Tag: Development Economics

Labor Productivity and Technical Progress in Islamic Economic Framework

In Islamic economic framework, increase in investment through entrepreneurial activities could increase the labor demand and wages. Increase in wages will improve the standard of living of poor labor class and enable them to improve their productivity further.

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Islamic Perspective on Gender Issues and Development

Institution of family is highly respected in Islam. Women are indispensable part of this institution. As per Islamic worldview, mental and physical capabilities that we enjoy are the blessings of Allah and we hold them as a trust. Therefore, based on the differences in these mental and physical capabilities alone, no one is superior and powerful in the eyes of Allah.

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Is Islam the Cause of Underdevelopment

Abbas Mirakhor and Hossein Askari write that the claims of any society to call itself Islamic must be validated by the existence and effective operations of the institutional structure (rules of behavior). They opine that in today’s Muslim societies, the core elements of the institutional structure that would designate a system as Islamic are, by and large, notable for their absence.

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Resource Economics: Islamic Perspective

Islamic injunctions put huge emphasis on making best use of the resources provided by Allah. Cultivating barren land and dignity of labor is given significant value and regarded as virtues. In an Islamic economic framework, the demand for economic resources, i.e. land, labor and capital is driven by the interest free and productive asset/activity based voluntary exchanges in a market economy.

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Achieving Market-Led Growth in Islamic Economic Framework

Islmic economic framework does not argue for a state-led or state-run economy. In fact, Islamic economic principles are very much open and favorable towards market based economy. By enabling market economy to run competitively, an Islamic economy provides market based solutions to employment creation and improvement in living standards through effective and efficient utilization of resources.

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