Repo transactions are not compliant with Islamic principles due to the buyback nature of transaction plus the use of interest based securities as underlying assets. However, in commercial contracts where Islamic banks would like to earn return, there is need for a pricing benchmark to mitigate risk as well as ensure transparency in the contract.
Output Price Index as a Pricing Alternative in Islamic Finance
Mapping of Islamic Corporate Governance Research: A Bibliometric Analysis
Author argues in the paper that the principles of good corporate governance (GCG) in Islam are more stakeholder oriented than shareholder oriented. It implies that maximizing shareholder wealth is one goal among the many for the corporation in Islamic perspective. It shall fulfil responsibilities towards other stakeholders including internal and external stakeholders.
Philosophy of Science and Limitations of Scientific Method
Scientism regards science as the only source of true and valid knowledge. This view undermines the knowledge of values, ethics and norms. It replaces objective morality with subjective morals which can be tweaked by a minority of individuals in a human society with no accountability to any objective code of ethics.
How Religion Becomes Important for Economics?
How Religion Becomes Important for Economics? This question can be answered through four postulates which summarize how religion and economics come across each other.
Roundup of 3rd International Divine Economics Conference
The third International Divine Economics Conference, organized by the Islamic Social Sciences Forum (ISF) of Hadi Foundation in collaboration with esteemed universities and AJK Medical College, commenced with great enthusiasm in the month of May, 2023 in capital city of AJK, Muzaffarabad.
Climate Crisis Mitigation – Maqasid Al-Shariah Framework in Islamic Economics
Human behaviour, consumption and business activities have been identified as the main cause of the climate crisis the earth is facing at present, having seriously detrimental effects on the earth’s bio capacity to sustain life. These effects, referred to as anthropogenic impacts, are causing degradation of the globally shared public resource known as natural capital.
Financing Microenterprises with Islamic Social Finance Instruments
The aim of Islamic social finance is to support socio-economic empowerment, progress, and the development of society. Pooling resources from social finance instruments, like Zakat (alms giving), Waqf (endowments), Qardh al-hasan (interest free benevolent lending), Takaful, and Sadaqah (charity), can establish and lead to growth of lower-income micro-enterprises in the country.
Reflections from Al-Ghazali
Reflections from Al-Ghazali
Excerpts from A Treasury of Ghazali
Published by Kube Publishing and Distributed in Pakistan by Institute of Policy Studies Press
Re-Examination of Selected Waqf and Western University Endowments
This paper discusses the concept of Waqf and university endowments. The author highlights that contemporary university endowments take their inspiration from the concept of Waqf.
Behavioral Assumptions of Islamic Economics Revisited
In this paper, authors opine that Islamic economics literature exclusively attributes pure altruism to Muslims. It contrasts homo economicus with homo-Islamicus. Authors try to show through empirical evidence that giving behaviour is not much different among Muslims and non-Muslim in Europe.
Profit and Loss Sharing Two Tier Mudarabah
This paper mathematically analyzes the two-tier Mudarabah model in an exclusive Islamic financial environment and under dual banking system.