Tag Archives: Islamic Economics

Issues in the Implementation of Ushr in Pakistan

Syed Hassaan Ali Ushr is the financial obligation levied at the rate of 10% on agricultural output in Islam. There are several hurdles and issues which are hampering its successful implementation in Pakistan. This article attempts to discuss those issues … Continue reading

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Islamic View on Scarcity of Resources

Maher Kababji Socialists claim that economic problems arise from the extraction of surplus value by the Capitalists in the production process. On the other hand, Capitalists urge that scarcity of resources is the basic economic problem which restricts output growth … Continue reading

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Early Analytical Studies on Consumption in Islamic Framework

Salman Ahmed Shaikh Muslim economists have employed the mainstream economics tools to explicate consumption in the Islamic framework. Kahf (1980) uses indifference curves and budget lines. Ahmed (2002) uses utility framework to incorporate Islamic injunctions in the model assumptions as … Continue reading

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Methodological Framework for Studying Consumption in Islamic Economics

Salman Ahmed Shaikh There is considerable debate in Islamic economics literature on what shall be the correct response and attitude towards mainstream economics methodology. There are three varied responses among Islamic economists regarding the issue. The first response is to … Continue reading

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Distinction and Compatibility between Islamic and Mainstream Framework

Salman Ahmed Shaikh This article highlights the points of distinction and compatibility between the Islamic and mainstream economics framework. The distinction comes in the decision horizon and the addition of moral filters on the choice set. The difference also appears … Continue reading

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Islamic Texts on Consumption and Spending

Salman Ahmed Shaikh Islam has its own distinct worldview. The theistic concepts of Tawheed, Khilafah and Akhirah govern the Islamic way of life. The concept of Tawheed implies that all living and non-living things are created by Allah. The concept … Continue reading

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Intertemporal Consumption in Islamic Economic Framework

Salman Ahmed Shaikh A typical lifecycle pattern of humans shows that the need to consume basic necessities exists throughout the lifetime, while the capacity to earn incomes is present mostly during the working years of life. In childhood and old-age, … Continue reading

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Leveraging on Private Philanthropy in Pakistan for Establishing Waqf

Salman Ahmed Shaikh Importance of Social Finance in Pakistan The United Nations Development Programme in 2016 revealed 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 … 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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