(The author can be contacted at akifoo@usa.net ) It is an age old tradition that much matters to a nation when it comes to issues irrelevant to Muslim community’s development. Speaking in terms of rea...
(The author can be contacted at: alisalman74@hotmail.com ) Marginalism, as economists say, lies at the core of economics. It is Marginalism, thinking and evaluating at the margins, which helps in econ...
Some time ago, I received an email from an old student. One of its paragraphs read: Sir, I belong to the Marxist school of thought. Therefore, naturally I’m in favour of a communist / socialist societ...
A detailed analysis of the economy of Pakistan reveals that the whole economic set-up of our country is based on great vice and evil. The foremost evil in it is the institution of Banking. Through thi...
1. When death approaches any one of you and you are leaving behind some wealth, it is incumbent upon you to make a will in favour of your parents and relatives according to the conventions [of society...
The basic purpose of this life is ‘ibādat (51:56), ie humbly serving Allah, and not the achievement of material benefits. Why then are we supposed to be concerned about such ‘mundane’ matters in Islam...
The most significant feature of a truly Islamic economic system should be that it ought to be fair. Interest has been condemned by the Qur’ān because it jeopardises that ideal. The practice of demandi...
An important question which Muslim economists face in these times is the status of the stock exchange. Is trading on the stock exchange harām? Is it really gambling as some people say? The stock excha...
O ye who believe! When you acquire a loan for a fixed period, record it in writing, and a scribe write it down between you with fairness; he who can write should not refuse to write, and just as Allah...
O believers! Do not devour one another’s wealth by evil means except through trading by mutual consent. (4:29) This verse prohibits a person from devouring other people’s wealth through means which ar...
And whatever the Almighty has bestowed on His Prophet from the people of the cities, it is reserved for Allah and His Prophet and the relatives of the Prophet 1 and the orphans and the needy and the w...
If they repent [of all un-Islamic beliefs], establish regular prayers and pay Zakāt, leave them alone. (9:5) This verse explains to the idolaters of Makkah the conditions which they had to fulfil to b...
And [in the daytime and at night] establish regular prayers and pay Zakāt and [for the cause of your religion and state] lend to Allah a befitting loan, and remember whatever good you send forth for y...
The economic law of Islam given to man by the Almighty through His last Prophet (sws) for the purification of the economy is based on the Qur’ānic philosophy of creation: the Almighty has created this...
The late Shaikh Mahmud Ahmad, though not very well known to most people outside academic circles, was a meritorious scholar of our country. In a society as ours, where He who has more money or fame is...
A detailed analysis of the economy reveals that the whole economic set-up of our country is based on great vice and evil. The foremost evil in it is the institution of Banking. Through this institutio...
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 the following part of an article by Muhammad Akram Khan, Chief Accounts Officer in the Ministry for Foreign Affairs, the writer explains that, at macroeconomic level, interest can never be accepted...
One of the issues regarding payment of Zakāh is that of Tamlīk, an Arabic term used by Muslim doctors of law, which has been interpreted as ‘complete and exclusive personal possession’. It means that...
