The Qur’ān has not explicitly mentioned the share of a grandfather in the legacy of his grandchild nor that of a grandchild in the legacy of his grandfather. However, since the words أولاد ( awlād ) a...
The Islamic law of inheritance is mentioned in the eleventh and twelfth verses of Sūrah Nisā’. In these verses, the Almighty has promised eternal punishment for those who have the audacity to change t...
Insurance is a sort of contract for mutual help in which people pay a fixed amount in installments. The purpose is that if any of them is inflicted with losses relating to their persons or their wealt...
If a person lends money to someone and then demands profit on it, then this is called “interest”. At first sight, there does not seem to be any difference between it and rent. However, a deep delibera...
The economic law of Islam is based on the Qur’ānic philosophy of creation: the Almighty has created this world as a trial and test for man; every person has, therefore, been made to depend on others f...
The heads for zakah spending have been enlisted in Surah Tawbah as under: إِنَّمَا الصَّدَقَاتُ لِلْفُقَرَاء وَالْمَسَاكِينِ وَالْعَامِلِينَ عَلَيْهَا وَالْمُؤَلَّفَةِ قُلُوبُهُمْ وَفِي الرِّقَابِ وَا...
Abstract This article attempts to cover the various issues critical to the understanding of riba. It concentrates on the controversial aspects of the debate on riba in the classical and, to a lesser e...
وَأَقِيمُوا الصَّلَاةَ وَآتُوا الزَّكَاةَ وَأَقْرِضُوا اللَّهَ قَرْضًا حَسَنًا وَمَا تُقَدِّمُوا لِأَنْفُسِكُمْ مِنْ خَيْرٍ تَجِدُوهُ عِنْدَ اللَّهِ هُوَ خَيْرًا وَأَعْظَمَ أَجْرًا ( ٢٠ : ٧٣ ) And [in...
Dr. Sabahuddin Azmi, Ph. D. (Economics), Lecturer, College of Islamic Banking, World Al-Lootah University (Internet), Dubai. What is Ethics? Ethics may be defined as the set of moral principles that d...
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Some of the ideas mentioned in this paper were presented in their preliminary form in my Ph.D. thesis ‘An Enquiry into the Basic Concept of Banking as Perceived by the Spirit of Islamic Economic Justi...
Ever since the industrial revolution stunned the world more than two centuries ago, the discipline of economics has grown in import. It has become a specialized field attracting the attention of sever...
The economic law of Islam has been revealed by the Almighty through His last Prophet (sws) for the purification of the economy. It is based on the Qur’ānic philosophy of creation. According to this ph...
1 In response to a query made by the Da‘wah Academy, a subsidiary of the Islamic University, the Council of Islamic Ideology has declared tamlīk a necessary condition for the payment of Zakāh. It held...
Some people argue that only usury (interest at such an exorbitant rate that it exploits the debtor) has been declared unlawful by Islam. Therefore, interest at a mutually acceptable rate can be charge...
Ribā, or interest, is sometimes confused with rent, whereas the two are quite different from each other. Rent is a payment made periodically for the use (not consumption) of an asset, for example for...
In a previous article (Renaissance, Dec 2001), the author has argued against the abolition of interest through a legal decree. Here, he proposes a strategy for this abolition. (Editor) Proposed Strate...
1. Introduction On November 23, 1999, the Sharī‘ah Appellate Bench of the Supreme Court of Pakistan announced a historical judgement, disposing off a number of appeals against the Federal Sharī‘ah Cou...
An important guiding principle mentioned in the Qur’ān for regulating the economic life of Muslims in an equitable manner is that in an Islamic society wealth should not be allowed to circulate among...
(The author can be contacted at farby@cyber.net.pk ) This is article is a response to Mr. Akif Safi’s column, titled ‘The Discovery of Economy’, appearing in The Renaissance, May 2001. The major part...
