Price is one of the vital factors in economic studies, either at a micro or macro level. In general term, the concept of price can be found in primary (Al Qur’an and Sunnah) and secondary such as tafsir, fiqh, kalam, philosophy and history. Therefore, this study aims to find out the concept of price determinants developed by earlier Islamic economics scholars and compare it with the price theory in modern economics, which refers to Western economic thought. This study using a qualitative methodology using library research and content analysis. The results are the price determinant in the Islamic economy are according to the agreement of Islamic scholar based on demand and supply then shapes the price and volume of transactions. The other factors influencing the price mechanism are inventory, geography or places, consumption time, quality of goods, quantity and cost. The differences with the western economic view lie in the worldview aspect or the world view in understanding the price concept.

This research attempts to find the concept of had kifayah (the sufficiency line) in classical Islamic texts (turasts) written by Muslim scholars and to be analysed it in the contemporary relevance of zakah management. It employs a qualitative method by exploring the concept of had kifayah of early Muslim Scholars and analyzing its relevance in the current condition. Moreover, the findings are clearly stated that the concept of had kifayah is derived from the works of early Muslim scholars that gives a fundamental philosophical framework toward the development of had kifayah study in zakah management.The existing research covers the study of had kifayah focusing on formulating the measurement of had kifayah with some additional Islamic values that based on the maqasid Shari’ah approach. However, the comprehensive study on the had kifayah based in Islamic perspective has been not executed very much in this regard. This research will contribute to the development of Islamic economics because the concept had kifayah related to the development of zakah management.

Zakat is an important pillar in Islam that has a dimension of worship, but economical value that gives the benefit of the muslim community. In the current management of zakat in addition to gathering problems, but also the distribution of zakat. In Islamic history, the successful example of management of zakat was exemplified by the prophet, and was followed by caliph al-rasidun. One of the pros and cons of the centralization and decentralized problems of zakat. Therefore, this study tried to analyze zakat distribution policy in the time of Umar because it is a successful example in the management of zakat. Results of the study explained that the distribution system of zakat conducted by caliph Umar ibn Khattab use the desesntralization of zakat. This is chosen because it is more direct to the community in which the region is collected by zakat by the government-appointed zakat agency. Also more effective and efficient to do than zakat centralization. Furthermore, the priority distribution of zakat target is permissible according to the condition and state of mustahik zakat in a region. Not to be imposed with the distribution of zakat for the eight ashnaf or in part is adjusted to the state of mustahik.

Human as social being is required to earn the wealth obtained from factors of production to survive in his life. One of the important factors is land, which has been mostly used in economy such as infrastructure, agriculture and mining. Unfortunately, the use of land tends to give more benefit to capitalist or land-owner than others in todays’ world. It impacts to inequality distribution of income in the society faced in third world country that is mostly in Muslim countries. In Islam, administration of the land has been concerned in primary sources (Qur’an and Sunnah) and Islamic literatures and practiced into action in the state such as iqta, ihya al-mawat, zakah, rikaz, muzara’ah, salam, musaqah and other instruments. These instruments are mostly used in agricultural field in the Islamic age. Another instrument can contribute to sustainable agricultural development is tax land: al-kharaj and al-’usyr. However, the result of this study states that to optimize the agricultural land, the state and Islamic banks can contribute together to solve the farmers problem such lack of financial support, shortage of water irrigation, lack of training and technology use by integrating appropriate Islamic financing and police of land tax that gives benefit and just to the farmers.

Every nation attempts to provide welfare for its citizen such as better economic growth, social security and better life. All economic systems either Capitalism or Socialism has the same objective to provide welfare for its nation. In Islam, welfare lies in complete justice, mercy, welfare, and wisdom; anything that departs from justice to injustice, from mercy to harshness, from welfare to misery and from wisdom to folly has nothing to do with the Shari’ah. The Islamic concept and values on welfare of the society are related to Islamic economic history that can be found from Qur’an and Sunnah and Islamic literatures such as history, fiqh, philosophy, kalam, and tasawwuf. it is assumed that there are some Muslim scholars whose works are related to role of state on welfare. Therefore, the study attempts to know the role of state on social justice derived from Ibn Sina and give some critical study on his thought. To achieve its objectives; this study employs qualitative research that refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of the matter understudy. Moreover, it is used content and descriptive analysis to get finding of the study. The data collection is generated from Islamic sources. The finding of this study is that Ibn Sina’s thought on state role to promote social justice containts of providing law, job opportunities and social security. These roles of state can contribute to harmony, peace and welfare of the society.

The purpose of this paper is to analyze the role of Islamic banks as providers of Islamic wealth management product in relation with the enhancement of waqf funds.The authors use qualitative research that refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of the matter understudy by employs content and descriptive analysis in order to get finding of the study. The data collection is generated from Islamic sources: Qur’an, Sunnah and some Islamic literatures, and other sources such as books, journals, report documents, magazines and articles from internet. These sources will be put in to coding and analyzed to answer the research problem of study. The role of Islamic wealth management is not only focusing on worldly investment helping the clients’ need, but also hereafter investment. One of the instruments of wealth distribution that can be used for hereafter investment is waqf that helps the clients’ wealth to obtain blessing (barâkah) of Allah. By waqf, Islamic wealth management instrument can accomodate all models of waqf funds from cash waqf, insurance waqf, corporate waqf, etc. There are three options to of putting their wealth in waqf funds, they are: (i) family waqf, (ii) public waqf, and (iii) combination of waqf. All benefits of these waqf can contribute the the development of ummah. This paper is one of the very few conceptual studies concerning the practice of Islamic banking in implementing the product of wealth management for social purposes which is enhancement of waqf funds for the benefit of ummah.

