Category: Islamic Finance

Central Asia is home to a rich and varied heritage that has been shaped over thousands of years, encompassing ancient civilizations, the Silk Road period, and beyond. Often described as the crossroads of civilizations (Frye, 2012), Central Asia’s diverse heritage is a result of its strategic location along the Silk Road. This extensive region, which …

Introduction The permissibility of insurance in Islam has sparked extensive scholarly debate. The early discussions drew a decisive line between commercial insurance—considered unlawful—and mutual insurance, deemed permissible. This opinion, now predominant, stems from rigorous collective inquiry by Muslim jurists, who concluded that only the mutualist model aligned with Islamic principles. However, this debate took place …

Despite the impressive growth of the global ṣukūk market, which has reached USD850 billion outstanding by 2023 and more than USD180 billion issuance in 2023, concerns remain about its compliance with Sharīʿah principles and ethical objectives. The main criticism is the dominance of debt-based sukuk structures such as murābaḥah and ijārah, which replicate the features …

The most well-known historical episode of resource scarcity occurred in Egypt during the time of Prophet Yusuf (peace be upon him). The King of Egypt had a dream in which seven fat cows were devoured by seven skinny ones, and seven green ears of corn were accompanied by seven dry ones (The Quran, 12:43-49). This …

A translated and abridged version of the Arabic article titled: نحو دعم الجهود لتنمية الموارد المائية ومقاومة التغيرات المناخية The development of water resources and the fight against climate change are among the most topical global issues today. These issues directly impact economic and social stability, particularly in vulnerable regions. Addressing them requires coordinated efforts …

Riba, or usury, has existed for millennia and will likely persist for many more. Does that make it “sustainable”? Is the persistence of a certain behavior or phenomenon sufficient to consider it sustainable? Mere persistence cannot imply sustainability. Poverty, disease, and wars persist throughout history. But that does not make them sustainable. There must be …

Excerpts from remarks delivered by H.E. Mr. Rashid Zayid Al Ghassani during the 44th Islamic Financial Services Board (IFSB) Council Meeting, Djibouti City, Djibouti, on 2 July 2024. I am grateful to the IFSB Secretary General, Mr. Ghiath Sabsigh, for inviting me to share some thoughts at this Tour De Table session of the IFSB …

Introduction Throughout history, expansive oceans have served as viable trade routes, facilitating the interconnectedness and exchange of cultures among nations through the movement of goods and intellectual interchanges. The revolutionary introduction of containerized shipping in 1956 laid the groundwork for the profound integration of global economies, culminating in the phenomenon we now describe as globalization. …

The world is heating up even quicker than expected. Temperature records continue to be broken in 2024, with droughts, wildfires and extreme heat affecting more vulnerable people and communities around the world. In developing countries, where the impacts of climate change are felt most severely, the vast majority of people, jobs and property are not insured. …

Introduction In 2003, African Union Member Countries committed themselves to ending hunger in Africa by 2025, later known as the Maputo Declaration. With two years remaining, this blog focuses on the performance of IsDB Sub-Saharan Africa Member Countries (IsDB SSA MCs). To achieve the goal of ending hunger, the declaration’s primary aim was to allocate …