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Islamic Economics Project

RESEARCH ON ISLAMIC ECONOMICS AND FINANCE AND ROLE OF FAITH IN MARKETS AND SOCIETY IN POST MODERN SCIENTIFIC AGE

IEP Forum on FSC Verdict on Riba – Experts View – Omar Mustafa Ansari

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Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Omar Mustafa Ansari. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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IEP Forum on FSC Verdict on Riba: Experts View – Mufti Dr. Irshad Ahmed Aijaz

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Mufti Irshad Ahmed Aijaz

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Mufti Dr. Irshad Ahmed Aijaz. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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Economic Lessons from Fasting in Ramadan

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Fasting in the full-month of Ramadan every year teaches restraint by experiencing it. It brings humility, discipline, restraint, self-control and social consciousness about issues of hunger and deprivation. It is more powerful to share a state of being for the whole month in restraint than an hour of lighting out. It encourages solidarity and pro-social behaviour.

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Distinctive Profit Rate Benchmark in Islamic Banking

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As a substitute to T-bills, the governments can issue Treasury Sukuk Ijarah Bills to source funds. For profit benchmarking, data from trading operations can be used in which the government sets prices to reflect its target profit rate knowing the cost as well as the selling price. This target profit rate can become a benchmark for issuing Treasury Sukuk Ijarah Bills and affect the other rates of returns in Islamic short term financing instruments.

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Zakat Rate as Base Risk Free Rate in Post-LIBOR Era

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A key maxim of Islamic jurisprudence suggests that in the matter of commercial transactions, everything is deemed permissible unless explicitly stated otherwise. As long as the transacting parties adhere to the principles of Islamic jurisprudence while applying the benchmark to their transaction, it is acceptable to utilize a consensus methodology. In place of risk free rate or base rate of expected return on investment, some thinkers in Islamic finance suggest the possible use of Zakat rate.

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