Abu Umar Faruq Ahmad and M. Kabir Hassan
The time value of money is a basic investment concept and a basic element in the conventional theory of finance. The Shari`ah does not rule out this consideration, for it does not prohibit any increment in a loan given to cover the price of a commodity in any sale contract to be paid at a future date. What is prohibited, however, is making money’s time value an element of any lending relationship that considers it to have a predetermined value. Here, the Shari`ah requires that a loan be due in the same currency in which it was given. The value (i.e., purchasing power) of paper currencies varies due to changes in many variables over which the two parties of a loan contract usually have no control. This study examines possible modus operandi of time valuation according to the Shari`ah’s precepts vis-à-vis the concept of money, and whether any value can be attributed to time while considering money’s value. For this purpose, it investigates the juristic views on such relevant issues as the permissibility of difference between a commodity’s cash and credit prices and an increase and reduction of the loan’s amount in return for early repayment. |
Yasien Mohamed
Early Islamic economic philosophy adopted or adapted the ancient economic philosophical legacy; particularly, from Bryson, whose work was available in the tenth-century in anonymous Arabic translations. These philosophical texts influenced Muslim educational and economic monographs, 1 especially Persian works on slaves, servants, and merchants.2 In those days, free people could not easily perform the menial tasks of the family and the state. The family is a microcosm of the social function of the state and, therefore, operates on the same principles as the state. Since servants are vital to the smooth functioning of the family and society, masters should be grateful to God for their labor and always treat them with kindness and benevolence. Masters should know that their servants suffer exhaustion and fatigue, just as they do. Therefore, masters should be just toward them.3 |
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Aliaa Ibrahim Dakroury Although claims questioning whether religious sacred books can be “translated” or not have been heard for quite some time, they have increased with the emergence of globalization and the increasing openness and flow of information due to modern technology. In the context of the relationship between hermeneutics and communication, one could argue that interpreting the Qur’an is an interesting case study for many reasons. Among them is the number of debates and discourses that have been raised both for and against its translation. Another reason, perhaps one of the largest barriers according to some religious Muslim groups, is that the Qur’an is fundamentally revealed and written in Arabic, and, therefore, its true meaning cannot be translated into another language. Certain verses, such as “It is a Qur’an in Arabic, without any crookedness (therein): in order that they may guard against evil” (28:39), have been presented to support this argument.1 |
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Osman Bakar Muslim scientists and technologists have for centuries pursued their scientific and technological activities within a spiritual and ethical framework. There was a profound reason for their insistence on such a framework. They believed in an epistemology in which unity of science and technology and spiritual knowledge is duly maintained. They defended this belief by appealing to both revelation (wahy) and reason (‘aql) or to both religious (naqliy) and intellectual (‘aqliy) arguments. By naqliy arguments we mean arguments that are drawn from the Qur’an, the Hadiths, and other transmitted sources. For ‘aqliy arguments on the other hand, we mean philosophical and scientific arguments that are assembled for the purpose at hand through the independent exercise of reason. In Islamic intellectual tradition, these two types of arguments are not considered as opposed to each other but rather complementary and corroborative. |
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Osman Bakar Ibn Khaldun (1332-1406) was born two decades after the death of Qutb al-Din al-Shirazi (1236-1311). This means that we may treat them as contemporaries. Those who know the life history of these two notable and fascinating Muslim intellectuals could find it quite interesting making comparisons and contrasts between them. Ibn Khaldun, an Arab by birth, was a philosopher-historian; Qutb al-Din, who hailed from Shiraz, a city of historic importance in the Persian-speaking world, was a philosopher-scientist. Both traveled extensively in the Muslim world, both as a scholar and as a diplomat, for the two had been patronized by the rulers of their day. |
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Mohamad Fauzan Noordin The levels of knowledge hierarchy (i.e., data, information, knowledge, and wisdom), are described in the Qur’an, the ahadith, and the literature produced during Islamic civilization’s Golden Age. They also have been discussed by western and non-Muslim scholars. However, while implementing and using information and communication technology (ICT), only the first three levels are currently being explored and utilized. Wisdom has not been discussed to any great extent. ICT has designed systems to assist us and has improved our life and work. However, such tools as decision-support systems and executive information systems comprise only data, information, and knowledge. |
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Fathi Malkawi This paper addresses some of the Muslim community’s concerns regarding its children’s education and reflects upon how education has shaped the position of other communities in American history. It argues that the future of Muslim education will be influenced directly by the present realities and future trends within American education in general, and, more importantly, by the well-calculated and informed short-term and long-term decisions and future plans taken by the Muslim community. The paper identifies some areas in which a well established knowledge base is critical to making decisions, and calls for serious research to be undertaken to furnish this base. |
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Ejaz Akram The problem of using the category of civilization in much of the social science literature is so obvious that it necessitates a philosophical definition. The heart of every civilization is its primordial tradition. The life of every civilization is tied to the well-being and operativeness of those religious truths that it upholds as sacred. When the religion dies, its civilization also dies. This paper points to the errant “clash of civilizations” thesis and argues that the seat of a universalist consensus cannot be modernity. Rather, it must be religious traditions. It further argues that resuscitating the western tradition is a prerequisite for reconciliation between Islamic societies and the West, and finally, that the ideology of globalism is the wrong milieu for finding such a common platform. |
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