Salman Ahmed Shaikh's Blog, page 19

IEP Forum on FSC Verdict on Riba – Experts View – Mufti Dr. Wasie Fasih Butt

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Mufti Dr. Muhammad Wasie Fasih Butt. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

Schools of Thoughts in Methodology of Islamic Economics

There are many methodological approaches put forward by esteemed economists in Islamic economics. These approaches include the circular economy approach, moral economy approach, institutional approach, assimilative approach and pure transformative approach.

Prohibition of Interest in the Context of Böhm-Bawerk’s Time Preference Theory of Interest

This paper discusses the theory of interest espoused by Böhm-Bawerk. The author reviews the works of some Muslim economists who think that since time preference is valid in Islam, so is time value of money. In Islamic finance literature, there is largely a consensus that time value of money is not valid, but the time value of commodity is acceptable.

Zakat and Protection of Poor from Inflation

Zakat helps poor to meet their essential needs even in an inflationary environment. Contrarily, higher indirect taxation results in inflation. However, Ushr, which is a form of Zakat would produce results otherwise by helping poor and needy people who are affected the most from inflation.

Image of Black Hole and What It Tells About Nature of Reality

For the first time, astronomers have captured an image of the supermassive black hole at the center of our galaxy, known as Sagittarius A. Is it necessary to believe in something only after we are able to physically observe it? Scientists like Prof. Stephen Hawking have accepted the fact that black holes exist even though this kind of a physical observation is possible only now. We, as humans cannot see an object which is just a mile away. Science had shown the vastness of observable universe. It will take trillions of years to get to the end of observable universe and we may still not get there as it is expanding at a faster rate.

Rational Response to Unobservable Claims

Human rationality is not confined to believing only in physically observable realities. Science would not tell us about the motive, will and morals definitively.

Recent Images of NASA and Reflections on Cosmos

Recently, NASA has released the earliest clear images of Cosmos in the history of universe. Even if we do not know anything about the Cosmos and how it runs, the fundamental questions about the meaning of our own lives stick in mind no matter whether the universe had and have whatsoever biological, chemical and physical propertie

IEP Forum on FSC Verdict on Riba – Experts View – Dr. Anwar Shah

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Dr. Anwar Shah. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

IEP Forum on FSC Verdict on Riba – Experts View – Mufti Khawaja Noor ul Hassan

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Mufti Khawaja Noor ul Hassan. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.

IEP Forum on FSC Verdict on Riba – Experts View – Raza Ali Sheikh

Islamic Economics Project is making a humble effort to collect the views of Shari’ah scholars, regulators, practitioners, lawyers and academic experts to deliberate on the future course of action and generate ideas and debate on how to make this transformation possible. In this regard, we got the chance to get reaction and response from Muhammad Raza Ali Sheikh. We hope that the views expressed and shared with relevant audience and stakeholders will generate practicable ideas and keep the momentum towards achieving the end goal of an economy that is in compliance with Shari’ah and is able to utilize the instruments and institutions in the Islamic economic teachings.