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.
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.
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.
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.
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).
This study provides insights to the stakeholders of a Cash Waqf infrastructure to continue strengthening their role by understanding the embedded physical and spiritual values and benefits of their acts. It is pertinent for regulators to further encourage VBI among Islamic financial institutions, towards attaining the pure philosophical foundations of Islamic banking and finance; i.e., the principles of socio-economic justice and brotherhood.
We are living in a capitalist society where wealth is circulated mostly among the rich. This creates systematic inequality and this issue continues to further exacerbate the hardships faced by the workers. There are various studies on Islamic banking and finance, but the labour side of Islamic economics is not much focused upon and the number of research studies are limited. The purpose of this study as explained by the author is to explore the progress made in labor economics from an Islamic perspective, especially in advancing policies that can improve the well-being of workers.
February issue of Moral Reflections on Economics is online. It features article on Liquidity Risks in Islamic Banks, Roundup of Al Baraka Forum 2024, IEP Public Poll results on Cost of War in Gaza, book review of Economics of Prophet Muhammad (pbuh) by Syed Fazlur Rehman, research paper in focus on Cash Waqf in Malaysia by Zaki Ahmad, Mushtaq Ahmed & Mahvish Nawaz Mokal and regular sections of reflections, news, economic and financial indicators and call for papers.
Muslim population comprises one-fourth of the global population. In 2060,31.1% of the 3 billion people will be Muslims. In complying with Islamic teachings, Muslims want to have Halal options of banking, investments, food and apparel. Nonetheless, in many other product segments, there is no distinction between Halal and conventional products and services. In Fiqh-ul-Muamlaat, except Haram, other things are considered Mubah. Hence, instead of a positive Halal list, a negative non-Halal list is enough.
Islamic Economics Project 