Essays

Can Bank Lending be Islamically Fair? by Dr. Khalid Zaheer The most significant feature of a truly Islamic economic system should be that it ought to be fair. Interest has been condemned by the Qur’an because it jeopardises that ideal. The practice of demanding security from borrowers while lending is also viewed by many Muslim […]

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Why Economics?

13 January, 2014
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Why Economics? by Dr. Khalid Zaheer The basic purpose of this life is ‘ibadat (51:56), ie humbly serving Allah, and not the achievement of material benefits. Why then are we supposed to be concerned about such ‘mundane’ matters in Islam as economics? The reason is that ‘ibadat also entails acknowledging Allah’s blessings and showing Him […]

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Why Islamic Ethics?

13 January, 2014
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Why Islamic Ethics? by Dr. Khalid Zaheer The author in this article has attempted to answer the queries of those who do not appreciate the idea of studying a course on Islamic ethics in an academic programme focusing on business or business-related studies. It is being reproduced in this journal since it deals with many […]

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Why Is Riba Al-Fadl Unacceptable?1 by Dr. Khalid Zaheer Abstract An important instruction found in narrations of the prophet of Islam (ahadith) regarding riba (interest) is reported in the following way: “If you give gold, then receive back the same gold: the same weight and the same quality; and if you give silver, then receive […]

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What is Riba?

13 January, 2014
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One of the most obvious reasons why modern banking is condemned conflicting with the Islamic teachings is “the unequivocal prohibition of riba by Quran, which the consensus of Muslim jurists has interpreted as covering all kinds of interest… “(Siddiqi 1983,9). The income of most of the banks comes predominantly from the difference between the interest […]

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Can Non-Muslims Be Made Friends? by Dr. Khalid Zaheer 1) Introduction The tension between Muslims and non-Muslims, in particular Jews and Christians, as a result of the events of September 11, 2001 and beyond has made the world of ours far more intolerant and insecure than it was before. Many political, social, economic, and religious […]

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Women’s Rights: Two Extremes by Dr. Khalid Zaheer Some days ago, I was among the many who received the following email from a Swedish priestess: Dear Friends, Please do not ignore this email. This is something that we as women and essentially as human beings need to support — I don’t know if this is […]

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