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…Details
Shaykh Umar Vadillo, presented the case of Islamic Gold Dinar and presented it as the solution of monetary crisis.
Humaira Shahid argued that the economic model of Madinah was not a finance-backed economy, but rather a trade-backed economy.
In her co-authored paper, Pakistan’s Hina Haq, presented an Islamic perspective on the emerging cryptocurrency and concluded that it is in harmony with the Islamic consideration of governance, regulation and market compliance.
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…Details
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…Details
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…Details
Afzal Parvez from UK argued that with the case of open markets comes five main areas to consider when judging the Islamic legality of open markets. These are: (a) the notion of profit and wealth creation, allowing for (b) free trade, which then brings about the implication of the (c) concept of welfare and (d)…Details
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…Details
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,…Details
Volunteer/Intern Needed Volunteer/Intern Needed Islam & Liberty Network Foundation is dedicated to develop and promote an Islamic case of freedom through building knowledge and human capital while working with a global network of researchers. For its office in Kuala Lumpur, the Network is looking for a volunteer/intern to assist the CEO in communications from 2nd…Details
Do we have any singular, sacrosanct version of Islam with any central authority? The obvious answer to this question is No, however what is important is to realize that how differences in the interpretations influence the political regimes in which these narratives thrive. The global debate on Islam is largely situated around the Middle East,…Details