Majdi Al Mustapha presented a case study of his country, Lebanon tracing important developments since the 19th century. Lebanon has had a great benefit from having a laissez-faire economy throughout history. As can be seen throughout its history, the greater the amount of economic freedom and less intervention, the greater it was able to prosper…Details
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…Details
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…Details
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