RESEARCH ON ISLAMIC ECONOMICS AND FINANCE AND ROLE OF FAITH IN MARKETS AND SOCIETY IN POST MODERN SCIENTIFIC AGE
Because of mere fate, a lot of people in the world, including Pakistan, have ended up in a position where they bear the torment of heat without much to do about it. They can not operate air-conditioners even when the temperature flares up and beyond the 35℃. Many do not even have one. “A man has only a certain capacity for battling with fate’, said Wodehouse. Well! this capacity is amazingly high in some people. But, there is still a long waiting period.
Contemporary economics considers rationality only in the context of this world without any regard to the life after death. Nonetheless, more than 90% of the people in the world are associated with any of the different religions and in most divine religions, there is concept of afterlife. The common definition of rationality would not describe their behavior as rational. This would be a violation of the basic assumption that economic agents are rational.
This paper highlights the importance and role of Shariah governance in regulating the practice of Islamic banking and keeping it standardized and stable with the trust of key stakeholders.
This study examines the role of microfinance from the business and social lenses by using the creating shared value (CSV) framework in the context of Indonesia.
Sukuk is the plural of “Sak”, which means: “document or certificate”. During the period of Marwan Bin Huqam, the certificate issued to people to get rations from the Treasury were called “Sukuk”. But, the modern meaning of Sukuk is different. In contemporary Islamic finance terms, Sukuk means:
Boycotts are more effective when boycotting consumers make up a large market segment, have substitutes and when consumers can boycott for long.
Shari’ah compliance in Islamic banking is necessary. However, achieving that requires certain additional operations and costs which may lead to Islamic banks incurring some additional costs which conventional banks simply avoid. This may make Islamic banks to become costlier than conventional banks and which will reflect in weak position in price competitiveness.
When we look at the different life forms, we witness an astonishing spectacle. Certain material objects come together in one body, and there comes into being a creature like a fish swimming through water, or a bird soaring in the skies. Of the great variety of creatures which abound on the earth, the one of greatest interest to us is Man.
اسلامی اقتصادی نظام میں سرمائے کا کوئی مقررہ معاوضہ نہیں ہے۔ لہذا، پیداوار کے عمل سے پیدا ہونے والے حقیقی منافع میں سرمایہ کو اپنا حصہ مل سکتا ہے مگر جس کے لیے ضروری ہے کہ سرمایہ نفع نقصان میں شامل ہو۔ اس سے پیداواری سرگرمیوں مں سرمایہ کاری بڑھتی ہے اور سرمایہ کاری کے نفع بخش ہونے کے لیے صرف ایک فریق یعنی قرض دار ہی نہیں بلکہ تمام سرمایہ دار مل کر سرمایہ کاری کے نفع بخش ہونے کے لیے محنت اور جدوجہد کرتے ہیں۔ اس سے آمدنی کے ساتھ ساتھ دولت کی تقسیم پر بھی مثبت اثرات مرتب ہوسکتے ہیں۔
This article in Urdu explains economic significance and implications of the ritual of animal sacrifice in Islam.
Islamic Economics Project 