Economy and All That

**transitory** · 05-05-2012, 08:42 PM

Originally Posted by Maripat

Can we say to Riba countries that give us interest free loan we are so nice Muslims?

The other possibility is to develop a self-sufficient Islamic economy zone where we could approach others for help. On one hand it looks impractical while on the other hand we have examples like bail out packages for sick economies in Euro Zone and hence why can we not think of similar measures for ourselves.

With the current setup of governance it will not make a difference even if we manage to get an interest free loan. The people sitting at the top are more impressed with capitalistic model than Islamic model, most likely because the Islamic model is abstract and there has not been enough work done to incorporate and explain (or an Islamic alternative proposed for) the complex financial dealings pervasive in current financial markets.

Most of the work in Islamic financing is done by scholars because a lot of people are asking about how to finance their mortgages, there is hardly any book I could find on stocks, bonds and options (some papers do exist for Sukuk, but the area is very controversial), forget about insurances, risk management, and structured investment vehicles (SIVs such as ABS etc), CDSs, MBSs etc. Remember that it was under Muslims that the concept of insurance (I think under Hz Umar (ra)) was devised to protect traders going bankrupt incase if their ship are lost in sea or looted. Therefore, there needs to be a lot of research that can look at the current economic and finance theories and specifically tell what part is consistent with Sharia and what part needs to be changed. E.g. Is demand supply theory with various price flooring consistent with Islam and if not how it needs to be changed, another example could be how to create a halaal insurance market, or a halaal options market etc. I am sure there must be a group of people in Muslim Ummah who must be working on these topics.

I want to know if there is any university in Islamic countries that offers a Masters/PhD level course in Islamic economics and finance? If there is such a course, I would be interested in finding out its curriculum.

Finally, since the basis of any strong economy are its consumers (US economy is 2/3rd consumer driven), I strongly believe that the robust and strict implementation of collection and disbursement of Zakat from those on whom it’s due to those who deserve, has to be the basic foundation of Islamic economy and finance.

**imran1976** · 06-05-2012, 11:26 AM

Originally Posted by Maripat

Some one should give the Arabic equivalent, I do not know that and that is why I used the English phrase. I do not want to put-off the non-subcontinental people.

Also it will be appreciated if we discuss various chapters in Mufti Taqi Usmani (DB)'s book.

Wassalam

Qarz e hasana is an arabic word.

an interest free loan with time limit will fall under Riba'. Qarz e Hasana is without time limit, it might be paid tomorrow or after one year.

**Abu Zakir** · 06-05-2012, 02:15 PM

Zakat collection, Jizya collection, non fiat based currencies, and jihad (meaning actual warfare with armies against implicit and or explicit colonizers) is the way to the Islamic economic bloc.

http://umarvadillo.wordpress.com/201...lamic-trading/

Originally Posted by transitory

With the current setup of governance it will not make a difference even if we manage to get an interest free loan. The people sitting at the top are more impressed with capitalistic model than Islamic model, most likely because the Islamic model is abstract and there has not been enough work done to incorporate and explain (or an Islamic alternative proposed for) the complex financial dealings pervasive in current financial markets.

Most of the work in Islamic financing is done by scholars because a lot of people are asking about how to finance their mortgages, there is hardly any book I could find on stocks, bonds and options (some papers do exist for Sukuk, but the area is very controversial), forget about insurances, risk management, and structured investment vehicles (SIVs such as ABS etc), CDSs, MBSs etc. Remember that it was under Muslims that the concept of insurance (I think under Hz Umar (ra)) was devised to protect traders going bankrupt incase if their ship are lost in sea or looted. Therefore, there needs to be a lot of research that can look at the current economic and finance theories and specifically tell what part is consistent with Sharia and what part needs to be changed. E.g. Is demand supply theory with various price flooring consistent with Islam and if not how it needs to be changed, another example could be how to create a halaal insurance market, or a halaal options market etc. I am sure there must be a group of people in Muslim Ummah who must be working on these topics.

I want to know if there is any university in Islamic countries that offers a Masters/PhD level course in Islamic economics and finance? If there is such a course, I would be interested in finding out its curriculum.

Finally, since the basis of any strong economy are its consumers (US economy is 2/3rd consumer driven), I strongly believe that the robust and strict implementation of collection and disbursement of Zakat from those on whom it’s due to those who deserve, has to be the basic foundation of Islamic economy and finance.

**aliymeoc** · 06-05-2012, 03:20 PM

There is a very interesting seminar coming up on the subject of Islamic Finance and Banking by Shaykh Dr Mohammad Akram Nadwi and Tarek El Diwany. Details are given below.

http://www.sunniforum.com/forum/show...Tarek-elDiwany

Islamic Banking & Finance - A Myth or A Reality?
Groundbreaking UK-First Seminar
By Dr Mohammad Akram Nadwi & Tarek El Diwany
Saturday 19th May 2012
EARLY BIRD DISCOUNT: SAVE £40
BONUS OFFER: FREE GUEST ADMISSION
http://www.facebook.com/events/106310496173080/
Registration: http://courses.meoc.org.uk

**Maripat** · 07-05-2012, 03:45 AM

brothers for the links.
In case of any resources it will always be appreciated if some summary of the content is also presented.
We can do with all the help at hand.

**Usama2** · 07-05-2012, 10:10 AM

Originally Posted by Maripat

brothers for the links.
In case of any resources it will always be appreciated if some summary of the content is also presented.
We can do with all the help at hand.

Please have your report with executive summary on the Shaykh's desk by 5pm.

**gabriel** · 07-05-2012, 10:51 AM

Can I ask if anyone wants to provide me some service or commodity in exchange for another service or commodity?
Is that the way I should make a start?

**Maripat** · 07-05-2012, 12:14 PM

Originally Posted by Usama2

Please have your report with executive summary on the Shaykh's desk by 5pm.

I suppose a slip by me is showing - though I can not catch it.
And then, brother Usama, you are the only fish that I have caught on this thread.
So in every visit here you got to lay an egg.
Otherwise people will say that your slip is showing.

**imran1976** · 07-05-2012, 12:41 PM

Originally Posted by gabriel

Can I ask if anyone wants to provide me some service or commodity in exchange for another service or commodity?

and what would be the problem with this?

**gabriel** · 07-05-2012, 03:12 PM

Originally Posted by imran1976

and what would be the problem with this?

urrrrm the question mark represents a question? i.e. Can I ask if anyone wants to provide me some service or commodity in exchange for another service or commodity?