruption, etc.

R7 Public Borrowing

R71 History of Public Borrowing by Islamic State

R72 Justification and Limits of Public Borrowing

R73 Deficit Financing, its Limits and Implications

R8 Fiscal Policy

R81 Tools of Fiscal Policy

R82 National Debt and Debt Management

R83 Subsidies, Loans and Guarantees Provided by the Government

R84 National, Provincial and Local Government Budgets

R85 Intergovernmental Relations

R86 International Fiscal Issues, WTO etc.

R9 Public Economics: Miscellaneous Issues

S. Role of State

S0 General

S1 Economic Role of State

S2 Non-Economic Role of State (spreading Islamic message)

S3 Rights and Responsibilities of Rulers (al-ahkam al- sultaniyyah)

S4 Rights and Responsibilities of Citizens

S5 Development Policy

S6 Commercial and Industrial Policy

S7 Education Sector Policies

S8 Labor Sector Policies

S9 Population Policy (e.g. family planning)

T. Economics of the Corporate Sector

T0 General

T1 Capital Budgeting

T2 Limited Liability, Bankruptcy

T3 Leveraging and Derivatives

T4 Corporate Governance, Corruption and Insider Trading

T5 Value of the Firm

T6 Mergers, Acquisition

T7 Human Resource Development for IFI

T8 Unequal Exchange (deceptively giving less counter-value)

U. International Economic and Monetary Issues (Trade, Aid and Globalization, etc.)

U0 General

U1 Lessons from the History of Caravan Trade

U2 Tariff and non-Tariffs Barriers

U3 Trade Policies and International Trade Organizations

U4 Remittances and Other Financial Flows Across Borders

U5 Current Trade Account and Adjustments

U6 Aid and its Conditionalities

U7 Foreign Direct Investment

U8 Globalization

U9 Reform of International Economic and Monetary System

V. Surveys, Encyclopedias, Glossaries, Dictionaries, Manuals etc.

V0 General

V1 Surveys

V11 Surveys on Islamic Economic Matters

V12 Surveys on Islamic Financial Matters

V2 Encyclopedias, Glossaries and Dictionaries, etc.

V21 Encyclopedias, Glossaries and Dictionaries on Islamic Economics

V22 Encyclopedias, Glossaries and Dictionaries on Islamic Finance

V23 Encyclopedias, Glossaries and Dictionaries on Jurisprudence of Mutual Dealings

W. Other Topics

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Last Update
1/15/2020 2:28:03 PM