FYI. Abdoulie A. Jallow "If you will tell me why the fen appears impassable, I then will tell you why I think that I can get across it if I try." I May, I Might I Must - by Marianne Moore -----Original Message----- From: Islamic Economics and Finance <[log in to unmask]> To: [log in to unmask] <[log in to unmask]> Date: Wednesday, November 17, 1999 9:30 AM Subject: IBF: Islamic Econ Bulletin, Vol.9, No.5 || || o || _o_,_\ ,;: .'_o_\ ,;: (_|_;: _o_,_,_,_; ( .. / (_) / ( . Bismillah irRahman irRaheem In the Name of Allaah, The Most Gracious, The Most Kind ----------------------------------------------------------------------------- Hijri date: Wednesday 8 SHa`baan 1420 A.H. From: [log in to unmask] Islamic Economics Bulletin of the Indian Association for Islamic Economics is now available at the following urls: Vol.9, No.3: http://islamic-finance.net/journal/iafie.html Vol.9, No.4: http://islamic-finance.net/journal/iafie1.html Vol.9, No.5. http://islamic-finance.net/journal/iafie2.html Watch out for the back volumes of the bulletin. These would be posted soon inshaAllah at the site. Dr Mohammed Obaidullah IBF Net: The Islamic Banking and Finance Network http://islamic-finance.net ------------------------------------------------------------------------ ISLAMIC ECONOMICS BULLETIN Volume 9 Number 5 September-October 1999 ISLAMIC ECONOMICS : ITS RELEVANCE IN INDIA Since the last few years, the Indian Association for Islamic Economics has been making strenuous efforts in its own humble way, to present Islamic Economics as a redeeming alternative in the Indian situation. The odds against such an attempt are heavy. The din raised the very adjective Islam engenders hate and rejudice and lulls the ability the enquire and examine. However, we are encouraged by some positive features of the otherwise scintillating scenario. In the first place, we do not stand alone, but are a part of the global endeavour the present, and investigate the relevance of Islamic Economics and demonstrate its viability and vigour as a comprehensive answer to the overwhelming socio-economic challenges faced by mankind. The dizzy heights of material property accessible to modern man have unleased consumption coexisting with starvation and hunger & etc. Distressed by this inherently intolerable situation economic policy planners an financial gaints have doled out a host of conventional palliatives. But the question still persists, what has gone wrong with modern rectify. It is necessary, therefore to turn to far more basic changes to retrieve humanity from the morass of prosperity coexisting with misery and disease. Another silver lining is the fact that people are ready to listen to the call of Islamic teachings despite the biases underlying the present social attitudes in India. Recent example of the dedicated group of people belonging to Jamaat-e-Islami, Kerala who launched a state wide movement to draw the attention of all and sundry to the ills of interest based financial transaction is heartening. A wide cross section of people belonging to all faith, and cultural persuasion responded to the call with appreciation and gave their undertaking to examine Islamic economic system are pro-poor and vigorously equitable. Moreover, they spell out an effective mechanism to restrain the excesses of power born out of wealth and prosperity. It shifts the emphasis from materials paraphernalia of economic activity to that of the raison detre' of social economic life. By so doing it restores the dignity of man as such. The prude of place accorded to capital and its owners is substituted by ordinary man and his hard work. Investment to improve the quality of life of an ordinary man is the foremost criterion to judge the worth of economic development. It is this change for perspective that appeals to the innermost recesses of human heart, and transcends all differences of casts to creed. The Indian Association for Islamic Economics therefore stands vindicated in its modest efforts. It is encouraged ton redouble its efforts to present the case of Islamic Economics to all those who care to listen. It proposes to organize a Workshop on the central theme of Economic development and financial organization in the first week of October 1999. It hopes to underline the distinctiveness of the Islamic approach to economic development change of basic parameters and shift of emphasis from tangible goods of production to the quality of human life. It also hopes to demonstrate that interest free system of finance is not only plausible but also calculated to rid the economy of ills of injustice and exploitation. It furthers hopes to relate Islamic Economics to the real problems of the Indian people in general and Muslims in particular. Surely it is a formidable task and our resources both material an human, fall much below the requirements. But we hope and pray that this humble beginning shall flower to something credible in future. News and Views Dr. M.N. Siddiqi Delivers lecture on Islamic Banking Aligarh : Noteed Muslim economist Prof. Muhammad Nejatullh Siddiqi of King Abdul Aziz University Juddah , Saudi Arabia, delivered a though provoking lecture on the problems and prospects of Islamic banking in the global era, and spelled out various doubts regarding the philosophy of Islamic economics and financial system. He was speaking at a selected gathering of academics and research scholars at the Arts Faculty of the Aligarh Muslim University on August 7, 1999. While analyzing the theoretical sspects of Islamic banking, Prof. Siddiqi highlighted their contemporary experiences, their potential markets in the new globalization era. He also spoke on the prospects in