ARTICLE

INSTITUTIONAL SETUP IN MARKET ECONOMY AND ISLAMIC PROPERTY RIGHTS

02 Pages : 12-20

http://dx.doi.org/10.31703/ger.2018(III-I).02      10.31703/ger.2018(III-I).02      Published : Jun 2018

Institutional Setup in Market Economy and Islamic Property Rights

    This paper argues that there is an ever-growing demand to correlate between Islam and Economics. Property-right and ownership is the basic concept of the modern economic structure of a liberal economic system. A property right is well explained in Islam and that also an essential element for the market economy, this paper discusses the Islamic perspective of property rights and how far it is complementary with the market economy. Since property rights of Islam are central to the structure of the economic system, Islam also emphasizes on economically good life depends on free trade. Free trade demands a recognized system of property rights, as a market base system demands a healthy competition of commodities, which ultimately needs private property rights for the protection of capital of producers and owners. The distribution of wealth is the main argument of the Islamic Economic System, which helps states in the fair distribution of resources.

    Property-Rights, MarketEconomy, Institutional-Setup, Islam and Economics, EconomicFreedom
    (1) Noor Fatima
    Assistant Professor,Department of International Relations and Political Science, International Islamic University Islamabad, Pakistan.
    (2) Muhammad Zubair
    Associate Professor, Department of Law,Abdul Wali Khan University Mardan, Mardan, KP, Pakistan.
    (3) Zubair Sarfaraz
    Legal Consultant, Islamabad,Pakistan.
  • Mirakhor, A., & Askari, H. (2017). Ideal Islamic Economy, Political Economy of Islam. UK: Palgrave Macmillan.
  • Askari, H., Iqbal, A., Zamir, Krichene, N. & Mirakhor, A. (2013). Understanding Islam: Development, Economics and Finance. Retrieved from SSRN: https://ssrn.com/abstract=2358945
  • Zaman, A. (2013). Toward A New Paradigm for Economics. Journal of King Abdulaziz University: Islamic Economics, 18(2), 49-59
  • Askari et al. (2013). Intergenerational Equity and Exhaustible Resources.
  • Alchian, A. & Demsetz, H. (1973). The Property Rights Paradigm. Journal of Economic History, 33( 1).
  • Marshall, A. (1998). Principles of Economics. (1890; reprint, New York: Macmillan, 1961), p. 764 and 721-22. Quoted in Tom Bethell, The Noblest Triumph: Property and Prosperity through the Ages (New York: St. Martin's Press,)
  • Allan, H.M. (2003). Leadership and Progress. The Irving Kristol Lecture of the American Enterprise Institute, Washington, New York: Alfred A.
  • Barzel, Y. (1989). Economic Analysis of Property Rights. Cambridge: Cambridge University Press.
  • Demsetz. (1967). Supra note 3; Armen A. Alchian and Harold Demsetz, The Property Rights Paradigm, 33 Journal of Economic History.
  • Economic Studies. (1974). Volume 41, Symposium on the Economics of Exhaustible Resources
  • Ahmad, G. (2001). The challenge of Global Capitalism: An Islamic perspective Islamic Thoughts Comments Off on The challenge of Global Capitalism: An Islamic perspective, Policy Perspectives, Vlm 1, No.1
  • Goudzwaard, B. & Zylstra, J.V.N. (1979). Capitalism and Progress. Grand Rapids: Wedge Publishing Foundation
  • Libecap, G. (1990). Front matter. In Contracting for Property Rights (Political Economy of Institutions and Decisions. Cambridge: Cambridge University Press.
  • Ahmed. K. (2008). The challenge of Global Capitalism: An Islamic perspective
  • Neal, L., & Williamson, J. eds. (2014). The Cambridge History of Capitalism (volume-I). Cambridge: Cambridge University Press.
  • Waqas, M., Uddin, A., & Shakir, R. (2016). Redefining economic systems as an Islamic economic system. Journal of Business Studies, 12(1).
  • Matthews, R. C. O. (1986).
  • Chaudhry, M.S. (1999).Fundamentals of Islamic Economic System. Al-Matbaat-ulArabia, 32, Lake Road, Lahore, Pakistan. Chapter, 19.
  • Khan, M., & Mirakhor, A. (1987). Theoretical Studies in Islamic Banking and Finance. Houston: Institute for Research and Islamic Studies.
  • North, D. (1990), Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press.
  • Saleh, N. (1989)
  • Williamson, O. (2000). The New Institutional Economics: Taking stock, looking ahead. Journal of Economic Literature 38:3.
  • Richard, A.P. (2002). Economic Analysis of Law (New York: Aspen Publishers
  • Shaikh, S. (2009). A Comparative Study of the Major Economic Systems in the aftermath of the Great Recession. Munich Personal RePEc Archive. Retrieved from http://mpra.ub.uni-muenchen.de/19588/
  • Shakir, R. (2016). Redefining economic systems as an Islamic economic system. Journal of Business Studies, 12(1), 14. Retrieved from http://ibt.edu.pk/qec/jbs/12.1/6.pdf
  • Eggertsson, T. (1990). Economic Behavior and Institutions: Principles of Neo-institutional Economics (Cambridge Surveys of Economic Literature). Cambridge: Cambridge University Press.
  • Besley, T., & Ghatak, M. (2009). Property rights and economic development. In: D. Rodrik and M. Rosenzweig, eds., Handbook of Development Economics. Netherlands: Elsevier.
  • Chapra, U.M. (1995). Islam and the Economic Challenge, The Islamic Foundation and The International Institute of Islamic Thought 1416 - 1995, Islamic Economics Series - 17

Cite this article

    CHICAGO : Fatima, Noor, Muhammad Zubair, and Zubair Sarfaraz. 2018. "Institutional Setup in Market Economy and Islamic Property Rights." Global Economics Review, III (I): 12-20 doi: 10.31703/ger.2018(III-I).02
    HARVARD : FATIMA, N., ZUBAIR, M. & SARFARAZ, Z. 2018. Institutional Setup in Market Economy and Islamic Property Rights. Global Economics Review, III, 12-20.
    MHRA : Fatima, Noor, Muhammad Zubair, and Zubair Sarfaraz. 2018. "Institutional Setup in Market Economy and Islamic Property Rights." Global Economics Review, III: 12-20
    MLA : Fatima, Noor, Muhammad Zubair, and Zubair Sarfaraz. "Institutional Setup in Market Economy and Islamic Property Rights." Global Economics Review, III.I (2018): 12-20 Print.
    OXFORD : Fatima, Noor, Zubair, Muhammad, and Sarfaraz, Zubair (2018), "Institutional Setup in Market Economy and Islamic Property Rights", Global Economics Review, III (I), 12-20
    TURABIAN : Fatima, Noor, Muhammad Zubair, and Zubair Sarfaraz. "Institutional Setup in Market Economy and Islamic Property Rights." Global Economics Review III, no. I (2018): 12-20. https://doi.org/10.31703/ger.2018(III-I).02