Production Function in an Islamic Economic Framework

With higher levels of investment, circulation of wealth and competitive markets, innovation and quality enhancement will be the only means of sustaining the edge for firms in an Islamic economic framework. Hence, there will be more focus on innovation, customer satisfaction and hence speed of innovation and productivity is expected to increase. The supply side of innovation, which is the human capital, will also be incentivized through employment creation as a result of removing concentration and idleness of wealth.

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Risk Management with Islamic Derivatives: Do We Really Need Them

Islamic finance industry assets are now worth more than $2.6 trillion by 2019. The industry has shown resilience and double digit growth even in the face of global economic slowdown. After substantial double digit growth in assets, customer base and profits, Islamic banks are expected to embrace the vision to provide an egalitarian financial system which is inclusive for all and avoid the pitfalls which the conventional banking based on interest could not avoid.

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Philosophy and Lessons of Hajj Rituals

Hajj is an important Ibadah in Islam. It is compulsory for every Muslim to perform Hajj once in a life. This article looks at the philosophy of various rituals involved in Hajj and how they exhibit a believer’s acceptance of Tawheed (oneness of God), his determination of following the commands of Allah and his vow to sacrifice his wealth, interests and time for Allah’s sake.

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Lessons from Last Hajj Sermon of Prophet Muhammad (pbuh)

Prophet Muhammad (pbuh) delivered His last sermon (known as Khutba-e-hajjatul-Wida) on the ninth of Dhul Hijjah in 10th year after Hijrah (migration from Makkah to Madinah). The sermon was delivered in the valley of mount Arafat. It was the best example of eloquence, brevity, conciseness and the content of the message emphasized upon justice and equality. The message in the sermon was delivered more than fourteen centuries ago and is an essence of the true message and philosophy of Islamic faith.

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History and Philosophy of Qurbani

Qurbani or sacrifice is synonymous with surrender. It symbolizes that the person performing Qurbani is willing to sacrifice everything dear to him for Allah. It symbolizes and strengthens the promise with Allah that the person performing Qurbani would be willing to obey all the commandments of Allah and will sacrifice his interests and belongings that come in the way of fulfilling Allah’s orders.

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A Brief Look at Interest

“The term riba encompasses interest in all its manifestations irrespective of whether it relates to loans for consumption purposes or for productive purposes, whether the loans are of a personal nature or of a commercial type, whether the borrower is a government, a private individual or a concern, and whether the rate of interest is low or high” (Council’s Report, 1980).

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