Author Archives

Salman Ahmed Shaikh

PhD Economics, National University of Malaysia. Author, Researcher, Teacher and Consultant. He can be contacted at: islamiceconomicsproject@gmail.com

Some Misconceptions about Jihad in Islam

From a community of 1.6 billion people spreading in 7 continents of the world, individual instances from a small minority of deviants are picked in an effort to embarrass and tease peaceful mainstream Muslims. Close to 100 million Muslims live in developed regions alone. There has to be acknowledgement and understanding of this fact that Islam and Muslims are two different things. There can be difference of opinion, but selectively picking particular types of arguments, peoples and actions and generalizing them over 1.6 billion people is unjustified.

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How Did Islam Abolish Slavery?

It is to be understood that 15 centuries ago, the institution of slavery was common in Arabs and when Islam spread, Islam took measures to get rid of the institution of slavery in a gradual process. Quran is very clear on freeing slaves in the later revealed verses. In verse 12 and 13 of Chapter Balad, Allah says: “And what can make you know what is [breaking through] the difficult pass? It is the freeing of a slave.”

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Limitations of Mainstream Consumer Theory in Economics

Recent evidence in behavioral finance and consumer psychology points to the fact that consumer information processing capabilities are limited and prone to error. Alias paradox and Ellsberg paradox are good examples of this phenomenon. Furthermore, ‘Ultimatum Game’ reflects the fact that people tend to look at their choice outcomes relatively. Prisoner’s Dilemma highlights the fact that choices by each player in a self-centric way are not necessarily going to be best for them either individually or collectively.

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Potential of Islamic Finance to Lead New Financial Architecture

The two most important problems identified in a post-financial crisis look back are perverse incentives and de-linking of financial sector growth and activities with the real sector of the economy. Islamic finance principles by basing all financial products with real assets fill the gap and this feature alone is a very important risk management tool inbuilt into the system.

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Does Science Pose Challenge to Islamic Worldview

Science does nothing more than substantiating that the design, variety and balance in universe is more ‘complex, intricate and detailed’ than previously thought of before scientific advancements. In light of the scientific body of knowledge developed thus far, the assertion of chance argument for the origin and dynamic organization of this universe becomes all the more weak.

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