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Deuband and Islamic banking:  A marriage of charity and markets and its implications for educational reform and poverty alleviation It is reported that Deuband has started a countrywide initiative for Islamic banking training in India http://goo.gl/7aNcyM .  Deuband's excellence in organizing charity Deuband is one of the most important stakeholders of the Indian and Pakistani societies. In the first place it must be acknowledged that the Deuband oriented Madaris are providing educational services to about 6 million poorest of the poor children of Pakistan. India, Bangladesh and Indonesia are some of the other countries where Madaris also play a similarly significant role in their respective societies. In Pakistan, like the other countries cited, Madaris are financed by charities, awqaf and zakat contributed by the public annually (over Rs. 96 billion). Hence Madaris are not a source of burden on the government  resources and need all encouragement and appreci...

Company Y and Person Z was awarded this and that Islamic finance Award! These days we read this type of news a lot. Through Google search it is easy to estimate that there are more than 80 Awards given out every year in the area of Islamic finance. These awards are given to companies or CEOs or VIPs and except IDB Prizes none if any given to students, researchers, and teachers. In 1983 when I started my career in IDB/IRTI - in Islamic economics and finance area, I was full of emotions and after 30 years of professional work I am still full of emotions. In 1983 the first bullet point in my job description was to develop and implement programs and activities for encouraging and promoting individual and institutional works and initiatives for developing Islamic economics and finance as scientific disciplines and for practical implementation of the related principles, ideas and guidelines. Our team implemented several programs including international prizes for Islamic economics and f...

In order to have a sustainable reform of the capitalist system we need a heart transplantation through which the pseudo heart that is commercial lending can be removed and the actual heart that is private property and free markets that has been dislocated can be relocated to its right position. Capitalism has survived several heart attacks like symptoms from the Great Depression to the Global Financial Crisis and many more in between, yet it has survived and has remained resilient. What is that the one thing that works as the heart for capitalism as a system? Two institutions compete and often we are not sure which one is actually the heart. The first institution is private property and free markets and the second institution is interest-based commercial lending. Private property and free markets should have been functioning as the heart of capitalist system but in fact for all practices purposes – the de-facto heart of capitalism has been interest-based commercial len...

Islamic Micro-finance development Poverty alleviation and development of Islamic Financial Services Industry (IFSI) are two key strategic objectives of the Islamic Development Bank Group in addition to enhancing economic cooperation among the member countries. These are also enshrined in the IsDB Vision 1440H and the OIC 10-Year Work Plan. In implementing the IFSI development objective, during 2006 IRTI anchored the preparation of “Ten-Year Framework and Strategies (TYFS) for Development of the Islamic Financial Services Industry”, a joint initiative of the IsDB Group and Islamic Financial Services Board (IFSB). After an extensive consultation process with all stakeholders, the IFSB Council approved the document in its Meeting held in Kuala Lumpur on March 26, 2007. During the consultation process on the TYFS document and at the IFSI Development Forum held in Kuwait as a side activity of the 2006 IsDB BoG meetings, and organized jointly by IsDB/IRTI, IFSB and General Coun...

  from http://www.muchapra.com/pub1.html       ‏ Towards a Just Monetary System Objectives of the Islamic Economic Order T he Islamic Welfare State and Its Role in the Economy   Islam and the Economic Challenge  Islam and Economic Development: a Strategy for Development with Stability in the light of Justice and Islamic teachings   What is Islamic Economics?   The Future of Economics: An Islamic Perspective Regulation and Supervision of Islamic Banks   Prohibition of Interest: Does it Make Sense? Corporate Governance in Islamic Financial Institutions Muslim Civilization: Causes of Decline and the Need for Reform The Islamic Vision of Development in the Light of Maqasid al-Shari‘a h The Global Financial Crisis: Some Suggestions for Reform of the Global Financial Architecture in the Light of Islamic Finance

Papers of Professor MN Siddiqi  http://www.siddiqi.com/mns/ Paper: Future of Islamic Economics, 2012, India Paper: Islamic Economics Between Aspirations And Realities, March 2013, Aligarh, India Paper: Future of Islamic Economics: November 2012, IEI, KAU Jeddah, Saudi Arabia Video: Discussion - Future of Islamic Economics, Part 1 of 2. Nov. 2012, Aligarh, India Video: Discussion - Future of Islamic Economics, Part 2 of 2. Nov. 2012, Aligarh, India Video: Interview discussing Riba, Ijtihad, Paper Money and other topics on Islamic Finance, March, 2002 Video: (Starting at time marker 10:09) Part I of LARIBA Symposium on Islamic Finance & Banking. Los Angeles, CA. June, 2001 Islamization of Knowledge: Reflections on Priorities: 2011, Aligarh, India. Lectures on Islamic Economics: June 2011, Aligarh, India. The Preacher And The Banker: January 2011, Aligarh, India. Faith and Finance: April 2010, Harvard University, Boston, Massachusettes. Dealing With The Financ...

J.KAU: J Islamic Econ., Vol. 16, No. 1, pp. 3-42 (1424 A.H / 2003 A.D) MUHAMMAD ANAS ZARQA download paper http://www.kau.edu.sa/Files/121/Files/68216_161-Zarqa-5.pdf ABSTRACT. Could there be a science of economics that could be described as Islamic? If so, does this imply denial of the existence of global economic laws that encompass all social systems, both Islamic and non-Islamic? This research paper aims at finding a considered and detailed answer to these two questions through: (a) Demonstrating that, although science is generally characterized by its factual descriptive statements (i.e. the laws which it arrives at), there are still certain basic aspects of any science, (the social sciences in particular, including economics), regarding which no researcher can help depend on a set of preconceived values. (b) Demonstrating that, although the texts of Islamic Shariíah (Law) are basically a source of values, yet they often contain descriptive statements about economic life. If...

Now a Shariah Index for financial inclusion of Indian Muslims

Islamic Economic Studies - IRTI Journal (updated) Vol. 19, No. 2 Muharram 1433H (December 2011) Articles Role of Finance in Achieving Maqid Al-Shari'ah   Comprehensive Human Development: Realities and Aspirations Decision Making Tools for Resource Allocation based on Maqasid Al-Shari'ah   Introducing an Islamic Human Development Index (I-HDI) to Measure Development in OIC Countries   Full Volume Events and Reports IDB Prize Lecture: Challenges of Regulation and Supervision of Islamic Banks   In Focus: IRTI’s Recent Publications: Build Operate and Transfer (BOT) Method Of Financing From Shari'ah Perspective Vol. 19, No. 1 Rajab 1432H (June 2011) Articles Certain Legal and Administrative Measures for the Revival and Better Management of Awqaf   Profit Sharing Investment Accounts--Measurement and Control of Displaced Commercial Risk (DCR) in Islamic Finance Risk Management Assessment Systems: An Application to Islamic Banks Full Vol...