Duaa personal prayer, supplication Dunya The physical Universe, as opposed to the Hereafter; sometimes spelled Dunia. EECA Export Credit Agency.economics (Islamic) The branch of economics which deals with the specific challenges and opportunities of the Islamic economy; it is based on teachings of the Qur’an and Sunnah and aims to rediscover and revive the economic values, priorities, and mores of the early Muslim community. Theorists insist that true adherence to Islamic principles does not allow for selfishness, waste, extravagance, deleterious competitive behaviour or immoral activities such as gambling, speculation and hoarding. Interest is strictly prohibited.
Profit sharing and investment based on risk taking are encouraged instead. Major emphases are economic justice, the failures of existing economic systems and the need for an Islamic revival if Muslims are to recover the prosperity of the past. A truly Islamic society will emphasise generosity toward the needy, hard work, fair prices, and protection of private property. Its four ethical bases are the unity of the Muslim community, equilibrium between supply and demand, free will of consumer and investor, and responsibility of the individual to the Muslim community.
Unlike Western economics, Islamic economics is bounded by the rulings, prohibitions and recommendations of the Qu’ran and the Hadith, and their interpretation has led to the way Muslims do business, save money and get finance today. It is promoted as an alternative to neoclassical economics, Marxism and other Western economic doctrines. The movement to establish Islamic economic doctrine was born in India in the decades preceding partition (1947) in order to establish a full range of distinctly Islamic disciplines. Its most prominent promoter was Sayyid Abu al-Ala Mawdudi.
eejab The binding pronouncement which the wally gives to the other party in a deal.eela An oath of abstention from sexual relations with one’s wife, usually for four months.eemaan (alt. sp. of imaan) Faith.EFS (see Export Finance Scheme) A trade financing scheme designed to promote trade across borders.