All posts filed under: Economy

Hanafi Fuqaha on Public Property

The concept of public property, and its opposing category of private property, is well known today, due primarily to the centrality of the latter to liberal and capitalist thought and the former to socialist thought. However, the notion that certain things are owned by individuals, giving them exclusive disposal rights thereof, whilst others are for […]

Passing the General Budget Law in Jordan for 2017 is a Great Crime and a Violation of the Poor’s Livelihoods

Passing the general budget law by the Jordanian House of Representatives for the year 2017 after a farce of a discussion was not a surprise. People only expect from parliaments – throughout its history – to give confidence to the successive governments, and to exercise legislation and pass oppressive laws, including the budget law, which […]

Developing Economy Without Foreign Direct Investment (FDI)

Najib’s six day visit to China recently resulted in the signing of 14 economic cooperation MOUs worth RM143.64 billion. Several parties were grateful for the news thinking that this foreign direct investment (FDI) from China will provide various economic benefits for Malaysians. But there are also those who are not happy with this news and claimed […]

Q&A: Benefiting from Financial Transactions of Non-Muslims before Converting to Islam

Question: Barakallahu feek, my question is related to Economics, I seek clarification about dealing with stocks: Since I was young (under 10 years of age – almost 20 years ago) my mother deposited some stocks in a bank under my name. These stocks increased in value, and in 2015 my mother sold the stocks on […]

Q&A: Whoever revives a barren land in respect to the Kharaaji land

Question: Assalaamu Alaikum Wa Rahmatullahi Wa Barakaatuhu, This is a question related to the lands and it is as follows: After reading the book, “Economic System in Islam” and the subject of the lands it became apparent to me that the description of the land is either ‘Ushriyah or Kharajiyah with the evidences that came […]

Q&A: Is it permissible for the State to impose taxes on Muslims?

Question: As-Salaamu Alaikum Wa Rahmatullah Wa Barakaatuhu, May Allah allow you to persevere. I have a question that I hope that you can answer… It is known that “taxes” are Muharramah (prohibited) in Islam. So how can the State treat the deficit and particularly when there does not exist today “At-Tawzheef – Al-‘Ushoor – Al-Kharaaj”. […]

Q&A: Ad-Diyah (Blood Money) for the Unintentional Killing and the Deliberate Killing

Question: Assalaamu Alaikum Wa Rahmatullahi Wa Barakatuhu, The Diyah (blood money) for the unintentional killing (Al-Qatl Al-Khata’) is obligatory and is paid to the family (relatives) of the one killed. It has been reported from the Messenger of Allah ﷺ that it is 100 camels for the Bedouins or 1000 Dinar of gold or 12,000 […]

Panama Papers: How Taxation in Capitalism Favours the Super-Rich

On April 3 2016, wealth of some of the world’s most prominent leaders, politicians and celebrities was revealed by an unprecedented leak of millions of documents that demonstrate the different ways rich people use off shore companies to conceal their wealth. Reports published late Sunday by international media outlets said that the leaked information was […]

Q&A: Evidence for Contracts becoming Batil (void) and Fasid (defective) is based on ijma

Question: Respected scholar Ata bin Khalil Abu Rashtah, may Allah سبحانه وتعالى protect you, Assalamu Alaykom wa Rahmatullah: It is mentioned in the book, The Islamic Personality Volume 3, that: “Also the Sahaabah may Allah be pleased with them inferred the corruption and the invalidity of contracts from the prohibition, from that is Ibn ‘Omar’s […]

Only under the shade of the Islamic Economic System will the huge disparity between rich and poor be eliminated

According to the Oxfam report published in 18th January 2016, only 62 people own as much as the poorest half of the world’s population. This number was 388 in 2010 and 80 last year. Although the world leaders have increasingly talked about the need to tackle economic inequality, the gap between the richest and the […]