ABSTRACT
This chapter outlines some examples of upstream mathematical research that should be pursued by Muslim mathematicians concerned about operationalizing the worldview and value system of Islam in their ostensibly "value-free" mathematical disciplines. It argues that the Fractional reserve banking (FRB) has effects on the ownership structure of assets in the economy, and that this effect violates the Islamic principles of ownership. The chapter shows how the institution of waqf had traditionally performed the pivotal, community-based function of funnelling private wealth for public interest objectives. The revival and promotion of the institution of waqf in contemporary socioeconomic realities open up a whole challenging and promising area of upstream mathematical research for Muslim mathematical economists, for modeling both the micro- and macro-economics of waqf. Accountancy and the actuarial sciences are part of the larger field of financial mathematics. The reconceptualization of wealth and money will in turn open up new avenues of upstream research programs in the actuarial and accountancy sciences.
