Labor Economics in an Islamic Framework: Theory and Practice (Islamic Business and Finance Series)

The labor market in Islam is governed by the Islamic laws of fairness, justice, and reward that is equivalent to the job done. Most of the literature in the field discusses the normative aspect of the labor market, whereas few attempts can be seen to address more positive aspects. There is a need for new theoretical and empirical models for the Islamic labor market, which should differ from established approaches.

This book provides a comprehensive overview of the nature, scope, and dimensions of the labor market in an Islamic context, from both theoretical and practical perspectives. It presents and discusses labor economics and then compares the similarities and differences between conventional and Islamic views of the labor market, explaining where they meet, and critically justifying why they differ, under the umbrella of Shari'ah. The book raises pertinent issues, which it analyzes from both standpoints and widens the discourse to include norms, morality, and related institutions such as social security and welfare. A unique feature of the book is that it examines labor economics practices among a specific group of countries, and studies the labor conditions within these countries, where the majority of the population follow the teachings of Islam in their daily lives. The book proposes practical strategies for the development of new models for the Islamic labor market which are compatible with the modern world.

The book will enable academics and practitioners of Islamic economics to make economic sense of Shari'ah compliance and human resource development.

Toseef Azid is Professor of Economics at the College of Business and Economics, Qassim University, Saudi Arabia.

Umar Burki is Associate Professor at USN School of Business, University of South-Eastern Norway and Adjunct Associate Professor, Department of Economics and Administration, Oslo New University College, Oslo, Norway.

Muhammad Juniad Khawaja is Associate Professor of Economics, Director of M.Sc. Economics and Director of the College Strategic Planning Committee at the College of Business and Economics, Qassim University, Saudi Arabia.

Nasim Shah Shirazi is Professor at the College of Islamic Studies (CIS), Hamad bin Khalifa University, Doha, Qatar.

Muhammad Tahir is Assistant Professor of Economics at COMSATS University Islamabad, Pakistan.