Tag: Islamic Economics

Economy of Companions of Prophet Muhammad (Pbuh)

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Trade was liked by the Prophet صلى الله عليه وسلم, because it was a means of livelihood based on morality and honesty. He صلى الله عليه وسلم himself was famous in trade and Hazrat Uthman Ghani and Hazrat Abd al-Rahman bin Awf among the Companions (may Allah be pleased with them) were known as useful traders. Hazrat Abd al-Rahman bin Awf remained engaged in trade even after his migration to Medina and achieved great commercial success with his God-given abilities. Hazrat Uthman‟s trading business was so large that his income made him a model of great generosity and he spent his wealth for society.

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Mainstream Economics’ War with the Environment: Counter-Critiques from Heterodox Economics and Islamic Economics

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According to the World Health Organization, air pollution is now the world’s largest single environmental health risk. Air pollution is responsible for approximately 3.7 million deaths a year. Going forward, cities will generate approximately 2.2 billion tones of solid waste per year by 2025 which could poison soil and waterways, kill plants, and harm humans and animals.

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Key Highlights of Global Corporate Sustainability Report 2024

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Globally, among the 2,957 sustainability reports subject to an independent assurance, 1,668 (56%) were partially or fully verified under limited assurance, while 405 (14%) were partially or fully verified under reasonable assurance. Globally, 70% of the companies by market capitalization disclosed a GHG emission reduction target and nearly half of them set 2030 as the target year.

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Why Is Riba Al-Fadl Unacceptable?

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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.

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Highlights of Financing for Sustainable Development Report 2024

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Financing is crucial for achieving the Sustainable Development Goals (SDGs) because it enables countries to invest in the infrastructure, programs, and services necessary to achieve the goals. Without sufficient financing, countries may struggle to make progress towards the SDGs. The United Nations estimates that achieving the SDGs will require an additional $2.5 trillion in annual investment until 2030. Due to misaligned incentives, both public and private actors still invest in brown activities and have not yet fully aligned their decision-making and financing with the SDGs.

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Zakat as an Instrument of Poverty Reduction in Indonesia

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Authors argue that theoretically, Zakat can promote the higher objectives of a country’s economy. The imposition of Zakat on the assets and business of Muzakki provided the conditions of the haul and nisab have been met encourages the productivity of Muzakki. It urges them to be productive and prudent in their investments. It triggers an increase in labour supply and investments. Zakat transfer leads to higher consumption and spending which is good for the businesses and economy.

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Environmental Teachings in Islam

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Climate change and environmental degradation is a slow and cumulative process. To protect environment, the efforts also need to be cumulative and consistent. A self-centric secular worldview encourages the self-centric use of private property resources. However, even small things done collectively and consistently can have a larger effect. The two-worldly view of life in Islam encourages socially responsible behaviour as one of the prime determinants of salvage in the life hereafter. Prophet Muhammad (PBUH) said: “If the Resurrection were established upon one of you while he has in his hand a sapling, then let him plant it.” (Musnad Ahmad, Hadith No. 12491).

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