January 2024 issue of Moral Reflections on #Economics is online. It features article on UN #SDGs and #Gaza Crisis, Highlights of Multidimensional #Poverty Index Report 2023, IEP Public Poll results on Economic Boycott, book review of #Islam and Economic Security by Yousuf Qaradawi, research paper in focus on #Halal tourism by Dr. Punit and regular sections of reflections, #news, economic and financial indicators and call for papers. Download for free.
Is Conventional Mortgage Halal? کیا روایتی مارٹگیج حلال ہے؟
Islamic worldview does not oppose the use of various tools for obtaining useful knowledge and then using that knowledge for material ends both at an individual and societal level. When one reads Quran, Allah is again and again inviting people to ponder over their creation, environment, ecology, design, variety and balance in the organization of matter in the universe in order to decipher the meaning of life amidst all these manifestations. Question of ‘why we exist’ is the focus of Islam. Question of ‘what exists and how’ is the focus of science. Thus, Islam and science are parallel rather than perpendicular to each other.
Conventional banks only provide loans no matter whether the loan amount is used for purchasing assets or not. As far as repayment of debt is considered in conventional finance lease or mortgage loans, the interest is due from the very first date of sanction of loan till the very last. If the asset remains unusable during the conventional finance lease, the instalments including interest and principal repayment will continue without any break. If interest amount is not paid on time, then interest has to be paid on accrued interest along with financial penalties. Compounded interest can multiply exponentially.
Experts urge adopting Islamic Economics to meet Sustainable Development Goals at Ist Islamic Economics and Development Conference at Quaid e Azam University Islamabad on December 7, 2023.
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.
The report recognizes the interdependence of climate, ecosystems and biodiversity, and human societies; the value of diverse forms of knowledge; and the close linkages between climate change adaptation, mitigation, ecosystem health, human well-being and sustainable development, and reflects the increasing diversity of actors involved in climate action.
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.
This report is a call to accept transformations with the instantly needed to accelerate progress toward the Sustainable Development Goals. The last report was published in 2019 after that many challenges have arrived, progress has been restricted in many areas, partly as a consequence of a confluence of crises – the ongoing pandemic, rising inflation and the cost-of-living crisis, environmental and economic distress, along with regional and national unrest, conflicts, and natural disasters.
This study explores the need for developing socially responsible investment criteria in Islamic finance. There is global attention given to environmental sustainability.
Islamic Economics Project 