Articles on Islamic Economics
The book explains that the objective of religious life should be to change this world, including the personality of the individual himself and extending to the whole of human society, so as to reconstruct it in accordance with the will of Allah as revealed in the Qur’an. The religion should be understood directly from the Qur’an aided by the Sunnah, and all human interpretations should be treated as secondary, tentative and, in principle, liable to error and open to correction.
Different elements of the world’s energy system saw very different growth rates in 2024, reflecting the impact of short-term factors and deeper structural trends. Global energy demand grew by 2.2% in 2024, a notably faster rate than the annual average of 1.3% seen between 2013 and 2023. This uptick was partly due to the effect of extreme weather, which we estimate added 0.3 percentage points to the 2.2% growth. Despite this, energy demand grew more slowly than the global economy, which expanded by 3.2% in 2024, close to its long-term average.
In Marxian economics, it is argued that labor creates surplus value in the production process that capitalists extract in the exchange process. Marx said that the capitalist purchases the use value of labor (service) and pays labor something equivalent to the exchange value of labor time. It is barely enough to keep the labor survive. However, when the capitalist sells products created by “labor power,” these products command more exchange value and this excess is known as surplus value. The surplus accumulates and this is exploitation of labor by the capitalists.
Prof. Khurshid Ahmad passed away on April 13, 2025 at the age of 93 years in Leicester, UK. He was born on March 23, 1932 in Delhi. He was a renowned scholar, academic, economist, prolific writer, policymaker and legislator.
Financial crises are often linked to unsustainable booms in financial and business cycles. Research shows that credit and house price cycles are closely tied to output cycles. From an Islamic perspective, synchronizing financial and business cycles can promote stability. A Shari’ah-compliant system without interest rates can align the financial cycle with the real economy, bolstering stability.
The book aims to reconcile scientific understanding with Islamic faith, suggesting that the natural world contains “divine whispers” that point to the existence and wisdom of God. It seeks to demonstrate that scientific discoveries can strengthen, rather than contradict, religious belief. The author addresses the limitations of purely materialistic scientific explanations, arguing that science, while valuable, cannot fully account for the origins and purpose of the universe. It is noted that science is limited to the observations of our senses, and the brain, which are limited to the material.
When joining the Alliance, each member bank voluntarily commits to independently setting, disclosing, and reporting on their progress towards science-based de-carbonization targets, as data and methodologies allow. These individual targets aim to align portfolios to pathways that limit global warming to 1.5°C above the pre-industrial global average temperature, in line with the goals of the Paris Agreement. The Guidelines for Climate Target Setting for Banks outline eight key sectors: power generation, oil and gas, coal, transport, iron and steel, cement, commercial and residential real estate, and agriculture.
اس مختصر مضمون میں محترم جاوید صاحب کےمعاشی افکار پر کچھ اشکالات پیش کیے جاتے ہیں، خاص طور پر وہ اشکالات جو بینکنگ سے تعلق رکھتے ہیں۔ اپنے ان افکار کا خیال انہوں نے اپنی کتاب میزان کے قانون معیشت اور چند مضامین میں بھی کیا ہے جو ان کی کتاب مقامات میں چھپے ہیں۔ اس کے علاوہ الیکٹرانک اور سوشل میڈیا میں اورعوامی اجتماعات سے گفتگو کرتے ہوئے بھی ان افکار کا اظہار کیا ہے۔ چونکہ یہ پیچیدہ اور اطلاقی مسائل ہیں، اس لیے ممکن ہے اس میں اختلاف رائے اور اختلاف فہم پایا جائے۔ ایسا بھی ضروری نہیں کہ ایک دفعہ کے غور و فکر اور مشاہدہ و مطالعہ سے مسائل کی جڑ اور حل تک کامیابی سے پہنچا جاسکے۔ یہ بھی ضروری نہیں کہ ایک شخص ہی اس ساری تحقیق کو انجام دے یا اس کا ذمہ اٹھائے۔ چنانچہ تبادلہ خیال اور ایک دوسرے کے افکار کا جائزہ لینے میں قباحت نہیں بلکہ اس سے غلطی سے بچنے اور مسائل کے حل تک پہنچنے کا زیادہ امکان ہے۔ اس امید پر یہ چند اشکالات بصد احترام مزید غوروفکر کے لیے پیش کیے جاتے ہیں۔
The book compares Islamic and conventional economics in response to economic crises, both across countries and financial institutions and provides a brief analysis of financial crises from a theoretical point of view, examining various approaches. It discusses how the Islamic financial system could serve to mitigate the occurrence of a financial crisis, since the prohibition of Riba, Maysir, and Gharar transactions offers a solution to financial crisis from speculative bubbles and crash. It also discusses some of the challenges facing the Islamic finance industry.
Global trade relations are tense and there is a risk of unpredictable and potentially sharp changes in trade policies worldwide. Geo-economics confrontation (sanctions, tariffs, investment screening) ranks #3 for current (2025) risks according to the GRPS and #9 over a two-year horizon. This comes after trade tensions have already been rising steeply since 2017. According to Global Trade Alert, the number of harmful new policy interventions per year rose globally from 600 in 2017 to over 3,000 in 2022, 2023, and 2024.
Islamic Economics Project 