Most developing countries are going through a perpetual debt trap which takes away resources that could have been used on development, but instead are used to service compounded debt.
Salman Ahmed Shaikh
PhD Economics, National University of Malaysia. Author, Researcher, Teacher and Consultant. He can be contacted at: email@example.com
Hajj is an important Ibadah in Islam. It is compulsory for every Muslim to perform Hajj once in a life. This article looks at the philosophy of various rituals involved in Hajj and how they exhibit a believer’s acceptance of Tawheed (oneness of God), his determination of following the commands of Allah and his vow to sacrifice his wealth, interests and time for Allah’s sake.
This article looks at the social and cultural importance of Hajj and what implications it has at an individual level and how it shapes societal behavior and actions.
Prophet Muhammad (pbuh) delivered His last sermon (known as Khutba-e-hajjatul-Wida) on the ninth of Dhul Hijjah in 10th year after Hijrah (migration from Makkah to Madinah). The sermon was delivered in the valley of mount Arafat. It was the best example of eloquence, brevity, conciseness and the content of the message emphasized upon justice and equality. The message in the sermon was delivered more than fourteen centuries ago and is an essence of the true message and philosophy of Islamic faith.
Qurbani or sacrifice is synonymous with surrender. It symbolizes that the person performing Qurbani is willing to sacrifice everything dear to him for Allah. It symbolizes and strengthens the promise with Allah that the person performing Qurbani would be willing to obey all the commandments of Allah and will sacrifice his interests and belongings that come in the way of fulfilling Allah’s orders.
“The term riba encompasses interest in all its manifestations irrespective of whether it relates to loans for consumption purposes or for productive purposes, whether the loans are of a personal nature or of a commercial type, whether the borrower is a government, a private individual or a concern, and whether the rate of interest is low or high” (Council’s Report, 1980).
As per Islamic principles, within certain bounds, the market forces can operate and will determine which goods should be produced and offered at what price. The major difference from capitalistic system is that rather than having a fixed compensation, the capital will only earn a share in actual profit/loss out of the production process in which it is used.
In search of weapons of mass destruction that were never found, hundreds of thousands of people lost lives in Iraq and in each passing week, hundreds of people die through drone attacks in Pakistan in the name of ‘collateral damage’ and no discourse, critique and question is raised against it. What exactly is freedom then?
A market in which there are many producers serving differentiable products is known as monopolistic competition. In this market type, often producers adopt certain marketing strategies and execute marketing plans to increase their product’s appeal, demand and hence increase the sales and thereby profits. It also helps them to create brand loyalty for their products. From an Islamic perspective, there are certain principles and broad guidelines that must be followed and taken care of while advertising the products.
In a capitalistic democracy, the elite class is able to expend on political campaigns and hence take part in politics and where crony capitalism results in business and political class combining to pursue their self interest.