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CHAPTER4
OBSTACLES TO ISLAMIC ECONOMICS
RESEARCH
Seventh International Conference on Islamic Economics,
Islamic Economics Research Center, KAAU, Jeddah, April 13,2008
(Mohammad Nejatullah Siddiqi [email protected])
This paper emphasizes six factors as main obstacles to progress
in research in Islamic Economics. They are: Lack of proper
historical studies; Lack of relevant empirical studies; Lack of
adequate institutional support; Non-observance of ethical norms
relating to research and publications; Poor vision of Islamic
society and economy that fails to distinguish between the
essential and the peripheral, and, last but not the least; Failure to
distinguish between the divine and the human in the Islamic
heritage. In what follows we discuss each one of these, with the
existing Islamic economics literature in mind. We then suggest
possible ways of removing these obstacles to further progress in
Islamic economics research. wa billah al-tawfiq
INTRODUCTION
Before we launch our enquiry it is appropriate to ask ourselves
the question: Why are we doing it? All is not well with Islamic
economic research. The enthusiasm of the early decades has
gone. The surge in enrolment in Islamic economics courses,
especially at the post- graduate level, observed during the
eighties of the last century, has all but subsided. In its place we
have kids looking for appropriate qualifications in “Islamic
Finance”, and sprouting of institutions offering such courses “on
line,” to meet the growing needs of the ‘industry’. Nothing bad.
No regrets. The question is, what about the grand idea of
providing an alternative to capitalism and socialism, that is
informed by moral purpose and inspired by a spiritual vision.
Has it yielded to a desire to join the flock at its own terms? I
suspect it is so, and that this is rooted, among other things, in the
change of times. In the sixties and seventies of twentieth century
the world of Islam was abuzz with all things Islamic: education,
society and state. Currently, in the first decade if the twenty-first
century, there is a collapse of grand agendas leaving a pathetic
scenario in which everything is in a flux: education, society,
state. As I proceed to discus the micro-causes of decline in
Islamic economic research, I beseech you not to lose sight of the
macro- framework in which the future would unfold it self. The
grand Islamic agenda launched in the early decades of twentieth
century has been pushed back due to its own shortcomings.
Lack of a sense of History
Islamic economics, insofar as its normative aspect is
concerned, is based on divine guidance revealed in the seventh
century Arabia to a desert people who later carried it to the
fertile valleys in the north, west and east, and then across the
mountains and beyond the oceans. People of all hues and colors,
speaking different languages, and cherishing different traditions
rooted in each people’s unique past, tried to live that guidance.
Trying to do the same in the twenty-first century in a globalising
world, we need to know everything about these trials before we
can draw a plan of action.
That is where we failed. The source of most of the economics
projected as Islamic has been fiqh, which is largely based on the
historical experiences of the first four centuries, mostly in what
we now call the Middle East and North Africa. Historical
experiences over the next thousand years, especially those
in India and South-East Asia, Turkey and Iran have neither been
studied properly nor allowed full impact on fiqh. Among the
very few attempts to sift through Islamic history for knowing
more about such institutions and practices
as waqf, zakat, mudaraba, suftajah, and such concepts
as israf, infaq, etc.[1], the sources covered are all in Arabic and
from one particular region. This has deprived us of the variety of
interpretation and diversity of experience in living according to
Quran and Sunnah. Economic history of Muslim peoples is a
very thinly researched area, and so is the economic thought of
Muslims. This can hardly do, as living according to norms and
concepts handed down centuries ago is a challenging task,
especially in economic affairs. It would be some help to know
how Muslims responded to technological changes, expanding
markets and new sources of energy over the centuries. As it
stands, most of Islamic economic literature treated Islamic
norms and concepts relevant for man’s economic life to be
above time and place, unaffected by increasing populations,
urbanization, rising incomes, increasing trade and commerce,
innovative ways of handling money and foreign exchange and
faster means of transport and communication. That is
unacceptable as even during the first few centuries of Islam,
which did not witness any revolutionary change in sources of
energy or technology, we have some variety of interpretation
and diversity of practice. What we need is a closer look at what
was going on in different regions at different times. That
requires sifting through all available historical records,
supplementing these by a study of stories (qisas, poetry and
travelogues, court records, etc. This has to be done for all
regions under Muslims, covering all the languages spoken by
them and through all the 15 centuries that have passed between
now and the days of divine revelation.
