RESEARCH ON ISLAMIC ECONOMICS AND FINANCE AND ROLE OF FAITH IN MARKETS AND SOCIETY IN POST MODERN SCIENTIFIC AGE
This paper discusses the theory of interest espoused by Böhm-Bawerk. He described time preference as the origin of the legitimacy of the existence of interest. Time preference is defined as people’s attribution of more value to present goods than future goods with the same quality and quantity. Future goods can be consumed only in the future, whereas present goods can be consumed both now and in the future.
Landmark Report on Islamic Social Finance for Social Protection Launched by IPS
It is suggested that the SBP makes amendments in the Digital Banking License Framework so that only Islamic licenses will be issued. This will ensure that future digital banks that are established in the country also operate under Islamic banking principles. Deposits in Islamic banking have grown more swiftly than in conventional banking. Hence, it is in the best interest of any new player in this market segment to offer Shari’ah compliant financial services than otherwise.
One of the goals of Iqbal’s poetry and writing is to instil a sense of hope that was lost in the Muslims at that time and even today. He says: ‘your origin is light and you are pure, you are the brightness of the eyes of the stars, the angles, and the spirits are under your command. You are the falcon of the king of the world Prophet Muhammad (PBUH)’.
He was among the pioneer scholars in the contemporary field of Islamic economics and finance. He was the recipient of King Faisal International Prize for Islamic Studies in 1982. He also won American Finance House Award in 1993. Furthermore, he received Shah Waliullah Award in New Delhi for contributions to Islamic Economics in 2003.
In modern mainstream economics, the definition of physical capital stock implies that it includes ‘produced means of production’. Some examples of physical capital stock in contemporary businesses include equipment, tools, machinery, buildings, furniture, infrastructures, installations and production plants.
From the Islamic finance industry perspective, an important criterion for the industry wide adoption of any benchmark, particularly one that is published every business day, is the simplicity, reliability and robustness of its methodology.
This paper discusses that the socio-economic aspect of Waqf is much less focused upon in research studies. More focus is on jurisprudential and legalistic studies. While they are important, it is also vital to discuss and pay attention to socio-economic aspects of Waqf in Waqf economics.
This paper discusses the issue of risk vis-à-vis the perpetuity restriction principle inherent in Waqf (Islamic endowment). The authors contend that as a result of Ijtihad, particularly Istihsan bi-al-urf (juristic preference on the basis of custom), endowing cash as Waqf is now accepted in the Muslim world.
Salman Ahmed Shaikh Equity financing is regarded as more just and closes to Islamic principles than debt based financing. Islam encourages equity financing over debt financing when a person wants to earn […]
Islamic Economics Project 