There is need for an economic framework that brings moderation, responsibility, conservation, dignity of life, empathy, sharing, equitable distribution and justice in society.
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.
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.
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.
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.
Negative Effects of Interest Based Loans on Development
Most developing countries are going through a perpetual debt trap which takes away resources that could have been used on development, but instead are used to service compounded debt.
Islamic Economics and Consumer Behavior
The idea of material progress and well being enabling the people to forget fear and religion and Question of ‘why we exist’, has failed. Ignoring the purpose of existence and trying to replace it with material self pursuit does not and has not solved the fundamental human quest of ‘why we exist’.
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.