Let us have it straight, history, even of Muslim peoples, is not
a source of guidance for us. Divine guidance inheres only in
Quran and Sunnanh of the Prophet, peace be upon him. We
invoke history for the purpose Quran has recommended it to us:
as ibar .[2] There are lessons to be learnt, warnings to be heeded.
We run a great risk in ignoring history. Knowledge of history
may save us from repeating mistakes and encourage us onto
following into footsteps of those who succeeded.
A greater risk inheres in focusing on only part of Islamic
history and ignoring the rest. This elevates a particular history to
a status it cannot claim and does not deserve. By committing
this mistake we run the risk of alienating parts of humanity for
no fault of theirs.’
Being Realistic: Feel of the Ground under your Feet
We know very little about contemporary Muslim economic
behavior. There is lot of work on what Muslims should be doing
as consumers, producers, employers, traders and managers. But
what they actually do, and whether it is any different from what
others are doing in similar situations, we hardly ever
investigated. The same applies to our distinctive institutions
like awqaf, zakat funds, even Islamic financial institutions. The
question: What to do if and when a Muslim behaves differently
from the way he or she should behave cannot be addressed
without knowing what actual Muslim behavior is. Similarly we
need to know whether our institutions are actually playing the
role claimed for them in Islamic economic literature. Lack of
adequate attention to finding out the actual state of Muslim
individuals and institutions, needs some explanation. It will be
too much to assume that we do not care, that all we care about is
announcing what the desired model is. This cannot be true as the
whole thing about Islamic economics is an offshoot of the
movement towards Islamic living that the second and third
decades of the last century witnessed. In other words Islamic
Economics is not an academic exercise (no economics ever
was). It is an offshoot of the Islamic Movement. So it must be
caring about change, change from the current behavior and
institutional structures to those in accordance with Islamic
norms. But can we do so without first knowing what the state of
Muslim individual and of Muslim institutions is, and why?
We claim a Muslim would behave ethically. That there are
higher spiritual horizons he or she is looking at in the conduct of
business. But how far they do so, and what explains the
discrepancy? Does the fault always lie with human perfidy? Or,
someone may have overshot in defining the norms and
developing the concepts. There is also the problem that inheres
is comparing today’s Muslims with the idealized image of
Muslims during the days of the Prophet and the caliphs. The
present we know and observe, but the past is partly a mental
construct. The reports that form the basis for that construction
are neither exhaustive nor all authentic. But their romantic spell
is capable of clouding judgment and suppressing rational
evaluation.
I suspect that is what happened, especially with regard to the
period immediately following the Prophet. It might have been
found to be prudent to underplay departures from Islamic norms
as perceived. But that dilutes the didactic value of history as
honest recording of facts.
A final verdict must await fresh research. Meanwhile it will
do no harm to know the current state of affairs thoroughly. That
needs being done with regards to individual behavior in all
aspects relevant to economics. It needs being done for all
regions and ethnic groups in matters where geography may
matter. For comparison we need studies of non-Muslim
behavior too, as we want to know impact of Islam, if any. The
same has to be done about institutions like family, bazaar, and
inter-Islamic trade as well as uniquely Muslim institutions like
inheritance, the Hajj ,waqf and zakat .
