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
|| ||
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.
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