By Masudul Alam Choudhury
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Additional resources for Contributions to Islamic Economic Theory: A Study in Social Economics
There are two reasons for this. First, the fixation of the dividend rate for the entire maturity period is tantamount to riba or interest. Secondly, by underwriting its risk with an individual or financial intermediary, for a * An abridged version of this chapter was published in Arab Gulf Journal, vol. 5, no. I, April 1985. 40 Introduction to Financial Statement of the Firm 41 fixed payment, the corporation tries to secure the incidence and magnitude of the risk. The risk here is tantamount to economic uncertainty, and can therefore be at best subjectively estimated.
In Muslim societies such values must inevitably be the Islamic values, and any form of economic development must seriously consider the potentials of Islamic economics as the basis of the New International Economic order. Part II Microeconomics Part II of the book develops the principal theory of microeconomics in the Islamic economic perspectives. The work accomplished in this section is again one on social economics in a broader analytical sense developed and analysed within the framework of mainstream economics.
This principle therefore suggests that an appropriate economic objective criterion for the firm in an Islamic economy would be cost minimisation subject to profit constraint, and not vice versa. We can then formulate the firm's optimisation problem in the Islamic economy as follows: s subject to 7t = pq - L riXi, n i= 1 where C denotes cost function, q denotes the level of output of production by the firm, Xi denotes the quantity ofthe ith input of production for the firm, i = 1,2, ... ,n. 7t denotes the constrained profit level for the firm, P denotes the selling price of output, ri denotes the price of the ith factor of production, i = 1,2, ...