Islamic Society for Institutional Economics (I-SIE) is an academic/research oriented non-profit body  with motivation  to  promote intellectual and scientific  discussions and  research on institutions of Islam  in the framework of New Institutional Economics.



The membership is open  for all academicians, researchers, social scientists and
 policy practitioners without any constraint of creed, religion, faith, region or  gender. 
Please submit online membership registration  for free  till March 31, 2009.
Student membership is available for graduate student.

Downloads Area 

About Islamic Economics

World Financial Crisis : Lesson from Islamic
M. Fahim Khan

  Islamic Science of Economics: To Be  or Not to Be: M. Fahim Khan

   A Note on Islamic Economics: Abbas Mirakhore


Post Crisis Reforms: Some Points to Ponder!: Justice Taqi Usmani


Comments by Dr Fahim Khan on "Post Crisis Reforms: Some Points to Ponder" Justice Taqi Usmani


Faith and the Global Agenda:Values for the Post-Crisis Economy!: World Economic Forum Report


This is not Credit Crisis!: Mansoor Durrani


Call for Papers


Call for Papers Conference (PDF)

Call for papers Conference (word)


Call for Papers: Financial Crises (New)


About I-SIE

I-SIE Brochure  (iPDF)

ISIE Brochure (iMS word)

I-SIE Membership form (PDF)





Dr M. Fahim Khan and Dr Omar Hafiz


Founding members:


Dr. M. Fahim Khan

mfahimkhan@ gmaill.com


Dr. Omar Hafiz

md@ acig.com.sa


Dr Nasim S. Shirazi 

nasimss@ iie.edu.pk


M. Muqeem ul Islam

 muqeemz@ gmail.com





Space for sponsors




Discovering a distinct scientific discipline of Economics, to be referred to as Islamic Economics that underlies the economic institutions of Islam that have been and are in actual practice during the last more than1400 years history of Islam. Discovering this discipline may have useful lessons not only for the existing Muslim societies but also for the world at large.



To understand Institutional Economics of Islam by promoting research on the institutions ___ laws, rules, beliefs, rights, individual and social responsibilities, norms, ethics, customs ____  as well as institutional infrastructure that actually existed or are still existing in the Muslim societies in the more than 1400 years of history of Islam



 1. Promotion research on Institutions of Islam in influencing the actual economic behaviour of human beings and shaping the economics in Muslim societies through out the history as well as in contemporary Muslim world

2. Evaluating the contemporary faith based infrastructural institutions, operating on Islamic principles, in relation to their impact on economic behaviour of Muslims as well as on the existing economic systems in the countries where these institutions are in practice

3. Establishing an academy to promote teaching and research on Institutional Economics in general and Institutional Economics of Islam in Particular, not precluding the research and teaching of Institutional economics implied in other major faiths of the world.

4. Coordinating and collaborating, in areas of mutual interest, with other societies and institutes working in the area of Institutional economics in different parts of the world

5. Organizing seminars, workshops and annual conferences in different parts of the world on the topics of Institutional economics of Islam (without precluding Institutional Economics in general)

6. Sponsor/support research projects, Ph.D thesis on the Institutional Economics of Islam.

7. Promote teaching of Institutional economics at university level with special reference to Institutional Economics of Islam

8. Issue a refereed journal of Islamic society for Institutional Economics (JOISIE) to be issued to become within a period of three years a quarterly journal


Despite last more than 30 years’ rigorous efforts by Muslim economists to discover a scientific discipline to be called Islamic Economics led to nowhere. The starting point picked up for this purpose was what is referred to as the conventional economics/main stream economics/ new classical economics. It is now being realized that

 1. If we are not there, we started from the wrong point and took the wrong path.

2. What ever has been achieved in the name of Islamic economics, so far as is as abstract as conventional economics, neither relating to the reality nor reflecting it.

 The recent developments in the name of Institutional Economics or more specifically, New Institutional Economics, an alternate approach to Economics – more realistic and more rational - is expected to provide a better starting point for understanding the economics in Islam. This is because the Islamic system of life, the economic system of which was only an integral subset, started with developing institutions. These institutions changed the human behaviour relating to economic matters and determined the dimensions and boundaries for the economic system which were not previously known.

 The contemporary Muslim societies are looking forward to a new path to reach the destination that could be called Islamic Economics because of its distinct roots in the institutional framework that they have as a part of their conviction and beliefs.


Space for sponsors  







































Copyright © 2008 Islamic Society for Instituional Economics
Last modified: 10/09/08