This article looks at the social and cultural importance of Hajj and what implications it has at an individual level and how it shapes societal behavior and actions.
The Social and Cultural Importance of Hajj
Islamic Economics Project
RESEARCH ON ISLAMIC ECONOMICS AND FINANCE AND ROLE OF FAITH IN MARKETS AND SOCIETY IN POST MODERN SCIENTIFIC AGE
Lessons from Last Hajj Sermon of Prophet Muhammad (pbuh)
Prophet Muhammad (pbuh) delivered His last sermon (known as Khutba-e-hajjatul-Wida) on the ninth of Dhul Hijjah in 10th year after Hijrah (migration from Makkah to Madinah). The sermon was delivered in the valley of mount Arafat. It was the best example of eloquence, brevity, conciseness and the content of the message emphasized upon justice and equality. The message in the sermon was delivered more than fourteen centuries ago and is an essence of the true message and philosophy of Islamic faith.
History and Philosophy of Qurbani
Qurbani or sacrifice is synonymous with surrender. It symbolizes that the person performing Qurbani is willing to sacrifice everything dear to him for Allah. It symbolizes and strengthens the promise with Allah that the person performing Qurbani would be willing to obey all the commandments of Allah and will sacrifice his interests and belongings that come in the way of fulfilling Allah’s orders.
A Brief Look at Interest
“The term riba encompasses interest in all its manifestations irrespective of whether it relates to loans for consumption purposes or for productive purposes, whether the loans are of a personal nature or of a commercial type, whether the borrower is a government, a private individual or a concern, and whether the rate of interest is low or high” (Council’s Report, 1980).
Circular Flow Model: Islamic Economics Perspective
As per Islamic principles, within certain bounds, the market forces can operate and will determine which goods should be produced and offered at what price. The major difference from capitalistic system is that rather than having a fixed compensation, the capital will only earn a share in actual profit/loss out of the production process in which it is used.
Recent Controversies about Freedom of Speech
In search of weapons of mass destruction that were never found, hundreds of thousands of people lost lives in Iraq and in each passing week, hundreds of people die through drone attacks in Pakistan in the name of ‘collateral damage’ and no discourse, critique and question is raised against it. What exactly is freedom then?
Advertising in Presence of Product Differentiation: Outlining Islamic Etiquette
A market in which there are many producers serving differentiable products is known as monopolistic competition. In this market type, often producers adopt certain marketing strategies and execute marketing plans to increase their product’s appeal, demand and hence increase the sales and thereby profits. It also helps them to create brand loyalty for their products. From an Islamic perspective, there are certain principles and broad guidelines that must be followed and taken care of while advertising the products.
Political Economy from Islamic Standpoint
In a capitalistic democracy, the elite class is able to expend on political campaigns and hence take part in politics and where crony capitalism results in business and political class combining to pursue their self interest.
Islamic Economics and Consumer Behavior
The idea of material progress and well being enabling the people to forget fear and religion and Question of ‘why we exist’, has failed. Ignoring the purpose of existence and trying to replace it with material self pursuit does not and has not solved the fundamental human quest of ‘why we exist’.
Distributional Inequity and Welfare Loss in Interest Based Financial System
Salman Ahmed Shaikh Capitalism, the way it is practiced as an economic system, has largely allowed and provided legal cover to certain exploitative institutions and their operations based on free market philosophy. […]
Islamic Economics Project 