Sufi or Salafi Islam who is more pro-open markets? Survey Study from Algeria – Mustapha Radji

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…

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Historical Development of Waqf Governance in Bangladesh – Md. Thowhidul Islam

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…

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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…

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Enterprise and free markets were born in the pre-Islamic and Islamic Middle East – Nima Sanandaji

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,…

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5th Annual INFoL Conference Papers (Kuala Lumpur, Malaysia, 2017)

  Malaysia: Roots of a Democratic Society YAM Tunku Zain Al-‘Abidin ibni Tuanku Muhriz   ‘Religion and State are Twin Brothers’: Classical Muslim Political Theory Dr. Muhammad Khalid Masud   Democratic Transition in the Muslim World: Prerequisites and Obstacles Dr. Syed Farid al-Atas   Deconstructing a Dilemma: Democracy versus Islam Dr. Alim Yilmaz   Political…

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Islam and Cryptocurrency

  Digital technology is changing rapidly and some aspects are causing concern among many Islamic scholars all over the world. One example is the cryptocurrency phenomenon. Dealings in cryptocurrency, whether in developing, mining, funding or investing, are considered non-permissible by some jurists. For instance, Egypt’s Grand Mufti recently issued a fatwa (edict) declaring bitcoin, the best-known cryptocurrency,…

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