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Tag Archives: Islamic Economics
Questions in Islamic Economics: Connecting Spiritual Growth to Economic Theory
Saif Ali I recently read a status update on LinkedIn by a disappointed man who found himself in a shared taxi with two professional managers. He heard one of them complain to the other about the loss of productivity due … Continue reading
Posted in Articles on Islamic Economics
Tagged Business Ethics, Capitalism, Climate Change. Global Warming, Development, Economics, Education, Emotional Intelligence, Environmental Economics, Ethics, Homo Economicus, Islamic Economics, Materialism, Morality, Profit Maximization, Self-Interest, Selfish Gene, Utility Maximization, Welfare Economics
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Corona Virus and Free Market Economics
Salman Ahmed Shaikh Corona Virus can transmit from one person to another person. To avoid exponential growth in the spread of Corona Virus cases, social distancing is suggested. Father of Monetarist School of Economics, Milton Friedman said that one thing … Continue reading
Posted in Articles on Islamic Economics, Science and Religion
Tagged Akhirat, Biology, Capitalism, Climate Change, Corona, Corona Virus, Covid19, Dawkins, Ecology, Economics, Environment, Environmental Resources, Evolution, Free Markets, Global Warming, Islam, Islamic Economics, Modernism, Philosophy, Post Modernism, Pro-Social Behaviour, Tawheed
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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
Posted in Articles on Islamic Economics
Tagged Agricultural Income Taxation, Agriculture Sector, Developing Countries, Development, Direct Taxes, Fiscal Policy, Islam, Islamic Economics, Khums, Pakistan, Pakistan Economy, Poverty Alleviation, Public Economics, Tax Evasion, Tax Policy, Ushr, Zakat
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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
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
Posted in Articles on Islamic Economics
Tagged Consumer Preferences, Consumption, Homo Economicus, Homo Islamicus, Intertemporal Consumption, Islamic Economics, Keynesian Consumption Function, Methodology of Islamic Economics, Microfoundations, Moderate Consumption, Normative Economics, Positive Economics, Pro-Social Behaviour, Utility Maximization, Zakat
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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
Posted in Articles on Islamic Economics
Tagged Behavioural Economics, Consumer Behaviour, Consumption, Consumption Externalities, Demand Behaviour, Ethical Consumption, Intertemporal Consumption, Islamic Economics, Islamic Economics Theory, Market Economy, Market Equilibrium, Methodology of Islamic Economics, Microfoundations, Neoclassical Economics, Normative Economics, Positive Economics, Relational Preferences, Utility Maximization
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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
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
Posted in Articles on Islamic Economics
Tagged Altruism, Consumerism, Consumption, Consumption Externalities, Ethics, Excess Consumption, Halal Consumption, Halal Markets, Homo Economicus, Infaq, Islamic Charities, Islamic Economics, Moderate Consumption, Pro-Social Behaviour, Responsible Consumption, Sadqa, Selfish Preferences, Values, Waqf, Zakat
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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
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
