How Religion Becomes Important for Economics? This question can be answered through four postulates which summarize how religion and economics come across each other.
Roundup of 3rd International Divine Economics Conference
The third International Divine Economics Conference, organized by the Islamic Social Sciences Forum (ISF) of Hadi Foundation in collaboration with esteemed universities and AJK Medical College, commenced with great enthusiasm in the month of May, 2023 in capital city of AJK, Muzaffarabad.
Climate Crisis Mitigation – Maqasid Al-Shariah Framework in Islamic Economics
Human behaviour, consumption and business activities have been identified as the main cause of the climate crisis the earth is facing at present, having seriously detrimental effects on the earth’s bio capacity to sustain life. These effects, referred to as anthropogenic impacts, are causing degradation of the globally shared public resource known as natural capital.
Conceptual flaws in realizing Maqasid al-Shari’ah in Islamic Finance
This paper discusses the application of Maqasid-e-Shari’ah in Islamic finance discourses and attempts to clarify some misconceptions. The paper also recommends formulating a framework of actualizing Maqasid-e-Shari’ah in Islamic finance.
Establishing Zakat on Oil and Gas in Malaysia
The purpose of this paper is to deliberate on the establishment of Zakat on oil and gas in Malaysia. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, should be subject to Zakat payment. In Malaysia, however, this is not the case. The authors argue that Zakat calculation for oil and gas can involve Nisāb adjustment, but not the Hawl (the requirement for one full Islamic year of ownership for the assets), by analogy with Zakat on agricultural produce.
Estimation of Zakat Proceeds in Bangladesh
This research study calculates potential Zakat proceeds collectible in Bangladesh by using both classical and contemporary or alternative Zakat calculation methods. The results reveal that the percentage of potential Zakat collectible amount to GDP is significant as the estimates range between 2.3% to as much as 3.8%.
Report Launch of Islamic Social Finance for Social Protection
Landmark Report on Islamic Social Finance for Social Protection Launched by IPS
Economic philosophy of Muhammad Iqbal and Muslim identity
One of the goals of Iqbal’s poetry and writing is to instil a sense of hope that was lost in the Muslims at that time and even today. He says: ‘your origin is light and you are pure, you are the brightness of the eyes of the stars, the angles, and the spirits are under your command. You are the falcon of the king of the world Prophet Muhammad (PBUH)’.
Works of Dr. Muhammad Nejatullah Siddiqi
He was among the pioneer scholars in the contemporary field of Islamic economics and finance. He was the recipient of King Faisal International Prize for Islamic Studies in 1982. He also won American Finance House Award in 1993. Furthermore, he received Shah Waliullah Award in New Delhi for contributions to Islamic Economics in 2003.
Islamic View on Interest as Price of Capital
In modern mainstream economics, the definition of physical capital stock implies that it includes ‘produced means of production’. Some examples of physical capital stock in contemporary businesses include equipment, tools, machinery, buildings, furniture, infrastructures, installations and production plants.