Islamic DeFi: Back to Basics – I
The trajectory of the mainstream Islamic financial services sector, as we understand, has never been smooth. The maiden experiments in Islamic banking and finance perhaps…
Category: Islamic finance
Setting a Maqasid-Driven Development Agenda for Islamic Finance – II
If we want to juxtapose Maqasid-driven actions along with SDG-driven actions in the same two-dimensional space, a realistic approach would be to use spiritual gains…
Setting a Maqasid-Driven Development Agenda for Islamic Finance – I
With an expanded scope we propose to examine the alignment or misalignment between MaS and SDGs further down the hierarchy of goals. Highlighting areas of…
Artificial Intelligence (AI) through the Lens of Islamic Economics – V
We can take comfort with the forecast that AI will firmly stay within human control and conveniently, trash the forecast of some that machines will…
Artificial Intelligence (AI) through the Lens of Islamic Economics – I
Intelligence, intellect, rationality may be subsumed under the notion of Aql in Islamic economics. However, when intelligence is artificial, it raises new issues and challenges.…
Kafalah (Guarantee) for Shariah-compliant SMEs in the UK
Kafalah (guarantee) is assurance, its original meaning relates to joining and commitment. Technically Muslim jurists differed about the definition of guarantee. The majority of Hanafis…
Enhancing Islamicity with Fintech: Case of the Investment Account Platform (IAP) – II
The Investment Account Platform (IAP) is an internet-based multibank platform. It provides for an engine for efficient mobilization of funds. It offers new risk-reward concepts…
Do Muslim Poor Self-Exclude Them from the Financial System for Reasons of Faith?
In a 2007 study “Islamic Microfinance Development: Challenges and Initiatives†undertaken by the Islamic Research and Training Institute, we observed that most of the member…
Making Sense of Onion Economics in India: Can Islamic Finance Help?
I was motivated to write this piece by the story of a poor farmer in India. The story of this 48-year old farmer Devidas Parvane…
Islamic Finance in India: A New Beginning?
It was an Indian scholar, Dr Muhammad Nejatullah Siddiqi who provided the first theoretical model for an Islamic bank in his celebrated book “Banking without Interest”…