2.) Islamic Economics
The Prophet Muhammad was by vocation a merchant. (Jesus was a carpenter, and Buddha was the son of a king, chillin’ on his trust fund.)
- How did being a merchant affect the prophet’s view of justice, fairness, and an economic order of things as concretized in the Shari’as?
- How do the following impose an Islamic order on economic life?
- Tawhid
- Khilafah
- Adalah
- What is the economic and institution impact of the following:
- Zakat
- “Hard Work” and “Fair Dealing”
- “proper consumption”
- Gharar
- Qirad
- Mudarabah
- Riba
- Riba is a fascinating concept in that it prohibits a whole area of Western economies which traditionally have been the source of finance capital.
- What is the effect on capital formation of Riba?
- Is Islamic finance able to provide for the capital needs of a growing capitalist economy?
- Does Gharar improve long term economic stability and growth? (Wax poetic as the 2008 Global Financial Crisis)
