Islamic banking continues to be the largest segment of the IFSI, constituting 70.21% of the total global IFSI assets in 2023, while Sukuk outstanding and Islamic funds collectively represented 29.08%, and the Islamic insurance segment represented 0.71%. The regional distribution of global Islamic finance assets reveals a pronounced concentration in the Gulf Cooperation Council (GCC), which accounts for 52.50%.
The conference kicked off with address by Deputy Minister of Religion in Malaysia. Dr. Zulkifli highlighted the importance of halal economy and how the current government in Malaysia is committed to provide an enabling environment for halal industry. He highlighted the schemes and initiatives taken to support the halal economy in Johor as well as in Malaysia.
Shah Waliullah in Hujjat Allah Ul Balighah writes that exchange is of different kinds. Goods for goods or goods for services. There are people with surplus funds and some with deficiency of funds. This requires transfer of resources for need fulfillment without counter value as in Zakat and Sadaqat.
The report identifies the six inter-related mega trends to impact OIC nations as: Uneven Macroeconomic Performance, Sharing and Platform Economies, Green Economy, Urbanization, Global Supply Chains and Future of Work. The first two look at shifting economies, which are playing out across OIC societies. The next two cover changing environments brought on by climate change and growing populations. The last two consider adapting ecosystems.
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.
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.
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.
Islamic Economics Project 