If there is one lesson to be learnt from the collapse of the
socialist agenda and demise of Soviet Russia during the short
span of less than a century, it is that one must feel the ground
underneath one’s feet before launching on a grand march to the
ideal. Before one dreams of successes to come, there may be
lessons to learn from past and current failures. This is especially
true of priorities. What is to be done incase the peoples’ own
concerns are widely different from priorities in the agenda of
the reformers? Shall the reformers readjust to ground realities or
persist with their own sequencing?
Consider the current focus of Islamic economists on Islamic
finance and dearth of Islamic economic literature on poverty
removal, inequality and development. Among the billion plus
Muslims of the world, how many are bothered about banking
and finance? How many of the over six billion inhabiting the
planet care about Islamic finance, considering the fact that
Islamic economics is for all?
Research Needs Money
Modern research needs lots of resources. Whether it is
historical studies of the kind indicated above or empirical
studies of the type we were talking about in the previous
paragraphs, they both require large teams making sustained
efforts over long periods of time. Their findings have no
industrial application, so the market is not going to finance
them. The costs of these public goods have to be borne by the
Muslim society. If the record of the last forty years is an
indicator (in which very few Muslim governments assigned any
resources for these tasks, and the assignments have been too
meager to deserve any mention), Muslim governments would
not be funding the type of fundamental researches outlined
above. Most of the contemporary regimes in the Islamic world
that have resources to spare are happy with the status quo.
Whatever the perceived tension between that status quo and the
popular construct of Islamic history, it is well contained and
poses no threat to the status quo. But the same cannot be true
about the outcome of new probes into the past with a new set of
questions in mind.
Most of the research output in Islamic economics so far
owes itself to private charity and/or dedication of the researchers
themselves. Happily the financial resources of the private sector
are destined to grow with the passage of time. More and more
wealth is likely to be created by human ingenuity and the
relative share of scarce resources such as petroleum is destined
to decline. While one should continue pressurizing
governments, especially those in democratic countries, for
allocating funds for historical and empirical research, current
hope lies in persuading the voluntary sector to change its
priorities from doing more of the same to exploring new
directions. One ground for persuasion is the failure of the old to
inspire fresh positive thinking and produce new agenda for
reconstruction of the ummah. As things stand now, all new
energy of Islamic activists seems to be destined for destroying
what is perceived to be un-Islamic, with no clear vision of what
to replace it with. It is precisely for recovering such a vision that
fresh fundamental research in the past and a new understanding
of the present is needed. Those who care for the destiny of
the ummah and that of humanity, and there are many, would be
willing to open their purses without expecting any material
returns to themselves. The important thing is to impress on our
people that the stakes are very high. Unless the ummah is given
a new direction that is credibly rooted in the past, convincingly
realistic regarding the present and reasonably confident about
building a better future, an avalanche of crises may sweep away
many a promising career.
Resources, to the extent available, need to be spent
judiciously. It is not advisable to house all research under one
roof or in one country, even in one region. It must also be multi
lingual. Universities, autonomous institutes and associations like
the International Association for Islamic Economics should all
partake in this enterprise. A role awaits the publishing industry
too, by way of patronizing young scholars and providing them
with initial impetus. No less important is need for the media,
including the mimbar, to orchestrate the new priorities so they
are accepted by the ummah as a whole
Rights Protection
Plagiarism is an endemic disease afflicting scholarship. But
does it pose a threat to proper development of Islamic economic
scholarship? Frankly speaking, I don’t know. There are
indicators, however that it is assuming bothersome proportions.
There have been complaints on ibf net, the popular Islamic
economic discussion forum in English. Some senior teachers
and authors have also told me the same about research and
publications in the Arabic language.
It will take time and efforts to root out the evil. Teachers and
publishers have special responsibility, but peer review and
vigilance must also play its role more effectively. But will they?
