��������������������������
framework . For us , the key to success will be the creation of a viable dialogue process that creates a continual discussion between local , regional , national , and international financial actors . An imposed structure with a rigid end-oriented plan will merely mimic the former weaknesses of the earlier “ Washington consensus ” and block any sustainable developments .
Regarding further research implications , there is much more that could be done to explore this area from a complexity perspective . Clearly , a deeper exploration into the various case studies would be one option — painting a more detailed and comparative picture of the area and the variety that exists within it . Further , although neither of us can claim to be “ modellers ,” we feel that agent based and network modelling would have much to offer . Examples could include scenarios like setting up an agent-based model where the �����������fi� ���������������were trying to decide where to keep their ����� in either Islamic or conventional systems or not to participate in either system . Agent variables could include the degree of ���������� to Islamic ethical values , the level of trust in the different systems , the profit / return on their investment in a given system , the perceived level of stability in the systems and the choices of neighbouring or linked agents . Models of crowd behavior that mimic ������ or ����� ���� would be relevant as well as the work of agent-based computational economics models ( Tesfatsion , 2002 ). Other agentbased models could explore the dynamics of the Islamic financial system itself like examining how general financial rules , stability , openness , and exchangeability affect agent behavior . Exploring how individual Islamic financial institutions interacted with the larger network of Islamic financial system would be another interesting study . In particular , a study of the network interactions between Islamic and international financial elites would be particularly revealing . All of these are interesting areas to explore and we strongly encourage others with more modelling skill than we possess to do so . Moreover , we believe that development agencies and Islamic financial institutions and economic actors would be interested in seeing the results of such work and hopefully would be willing to support such projects .
Endnotes
1
More specifically , ������� is the deriving of the rules and judgments within the realms of Islamic knowledge that can lead to new evaluations of life and ultimately �� � ( Islamic jurisprudence ). Ibn Taymiyah ( 1263- 1328 ) has been credited as being a main proponent of ������� and an influence on subsequent discourse
2
Used by Shi ’ a scholars .
3
Used by Sunni scholars .
4
Legal rules related to both finance and business existed under equity law in the Ottoman Empire , largely based around the ����fi school of thought .
5
This mostly refers to gains from derivatives but we can also include actions that may be considered as unnecessarily risky ( ������ ) or even gambling ( ������ ).
6
Khan ( 2010 ) also acknowledges that 11.2 % of the IDB ’ s portfolio consists of PLS financing .
7
Salam is a sale agreement where the seller receives the price for goods in advance and then the goods are delivered at a later date ( common for agricultural transactions ).
8
BBA comes from the ������� term ������� meaning “ trade .” More specifically , ������� is the deriving of the rules and judgments within the realms of Islamic knowledge that can lead to new evaluations of life and ultimately �� � ( Islamic jurisprudence ).
55