This episode is the first of a four-part discussion that relates to Ali Salman’s book, Islamic Economic Framework. In the first part, we discuss about the principles that make up Islamic economics.
Ali Salman is an economist and has master degrees in Economics, Public Policy and Business Administration. He has worked as a consultant and trainer for major international development organizations, public sector organizations, and non-profits. Ali is a founding member of Islam and Liberty Network and also the founder of Policy Research Institute of Market Economy and the CEO of Institute for Democracy and Economic Affairs.
01:00 – Sharia Law
05:00 – First Principle – Private Property
07:30 – First Principle – Public Property
09:29 – Spirit of theory of ownership
15:11 – Does scarcity and effort affect ownership?
17:36 – Second Principle – Wealth Creation
20:02 – Price control
21:38 – Consumer protection
24:01 – Price floor & ceiling
26:29 – When is price control justified?
28:20 – Third Principle – Wealth Distribution
30:19 – Who is Zakat for?
32:52 – Distribution of wealth without heir
35:53 – Closing statements