We have some notions about knowledge being for the benefit of
all, any proprietary claims to new ideas being essentially bad,
un-Islamic. Besides being baseless in law and morality, such
notions totally ignore the way new facts are discovered, fresh
ideas originate, and new knowledge germinates and flourishes in
a society. Original research in modern times demands life-long
dedication. Each small brick laid could be the basis on which
further edifice may rest. Unless it is secured in the name of the
originator, and brings him or her any recognition and/or rewards
society thinks fit for awarding, there would be no incentive for
follow up work. It is in society’s interest to protect the rights of
researchers, authors and publishers from plagiarism and piracy
so that the flow of scientific research continues unabated. This
social protection does not depend on law alone. More than legal
provisions, it needs, first of all, to be clearly recognized as the
norm. No one, neither a student nor an author has a right to lift
even a sentence or two from any author’s work and present it as
his or her own, without reference to the source and proper
acknowledgement.
Cheating in scholarship is worse than robbing someone of
material possessions. Plagiarism, unlike robbery, harms society
much more than it hurts the victim. Taking it lightly is like
allowing quakes to wear the mantle of physicians. The
intellectual health of a society that fails to prevent it will be at
grave risk.
The Essential and the Peripheral
Islam is for all times and all places, and so are its teachings
that are relevant for the economic life of man. It was, however,
revealed in seventh century Arabia. The time and place in which
the Prophet, peace be upon him, gave Islam’s first concrete
exemplification was bound to have its stamp on that example.
But what was local and specific to those times cannot form part
of the universal and eternal Islam. We who are engaged in living
Islamically in the twenty-first century in a globalising world
have the responsibility of sifting the eternal and the universal for
implementation now and here, implementation that is bound to
bear the stamp of a changed locale in a changed time. While all
Muslims share this responsibility, and have to partake in its
discharge, each according to his or her capacity, Muslim
economists and social scientists have special responsibility.
Having a better understanding of the changes that have occurred
since the early centuries of Islam, and the features that
distinguish modern living conditions from living in those times,
they can identify the eternal and the universal, fit for adaptation
and implementation.
The record of Islamic economic research so far has not been
very promising. Islamic economists hardly did any better than
those without any learning of social dynamics, specializing only
in traditional Islamic sciences developed more than a thousand
years ago. Hopes of getting better results by bringing the two
expertise together by housing them in the same institution
and/or seating them around the same conference table have not
been very encouraging.[3] The result is a kind of intellectual
paralysis. What is worse is the exploitation of this situation by a
section of the market to offer conventional goods in superficial
Islamic wrappings in the name of Islam.
It will take going into very many details fully to substantiate
the above. I do not think it is necessary, even proper, to attempt
doing that in this paper. I wish the task of substantiating (or
refuting!) the point made above is taken up by someone with
more time and energy than available to this writer. But I cannot
miss this opportunity of giving at least one example, that of
insurance. The Islamic economic literature on insurance during
the last half- century, and the corresponding practice in the
name of Takaful and Islamic insurance, exemplifies the
problem, the predicament and the dangers I have indicated in the
previous paragraph.[4]
In a world in which even such problems created by rapid
technological change as job insecurity and increasing inequality
in the distribution of income, are sought to be tackled by
insurance[5], we are still discussing whether the idea of insurance
itself is valid. Scholars would generally regard as alien, and
therefore unacceptable, the idea of random events being subject
to regularities that could be discovered, given a mathematical
formulation and used for insuring against risk. Yet the same
scholars would easily accept the fiction of tabarru’(donation) to
validate thinly wrapped conventional insurance.[6]
I do not want to debunk the various Islamic insurance
products available in the market. Let a hundred flowers bloom.
What I am lamenting is a failure to accept anything that does not
fit in the old mould despite its obvious wisdom. In trying to
abide by derived rules we have distanced ourselves from the
very source of rules. We have already noted the anomaly of
Islamic economic research relegating poverty removal to the
backburner and bringing investing rich peoples’ surpluses for
making them richer to the fore. That is how the essence is
overwhelmed by the peripheral.
