Author Archives

Salman Ahmed Shaikh

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

Philosophy and Lessons of Hajj Rituals

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.

Rate this:

Lessons from Last Hajj Sermon of Prophet Muhammad (pbuh)

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.

Rate this:

History and Philosophy of Qurbani

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.

Rate this:

A Brief Look at Interest

“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).

Rate this:

Advertising in Presence of Product Differentiation: Outlining Islamic Etiquette

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.

Rate this: