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…
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…
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…
Shaykh Umar Vadillo, presented the case of Islamic Gold Dinar and presented it as the solution of monetary crisis. Read Full Article Here
Humaira Shahid argued that the economic model of Madinah was not a finance-backed economy, but rather a trade-backed economy. Read Full Article Here
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. Read Full Article Here
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…
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…
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…
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)…
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…
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,…