The remedy lies in focusing on the vision of a Muslim and
that of an Islamic society before we attend to rules of conduct
and ways and means for their implementation. The so-called
economic rules of individual conduct and social policy, most of
them lifted from secondary sources, blur our vision of the total
picture because we are living in a different time and place. The
better method is to
perceive and conceptualize the totality from out of the primary
sources, the Quran and the Sunnah. All the rest should follow
and not lead, insofar as Islamic economic research is concerned.
The Human Element in the Islamic Heritage
This brings me to the last point: The need to distinguish what is
human from what is divine in our Islamic heritage. The Prophet,
peace be upon him, brought the word of God and explained it by
living it and guiding a whole generation of men and women
organize their lives, including their economic affairs, in
accordance with divine guidance. The word of God is preserved
in its originality, un-adulterated by word of man. But the same is
not true of anything else. As the Prophet leaves the scene and
his companions are left to fend for themselves, the problem gets
more complicated. It is no longer a matter merely of authenticity
of reports. We are now dealing with men like us, without any
direct link with divinity. Facing new challenges, they no longer
had the Prophet to ask how to meet them. All they had is the
Quran and what they had heard from the Prophet or, seen him
doing in different situations. Building on that, they had to decide
for themselves, and they did. Times moved on. The second and
third centuries of Islam brought new challenges and explored
new solutions. It is during these times that most of the recorded
Islamic heritage took shape. Besides the vast literature on what
is characterized as Islamic sciences the age produced a rich
harvest of living traditions, arts and culture. Supplemented by
the intellectual contributions in the following centuries, that is
the heritage we cherish and seek inspiration from in our own
enterprise of living an Islamic life in this globalized world of the
twenty-first century. So far so good.
In exercising ones own judgment in the enterprise of
Islamic living, it is good to have so much to fall back on. It is a
great help. But one should not be constrained by the sayings and
doings of other humans. The divine is binding but the human is
not. Additional constraints thwart fresh thinking and innovation.
Sacralization of the non-sacred has been a great source of
degeneration in human history. It is one thing to treat history as
help and inspiration. It is very different when we try to recreate
it in a changed world, and that too in economic affairs. History,
even Islamic history, is not sacred. We run a great risk by giving
it that status.
Well said, but has it any relevance to the subject in hand? I
think it has. You need only a cursory glance at the Islamic
economic literature on taxation, fiscal policy, social welfare and
development financing to conclude that the writer is focused on
some script, rarely looking up to gauge the reality faced in
modern living. Most writers on Islamic Public Finance[7] are
writing history, telling us how to recreate it. The divine in our
heritage does not offer such script, so, how come? That is the
problem.
The problem is not confined to archaic treatment of novel
modern situations and issues. Our fixation with a particular
history not only alienates us from current reality, it also isolates
us from the rest of humanity. It reinforces Muslims’ sense of
being different from others to undue proportions, making frank,
sincere outreaching and interaction almost impossible. The
normal process of learning from others’ experiences and
contributions is replaced by, at the least, indifference and
apathy, and often by suspicion and hostility. No wonder we get
the same in response.
This situation has to be rectified before it goes out of hand.
There is no better area for making a beginning than economics. I
say this because the need to focus on the divine in human
heritage and treat the human only as efforts in implementation
from which lessons can be drawn is most obvious in economic
matters. It is the economic affairs of man that bear the brunt of
technological change and are often harbingers of change in other
aspects of life. It is in economics more than in other areas that
our focus should be on Maqasid al-Shriah [8](the objectives of
Islamic Law) rather than what is commonly perceived as Law.
Islamic economic research, unbound from the chains that human
elements in Islamic heritage have put around it, can then bring
Muslim intellectuals out of their shell into the company of other
intellectuals for exploring ways and means of delivering
humanity from the unprecedented predicament it finds itself in.
