Islamic Economics and Modern Economies: Resetting the Research AgendaSuleiman Ibrahim Cohen*
Department of General Economics, Erasmus School of Economics, Erasmus University Rotterdam, Rotterdam, The Netherlands
- *Corresponding Author:
- Cohen SI
Department of Economics
Erasmus School of Economics
Erasmus University Rotterdam
P. Box, 1738, 3000 DR Rotterdam
Rotterdam, The Netherlands
E-mail: [email protected]
Received Date: March 24, 2017; Accepted Date: April 25, 2017; Published Date: May 02, 2017
Citation: Cohen SI (2017) Islamic Economics and Modern Economies: Resetting the Research Agenda. J Glob Econ 5: 248. doi: 10.4172/2375-4389.1000248
Copyright: © 2017 Cohen SI. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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.