Islamic Economics Project

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Omar Mustafa Ansari. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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IEP Forum on FSC Verdict on Riba: Experts View – Mufti Dr. Irshad Ahmed Aijaz

By Islamic Economics Project on May 19, 2022 • ( 2 Comments )

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Mufti Dr. Irshad Ahmed Aijaz. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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Economic Lessons from Fasting in Ramadan

By Islamic Economics Project on April 13, 2022 • ( Leave a comment )

Fasting in the full-month of Ramadan every year teaches restraint by experiencing it. It brings humility, discipline, restraint, self-control and social consciousness about issues of hunger and deprivation. It is more powerful to share a state of being for the whole month in restraint than an hour of lighting out. It encourages solidarity and pro-social behaviour.

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Distinctive Profit Rate Benchmark in Islamic Banking

By Islamic Economics Project on March 31, 2022 • ( Leave a comment )

As a substitute to T-bills, the governments can issue Treasury Sukuk Ijarah Bills to source funds. For profit benchmarking, data from trading operations can be used in which the government sets prices to reflect its target profit rate knowing the cost as well as the selling price. This target profit rate can become a benchmark for issuing Treasury Sukuk Ijarah Bills and affect the other rates of returns in Islamic short term financing instruments.

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Zakat Rate as Base Risk Free Rate in Post-LIBOR Era

By Islamic Economics Project on March 29, 2022 • ( Leave a comment )

A key maxim of Islamic jurisprudence suggests that in the matter of commercial transactions, everything is deemed permissible unless explicitly stated otherwise. As long as the transacting parties adhere to the principles of Islamic jurisprudence while applying the benchmark to their transaction, it is acceptable to utilize a consensus methodology. In place of risk free rate or base rate of expected return on investment, some thinkers in Islamic finance suggest the possible use of Zakat rate.

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Islamic Banking and Transition from LIBOR

By Islamic Economics Project on March 23, 2022 • ( Leave a comment )

From the Islamic finance industry perspective, an important criterion for the industry wide adoption of any benchmark, particularly one that is published every business day, is the simplicity, reliability and robustness of its methodology.

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Economic Growth Rate as Benchmark for Islamic Finance

By Islamic Economics Project on March 22, 2022 • ( Leave a comment )

Growth rate of Gross Domestic Product (GDP) is one of the most frequently suggested alternative for Islamic finance transactions. GDP measures value of production in a given year. This alternative avoids reference to interest based benchmarks and reflects pure economic activities in a comprehensive way covering output of all sectors plus prices.

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Constituting an Islamic Social Welfare Function: An Exploration through Islamic Moral Economy

By Islamic Economics Project on March 11, 2022 • ( Leave a comment )

The noted authors explain that the main contribution of this study is to present a model in which juristic and moralist positions are endogenized and augmented to constitute Islamic social welfare function.

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Roundup of World Zakat Forum 2021

By Islamic Economics Project on March 11, 2022 • ( Leave a comment )

The discussions in the forum emphasized on creating synergy between Zakat and Waqf and integrate both the institutions together in institutional design and delivery as well as in public and social policy in member countries.

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Building Nations: Case of Afghanistan

By Islamic Economics Project on March 11, 2022 • ( Leave a comment )

Mired by extended conflicts and foreign occupation, if a country like Afghanistan is left with weakly funded government with half of the population below the poverty line, it can cause severe economic and even humanitarian crisis. To deal with the current humanitarian and economic crisis post-US exit, following are key points of consideration.

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