Regaining Self Confidence
A shrinking from independent thinking and total reliance on
Islamic heritage came to Muslims after the first five hundred
years of their history gradually and due to many factors. First it
was to save Islamic law from becoming a hand-maid of petty
rulers in a world of Islam torn asunder by sectarian squabbles
and internecine wars. Then came the colonial era and the
onslaught of Christian missionaries in the wake of western
armies. The new emperors produced their own courtiers from
out of greedy elite among the natives. Islamic thought was
defended from inroads by foreigners and tampering by
motivated insiders by declaring it self sufficient and immune to
change. All that is history. Things have been changing after the
coming of Muslim peoples from out of the yoke of colonialism
during the last century. The intellectual scene of the ummah is
humming with activity, the emergence of Islamic economics
being one of its fruits. But it takes time. There is no justification
for despondency. Nevertheless speed matters in this age of rapid
change. The obstacles to progress in Islamic economic research
are all removable. We can do that. Better begin by diverting
existing resources to priority areas of research. The next step
should be to revamp the existing institutions involved in Islamic
economic research by giving them greater autonomy, making
them more democratic and providing them with more resources.
Let the newly rich among Muslims in India, China and South
East Asia realize their potential and cast away the image of
dependence on largesse from the oil-rich for funding their
universities and research institutions. We need a strong center
for research in Islamic economics located in the west. This will
serve the dual purpose of benefiting from the well-established
research traditions in the west and affording western scholars
interested in the area, and they are an increasing lot, a closer
look at the ideas.
The toughest nut to crack are the two last mentioned
obstacles, failure to prioritize so that the essence prevails over
the form and detaching the human accretions from the eternal
and universal divine guidance. Two sides of the same coin, they
are so well entrenched in traditional Islamic scholarship that
even their mention is bound to raise eyebrows. Yet there would
be no breakthrough without removing these obstacles. They are
borne of precautionary defensive mechanisms created during
the last one thousand years to protect Islam from corruption by
the un-scrupulous Muslim autocrats, foreigners and their
lackeys. Even after two hundred years of Islamic revivalist
movements, many calls to ijtihad and fresh thinking, and
hundreds of conferences and seminars to revive creativity
among Muslim intellectuals, fear of the unknown makes the
commonality of Muslims and their mentors stay close to the
beaten path, if not quite on it. We may err if we think
independently. There is bound to be variety of opinion if free
discussion and independent judgment is encouraged. Far-flung
regions of the Islamic realm, now bound together by adherence
to half a dozen major schools of fiqh, may opt for newer
directions, especially in matters of economic policy. And so on
and so forth, goes the long list of reasons advising prudence,
conservatism, at the least wait and see. The net result is
restraining the pious, the knowledgeable and those likely to
evoke trust from the Muslim masses, from ijtihad , leaving the
field entirely, or mostly, to dare devil mujtahids. The outcome,
not entirely unexpected, becomes yet other reason why the
status quo should not be disturbed!
The status quo cannot sustain itself. If we do not change in a
well-considered manner, change will be forced onto us
in haphazard manner. I already see it happening in an area so
dear to us Islamic economists[9], the area of Islamic finance. The
remedy lies in getting rid of the fear psychosis, the fear of
committing mistakes in matters of religion, thereby inviting the
wrath of Allah. That is too dumb a view of God to be taken
seriously. Did the Prophet not tell us there is a reward awaiting
even the mujtahid who errs?[10] We have faith in God that needs
to be buttressed by confidence in ourselves. The chances of
making a mistake today are less, not more, than the chances of a
Muslim thinker making a mistake in the third century of Islam.
We have better access to Quran and Sunnah, more works on
other Islamic sciences within easy reach, and better, faster
means of mutual consultation and discussion than was available
to our fore runners.
To the Organizers of this discussion
I congratulate the organizers. At least you recognized there
are obstacles to research in Islamic economics that need serious
discussion. You felt more of the same would not do. We need to
take newer directions, break new paths. I have contributed my
humble bit. I am sure the panel discussion will throw up ideas
we can pursue on to the road of progress.
