Confronting Climate Change and FosteringIslamic Economic Development Through Awqāf
06 Jul 2018-Journal of King Abdulaziz University-islamic Economics (King Abdulaziz University Scientific Publishing Centre)-Vol. 31, Iss: 2, pp 79-90
TL;DR: The modern world's ecological and economic crises result from its reductionist, mechanistic, and materialistic worldview as discussed by the authors, a role awqāf traditionally played in Islamic civilization that needs to be recovered today.
Abstract: The modern world’s ecological and economic crises result from its reductionist, mechanistic, and materialistic worldview. This study of Islamic economics – based on its metaphysical and cosmological sciences – reveals a path to economic justice and ecological equilibrium that requires recovering the Islamic intellectual heritage and establishing corresponding Islamic scientific, technological, economic, and other social structures for spiritually meaningful work and integral development; a role awqāf traditionally played in Islamic civilization that needs to be recovered today. This path, which was lost during the colonial period, requires integrating the findings of modern science into higher orders of knowledge, allowing man to live in harmony with himself, his community, and nature. This achieves both “vertical” and “horizontal” equilibrium, the intersection of which symbolizes the integration of all of life around a sacred center. This can also increase the number and vitality of contemporary awqāf, which Syed Khalid Rashid so rightly calls for in his lead article (Rashid, 2018).
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Book•
01 Jan 1973
TL;DR: The classic of common-sense economics as discussed by the authors is "Enormously broad in scope, pithily weaving together threads from Galbraith and Gandhi, capitalism and Buddhism, science and psychology."
Abstract: The classic of common-sense economics. "Enormously broad in scope, pithily weaving together threads from Galbraith and Gandhi, capitalism and Buddhism, science and psychology."-- The New Republic
2,171 citations
"Confronting Climate Change and Fost..." refers background in this paper
...E. F. Schumacher, perhaps the most important economist to represent religious thought in the 20 th century (see for instance, Schumacher 1975; Schumacher, 1977), identified the basic objectives of this integral approach in terms of three objectives that would meet the needs of individuals for…...
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...As Gandhi put it (as quoted in Schumacher, 1975, p. 24), “dreaming of systems so perfect that no one will need to be good”, as mainstream economic theory often suggests, is one of the greatest delusions of our time....
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01 Jan 1983
1,919 citations
"Confronting Climate Change and Fost..." refers background in this paper
...…another thing to defend the environment from exploitation by relying on a secular worldview that arguably conflates values and tastes as “preferences” that have no moral import, thus compromising the ability to make morally meaningful statements (see for instance, MacIntyre, 1984; Veatch, 1971)....
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Book•
01 Jan 2012TL;DR: Sandel's "What Money Can't Buy" as mentioned in this paper is the Top Ten "Sunday Times" Bestseller from 'the superstar philosopher', Michael Sandel, and is an international bestseller.
Abstract: "What Money Can't Buy" is the Top Ten "Sunday Times" Bestseller from 'the superstar philosopher', Michael Sandel. Should we financially reward children for good marks? Is it ethical to pay people to donate organs? What about hiring mercenaries to fight our wars, outsourcing inmates to for-profit prisons or selling citizenship? In recent decades, market values have impinged on almost every aspect of life - medicine, education, government, law, even family life. We have drifted from having a market economy to being a market society. In "What Money Can't Buy" Michael Sandel asks: Isn't there something wrong with a world in which everything is for sale? And how do we protect the things that really matter? "Brilliant, easily readable, beautifully delivered and often funny ...an indispensable book". (David Aaronovitch, "The Times"). "In a culture mesmerised by the market, Sandel's is the indispensable voice of reason". (John Gray, "New Statesman"). "Provocative and intellectually suggestive ...little less than a wake-up call". (Rowan Williams, "Prospect"). "A star philosopher ...entertaining and provocative". (Diane Coyle, "Independent"). "Let's hope that "What Money Can't Buy", by being so patient and accumulative in its argument and examples, marks a permanent shift in these debates". (John Lanchester, "Guardian"). Michael J. Sandel is the Anne T. and Robert M. Bass Professor of Government at Harvard University. His legendary 'Justice' course is the first Harvard course made freely available online and on television. His work has been translated into 15 languages and been the subject of television series in the U.K., the U.S., Japan, South Korea, Sweden, and the Middle East. He has delivered the Tanner Lectures at Oxford and been a visiting professor at the Sorbonne, Paris. In 2010, "China Newsweek" named him the "most influential foreign figure of the year in China". Sandel was the 2009 BBC Reith Lecturer, and his most recent book "Justice" is an international bestseller.
1,184 citations
"Confronting Climate Change and Fost..." refers background in this paper
...Sandel concludes: “[W]hen we decide that certain goods may be bought and sold, we decide, at least implicitly, that it is appropriate to treat them as commodities, as instruments of profit and use” (Sandel, 2012, pp. 8-9)....
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1,073 citations
"Confronting Climate Change and Fost..." refers background in this paper
...Moreover, the problem of special interests tends to worsen over time, since the longer economic disorders remain unremedied, the more special interests amass wealth and organize more effectively to protect their advantages (see for example, Olson, 1984; Reich, 2015)....
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Book•
03 Jul 2006TL;DR: In this paper, the authors present a review of the major prohibitions of shari'a arbitrage in Islamic finance, including Riba and Gharar, and Derivative-like sales: Salam, Istisma, and Urbun.
Abstract: 1. Introduction 2. Jurisprudence and arbitrage 3. Two major prohibitions: Riba and Gharar 4. Sale-based Islamic finance 5. Derivative-like sales: Salam, Istisma' and 'Urbun 6. Leasing, securitization and Sukuk 7. Partnerships and equity investment 8. Islamic financial institutions 9. Governance and regulatory solutions in mutuality 10. Beyond Shari'a arbitrage Conclusion.
622 citations