Mired by extended conflicts and foreign occupation, if a country like Afghanistan is left with weakly funded government with half of the population below the poverty line, it can cause severe economic and even humanitarian crisis. To deal with the current humanitarian and economic crisis post-US exit, following are key points of consideration.
Islamic Economics Project
RESEARCH ON ISLAMIC ECONOMICS AND FINANCE AND ROLE OF FAITH IN MARKETS AND SOCIETY IN POST MODERN SCIENTIFIC AGE
Shaikh Saadi is widely recognized as one of the greatest poets of the classical literary tradition. Here are few pearls of wisdom from his writings.
The monetary policy until today is conducted without paying any heed to the socioeconomic consequences. Despite the fact that central banks usually have very strong research wings and they are equipped with lots of resources, it is rare to find a study administered by central banks and relating the monetary policy to the socioeconomic indicators except for employment and growth.
When a person is helped by a co-worker, neighbour, friend or any other individual in confidentiality, the ego and self-respect of the receiving individual is not hurt or hurt as much as in receiving such benefits publicly from an institution.
It is important that debt relief and debt concessions are afforded to them so that their fiscal bleeding does not compromise work and progress on SDGs. As focus shifts to growth to regenerate employment for those who lost employment after the emergence of COVID-19, it is pertinent to not lose focus of SDGs.
Money supply can be increased out of thin air, but the non-renewable resources once exhausted cannot be brought back. Remarkably, the importance of ecology is not learnt even after repeated unsuccessful expeditions in space to search life supporting environment. An illuminating, enlightening and informative book cannot be valued just by measuring the cost of pages, printing and binding.
There is need for an economic framework that brings moderation, responsibility, conservation, dignity of life, empathy, sharing, equitable distribution and justice in society.
In lease based contracts, such as Ijarah and Diminishing Musharakah, the rental indices can capture the true essence of pricing as per the nature of transaction.
اس مختصر مضمون میں ایک آزاد مرکزی بینک کے حق میں اور خلاف میں دلائل پیش کرنے کی کوشش کی گئی ہے تاکہ لوگ اس مسئلے کے بارے میں باخبر رائے قائم کر سکیں۔
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.