Financial intermediation serves a valuable purpose, but it can also be structured using equity modes of financing. This can relieve the financee and increase diversity of entrepreneurial undertakings as in debt based commercial financing, there is little room for diversity with obligatory and...

In the economic development literature, both the definition and scope of economic development has gone through significant changes. Initially, economic growth and economic development were synonymous terms and per capita income was a sufficient enough barometer for informing about the level of...

According to SDPI estimates, poverty rate in Pakistan has roughly returned to the mid-thirties level of the 90s era. Some 58.7 million Pakistanis are classified as poor while Microfinance beneficiaries are only 2.35 million people. The progress and penetration of Islamic Microfinance is even...

Interest is prohibited in all monotheist religions; however, it features as an essential element in practiced capitalism. Interest based financial system has created two major havocs in last two decades i.e. in East Asia in 90s and in the Great Recession since 2007. This paper highlights the...

Financial intermediation serves a valuable purpose, but it can also be structured using equity modes of financing. This can relieve the financee and increase diversity of entrepreneurial undertakings as in debt based commercial financing, there is little room for diversity with obligatory and...

In the economic development literature, both the definition and scope of economic development has gone through significant changes. Initially, economic growth and economic development were synonymous terms and per capita income was a sufficient enough barometer for informing about the level of...

According to SDPI estimates, poverty rate in Pakistan has roughly returned to the mid-thirties level of the 90s era. Some 58.7 million Pakistanis are classified as poor while Microfinance beneficiaries are only 2.35 million people. The progress and penetration of Islamic Microfinance is even...

Financial intermediation serves a valuable purpose, but it can also be structured using equity modes of financing. This can relieve the financee and increase diversity of entrepreneurial undertakings as in debt based commercial financing, there is little room for diversity with obligatory and...

This paper discusses Islamic principles and how they can help in achieving efficiency along with equity in a market system. We start with the concept of ‘human welfare' in Islam and show how it is distinct from the concept of welfare in western social sciences. The difference comes from the...

The paper aims to present the Islamic appraisal of established theories in academic literature of development economics, both in classical and neo-classical economics. The paper also explains the Islamic concept of human development and shows it to be more welfare maximizing to humans in their...