Tag: Riba Free Economy

Methodology of Economics: Secular Versus Islamic

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The author asserts that Islamic economics is currently the result of applying Islamic rules and injunctions (Fiqh) to the secular economic framework, and is not yet a separate discipline that fully replaces secular economics. The author notes that methodology is a messy and confusing area in both fields. He highlights that in Islamic economics, it is often wrongly treated as a research design or work plan. The author explains that economics is usually called ‘science’ and is seen to be built for achieving its objectives on some perception of rationality. Methodology is the ‘theory of theories’; in the field of economics it refers to the “process economists use to authenticate the knowledge about economic phenomena”.

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Foundational Problem with System of Interest

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Efficiency is the name of conforming to laws of nature. Ideal performance of interest driven system requires the investment to produce nearly same rate of return so that interest rate may be considered a means of sharing of profit between financier and entrepreneurs and investment may not suffer adversely, but that being grossly contrary to nature, the system is inefficient. 

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Islamic Financial Inclusion and Economic Growth in OIC Countries: Panel Quantile Regression Analysis

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The authors argue that by expanding the network of Islamic banks and enhancing the technological infrastructure for financial access, policymakers can harness the transformative potential of Islamic finance to promote sustainable economic growth and development in the OIC countries. The authors urge policymakers to prioritize initiatives aimed at expanding the network of Islamic banks and enhancing technological infrastructure for financial access.

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IEP Forum on FSC Verdict on Riba – Experts View – Faisal Siddiqui

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Recently, Federal Shari’ah Court of Pakistan has given its judgement on the Riba case. Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Faisal Siddiqui. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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IEP Forum on FSC Verdict on Riba – Experts View – Dr. Anwar Shah

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Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Dr. Anwar Shah. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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IEP Forum on FSC Verdict on Riba – Experts View – Mufti Sharf Uddin Ashraf

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Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. We got the chance to get reaction and response from Mufti Sharf Uddin Ashraf. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

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