Tag Archives: Social Development

Is Islam the Cause of Underdevelopment

Salman Ahmed Shaikh It is observed that many of the developing countries are countries with Muslim majority population. In fact, if we flip this, almost every country with Muslim majority population seems to be underdeveloped. Is this a coincidence or … Continue reading

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Achieving Market-Led Growth in Islamic Economic Framework

Salman Ahmed Shaikh Islmic economic framework does not argue for a state-led or state-run economy. In fact, Islamic economic principles are very much open and favorable towards market based economy. By enabling market economy to run competitively, an Islamic economy … Continue reading

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Effects of Islamic Inheritance Laws on Wealth Inequality

Salman Ahmed Shaikh In an interest based financial system, wealth inequality automatically results in income inequality with legal permissibility of risk-less earnings for the lender. Hence, wealth inequality perpetuates and concentration of wealth increases in the society with the passage … Continue reading

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Development from Islamic Economics Perspective

Salman Ahmed Shaikh In neoclassical growth theories, the emphasis is on increasing savings and technological progress which brings about increase in capital per worker and eventually output per worker. In ‘endogenous growth theory’ models, more sophisticated work has been done … Continue reading

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Demystifying Economic Behavior: Islamic Perspective

Salman Ahmed Shaikh Humans are much more than utility maximizing machines. They are capable of using both material rationality and moral rationality to differentiate right from wrong and need reinforcement to adopt virtues influenced by an inner urge other than … Continue reading

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Financing Higher Education Privately in an Interest Free Way

Salman Ahmed Shaikh Higher education has become a necessity in current times with the increased competition in labor market and increased demands on keeping up with changing skills set. Nevertheless, the cost of obtaining higher education has also increased a … Continue reading

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