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This paper aims to explain the nature of the economic agent in Islamic economics. He is commonly referred to as Homo Islamicus.

This is done by deriving the concept from the Qurʾān as the primary epistemological source in Islamic economics. The paper, thus, attempts to explore the message of the Qurʾān and internalize its concepts and values in their totality into the conception of the economic agent from an Islamic perspective.

The paper brings an insight regarding the nature of the economic agent in Islamic perspective. The concept of the economic agent that is developed from the Qurʾānic teachings will be useful in developing assumptions and theories in Islamic economics.

This paper explores the normative behavioral framework of man from the Qurʾānic perspective (i.e. what is expected of man) in order to serve as the basis on which assumptions, concepts and theories could be produced and applied in real life. Further studies could extend the discussion by examining the application of the concepts in practice.

This paper promotes a normative behavioral framework that could be the basis in developing the body of knowledge of Islamic economics.

This paper promotes a concept of the economic agent in Islamic perspective, termed as Homo Islamicus, who is going to portray Islamic ethical teachings in economic actions. The paper brought insights from the Qurʾānic teachings and principles in developing the concept of Homo Islamicus who will be the representative agent in theorizing Islamic economics.

This paper aims to observe the development of the Sharīʿah governance framework (SGF) and practice in Islamic financial institutions (IFIs) in Malaysia.

The study is a qualitative-based research. It uses various documents and content analysis approach to understand and analyze the structure, process and practice of SGF in IFIs in Malaysia.

It is found that the Central Bank of Malaysia, Bank Negara Malaysia, has attempted to develop a comprehensive framework of Sharīʿah governance for IFIs in Malaysia. The framework governs the practice of the industry, covers stakeholders’ scope of duties and responsibilities and provides details on processes and procedures in the operations of IFIs to achieve the objective of Sharīʿah compliance. To maintain the relevance of the SGF to the needs of the industry, the framework has also been updated recently in 2017. The amendments aim to strengthen the effectiveness of Sharīʿah governance implementation within the Islamic finance industry.

This study attempts to comprehensively examine the evolution of the SGF Sharīʿah governance framework for IFIs in Malaysia. The Malaysian model of the SGF is unique and could be emulated by other countries in developing the Islamic finance industry in their respective jurisdictions.

The purpose of this paper is to study in depth about frugal lifestyle and analyze it within the framework of the principles of Islamic consumption ethics.

This research uses a textual–contextual approach to explore the concepts of frugal and Islamic consumption by studying various existing literature.

The research findings highlight both similarities and notable differences between frugal and Islamic consumption. While they share aspects such as materialism, avoidance of materialism and support for sustainable consumption, the contrast lies in the fact that Islamic consumption is rooted in faith and devotion to Allah SWT. Unlike the primarily individual-focused and worldly orientation of frugal concepts, Islamic consumption is motivated by a commitment to individual desire and social balance, also well-being in both the present and the hereafter. Islamic consumption places an unique emphasis on social solidarity, a feature absent in the individualistic long-term goals of a frugal lifestyle.

This study offers a valuable contribution to marketers, particularly those who are engaged in the Islamic marketing field. Marketers are keen on understanding frugal consumers as a potential emerging market segment.

To the best of the authors’ knowledge, this study is considered the first attempt to link the idea of frugality with the Islamic ethical principles of consumption. It highlights how Muslims should comprehend the concept of frugality accurately, avoiding misinterpretations that portray it solely as a means to combat materialism and consumerism, as has been commonly understood.

This paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches proposed by Islamic economists.

The paper is a conceptual paper using discursive analysis analysing the perspective and approaches proposed by Islamic economists in defining economic problems from an Islamic perspective. The perspective and approaches proposed are classified and analysed for their implications in constructing the subject matter of discipline.

Islamic economics, as a new body of knowledge, needs to clarify the economic problems that will be its subject matter. The paper brings an insight into the subject matter of Islamic economics as conceived by scholars in two approaches, namely, economic problems “as they are” and economic problems “as they should be”. The paper also proposes a unified perspective in defining the subject matter of Islamic economics for further development of the discipline.

This paper only provides philosophical guidance for researchers in mapping the problems and the goals of the policy being studied, although it does not offer any practical use for policymaking as each policy is faced with different and specific cases. This paper may be used to assist future researchers in shaping other unexplored fields in Islamic economics as a body of knowledge.

