Tag Archives: Islamic Economics

Leveraging on Private Philanthropy in Pakistan for Establishing Waqf

Salman Ahmed Shaikh Importance of Social Finance in Pakistan The United Nations Development Programme (2016) reveals that multi-dimensional poverty in Pakistan stands at 38.8%. Poor people usually depend on their incomes for consumption expenditure given the lack of other assets … Continue reading

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The Potential Opportunities with Fintech for Islamic Banking

Salman Ahmed Shaikh Islamic finance can help in enabling access to financial services for people who want Islamic financial services. The key question is that can Islamic finance also provide access to financial services to the bottom of the pyramid … Continue reading

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Economics and Pro-Social Behaviour

Salman Ahmed Shaikh A great number of empirical studies now challenge the position of conceptualising human behaviour only in the framework of a rational, utility-maximizing homo-economicus. Yet, this framework is used for the purpose of simplicity and tractability in situations … Continue reading

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Towards an Integrative Framework for Understanding Muslim Consumption Behaviour

In a new paper recently published in Humanomics (Vol 33, Issue 2), an attempt is made to integrate Islamic and mainstream economics framework towards a more realistic understanding of Muslim consumption behaviour. First, the paper gives an account of the … Continue reading

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Islam and Institution of Interest Based Lending

Danial Pirani In modern times, the institution of interest is regarded as critical for the stability of an economy. Nearly all the economic and financial institutions are, in one way or the other, connected to the interest based transactions. Interest … Continue reading

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Limitations of Mainstream Consumer Theory in Economics

Salman Ahmed Shaikh Mathematical tractability has restricted economic analysis of consumer behavior within a confined boundary of certain axioms. Often, these axioms are found to be empirically false. Even more importantly, these axioms and the analytical framework based on them … Continue reading

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Challenges for Islamic Banking in Pakistan

Salman Ahmed Shaikh Islamic banking in Pakistan is an established industry with 12% market share achieved in just over a decade. There are 5 full fledged Islamic banks and more than 15 other commercial banks that operate Islamic banking windows … Continue reading

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Sukuk Market in Pakistan Set for Take-Off

Salman Ahmed Shaikh Sukuk is an alternative Islamic finance instrument for conventional bonds. Sukuk is a certificate that represents ownership in underlying real asset(s). Islamic law does not permit interest and hence conventional coupon paying bonds are impermissible as per … Continue reading

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Does Science Pose Challenge to Islamic Worldview

Salman Ahmed Shaikh In simple words, science is knowledge established by observation and experimentation through an objective process. Scientific knowledge substantiates that the design, variety and balance in the universe is complex, intricate and detailed. Science tries to disentangle useful … Continue reading

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Importance of Worldview in Shaping Economic Choices

Salman Ahmed Shaikh Famine, death from hunger and debt enslavement is the fact of life for the half of the people on earth not because that overall, the societies have scarce resources, but because the distribution of resources is inequitable … Continue reading

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