Archive for the ‘Economics’ category

Universal Prohibition of Interest-Based Transactions

By Ali Shareef The financial crisis of the past few years has resulted in some deep soul-searching as we struggled to understand why what seemed to be the bedrock of financial stability came crumbling down. First Wachovia, the nation’s number four bank holding company, then Fannie Mae and Freddie Mac, followed by Merrill Lynch. It […]

Better Opportunities for China’s Farmers

WebbStaff Note: This is part of a series of posts entitled “Muslims Making a Difference,” featuring Muslims benefiting society at different levels. To nominate someone to be profiled, please email their name, contact info and bio to: submissions[at]suhaibwebb[dot]com. By Nada Shawish Muslims Making a Difference: I | II | III | IV | V | VI | VII | VIII | IX | X | XI | XII Xiyang Village, China—Sha Ximei feeds her […]

Going to Hajj or Donating to East Africa?

The Question: Brother Suhaib, I was planning to go to Hajj this year, but I have a feeling that feeding the starving children in Somalia could be more rewarding at this moment. What is your opinion on this? JazakAllahu khayr. The Answer: Imam al-Haramayn said, “There are times when establishing a community obligation is better […]

The Taj Mahal and the Islamic Principles of Wealth

Like the Alhambra, the Taj Mahal is a symbol of Muslim sophistication, achievement, and wealth.  And like the Alhambra, the dynasty that produced the Taj Mahal vanished not long after producing it.  We often wonder why the Ummah (global community) finds itself in its present condition–but one thing is for sure: It’s not for lack of money. […]

Islam and Fair Trade

By Suzan El-Ajou What are the congruencies between Islamic business ethics and the Fair Trade principles? With one-fifth of the world’s total population identifying themselves as Muslim1, and with the consideration that they are active participants in world markets, it is imperative to include the Muslim community in business affairs and look for ways to […]

We Don’t Go to Bars, Why Do We Go to Banks? (Part II)

By Douglas Kelly Part I | Part II You don’t have to be a scholar or an economist to see that usury was at the heart of the global financial crisis.  Everybody wants a “guaranteed” return on his or her money, but Allah (swt) is the only One who can guarantee anything.  The world’s greed for […]

We Don’t Go to Bars, Why Do We Go to Banks?

By Douglas Kelly Part I | Part II When I recently consolidated a student loan I had taken out many years ago, I noticed that the amount I owed was more than double what I had originally borrowed.  I’m still in school, so I don’t have double the education from when I first took out […]

20,000 Dead in Unnatural Disaster Yesterday

If you attend a large mosque in America maybe two thousand people come to Friday prayer. 20,000 are dead. The unbelievable thing is that all those deaths were preventable. All of them. Sometimes just one person’s death can cause an entire war (remember Archduke Franz Ferdinand?) Other times, millions of people can die and we […]

The Case Against Interest (Part 2)

Part I | Part II The Wisdom in Prohibiting Interest Yusuf Qaradawi writes in The Lawful and Prohibited: “The strict prohibition of interest in Islam is a result of its deep concern for the moral, social, and economic welfare of mankind.” In view of succinctness, he then summarises the wisdom behind the prohibition that Razi articulated […]

The Case Against Interest (Part I)

Part I | Part II The prohibition of interest in Islam is a Divine ruling; hence a Muslim seeks to submit to it. Nonetheless, there are two crucial aspects to such submission. Firstly, we believe that all Divine rulings have wisdom, even if we are not cognisant of the wisdom. Secondly, with abstinence of and […]

Extreme Consumerism: The Great Deception

By Hanaa Hamad Ever notice how attached to shopping people have become? How buying new things is now a common hobby? This phenomenon can be condensed into one simple, elusive word: overconsumption. Within the last few decades, it has completely engulfed the American economy. Today, Americans are seemingly obsessed with the superficial. They consume their […]

Secret History Of The Credit Card: PBS SERIES

Click Here In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt. “The almost magical convenience […]

The Essence of Dominant Economics

The quality of modern media has been such that many obscene inequities of the globe have been brought to the starkest light. An essential part of this tale has been the failure of dominant economics to bring forth a just social order. Recently, the role of bankers – and their supposed greed – has come […]