Tawhid and Shari'ah: A Transdisciplinary Methodological Enquiry 3030490866, 9783030490867

Table of contents :
Foreword
Preface
Introduction
Reflecting on the Field of Islamic Economics and Finance as It Has Evolved
The Ontological Context of Tawhid as Law
The Methodology Derived from the Theory of Tawhidi String Relations (TSR)
Reflection on the Problem of Maqasid Al-Shari’ah and Outlook on Tawhidi Methodology
The Abstracto-Empirical Dimension of Tawhidi Methodology
References
Contents
List of Figures
Chapter 1: Introduction
Introduction
Chapter 2: A Critique of Shari’ah Perspectives Contra Tawhid as Law: Terminologies
The Structure of Tawhid as Law of Unity of Knowledge and the Embedded World-System
The Contrary Worldview of Shari’ah
Some Economic Calculations in Tawhidi and Shari’ah Perspectives: Contrasting Examples
Gross Domestic Product Measured by Tawhidi Methodological Approach
Gross Domestic Product Measured by Tawhidi Methodological Approach in Terms of Micro-foundation
GDP Measured by Tawhidi Methodological Approach in Respect of Micro-foundation of Macroeconomics
Inflation Measured by Tawhidi Methodological Approach
Definitions and Concepts in Analytical Treatment by Tawhidi Methodological Worldview Contra Shari’ah
Usul (Fiqh)
Tawhid
Shari’ah
Usul Al-Fiqh
Tawhid as Law
Shari’ah as Rule Setting
Reasoning (Ontology and Episteme)
Polity-Market Interaction
Tawhid Contra Shari’ah in Respect to Essentials of Qur’anic Law
Conclusion: Tawhid Contra Shari’ah in Their Referring to the Qur’an and Sunnah
References
Chapter 3: Casting Maqasid Al-Shari’ah in Tawhidi Methodological Worldview
Tawhid, Maqasid al-Shari’ah in Relation to the Precept of Ummah
Objective
A Brief Review of the Literature
Formalism of the Generalized Knowledge-Induced World-System in the Light of Tawhid as Law
Meaning of Tawhid as Monotheistic Functional Ontology
A Generalized System Formalism of Unity of Divine Knowledge a la Tawhid as Law
Conclusion: Reinterpreting Maqasid Al-Shari’ah in Light of Tawhidi Methodological Worldview
Upholding the Islamic Religion
Realizing and Upholding Justice
Protecting Human Reason (aql)
Upholding the Values of Family
Protecting Property Rights
References
Chapter 4: Tawhid Contra Shari’ah Treatment of Qur’anic Worldview
Qur’anic Terms Unclear in Terms of Shari’ah
Objective
Review of the Literature: Problem of Specification of the Islamic Methodology by shari’ah
Methodological Inquiry
The Shari’ah Orientation Relating to Tawhid (Qur’an and Sunnah)
The Orientation of Tawhid as Law Contra Shari’ah
Justice, Fairness, and Equity as Interrelational Circular Causation Variables Out of n-Dimensional Vector
Tawhid Contra Shari’ah as the Totality of the Qur’anic Law
The Ontological Derivation of Tawhid as Law of Unity of Knowledge Contra Shari’ah as Claimed Law
Inference Drawn from the Tawhidi Contra shari’ah Meanings of Moral and Material Value
The Consequences of Such Distinctive Differences: An Example
A Generalized Schema of Inter-Causality in Tawhidi String Relations
The Problem of Determining Interest-Rate in Evolutionary Learning Field in Knowledge, Space, and Time
Conclusion
References
Chapter 5: Tawhid as Law Contra Shari’ah in Standardizing a Theory of Islamic Financial Economy
Introduction
Objective
Towards Inevitability of Tawhidi Methodological Worldview: Problem with ‘Shari’ah-Compliance’
Generalizing the Methodology and Application of Tawhidi Law Contra ‘Shari’ah-Compliance’
Wellbeing Criterion
Islamic Product Development by Tawhidi Law of Unity of Knowledge
Riba Problem in Muamalat Explained by Tawhidi Law Contra ‘Shari’ah-Compliance’
Tawhidi Methodology Contra ‘Shari’ah-Compliance’ and Kantian Rationalism
Summarizing
References
Chapter 6: Tawhid as Law Contra ‘Shari’ah-Compliance’ in Malaysian Advisory Commission
Introduction
Objective
The Overshadowing Problems of Social Compliance Idea and the Tawhidi Rejection Concerning Islamic Finance
The Tawhidi Methodological Outlook Contrary to Shari’ah-Compliance Approach
Deductions Concerning Selective Shari’ah Financing Instruments
Tawhidi Financial Valuation
Car Insurance, AITAB: Shari’ah-Compliance Rulings and Contradictions
Home Insurance, Commodity Murabaha (Upfront Mark-Up Financing by Financial Company)
Bank Notes Based on Ijara Concept in Shari’ah-Compliance
Commodity Murabaha Contract
Generalized Inference Regarding Rents on Shari’ah-Compliance Debt Instruments
Life Insurance Premium
The Wellbeing Objective Criterion
The Portfolio Financing Model in the Light of Tawhidi Methodology
Islamic Input-Output Portfolio Theory Under Tawhidi Circular Causality of Unity of Knowledge
Input-Output Adaptation of the Islamic Financing Portfolio Model
Risk and Return Diversification Theory in Tawhidi Perspective of Unity of Knowledge
Pervasive Problem of Non-sustainability and Distortionary Allocation of Capital in the Long Run in Shari’ah-Compliance
Profit Equalization
Tawarruq Financing
The Sukuk Problem of Shari’ah-Compliance
Sukuk and Takaful Relationship in Interest-Free Financing Situation
Conclusion
Appendix: Islamic Financial Structure of the Firm in a Mix of Debt, Equity, and Tax
References
Chapter 7: A Critical Examination of the Shari’ah in the Light of the Legal Commercial Report of ISRA
