Islamic economicsIslamic economics (الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems.
RibaRiba (ربا ,الربا، الربٰوة ALA, ˈrɪbæː) is an Arabic word that can be roughly translated as "usury", or unjust, exploitative gains made in trade or business under Islamic law. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39 and perhaps most commonly in 2:275-2:280). It is also mentioned in many hadith (reports describing the words, actions, or habits of the Islamic prophet Muhammad). While Muslims agree that riba is prohibited, not all agree on what precisely it is.
IslamIslam (ˈɪslɑːm; ۘالِإسْلَام, al-ʾIslām ʔɪsˈlæːm, ) is an Abrahamic monotheistic religion centered on the Quran and the teachings of Muhammad. Adherents of Islam, called Muslims, number approximately 2 billion globally and are the world's second-largest religious population after Christians. Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets such as Adam (believed to be the first man), Ibrahim, Moses, and Isa (Jesus), among others.
ContractA contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. A binding agreement between actors in international law is known as a treaty.
GhararGharar (غرر) literally means uncertainty, hazard, chance or risk. It is a negative element in mu'amalat fiqh (transactional Islamic jurisprudence), like riba (usury) and maysir (gambling). One Islamic dictionary (A Concise Dictionary of Islamic Terms) describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested. Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", gharar is "the sale of a thing which is not present at hand, or the sale of a thing whose aqibah (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not".
Islamic dietary lawsIslamic dietary laws are laws that Muslims follow in their diet. Islamic jurisprudence specifies which foods are ALA (حَلَال, "lawful") and which are ALA (حَرَامْ, "unlawful"). The dietary laws are found in the Quran, the holy book of Islam, as well as in collections of traditions attributed to Islamic prophet Muhammad ("Sunnah"). Herbivores, cud-chewing animals like cattle, deer, sheep, goats, and antelope are some examples of animals that are halal only if they are treated like sentient beings and slaughtered painlessly while reciting the Bismillah and Takbir.
BankA bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Whereby banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities.
Islamic modernismIslamic modernism is a movement that has been described as "the first Muslim ideological response to the Western cultural challenge," attempting to reconcile the Islamic faith with modern values such as democracy, civil rights, rationality, equality, and progress. It featured a "critical reexamination of the classical conceptions and methods of jurisprudence", and a new approach to Islamic theology and Quranic exegesis (Tafsir).
UsuryUsury (ˈjuːʒəri) is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The term may be used in a moral sense—condemning taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by the laws of a state. Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark.
Yusuf al-QaradawiYusuf al-Qaradawi (يوسف القرضاوي; or Yusuf al-Qardawi; 9 September 1926 – 26 September 2022) was an Egyptian Islamic scholar based in Doha, Qatar, and chairman of the International Union of Muslim Scholars. His influences included Ibn Taymiyya, Ibn Qayyim, Sayyid Rashid Rida, Hassan al-Banna, Abul Hasan Ali Hasani Nadwi, Abul A'la Maududi and Naeem Siddiqui. He was best known for his programme الشريعة والحياة, al-Sharīʿa wa al-Ḥayāh ("Sharia and Life"), broadcast on Al Jazeera, which had an estimated audience of 40–60 million worldwide.
