Why (Not) Understanding Economic Liberalism From Public Opinion? Indonesia and Malaysia Compared – Muhamad Iksan

Muhammad Iksan, also from Indonesia, presented his paper on the public opinions based on surveys conducted in Indonesia and Malaysia. Two surveys revealed public opinion could be a starting point to understand public support for market friendly reform and market mainstreaming. From two surveys, there is a need to continue popularizing the idea of economic…

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Property Rights Based on Muslim Law, Economic Efficiency and Gender Equality: What Convergence? – Fatiha Talahite

Fatiha Talahite from France argued that on the base of the Maghrib countries, the adaptation of property rights for more justice and equity to women in the Muslim world, is blocked by an institutional framework inherited from colonization, split between “conventional” rights and personal status. In this dichotomous framework, while the conception of the property…

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Islamic Countries Clustered and Analysed by Economic and Political Freedoms and GDP – Jani Kinnunen

The cross-country comparison by Finland’s academic Jani Kinnunen took a hybrid approach to the relation of economic freedoms and GDP by firstly finding out separate similar clusters of countries, then using principal component analysis to reveal the most important factors explaining the variance of the large set of variables and taking a short look at…

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Sufi or Salafi Islam who is more pro-open markets? Survey Study from Algeria – Mustapha Radji

Mustapha Radji from Algeria presented an interesting comparison between Sufi and Salafi Muslim groups while analysing their approaches to free markets based on a survey in Algeria. The results are controlled for age, education and social status. While Sufi Muslims tend to have more acceptance for open and competitive markets, Salafi Muslims offer greater resistance…

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Historical Development of Waqf Governance in Bangladesh – Md. Thowhidul Islam

What does Islamic tradition offer for social protection? As explained by Bangladesh’s academic Md. Thowhidul Islam, Waqf is “the permanent endowment by a Muslim of any of his property for a purpose recognized by the Muslim Law as religious, pious or charitable.” It is a permanent arrangement, which becomes immediately effective, and cannot be kept…

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Institutional Setup of Market Economy & Property Rights in Islam – Noor Fatima

Noor Fatima from Pakistan, argued that in the light of the history of development of capitalism an Islamic provision and its economic productivity, we believe that it is fair to conclude that Islam has not been a obstacle in the system of market economy in Muslim states. She argued that Islam as religion and culture…

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A Critical Review of The Theory of “Manṭiqat al-Firāq” by Allamah Sayed Muhammad Baqir Ṣadr, Regarding to The Islamic Scholar’s Opinions – Ali Hassania

Ali Hassania from Iran argued that “Manṭiqat al-Firāq”, a Shiite economic theory, points to an area in religion without any legal and religious source. This theory was firstly presented by Allamah Sayed Muhammad Baqir Ṣadr (d. 1981) in his book “Our Economy” (Iqtiṣādunā). According to the theory, religion has allowed the Islamic ruler to lay…

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Enterprise and free markets were born in the pre-Islamic and Islamic Middle East – Nima Sanandaji

As the Swedish intellectual Nima Sanandaji argues in his book “The Birth of Capitalism: The Middle East” private enterprise, market economy and ideological support for free exchange are often assumed to have a Western origin. The true root of these practices and ideals are however found in the pre-Islamic and Islamic Middle East. Market practices,…

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