Category Archives: Commentary

Mustafa Zarka – A list of his works:

Mustafa Zarka, one of the most prolific scholars of the last century, was a rarity amongst intellectuals. Not only had he mastered the Hanafi school of jurisprudence, reached the level of tackling higher legal debate outside of his specific school, but had also studied western law to the extent that he could see the need […]

World of WealthCraft: Using a virtual hand to nurture Islamic finance growth

The Big Money suggests using  “massive, multiplayer, online role-playing games like World of Warcraft and Second Life….for studying economic behavior and testing economic-policy theories”. This would be interesting to see in Islamic finance. I don’t know of anyone that has attempted similar except for Dr. Sami al-Suwailem in his paper “Islamic Economics in a Chaotic […]

Insurance Regulation

Classically, scholars categorized contracts as being from one of three types. Commutative exchange (Mu’awaDat معاوضات) – Involving the voluntary exchange of good, services, and/or both for the purpose of trade. Includes: cash sales, bartering, and currency exchange. Charitable exchange (Tabaru’at تبرعات) – Involving the voluntary not-for-profit exchange of good, services, and/or both out of the […]