Islamic Scientific Schools

In the Name of Allah---the Most Beneficent, the Most Merciful. Here, we explore the key principles and features of the Islamic trading system that contribute to its unparalleled and well-balanced nature. Islam is often described as a complete code of life, providing guidance for all aspects of human existence. Among these, economics stands out as a crucial domain, deeply impacting individual and societal well-being. The economic system prescribed by Islam is both profound and balanced, aiming to ensure justice, equity, and fairness for all. Here, we explore the key principles and features of the Islamic trading system that contribute to its unparalleled and well-balanced nature. 1. Islam versus Capitalism Capitalism has encompassed the majority of human beings today. It gives free hand to the capitalists to exploit the natural and human resources for their own interests. The majority of humans are like toys in their hands and they are free to grab the money by hook or crook. The wo...

In the Name of Allah---the Most Beneficent, the Most Merciful. Introduction The recent imposition of so-called “reciprocal” Trump’s Tariff by US President Donald Trump marks a turning point in the history of global economic relations. No longer confined to China or North America, these measures now affect a wide range of countries, allies and adversaries alike. Far from being reciprocal, as the administration claims, these tariffs are steep, often arbitrary, and rooted in a flawed understanding of global trade dynamics. Their effects are not merely economic but systemic — threatening to unravel decades of painstaking efforts at global trade liberalization and exposing developing economies to a perfect storm of external shocks. The End of the Post-WWII Trade Consensus Since the end of World War II, the world economy has been shaped by a consensus around multilateralism, liberalization, and the mutual gains from free trade. Institutions such as the World Trade Organization (WTO), the Gen...