Islamic Finance

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The transition of the Pakistani economy from its feudal origins to a modern and industry-based setup has been marked by opposition from the more traditional and conservative segments of society, with the focal point being perceived violation of the ban on riba.

This is a critical review of the book entitled Muslims in Europe (Lewis and Schnapper 1994). The book is a collection of essays on the subject of

Utilizing evidence from the period 1987-88, two different models of Pakistani income distribution are set up--one that takes into account the payment and receipt of zaka, and one that presents income distribution as it would have been without the practice of zaka. The analysis, featuring Atkinson-Kolm-Sen relative indices, concludes that the practice of zaka does in fact lessen the degree of income inequality in the country. The degree to which inequality is lessened is not great, however.

A waqf is a charitable endowment;

The Islamic social and economic worldview is not pluralistic.

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From an Islamic point of view, the cultural, political and religious spheres of a nation that is majoritarily Muslim cannot be understood without religion, as