1. Principles and Practical Applications
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2. Why Now?
 Crash of 2008 was “mother of all economic crisis and that it will be with
us for a long time”
 Data since the 2008 Crash
 Loss of people’s savings & retirement, devaluation of property
 Layoffs on a massive scale
 High unemployment rates
 US ~ 9%
 CA ~12%
 Debt levels are at an all time high
 Separation between the wealthy and the poor continues to grow
 Repossession and foreclosure of homes
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3. Implications on Muslims in America
 Many in Muslim community affected
 Immigrants of older age
 New graduates not finding work
 New students pay more for college and borrow at higher
interest rates
 Gov’ts cutting back on services and hiring, while banks
are restricting lending
 Muslims are vested in the financial sector and are part
of the crisis
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4. The Source of Wealth
According to Quranic verses, every thing in this universe
belongs to God almighty.
"Whatever is in the heavens and whatever is in the earth
belongs to Allah." [Al-Baqarah, 2:284].
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5. Holistic Sharia Based View
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Law & Justice
Commerce &
Economy
Politics &
Governance
Social, moral &
ethical life
Knowledge
& learning
Hygiene
Human Rights &
Relations
Ethics &
Etiquettes
Moral Ethical Social Religious and more….
Governed by
Shari’ah Principles
(Quran & Sunnah)
such guidance
covers all walks of life
Not confined to Muslims
only, but for the entire
mankind

6. Objectives of the Islamic Economics
1. Ethical wealth accumulation
2. How to spend the wealth
3. Utilization of public capital
4. Preservation of Property
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7. Real vs. Fiat Currency
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8. Foundations of Islamic Economy
 That which is permissible in the Quran and benefits Allah’s creations
on Earth
1. Justice – environmental, societal, equitable
2. Cooperation & Brotherhood – i.e. Do not go to sleep knowing that
your neighbor is hungry
3. Free markets – Government interferes only when there is
manipulation or collusion
4. Prosperity – Encouragement of business over subservience
He knoweth that there may be (some) among you in ill-health; others travelling through
the land, seeking of Allah's bounty; yet others fighting5774 in Allah's Cause, read
ye, therefore, as much of the Qur?an as may be easy (for you); and establish regular
Prayer and give regular Charity; and loan to Allah a Beautiful Loan.
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9. Permissible Transactions
 Sale / Trade
 Lease / Rental
 Partnership / Joint Venture / Cooperative
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Forbidden Transactions
 Lending in Interest (Usury/Riba)
 Speculation ( Options / Futures / Indexes /
Derivatives)
 Immoral goods ( Pornography, Drugs, Alcohol, etc.)

10. In Conclusion
 Islamic finance must be portrayed as a ‘distinct
alternative’ to conventional finance that enhances
society and encourages transactions within the real
economy, otherwise Islamic finance will be portrayed
as ‘just another type of financial product/service’
under the conventional banking umbrella
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