Category: Articles on Islamic Economics

Articles on Islamic Economics

Global Multidimensional Poverty Index 2023

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The annual global Multidimensional Poverty Index (MPI), jointly published by the Human Development Report Office (HDRO) of the United Nations Development Program and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford since 2010, measures interlinked deprivations in health, education and standard of living that directly affect a person’s life and wellbeing. Breakdown by component indicator shows what deprivations poor people experience, which can guide the choice of poverty reduction interventions to achieve the greatest impact.

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Dealing with Climate Challenge

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Because of mere fate, a lot of people in the world, including Pakistan, have ended up in a position where they bear the torment of heat without much to do about it. They can not operate air-conditioners even when the temperature flares up and beyond the 35℃. Many do not even have one. “A man has only a certain capacity for battling with fate’, said Wodehouse. Well! this capacity is amazingly high in some people. But, there is still a long waiting period.

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A Commentary on Divine Economics

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Contemporary economics considers rationality only in the context of this world without any regard to the life after death. Nonetheless, more than 90% of the people in the world are associated with any of the different religions and in most divine religions, there is concept of afterlife. The common definition of rationality would not describe their behavior as rational. This would be a violation of the basic assumption that economic agents are rational.

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Climate Crisis Mitigation – Maqasid Al-Shariah Framework in Islamic Economics

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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.

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Establishing Zakat on Oil and Gas in Malaysia

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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.

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