Islamic Economics Project

The author urges responsible attitude towards ―limits to growth‖. The author argues for the equalization of endowments rather than expansion of policies that redistribute current income. Kate Raworth then lists seven ways of thinking about the economy that will help us manage common needs such as water, food, income – the things in the hole of the doughnut – so that humanity lands in the sweet spot rather than drifting past the outer ring – the ecological ceiling — where phenomena like ozone layer depletion thrives.

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Highlights of State of Global Air Report 2024

By hammadiep on December 12, 2024 • ( Leave a comment )

The threat of air pollution is not new, but it is changing. Air pollution has contributed to death and disease and has hurt economic prospects and community resilience for decades. During that time, policies and technologies have drastically improved air quality in some areas, saving lives, and proving that pollution is not an inevitable by-product of economic development.
Air pollution is a complex mixture of particles and gases with sources and composition varying over space and time. While hundreds of chemical compounds can be measured in the air, governments typically measure only a small subset as indicators of the different types of air pollution and major sources contributing to that pollution.

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Need for Proactive Response to Environmental Challenges in Islamic Financial Services Industry

By hammadiep on December 11, 2024 • ( Leave a comment )

To fully address climate-related financial risks and promote sustainability, banks must balance their protective and proactive roles. While protecting assets from climate risks remains critical, it should not overshadow the need for a broader responsibility. Banks are uniquely positioned to be powerful agents of change, and by integrating sustainability into their operations and business strategies, they can contribute significantly to the global effort to combat climate change and foster sustainable development.

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The Influence of National and Individual Islamic Governance on Islamic Banks‘ Social Performance

By hammadiep on November 13, 2024 • ( 1 Comment )

The paper also cites several studies which discuss the social failure of Islamic banks. The results suggest that while Islamic banks may need to still improve their social performance, strong Shari‘ah governance only compliments that objective rather than appearing as a hurdle or substitute.

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Why Nations Fail

By hammadiep on November 12, 2024 • ( Leave a comment )

Authors argue that some nations are wealthier and more prosperous than others because of their political and economic institutions (e.g. government, market system). Good (inclusive) institutions enable investment and a sense of security in the government and the economic system and so nations prosper, but bad (extractive) institutions do not. Virtuous circles of innovation, expansion and peace are formed from inclusive institutions which form a cycle of increasing prosperity. Prof. Acemoglu and Prof. Robinson argue that exclusionary policies designed to enrich the elites and exploit the poor majority have prevented technological innovation, as the existing elites fought tooth and nail against anything that might endanger their privileges.

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Roundup of World Zakat Waqf Forum 2024

By hammadiep on November 11, 2024 • ( Leave a comment )

The forum emphasized on integrating Zakat and Waqf in a way that transforms lives and strengthens communities. There is need for collective vision encompassing the individual, the family, and the wider social order, fostering a comprehensive approach to socioeconomic development.

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Key Highlights of IFSB Report 2024

By hammadiep on November 10, 2024 • ( Leave a comment )

Islamic banking continues to be the largest segment of the IFSI, constituting 70.21% of the total global IFSI assets in 2023, while Sukuk outstanding and Islamic funds collectively represented 29.08%, and the Islamic insurance segment represented 0.71%. The regional distribution of global Islamic finance assets reveals a pronounced concentration in the Gulf Cooperation Council (GCC), which accounts for 52.50%.

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Roundup of ICIHES 2024 Johor Bahru, Malaysia

By hammadiep on November 9, 2024 • ( Leave a comment )

The conference kicked off with address by Deputy Minister of Religion in Malaysia. Dr. Zulkifli highlighted the importance of halal economy and how the current government in Malaysia is committed to provide an enabling environment for halal industry. He highlighted the schemes and initiatives taken to support the halal economy in Johor as well as in Malaysia.

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Hujjat Ullah ul Balighah

By hammadiep on October 15, 2024 • ( Leave a comment )

Shah Waliullah in Hujjat Allah Ul Balighah writes that exchange is of different kinds. Goods for goods or goods for services. There are people with surplus funds and some with deficiency of funds. This requires transfer of resources for need fulfillment without counter value as in Zakat and Sadaqat.

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Examining the Adoptability of Crypto currency in the Islamic Financial System: Perspectives from Shariah Scholars

By hammadiep on October 14, 2024 • ( Leave a comment )

Majority of scholars hold a view that a currency‟s permissibility is not invalidated if its value diminishes. This perspective is founded on the premise that conventional forms of currency are also subject to fluctuations in value. Financial securities like Halal stocks also go through swings in prices due to market and economic factors.

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