Imposed Meanings in Shari’ah by Government Authority
The Vista of Socio-scientific Evolutionary Learning in Unity of Knowledge
Qur’anic Meaning of Tawhid as the Law and Shari’ah as the Right Way of Tawhid
Distortion of Shari’ah as the Right Way in the Light of Tawhid
Multisystem and Multivariate Evaluation of Wellbeing Function (Maslaha) and Asset Valuation
Failure of Shari’ah-Dictated Debt Instruments and Monetary Reform and the Tawhidi Alternative
Endogenous Monetary Transmission in Islamic Financial Economics
Micro-Money Formalism in Islamic 100 Per Cent Reserve Requirement Monetary System
Monetary Transmission Model of Islamic 100 Per Cent Reserve Requirement Monetary System
Symbolizing the Basic Model of Tawhidi Unity of Knowledge and its Conceptualization in Money, Finance, and Real Economy Endogenous Interrelationship
Monetary Transmission in the 100 Per Cent Reserve Requirement Monetary System A La Tawhid
A Focused Review of the Literature
Economic Stability by Means of the Relationship Between [MFRE](θ) and the Wellbeing Function
Conclusion: Summarizing the Properties
References
Chapter 8: The Ontology of Tawhid as the Law Applied to Specific Issues
The Worldview Beyond a Materialistic Globalization Concept
Debt Instruments and Asset Valuation According to Shari’ah
Money–Real Economy Relationship According to the Generalized System Model of Maqasid Al-Shari’ah
Towards a Generalized System Money–Real Economy Complementary Model by the Tawhidi Epistemic Methodology
Entrepreneurial Capitalism and Money–Real Economy Interrelations
Islamic Financing Instruments in the Generalized System Model of Tawhid
The Economy According to Tawhidi String Relation
Conclusion
References
Chapter 9: A Mathematical Model of Symbiotic Aggregation and Participatory Dynamics in Tawhidi Epistemological: Worldview of Unity of Knowledge
Introduction
Objective
Formalizing Aggregation as Symbiotic Participation in Islamic Methodological Worldview
Brief Review of the Literature in Complex Aggregations
Mathematical Formalism of Aggregation Qua Participation
Participation
Nature of Aggregation of Variables and Their Topological Functional Transformation
Aggregation: Welfare Criterion of Mainstream Economics
Wellbeing Criterion of Tawhidi Economics with Pervasive Complementarities
Interaction
Integration
Interaction Leading to Integration in Continuous Domains: Intra-System Unity of Knowledge
Learning Process
Evolution
Example from Islamic Financing Instruments
An Empirical Work on the Circular Causation Estimation
Statistical Results: Population and Economic Growth Relationships in the Circular Causation Model
Summary Results for Bangladesh Data
Model 1: Regression Analysis: g2 and θ on g1
Model 2: Regression Analysis: g1 and θ on g2
Model 3: Regression Analysis: g1 and g2 on θ
Conclusion: Up-Winding
References
Chapter 10: Conscious Technology and Technological Change in the Light of Tawhid: Artificial Intelligence, FINTECH, and Other
Introduction and Background
Objective
The Holistic Model of Conscious Technology and Technological Change
Identifying Conscious Technology and Technological Change in Expression (10.1)
Sustainability
FINTECH in the Wellbeing Model of Unity of Knowledge with Technology and Technological Change
Monetary Resource Mobilization in the Space of Micro-money
Conclusion
References
Chapter 11: Endogenous Monetary Transmission in Islamic Financial Economics
Objective
Micro-Money Formalism in Islamic 100 Per Cent Reserve Requirement Monetary System
Monetary Transmission Model of Islamic 100 Per Cent Reserve Requirement Monetary System
Symbolizing the Basic Model of Tawhidi Unity of Knowledge and Its Conceptualization in Money, Finance, and Real Economy Endogenous Interrelationship
Monetary Transmission in the 100 Per Cent Reserve Requirement Monetary System
A Focused Review of the Literature
Economic Stability by Means of the Relationship Between [MFRE](θ) and the Wellbeing Function
Summarizing the Properties
Twarruq as an Example of Micro-Money in Islamic Financial Mobilization
Empirical Results of Islamic Monetary Transmission Model for Bank Indonesia
Results of Data Analysis
Simultaneous Ordinary Least Square (OLS)
Normality Test
Multicollinearity Test
Heteroscedasticity Test
Autocorrelation Test
Vector Autoregressive (VAR)
Discussion of the Monetary Transmission Model of [MFRE](θ)
Empirical Analysis of the Monetary Transmission Model without ‘θ’ ‐ parameter
Primary Sector
Secondary Sector
Tertiary Sector
Monetary Transmission Model as Linkage Model of the Monetary Sector with the Three-Sector Real Economy with θ ‐ Parameterization
Primary Sector
Secondary Sector
Tertiary Sector
Wellbeing Function
Primary Sector
Secondary Sector
Tertiary Sector
Statistical Analysis: Results
Primary Sector
Tertiary Sector
Wellbeing Models
Primary Sector
Conclusion
References
Chapter 12: Conclusion with an Extension to Tawhid and Shari’ah in Islamic Banking Paradigm
Summarizing the Theme of Tawhid as Foundational Ontological Law
Summary Outlook of This Work
Example of the Relationship of Islamic Banking to the Contrasting Views of Tawhid as Law and Shari’ah
In the End
References
Index