Islamic Finance News- Saudi's AHAB seeks creditor support for settlement under bankruptcy law
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Category Archives: Articles on Islamic Economics
Early Analytical Studies on Consumption in Islamic Framework
Salman Ahmed Shaikh Muslim economists have employed the mainstream economics tools to explicate consumption in the Islamic framework. Kahf (1980) uses indifference curves and budget lines. Ahmed (2002) uses utility framework to incorporate Islamic injunctions in the model assumptions as … Continue reading
Posted in Articles on Islamic Economics
Tagged Consumer Preferences, Consumption, Homo Economicus, Homo Islamicus, Intertemporal Consumption, Islamic Economics, Keynesian Consumption Function, Methodology of Islamic Economics, Microfoundations, Moderate Consumption, Normative Economics, Positive Economics, Pro-Social Behaviour, Utility Maximization, Zakat
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Methodological Framework for Studying Consumption in Islamic Economics
Salman Ahmed Shaikh There is considerable debate in Islamic economics literature on what shall be the correct response and attitude towards mainstream economics methodology. There are three varied responses among Islamic economists regarding the issue. The first response is to … Continue reading
Posted in Articles on Islamic Economics
Tagged Behavioural Economics, Consumer Behaviour, Consumption, Consumption Externalities, Demand Behaviour, Ethical Consumption, Intertemporal Consumption, Islamic Economics, Islamic Economics Theory, Market Economy, Market Equilibrium, Methodology of Islamic Economics, Microfoundations, Neoclassical Economics, Normative Economics, Positive Economics, Relational Preferences, Utility Maximization
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Distinction and Compatibility between Islamic and Mainstream Framework
Salman Ahmed Shaikh This article highlights the points of distinction and compatibility between the Islamic and mainstream economics framework. The distinction comes in the decision horizon and the addition of moral filters on the choice set. The difference also appears … Continue reading
Islamic Texts on Consumption and Spending
Salman Ahmed Shaikh Islam has its own distinct worldview. The theistic concepts of Tawheed, Khilafah and Akhirah govern the Islamic way of life. The concept of Tawheed implies that all living and non-living things are created by Allah. The concept … Continue reading
Posted in Articles on Islamic Economics
Tagged Altruism, Consumerism, Consumption, Consumption Externalities, Ethics, Excess Consumption, Halal Consumption, Halal Markets, Homo Economicus, Infaq, Islamic Charities, Islamic Economics, Moderate Consumption, Pro-Social Behaviour, Responsible Consumption, Sadqa, Selfish Preferences, Values, Waqf, Zakat
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Intertemporal Consumption in Islamic Economic Framework
Salman Ahmed Shaikh A typical lifecycle pattern of humans shows that the need to consume basic necessities exists throughout the lifetime, while the capacity to earn incomes is present mostly during the working years of life. In childhood and old-age, … Continue reading
Leveraging on Private Philanthropy in Pakistan for Establishing Waqf
Salman Ahmed Shaikh Importance of Social Finance in Pakistan The United Nations Development Programme (2016) reveals that multi-dimensional poverty in Pakistan stands at 38.8%. Poor people usually depend on their incomes for consumption expenditure given the lack of other assets … Continue reading
The Potential Opportunities with Fintech for Islamic Banking
Salman Ahmed Shaikh Islamic finance can help in enabling access to financial services for people who want Islamic financial services. The key question is that can Islamic finance also provide access to financial services to the bottom of the pyramid … Continue reading
Economics and Pro-Social Behaviour
Salman Ahmed Shaikh A great number of empirical studies now challenge the position of conceptualising human behaviour only in the framework of a rational, utility-maximizing homo-economicus. Yet, this framework is used for the purpose of simplicity and tractability in situations … Continue reading
Posted in Articles on Islamic Economics
Tagged Altruism, Charity, Climate Change, Climate Crisis, Consumer Behavior, Consumer Preferences, Consumerism, Ethics, Income Inequality, Islam, Islamic Economics, Micro Economics, Philanthropy, Poverty, Pro-Social Behaviour, Social Economics, Utility Maximization
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Towards an Integrative Framework for Understanding Muslim Consumption Behaviour
In a new paper recently published in Humanomics (Vol 33, Issue 2), an attempt is made to integrate Islamic and mainstream economics framework towards a more realistic understanding of Muslim consumption behaviour. First, the paper gives an account of the … Continue reading
Islam and Institution of Interest Based Lending
Danial Pirani In modern times, the institution of interest is regarded as critical for the stability of an economy. Nearly all the economic and financial institutions are, in one way or the other, connected to the interest based transactions. Interest … Continue reading