…….al-Faharis al-Tahliliyah lil-Iqtisad al-Islami (1985-86) 5 vols. Amman, Jordan ,Maktabah Saleh
Kamil & al- Majma’al-Malaki li-Buhus al-Hadarah al-Islamiyah, Mussasaah Aal-al-Bayt
[1]
.Certainly in the stories of the bygone people there is a lesson for people of
understanding…..[12:111.] Also see , 59:2; 3:12
[3]
.Mohammad Nejatullah Siddiqi, ‘Shariah, Economics and the progress of Islamic Finance: The Role
of Shariah Experts ”, Seventh Harvard Forum on Islamic Finance,21 April 2006.. Available at the
author’s website
[4]
Issa Abdoh (1978) al-Tamin bain al-Hill wa-l Tahrim , Cairo, Dar al-I’tisam. The book also records
views of more than a dozen scholars other than Dr. Issa Abdoh. For the current position, see,
Mohammad Obaidullah (2005): Islamic Financial Services, Jeddah, King Abdulaziz University pp.119141
[5]
.Robert
J
.
Shiller
(2003)
The
New
financial
Order,
Risk
in
the
21st Century, Princeton University Press, page 4-7 & 149-164
[6]
One scholar is reported to have defined it as “ ..a contract of donation with a condition of
compensation..”. See the site http://www.kantakji.org/fiqh/files/insurance/diffbwconvIns.pdf (
accessed 21 March 2007) More on reciprocal tabarru’ http://www.Islamicworld.net/economics/takaful_intro.htm Many other details are available at websites of Bank
Negara Malaysia and other Malaysian Islamic Financial Institutions and on IBF NET.
[7]
S. A. Siddiqi (1948,1975) Public Finance in Islam, Lahore, Sheikh Mohammad Ashraf ; Ibrahim
Yusuf Ibrahim (1980) al-Nafaqat al-Ámmah fi’l Islam, Cairo, Matabi’ Diyab; …( 1989-90) al-Idarah
al-Maliyah fi’l Islam,3 vol;s. Amman, Muassisat Aal al-Bayt
[8]
Mohammad Nejatullah Siddiqi (2004) Key Note Address to Round Table on Islamic Economics,
Jeddah IRTI, May 26-27,2004. Available on the author’s website
[9]
Mohammad Nejatullah Siddiqi (2006)Islamic banking and Finance in Theory and Practice: A Survey
of State of the Art, in Islamic Economic Studies(Jeddah) , Vol. 13,No. 2,pp. 1-48,Also by the same
author (2007) Economics of Tawarruq : How its Mafasid overwhelm the Masalih, Harvard Law
School and London School of Economics, Workshop on Tawarruq, Available at the author’s website
[10]
Abu Dawood in his Sunnan has the following report: …Amr Ibn al-Ás reports that the Prophet,
peace be upon him, said, “When a ruler decides and exercises his judgment and gets it right, he is
rewarded twice. When he exercises his judgment to decide and errs, he is rewarded once.” Hadeeth #
3574 . Kitab al –Aqdiyah , Bab # 2
[2]
المملكة العربية السعودية
وزارة التعليم
الجامعة السعودية اإللكترونية
Kingdom of Saudi Arabia
Ministry of Education
Saudi Electronic University
College of Administrative and Financial Sciences
Assignment 2
Islamic Finance (FIN-416)
Deadline: 11/11/2023 @ 23:59
Course Name: Islamic Finance
Student’s Name:
Course Code: FIN 416
Student’s ID Number:
Semester: First
CRN:
Academic Year:2023-24-1st
For Instructor’s Use only
Instructor’s Name: Dr. Sulaiman Aldhawyan
Students’ Grade: / 10
Level of Marks: High/Mid/Low
General Instructions – PLEASE READ THEM CAREFULLY
•
•
•
•
•
•
•
•
The Assignment must be submitted on Blackboard (WORD format only) via the
allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well-presented; marks may be reduced
for poor presentation. This includes fill