Islamic banks are the financial institutions that carry out their activities based on sharia principles. Elimination of interest in the Islamic banking system is one of the parts of the element governed by the Shari’ah. As an Islamic business entity, profit is not solely the main objective of Islamic banks but also other values such as honesty, social justice (equity), and fairness (equity) as they are have been established in the Qur’an and Sunnah. Therefore, Islamic banks, besides looking for profits, are also expected to contribute to improving the welfare and economic level of the people. This is the underlying philosophy that distinguishes it from conventional banks. However, in practice, the concept does not look optimally implemented. Islamic banks, as if carried away, focused on seeking profits by ignoring the underlying philosophy. This can be seen from the various products offered, which are dominated by Murabaha products. Does the basic philosophy of Islamic banking have to be maintained like an idealized concept that is doctrines or should it be modified with a more pragmatic approach? This paper tries to analyze the philosophy of Islamic banking in terms of theory and practice in real terms in sharia banking activities that have been carried out so far.

Rationalism is one of the philosophical schools originated from Greek Civilization. Two prominent scholars developed the theory, namely Plato and Aristotle. The ratio is a crucial way to approach truth. The rationalism has influenced all knowledge and sciences developed by other scholars in different time and place. The study aims to know the influence of rationalism toward economic development in Indonesia. To obtain a clear answer, the study used thematic analysis to identify, categorize, and report the qualitative data related to the study. The finding says that rationalism has been adopted by Indonesia when it used either capitalism or socialism in the development of economic in Indonesia. The existence of Islamic economics in Indonesia gives a new paradigm of the method in understanding and solve the economic problem by using ratio in the framework of Islamic revelation. By then, there is a fundamental difference of philosophical underpinning related to the development of economic in Indonesia, starting from a conventional one to Islamic economics combining ratio and revelation to solve the economic problem of society.

The first International Conference on Islamic Economics was held in Makkah, in 1976. Economists, jurists and scholars met together to discuss issues of Muslim ummah. However, there was many books written related to Islamic economics in the history of Islamic civilization, especially in the period of Abbasid caliphate. The fact, development of knowledge in Islamic medieval had established the epistemology of Islamic economics itself. Moreover, the epistemology is a study of the theory of knowledge, the source of knowledge, the application of knowledge and limitation of knowledge. Therefore, this paper aims to explore the contribution of earlier Muslim thinkers to the source of Islamic economics and to identify the epistemology of Islamic economics as proposed by the Muslim thinkers in medieval period. As a result, this paper will propose the epistemology of Islamic economics by integrating Islamic heritage and modern economics that is not conflict with Islamic principles and values. To achieve its objectives; this study employs qualitative research by applying content and descriptive analysis. The finding of this study is that the earlier Muslim thinkers have contributed to the construction of epistemology in Islamic economics. Then, to construct the genuine of Islamic economics, tawhid must be put as a core of Islamic economic epistemology that directs the sources of knowledge which are rooted firstly from revealed and then rational knowledge by using appropriate methods

This study aims to measure the efficiency value of Retail Sukuk issuance and to see what factors influence the inefficiency of Sukuk both internally and externally, to provide alternative strategies for the government to achieve Retail Sukuk efficiency. The used method in this study is a Data Envelopment Analysis (DEA) using MaxDEA 6.1 software and interviews with relevant sources. Based on the analysis using the DEA method, it is known that in overall (CRS) and scale, there are 5 series that achieve efficient values or namely SR006, SR008, SR009, SR010, and SR011. The source of inefficiency in Retail Sukuk is dominantly influenced by the Coupon and Total Employee variables. Where coupons have an effect of 41% and total employees by 26% and also fee marketing.

Purpose

This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research studies as part of their contribution to solving current economic and financial problems.

Design/methodology/approach

The research adopts a qualitative meta-analysis methodology using NVivo 12 with selected data from 474 international journal articles published between 1981 and 2021. The study considers 172 IAF articles, 111 IE articles and 191 IBM articles.

Findings

The results of the study show that the use of theories and views of classical Islamic scholars is not widespread among the examined research papers. The findings show that 90% of researchers tend to acquire modern economics, management, psychological and sociological theories instead of classical theories. Both modern and classical theories have been discussed in the studied articles namely agency theory, stakeholders' theory, ḥisbah (accountability), maqāṣid al-Sharīʿah (objectives of Islamic law) and Waʿd (unilateral promise). The gaps prevail not only in the taxonomy of terms but also in the choice of paradigm references. It is found that 66% of the 474 journal articles adopt a positivist paradigm, followed by interpretivism (19%), post-structuralism (9%) and critical orientation (6%).

Research limitations/implications

This paper considers only ABS ranking journal articles. Future research may consider other journal articles from different ranking groups such as Scopus or Thomson & Reuters.

Practical implications

The paper sheds light on how Islamic educational institutions can develop strategies for the Integration of Knowledge (IOK) in their curriculum.

Social implications

This paper helps to shape the Muslims' way of thinking within an Islamic worldview which will lead to an Islamic way of expressing knowledge, skill and behaviour.

Originality/value

This paper contributes to the model of IOK that has been deliberated among Islamic universities, especially those that develop IAF, IE and IBM studies.