Islamic economics as a discipline will be strengthened if it has a clear subject matter that will be the object of study. However, the conception of economic problems proposed by Islamic economists is based on life-reality, i.e. of what human beings face in their life (practical-type economic problems as they are) and based on life guidance from the Qur’an on how human beings should live as well as life-objectives, i.e. of what goals he should strive for (ideal-type economic problems as they ought to be) brings implication that there are differences in determining the object of study of Islamic economics.

This paper promotes the unification of two conceptions of economic problems proposed by scholars by defining Islamic economics as “a study of resource appropriation to realize human well-being (maslahah)”. This suggests that economic problems as manifested in life reality will be studied within the grand objective of life in Islam (maqasid al-Shariah), and economic problems as perceived in life goals will be studied in the context of life reality. Islamic economic theory will be formulated not only to solve the apparent problem of “what is” but also formulated in a way that refers to goals (ideals) of “what ought to be” that will provide solutions to current economic problems according to certain vision and to take steps to move in that visionary direction.

This paper aims to explore ethics in Islamic economics by establishing the micro-foundations of Islamic economics. This is done by conceptualizing the behavioural assumptions of the individual in an Islamic framework. It also argues that ethical positions that attached endogenously in individual behaviour would have implications in the macro-socio realm influencing society, institution and organization in an Islamic economic system.

The study is qualitative-based research. It explores the literature on ethics in Islamic economics to understand and analyse the concept of individual behaviour in the Islamic perspective that will be the micro-foundations of Islamic economic analysis.

It is found that the ethical commitment of individuals (as envisaged in the micro-foundations of Islamic economics) would bring socio-macro implications in the practical realm. The micro-foundations of Islamic economics would function as the basis of the economic explanation of the aggregate relationship of individual, state and society. It also serves as the basis in explaining socio-macro dynamics influencing individuals, society, as well as organizations and institutions.

The paper limits its analysis of developing the concept of ethical endogeneity in Islamic man behaviour to be the micro-foundations of Islamic economics and its macro-implications.

This study attempts to show that ethics should not only be inseparable in an economic framework but also an endogenous dimension in individual behaviour. The micro-foundations of Islamic economics are developed based on Islamic values on the characteristics and behaviour of an individual that would not only describe the true nature of man but also support his well-being.

This study aims to uncover the determinants of Islamic financial inclusion in Indonesia.

This study uses the analytic network process (ANP) to gather expert opinions and responses from academics, regulators and practitioners.

The ANP analysis discovered that the level of Islamic financial inclusion in Indonesia is influenced by two main drivers: the supply and the demand. The demand factors for Islamic financial inclusion, ranked based on their level of significance, are as follows: financial literacy (0.27), religious commitment (0.22), socioeconomic factor (0.19) and social influence (0.17), respectively. From the supply side, primary catalysts for Islamic financial inclusion based on their level of importance are human capital (0.32), product and services (0.24), infrastructure (0.18) and policies and regulation (0.17), respectively.

The present study does not include the Islamic insurance sector in its determinant framework of Islamic financial inclusion in Indonesia.

This study serves as a reference for regulators in formulating appropriate policy strategies to strengthen the Islamic financial inclusion in Indonesia.

This study is a pioneer attempt to identify distinctive factors that influence the level of Islamic financial inclusion in Indonesia by analyzing expert opinions from diverse groups of Islamic finance stakeholders.

The paper aims to investigate the dimensions of maqasid al-Shari'ah in Islamic finance by exploring the ends (maqasid) and the means (wasa'il). Those would clarify the nature and goals of Islamic finance as well as its directional development.

Using literature in English and Arabic sources in the area of maqasid al-Shari'ah, as well as from the reading of the primary sources (the Qur'anic texts/nusus), the paper attempts to delineate the dimensions that would constitute the ends (maqasid) and the means (wasa'il) in Islamic finance.

The paper explicates three specific ends (maqasid) in Islamic finance, namely wealth circulation, fair and transparent financial practices and justice at the micro- and macro-level. To achieve those ends, the Shari'ah provides means (wasa'il) such as facilitating financial contracts, establishing values and standards and instituting social responsibility.

The paper is a conceptual paper that explores the dimensions of maqasid al-Shari'ah in Islamic finance.

The findings of this paper will give insights on the ends (maqasid) and the means (wasa'il) in Islamic finance based on the maqasid al-Shari'ah discourse. It could be used as a reference in understanding the nature of Islamic finance and in developing a sound and solid Islamic finance based on the Shari'ah.

The paper proposes the ends-and-means criteria in Islamic finance, developed on the basis of the maqasid al-Shari'ah discourse as well as from direct reading of the texts (nusus), which is lacking in the Islamic finance literature.

