Abstract
The first principle of property rights in Islam is that Allah (swt) is the ultimate owner of all things in His creation. The most important of the property rights principles have been presented earlier and are summarized here that: (i) the Creator has ultimate property rights in all things; (ii) Allah (swt) has created resources for all humankind of all generations and no one can be denied access to, or be deprived of, these resources; (iii) work (and voluntary transfer) is the only means by which individuals gain rightful possession of property when they combine their physical/mental abilities with natural resources to produce a product; (iv) since natural resources belong to all humankind, a right is created in the products produced by the more able for the less able; in effect the less able are silent partners in the products, income and wealth produced by the more able whose shares has to be redeemed; (v) all instantaneous property rights claims, such as theft, bribery, interest, gambling, are prohibited; and (vi) a person can transfer property rights claim to another via exchange, inheritance, or the redemption of the rights of the less able.
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Notes
In Muhammad, Ghazi B., Reza Shah-Kazemi, and Aftab Ahmed. The Holy Quran and the Environment. Jordan: Prince Ghazi Trust for Qur’anic Thought, 2010. English. The Royal Aal Al-Bayt Institute for Islamic Thought, Sept. 2010. Web. p. 5.
Quran, 3, 40:56, quoted in, Khalid, Fazlun M. “Islam and the Environment.” Encyclopedia of Global Environmental Change. Vol. 5. Chichester: Wiley, 2002. 332–339. Print.
Mirakhor, Abbas and Hossein Askari. Islam and the Path to Human and Economic Development. New York: Palgrave Macmillan, 2010.
Iqbal, Zamir and Abbas Mirakhor. Economic Development and Islamic Finance. Washington, DC: World Bank, 2013. Print. p. 6.
Haleem, Harfiyah Abdel. Islam and the Environment. London: Ta-Ha, 1998. Print.
Khalid, Fazlun M. “Islam and the Environment.” Encyclopedia of Global Environmental Change. Vol. 5. Chichester: Wiley, 2002. 332–339. Print.
Nasr, S. H. (1968), The Encounter of Man and Nature: The Spiritual Crisis of Modern Man, Allen & Unwin; First Edition (London: UK).
The conceptual interpretation of NNP in an economy is that it represents the highest level of sustainable consumption. In the development of the conceptual framework of national income accounting, extractive industries were treated as any other source of national product. As a result, the value of the extracted resource was added to national product at the point of extraction. This method of valuing the contribution of extractive industries, as is now widely recognized, is ill-conceived and results in significant distortions. For the derivation of the required rate of savings see Appendix I in Askari, Hossein, Saudi Arabia: Oil and the Search for Economic Development, JAI press, 1990 and for a calculation of the savings rate for individual oil-exporting countries
see Askari, Hossein, Vahid Nowshirvani, and Mohamed Jaber, Economic Development in the Countries of the GCC: The Curse and Blessing of Oil, JAI Press, 1997.
See Hausmann, Ricardo and Roberto Rigobon, “An Alternative Interpretation of the “Resource Curse”: Theory and Policy Implications, in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, J. M. Davis, R. Ossowski, and A. Fedelino (eds), International Monetary Fund, Washington DC, 2003.
Robert M. Solow, “Intergenerational Equity and Exhaustible Resources,” The Review of Economic Studies, Vol. 41, Symposium on the Economics of Exhaustible Resources, 1974, p. 41.
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© 2014 Hossein Askari, Zamir Iqbal, and Abbas Mirakhor
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Askari, H., Iqbal, Z., Mirakhor, A. (2014). Environmental and Natural Resource Policies. In: Challenges in Economic and Financial Policy Formulation. Palgrave Studies in Islamic Banking, Finance, and Economics. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137381996_10
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DOI: https://doi.org/10.1057/9781137381996_10
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