Review of Research Papers in Islamic Economics and Finance
According to the World Health Organization, air pollution is now the world’s largest single environmental health risk. Air pollution is responsible for approximately 3.7 million deaths a year. Going forward, cities will generate approximately 2.2 billion tones of solid waste per year by 2025 which could poison soil and waterways, kill plants, and harm humans and animals.
Riba al-Fadl is described as an unlawful excess in the exchange of two counter-values where the excess is measurable through weight or measure. The concept is based on some Ahadith according to which if gold, silver, wheat, barley, dates, and salt are exchanged against themselves, they should be spot and be equal and specified. If these conditions are not found, this transaction will become Riba al-Fadl.
Authors argue that theoretically, Zakat can promote the higher objectives of a country’s economy. The imposition of Zakat on the assets and business of Muzakki provided the conditions of the haul and nisab have been met encourages the productivity of Muzakki. It urges them to be productive and prudent in their investments. It triggers an increase in labour supply and investments. Zakat transfer leads to higher consumption and spending which is good for the businesses and economy.
This study provides insights to the stakeholders of a Cash Waqf infrastructure to continue strengthening their role by understanding the embedded physical and spiritual values and benefits of their acts. It is pertinent for regulators to further encourage VBI among Islamic financial institutions, towards attaining the pure philosophical foundations of Islamic banking and finance; i.e., the principles of socio-economic justice and brotherhood.
We are living in a capitalist society where wealth is circulated mostly among the rich. This creates systematic inequality and this issue continues to further exacerbate the hardships faced by the workers. There are various studies on Islamic banking and finance, but the labour side of Islamic economics is not much focused upon and the number of research studies are limited. The purpose of this study as explained by the author is to explore the progress made in labor economics from an Islamic perspective, especially in advancing policies that can improve the well-being of workers.
Authors thinks that PLS offers a valuable resolution for banking system money creation through the optimization of Islamic bank financing by facilitating the separation of the monetary function from the credit one. This reform thought reinforces the stability value of money allowing it to fully perform its functions with reference to the directives of Sharia. This especially allows the integrity and purchasing power of money, the reduction of the gap between the evolution of both real and financial economies and, consequently, the indebtedness and crisis. Authors recommend to promote PLS financing by reforming institutional and regulatory constraints.
Authors think that internet crowdfunding is positioned to assume a pivotal role in fundraising efforts catering to a diverse range of emerging Waqf needs, both domestically and internationally. Consequently, there is a pressing demand for an enhanced level of professionalism in Waqf fundraising, particularly when it pertains to the establishment of the financial mechanisms required for such endeavours.
Muslim population comprises one-fourth of the global population. In 2060,31.1% of the 3 billion people will be Muslims. In complying with Islamic teachings, Muslims want to have Halal options of banking, investments, food and apparel. Nonetheless, in many other product segments, there is no distinction between Halal and conventional products and services. In Fiqh-ul-Muamlaat, except Haram, other things are considered Mubah. Hence, instead of a positive Halal list, a negative non-Halal list is enough.
This paper provides reflection on Islamic economics and rightly concludes that a lot of work needs to be done in providing distinct story of why financial and economic crises happen and what Islamic economics can offer through its principles, values, instruments and markets.
This paper aims to investigate the effect of Islamic microfinance on poor households through the case of the IKSAR Qard al-Hasan Program in Turkey. It examined the changes in the socio-economic status of beneficiaries before and after the program. The study indicated that Islamic microfinance and qard al-hasan, which were combined in the IKSAR Qard al-Hasan Program, have direct and indirect positive effects on the borrowers.
Islamic Economics Project 