Category: Economics

Economics

Hajj: how globalisation transformed the market for pilgrimage to Mecca

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by Seán McLoughlin* More than 2m Muslims are currently gathering in Mecca ahead of the annual Hajj, which begins on August 19. As long as they are fit and financially able, the pilgrimage is an obligatory act of worship that followers of Islam owe to God once in their lifetime. Reenacting the faith-testing ordeals of Read more

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What qualifies financial services or products to be sharia-compliant?

ISR--Research TeamLeave a Comment on What qualifies financial services or products to be sharia-compliant?

Economists specializing in the study of Islamic finance and economics have reduced Islamic laws governing financial and economic transactions to two: proscription on receiving or paying “interest” and mandating that investors and developers (lenders and borrowers) share the gains and losses of the enterprise in which they are more or less partners. This theory is Read more

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