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...
I) Saving The Qur’ān makes a significant departure from the common economic wisdom by completely ignoring any positive mention of saving as an act of virtue. Not only that, it goes further in emphasis...
Most of economics is simple common sense made difficult. Why? Because common sense entails real, concrete changes to solve lingering problems -- changes our kings and queen(s) are seldom willing to ma...
Ever since the question of developing an Islamic economic system was raised, the problem of evolving a system of banking based on Islamic principles has remained an important issue. One of the major p...
‘The time has come’ the Warlus said ‘to talk of many things: of shoes -- and ships -- and sealing wax -- of cabbages -- and kings --’ (Lewis Carroll) There are two ways of reducing the gap between rev...
They say that a sultan once said while addressing his court: Our kingdom is expanding all around and we have done whatever was possible for the welfare and prosperity of the people. However, as our ki...
Conventional banking is unacceptable to Islam for many reasons, not just because interest is a part and parcel of its operations. IF banking was the ambitious response of many Muslims to the challenge...
Some people argue that only usury (interest at such an exorbitant rate that it exploits the debtor) has been declared unlawful by Islam. Therefore, normal interest at a mutually acceptable rate can be...
Traditionally Pakistan has been a high growth (averaging 5.6 percent) and low inflation country. With a population growth rate exceeding three percent, per capita growth has been satisfactory in the p...
The stock exchange is a market place where shares are bought and sold. By buying the shares of a company, you, in fact, share in the business. Therefore, if there is nothing against Islam in the natur...
...At the dawn of Islam, fourteen centuries ago, mankind was facing one of the greatest ordeals of its history: the institution of slavery. Man had become the master of man. He was subjected to inhuma...
The mode of distribution of a person’s belongings after his death has remained a controversial issue ever since the dawn of civilization. In ancient times, the personal belongings of a deceased were d...
It is a universally acknowledged fact that the extent of help and co-operation which a person receives from his parents, children and other similar relations has little chances of being paralleled by...
Eversince the industrial revolution stunned the world about two centuries ago, Muslim scholarship has been trying to frame and formulate the economic teachings of Islam and to present the view of Isla...
Regulations for an Economic Framework Concentration of Wealth The seventh regulation is that all forms of economic ventures, and all types of projects of wealth allocation and distribution which resul...
Regulations for an Economic Framework Evidence And Documentation The fourth regulation is that in transactions, especially those involving lending and borrowing for a certain period of time, the parti...
Regulations For an Economic Framework In concordance with the above stated basic principle 1 , the following regulations have been formulated in the Qur’ān and Sunnah for the development and systemati...
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 one has, therefore, been made to depend on others for...
Zakat is the only tax an Islamic government can impose upon its Muslim citizens. It is not merely a charity fund but can be spent on the collective needs of the people as well: The zakat money can be...
Ever since the question of developing an Islamic Economic system was raised, the problem of evolving a system of banking based on Islamic principles has remained an important issue. One of the major p...
