Manufacturing of Halal Pharmaceuticals (P/B)

This work charts new territory in Islamic scholarship by attempting to address the field of public policy from a maqasid (higher objectives of the Shariah) perspective. Public Policy is an independent discipline from both law and politics. Thus, Public Policy in Islam is introduced here as a qualitatively different enterprise from both fiqh (Islamic jurisprudence) and siyasah shar’iyyah (Shariah-oriented politics). The book deals with a number of critical topics that include methodology, governance, human rights, ethics, political power, and reform and renewal. It highlights how the maqasid approach is indispensable to the theory and practice of public policy in Islam, how it could resolve some of the most persistent governance dilemmas throughout Muslim history, but more significantly, how it forces a re-conceptualization of the wealth of knowledge available in Islam s primary sources to introduce Public Policy in Islam to mainstream policy studies.

The history of Islamic thought is marked by a continuous tradition of internal revitalisation and reform embedded in the principles of islah, and tajdid. The ultimate purpose has been to bring existing realities and social change in line with the transcendent and universal standard of the Qur’an and Sunnah through a process of restoration and reform. The tradition of islah-tajdid has thus consistently challenged the Muslim status quo and prompted fresh interpretation of the Qur an and Sunnah, understood and implemented through the methodologies of interpretation and ijtihad, as well as the rejection of unwarranted accretions to the original messages of Islam. The basic theme of the paper is that civilisational renewal is an integral part of Islamic thought. The paper looks into the meaning, definition and origins of tajdid and islah and their relationship with ijtihad, and how these have been manifested in the writings and contributions of the thought leaders of Islam throughout its history. It also develops tajdid-related formulas and guidelines that should lead the efforts of contemporary Muslims in forging the objectives of inter-civilisational harmony and their cooperation for the common good.

KEY FEATURES OF THE BOOK

* It elucidates the principles and practices of the Islamic capital market with academic rigours.

*  It sheds light on the cutting-edge practical issues faced by the industry.

*  Every chapter contains relevant case studies and supportive illustrations.

*  Multiple Choice Questions (MCQs) and discussion questions are provided at the end each chapter.

KEY SUBJECTS

Shari’ah framework, Regulatory framework, Corporate and Shari’ah governance, Risk management, Accounting and taxation, Sukuk Islamic equity market, Islamic unit trust, REITs and ETFs, Islamic private equity and venture capital, Islamic derivatives and hedging and Islamic structured investment products.

This valuable work presents Ibn Taimiyah’s thoughts on the concept of Islamic economics, the state in the economy, on public finance, money, interest, prices, partnership, and profit-sharing, and offers a comparison of his ideas with those of some medieval scholars in Europe, along with a study of his influence on Islamic thinkers in later periods.

Economics is a social science that studies the behaviour and interactions of economic agents and analyses how economies work at the macro- and micro-levels. It studies production, distribution and consumption of goods and services, identifies economic problems and phenomena, and addresses economic questions from a positive perspective (what is) as well as a normative (how it should be) perspective. Islamic economics examines the same areas as its conventional counterpart. However, it involves the application of Sharīʿah to the different economic functions and issues. It is postulated that Islam offers a better approach compared to conventional economics in managing economic activities and solving economic and social issues.