financial institutions. Prof Siddiqui put his arguments with regards to the inherently unstable system of the contemporary interest-based financial system around the world. As for the operating the newly established Islamic finance houses he said they are still immature as compared to hundred years of old western banking system. However, the theoretical foundations of Islamic Banks are quite strong and they have ability to attract potential markets. But he also indicated clearly that at present Islamic bank's too much reliance on murabahah (cost plus) financing may not be healthy in the future. The programme was organised by the Department of Economics, Aligarh Muslim University, with Prof. Siddiqi has his long association. In his welcome speech, Prof, A.Z. Rizivi, Chairman of Department of Economics, called him a great scholar of this university whose influence and Islamic economic ideas have now traveled across the national boundaries. Prof. Siddiqi has contributed on the financial aspects of Islamic economics and is rightly considered as the pioneer of Islamic banking. Malaysia Conference Concludes An International Conference on 'Islamic Economics in the 21st International Islamic University Malaysia, It was almost 5 years since the University organised a conference on international level in the area of Islamic economics. The conference was attended by two hundred delegates from more that 15 countries. But the faces of many giant Islamic economists were missing from the conference. The Malaysian Education Minister Dato' Seri Mohd,. Najib Tun Abdul Razak who is also the president of IIUM officially opened the conference. The issues raised during the conference included the principles and interpretation of riba Islamic bonds, waqf, gharar, zakah, Islamic banking and the economy in general. Speakers an discussants included members of university and Institutions such as IIUM, the University of Palestine, University of Algeria, IRTI/IDB and many others, Members of corporate sectors such as al-Rajhi Banking and investment Corporation of Saudi Arabia, World Assurance of Algeria, the Central of Iran, The Bank Islamic Malaysia, etc. The Conference also discussed means of cooperation and coordination between different organization and institutions of Islamic economics. NEW BOOKS & ARTICLES BOOKS 1. Bates, Michael, Dinars and Dirhams: Coins of the Islamic lands: the Early Period, Oxford, UK: University Press, 1997, 307 pp .296. 2. Comare-Obeid, Nayla, the Law of Business Contracts in the Arab Middle East, The Hague, Netherlands,: Kluwer Law International, 1997, 255 pp. 3. Shouk, Ahmad Ibrabim abu and Bjorkelo, Andres, (ed. And tr.) The Public Treasury of the Muslims: Monthly Budgets of the Midhist State in the Sudan- 1897, Lieden Netherlands: E/J Brill 1997. 371 pp. 4. Abdul Gafoor, A.L.M. Interest-Free Commercial Banking. Groningen (Netherlands) apptec Publication 1995. ARTICLES 1. Ariff Mohammad, "The Malaysia Economic Experoments and its Relevance for thOIC Member Countries", Islamic Economic Studies (Jeddah, Saudi Arabia), vol 6., No. 1 November 1999, pp 1-42. 2. Choudhury M.A., "a Critique of Current Thinking in Islamic Political and Economic Issues of Islamic Political Economy," Islamic quarterly (London), Vol. No. 2, 1998, pp 125-43. 3. Cizakca, Murat, "Awqaf in History and Its Implication for Modern Islamic Economics", Islamic Economics Studies (Jeddah, Saudi Arabia), Vol. 6 Nos. 1 November 1999, pp 43-70. 4. Hazanuzzaman , S.M., "Interest-free Financing of Social Overheads', Journal of Islamic Banking and Finance, (Karachi, Pakistan) Vol. 15 No. 3,1998, pp 7- 11 5. Mohammad Faez., "The Role of the Islamic Development Bank in Strengthening Regional Organisations and promoting Economic Cooperation', Iranian Journal of International Affairs, (London), Vol. 3. No.3, Fall 1997, pp 412-30. 6. Malik, Walied M.H., "Pre contractual Liability in Mineral Negotiations with Special Reference to Islamic Law', In: E. Cotran and C. Mallat (eds.), Year Book of Islamic and Middle Eastern Law, Vol. 3. 1996, London: The School of Oriental and African Studies, 1997, pp 3- 31. 7. Obaidullah, Mohammad, "Financial Engineering with Islamic Options', Islamic Economic Studies (Jeddah) Saudi Arabia, Vol. 6. No.1 November 1999, pp 73-103. 8. Siddiqui, Moin A., The Growing Popularity of Islamic Banking,' The Middle East (London), June 1999, 33-35. -------------------------------------------------------------------- Click here to check out THE source for Islamic books,video, software & audio at www.astrolabepictures.com FREE gift with every October purchase! http://astrolabe.muslimsonline.com/ -------------------------------------------------------------------- Sign up for Internet Access and Web Hosting at http://www.muslimsonline.net -------------------------------------------------------------------- _____________________________________________________________________________ Islamic Banking and Finance Net Listserver [log in to unmask] ============================================================================== FINANCE-NET URL: http://islamic-finance.net/forum.html http://www.muslimsonline.com/~finance IBF NET: THE ISLAMIC BANKING AND FINANCE NETWORK HOME PAGE URL: http://islamic-finance.net MUSLIMSONLINE HOME PAGE URL: http://www.muslimsonline.com/ ============================================================================== To subscribe to FINANCE-NET: Send "subscribe finance-net" (without the quotes) in the body of a message to [log in to unmask] ============================================================================== Please forward similar notices relevant to Islamic economics and finance to: [log in to unmask]