The purpose of this paper is to attempt to investigate the conceptual foundations of methodological inquiry in Islamic economics. The paper aims to develop criteria of acceptance and rejection of a theory and providing rationalizations and guidelines in the process of theory appraisal and evaluation.

The literature on Islamic economics especially in the area of methodology of Islamic economics, both in English and Arabic, is reviewed critically and used in the attempt of constructing the criteria of theory appraisal in Islamic economics.

The paper explicates two criteria of theory appraisal in Islamic economics, namely the internal‐integrity (doctrinal integrity, logical integrity and factual integrity) and relational‐unity (of doctrine and practical realities, ideals/goals and factual experiences, values and facts, normative and positive dimensions, a priori and a posteriori).

The paper is based on conceptual explorations of literature in the area of methodology of Islamic economics. This is a conceptual paper, so it did not employ any empirical analysis.

The findings of this paper will give insights of the criteria to distinguish truth over false notions in theories, between valid theories and invalid ones as well as the acceptance or rejection of theory in Islamic economics theory appraisal. With those criteria of theory, a unified discipline of Islamic economics, which is based on doctrinal, logical on testable foundations in a real typical Muslim society can be produced.

The paper proposes criteria and purpose of theory appraisal in Islamic economics which is lacking in the discussion of methodology of Islamic economics literature. Those criteria and purpose in theory appraisal and evaluation in a methodological unity of Islamic economics suggest a new approach in dealing with revelation, intellectual reasoning and facts observation in order to produce a coherent Islamic economic theory.

This paper attempts to investigate the conceptual foundations of methodological inquiry in Islamic economics. The paper aims to develop criteria of acceptance and rejection of a theory and providing rationalizations and guidelines in the process of theory appraisal and evaluation.

The literature on Islamic economics especially in the area of methodology of Islamic economics, both in English and Arabic, is reviewed critically and used in the attempt of constructing the criteria of theory appraisal in Islamic economics.

The paper explicates two criteria of theory appraisal in Islamic economics, namely the internal‐integrity (doctrinal integrity, logical integrity and factual integrity) and relational‐unity (of doctrine and practical realities, ideals/goals and factual experiences, values and facts, normative and positive dimensions, a priori and a posteriori).

The paper is based on conceptual explorations of literature in the area of methodology of Islamic economics. This is a conceptual paper, so it did not employ any empirical analysis.

The findings of this paper will give insights of the criteria to distinguish truth over false notions in theories, between valid theories and invalid ones as well as the acceptance or rejection of theory in Islamic economics theory appraisal. With those criteria of theory, a unified discipline of Islamic economics, which is based on doctrinal, logical on testable foundations in a real typical Muslim society can be produced.

The paper proposes criteria and purpose of theory appraisal in Islamic economics which is lacking in the discussion of methodology of Islamic economics literature. Those criteria and purpose in theory appraisal and evaluation in a methodological unity of Islamic economics suggest a new approach in dealing with revelation, intellectual reasoning and facts observation in order to produce a coherent Islamic economic theory.

The paper aims to produce new key terminologies for the microfoundations of Islamic economics. The paper attempts to investigate the microfoundations of Islamic economics by exploring new perspective in the key concepts and key terminologies that would explain the behavior of individual and society in an Islamic ethical framework.

The paper is a conceptual paper that attempts to explore the microfoundations of Islamic economics from the primary sources of Qur’anic texts. Literature on the topics, from an Islamic and mainstream economics perspective, are reviewed critically in a comparative perspective.

The key concepts of self-interest, utility maximization and rationality are critically evaluated in an Islamic perspective and new key concepts of huquq, maslahah maximization and taqwa are proposed as alternatives. Those new key terminologies will broaden the horizon in understanding of economic realities of man and society and their relationship and well-being.

The paper is based on conceptual explorations of literature in the microfoundations of economics in the mainstream economics and Islamic economics. This is a conceptual paper, so it did not use any empirical analysis.

The findings of this paper will give insights of the microfoundations of Islamic economics as a discipline. Those unique key terminologies derived from the textual source of Islam (nusus) and intellectual tradition (turath) are important in the attempt to develop a solid body of knowledge.

The paper proposes new key concepts and terminologies to be the microfoundations of Islamic economics as a discipline. It is a new approach in understanding behavior of individual and society in Islamic perspective which are different from the other approach, which modifies the conventional terminologies by adding “Islamic” prefix, such as “Islamic” utility or “Islamic” rationality.