This episode is the second of a four-part discussion that relates to Ali Salman’s book, “Islam & Economics: A Primer on Markets, Morals and Justice”. In this part, we further discuss the Islamic economic principles of wealth creation.
Ali Salman is an economist by training, and CEO of Islam and Liberty Network. He is the founder of Policy Research Institute of Market Economy (PRIME) in Pakistan. He is currently based in Malaysia, where he heads a leading think tank, Institute for Democracy and Economic Affairs (IDEAS).
01:19 – How do people interpret the Hadith of price control
03:32 – The importance of regulations.
07:39 – Does Islam prefer economic freedom over social justice?
08:41 – Has the definition of social justice changed?
19:29 – The principles of free trade
12:12 – Does Islam prefer a no tax principle?
15:13 – Hisbah – market regulator
17:07 – Does Islam prefer state regulators over private entities?
21:08 – The Gold Standard and Fiat Currency in Islamic context
23:25 – How do they value intrinsic currency?
25:05 – Why is there a call to return to the gold standard?
28:13 – Is there such a thing as Islamic currency?
29:37 – Riba
33:33 – How does this apply to credit?
35:30 – Does Riba has to be unjust before be considered Riba?
36:34 – Consensus between two parties is not enough
38:58 – Closing remarks