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Islamic Financial Inclusion and Economic Growth in OIC Countries: Panel Quantile Regression Analysis

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The authors argue that by expanding the network of Islamic banks and enhancing the technological infrastructure for financial access, policymakers can harness the transformative potential of Islamic finance to promote sustainable economic growth and development in the OIC countries. The authors urge policymakers to prioritize initiatives aimed at expanding the network of Islamic banks and enhancing technological infrastructure for financial access.

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History of Islamic Economic Thought

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Prof. Islahi argues that Muslim scholars made substantial contributions to economic thought, influencing both the development of Islamic economics and, indirectly, the foundations of modern Western economic theory. He challenges the notion that modern economics is solely a product of Western thought, highlighting the intellectual debt owed to earlier Muslim thinkers.

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Highlights of Al-Baraka Forum

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During the opening ceremony, H.E Mr. Yousef Hassan Khalawi, Secretary General, AlBaraka Forum for Islamic Economy highlighted that the world has now spent more than a full century talking about sustainability. The Islamic world has 22 countries classified as least developed countries. We should focus on our nations and focus on our beliefs, as today we are trying to introduce Sukuk as one of our major initiatives created by Muslim economists, scientists, and experts.

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Islamic Finance and Inclusive Economic Growth

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In a market following Islamic norms and values, the market forces will determine which Halal goods and services should be produced and offered at what price. Through private sector investment and production, resource markets and product markets will function to enable households to obtain purchasing power by providing rentable factors of production like labour services (Ijarat-ul-Ashkhas) or usufruct of a naturally existing or produced tangible asset (Ijarat-ul-A’yan) in the production process and earn compensation in terms of wage and rent, respectively.

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Reflections on Qur’an and Ethics

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In extreme situations where a person’s survival is in question, Allah allows exceptions. One can use forbidden things with two conditions. The first is that there should be no desire and the second is that it should not exceed the limit. Then, it would not be morally wrong.
Allah in Qur’an says:
“He has only forbidden you (to eat) carrion, blood, swine, and what is slaughtered in the name of any other than Allah. But if someone is compelled by necessity—neither driven by desire nor exceeding immediate need—then surely Allah is All-Forgiving, Most Merciful.” (Surah Al-Nahl 16, verse 115).

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The Value of Societal Values in Finance

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The author urges that deep and rapid decarbonization must become a global priority because climate tipping points will likely be reached much sooner than previously expected as greenhouse gas emissions continue to rise. To safeguard humanity and its societal systems, it is not only important to consider the time it takes to achieve decarbonization, but to ensure that we avoid reaching the climate tipping points.

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Reconstruction of Religious Thought in Islam

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The lectures given by Allama Iqbal even after one century are as fresh and illuminating as ever. They show the tremendous depth and breadth of his knowledge, vision and also his commitment and passion for religion and its progressive application at the personal level and societal level in Muslim polity. Amidst the height of passion and devotion, Allama Iqbal still highlights important factors of stagnation which need to be avoided. He urges Ijtihad, Ijma and reconstruction of thoughts to foster change while retaining the eternal principles of religion.

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Highlights of Global Hunger Index 2024

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In South Asia, serious hunger reflects rising undernourishment and persistently high child under nutrition, driven by poor diet quality, economic challenges, and the increasing impact of natural disasters. The goal of Zero Hunger by 2030 now appears unreachable, and if progress remains at the pace observed since the 2016 global GHI score, the world will not reach even low hunger until 2160 more than 130 years from now.

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Theories of Economic Development and Islamic Economics

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In Harrod (1939)-Domer (1946) and Solow’s Growth model, the emphasis is on increasing savings and investments and that is supposed to lead to increased productivity corresponding to lower Incremental capital output (ICOR) ratio in Harrod (1939)-Domer (1946) model and hence higher rate of growth and to higher steady state level of output in Solow’s Growth model. Savings that result in investments contribute to growth. Essentially, what leads to growth is investment. Savings are only the source of investment funds.

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