Despite huge burden of taxes in this budget, 75% of all tax revenues will just go in paying interest on and instalments of previous debt. Last year, government spent around Rs 400 billion in PSDP. Spending every year in PSDP falls short of announcement. This Rs 400 billion is less than even 5% of what we will pay in debt servicing and less than 20% of what we will spend in defense.
Riba al-Fadl is described as an unlawful excess in the exchange of two counter-values where the excess is measurable through weight or measure. The concept is based on some Ahadith according to which if gold, silver, wheat, barley, dates, and salt are exchanged against themselves, they should be spot and be equal and specified. If these conditions are not found, this transaction will become Riba al-Fadl.
The central thesis of the book is that ethical principles of Islam can be condensed into four axioms through which all teachings emanate or can be explained. These axioms are: Unity, Equilibrium, Freedom and Responsibility.
Those scientists who believe in Scientism and hold that the experimental method is the only arbiter in all matters of life need to look no further than the field of economics where the tools and concepts of physics are applied. Even though science cannot be arbiter in morals, defining motives, public policy and politics, but it cannot even be a perfect and sufficient tool in explaining economic behaviour by taking the analogy of animal behaviour which is based on self-interest and survival instincts.
Islamic Economics Project 