Khutabat-e-Bahawalpur (Bahawalpur Lectures)
This eleventh lecture is on the financial system and lunar calendar (Nizam-e-Maliya wa Taqwim) of Islam. Holds that zakah was a voluntary practice during the Makkan period. Discusses the life of the Prohpet during the Madinan period. State finances consisted of ghanima, fai', and zakah. Discussing eight heads of zakah, argues that it can be spent on the whole of civil administrationg, non Muslims, for extending interest-free loans, the Whole of defence administration, public welfare works, tourist traffic, road building, police, municipal services. Due to expansion of the Muslim state into three continents, it did not remain economical to collect zakah centrally. Therefore, its payment on cash was made voluntary by Caliph ‘Uthman. However, zakah on agriculture, minerals and trade was continued, to be collected the state. The Islamic lunar calendar has introduced a certainamount of flexibility in state finances. A scholarly paper. For historians and Muslim economists. Based on primary sources. Undocumented.
A Suggestion for an Interest-Free Islamic Monetary Fund
Monetary and Financial Theory and Institutions
Islam’s Solution to the Basic Economic Problems - the Position of Labour
Basic Principles of Islamic Economic System