Most of the work in Islamic financing is done by scholars because a lot of people are asking about how to finance their mortgages, there is hardly any book I could find on stocks, bonds and options (some papers do exist for Sukuk, but the area is very controversial), forget about insurances, risk management, and structured investment vehicles (SIVs such as ABS etc), CDSs, MBSs etc. Remember that it was under Muslims that the concept of insurance (I think under Hz Umar (ra)) was devised to protect traders going bankrupt incase if their ship are lost in sea or looted. Therefore, there needs to be a lot of research that can look at the current economic and finance theories and specifically tell what part is consistent with Sharia and what part needs to be changed. E.g. Is demand supply theory with various price flooring consistent with Islam and if not how it needs to be changed, another example could be how to create a halaal insurance market, or a halaal options market etc. I am sure there must be a group of people in Muslim Ummah who must be working on these topics.
I want to know if there is any university in Islamic countries that offers a Masters/PhD level course in Islamic economics and finance? If there is such a course, I would be interested in finding out its curriculum.
Finally, since the basis of any strong economy are its consumers (US economy is 2/3rd consumer driven), I strongly believe that the robust and strict implementation of collection and disbursement of Zakat from those on whom it’s due to those who deserve, has to be the basic foundation of Islamic economy and finance.