Islamic Economics and Finance Overview
         
          Presence of circular economy – no interest and zero waste
         
          Aims are to preserve the maqasid shariah  - preservation of deen, life, nasb, 
         aqal and mal
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              Circular Economy
                   Enterprises buy the factor of                              Households’ savings 
                   production from households                                (+bequest) are kept at                              Households use their 
                    and reward them  with the           Sources             financial institutions and        Uses             income to buy goods and 
                    money in the form of wages,                                     donated                                            services
                       salaries, rent , profit                             (compulsory/voluntary to 
                                                                                   Baitulmal
                                                                             Financial Institutions 
                                                                                 and baitulmal
                                                             naniF
                                                         gnic                                                 f
                                                                                                               i
                                                                                                                nanc
                                                                                                                    ing
                    Households get financing to                            The savings of enterprises                            Enterprises get financing 
                    buy for example house, cars                               are kept at financial                             from financial institutions 
                           and furnitures                                   institutions  and also pay                           to expand the businesses
                                                                                 zakat and CSR
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        What does a circular economy mean?
         Circular is created, integrated and transmitted via BS:
         
          BS of individuals
         
          BS of Islamic Financial Institutions (Central Bank)
         
          BS of NPO
         
          BS of Government/Baitulmal
         
          BS of Enterprises
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         Tawhidic Epistemology
        Philosophy of Islamic economics 
        
         based on the concept of tawhid, that is, we believe in the oneness of Allah - 
         obeying His order and we accept our faith and trust to Allah 
        
         trust to Allah is realised through pillars of faith and make connection to Allah by 
         pillars of religion
        Economic activities
        
         must be obeying the rules of Allah
        
         good attitudes/manners  to other
        
         The current measurement of economic development in many countries heavily 
         relies on GDP and other measures of well-beings – prosperity index or happiness 
         index – our aim is MS
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        Research Area
         
          Financial Market
         
          Financial institutions and services
         
          Corporate Finance and Governance (SGF)
         
          Behavioral Finance e.g. Role and Effects of Psychological, Emotional, Social, 
         and Cognitive Factors on Decision Making in Financial Markets
         
          Household Finance e.g. Wealth management and planning; financial literacy
         
          Government Finance e.g. taxation, subsidies, IRR
         [mapping from JEL classification]
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