Economics

January 25, 2018

Emergence of Modern Islamic Banks

The traditional banks serve the important role of financial intermediaries to pool the resources from many small investors to finance large capital projects. This role is […]
January 20, 2018

Principles of Islamic Economic System

Islamic economics is governed by Islamic beliefs. The sources of beliefs include, in order, Quran (revealed scripture), Hadith (traditions of the Prophet (pbuh)), Ijma (consensus of […]
January 19, 2018

Riba and the Rationale for its Prohibition

The Quranic term “riba” means usury or more commonly used term, interest, in modern economics. Riba is a gain in monetary or physical assets without providing […]
January 15, 2018

Prohibition of Gambling

The Arabic term Gharar is translated as uncertainty, risk, speculation or hazard. Islamic anticipates the inherent uncertainty and risk of business transactions. Gharar refers to speculative […]
January 10, 2018

Welfare Economic Framework

Islamic economics is governed by the principles of Sahri’ah and Sharia’h is mainly concerned with human welfare. Islam is complete way of life and accounts for […]
December 7, 2017

Islamic vs Conventional Economics

Islam is often called the natural religion. While it promotes individual freedoms to maximize human potential, it regulates economic activities under divine principles ensure justice in […]