Most people have too little life insurance. This applies even more strongly in the case of Muslims. Some Muslims have religious concerns about life insurance. However there is an Islamic finance version approved by Shariah scholars, known as life takaful. While life takaful is now widely available in Malaysia and the Gulf Cooperation Council countries, I am not aware of it being available in the UK.
People prefer money now to money later. This is known as the time value of money. Some early writers on Islamic finance appeared to believe that it required there be no time value of money. More recent academic writers generally recognise the time value of money, but then struggle to distinguish its application in Islamic finance from that in conventional finance.
A recording of my 20 minute talk to the Oxford University Conservative Association. I explain the demographics of Britain's Muslims, and how it differs from the demographic profile of non-Muslims. The talk then covers voting patterns and how they are changing. Finally, I show the differences in how the Conservative and Labour Parties select candidates for safe seats, and what this reveals about their philosophies.
I recently used Excel's =IRR() function to calculate my internal rate of return on an investment. The result I received was completely incorrect. This was not user error. After some effort and discussion with one of my sons, I discovered that Excel's IRR function treats blank cells differently from cells containing zero cash flow. Blank cells are treated as if that row did not exist, causing Excel to assume the actual cash flows occur on different dates than when they actually arise. If using IRR, it is essential that cells where there is no cash flow contain the number "0" (zero).
Survey evidence shows that richer white Americans are far more likely to practice a religion than are poorer white Americans. Does being richer make you more religious, or does being religious make you more successful? I explain why I think religion helps you to succeed in life.
Governments are responsible for making their countries fairer, and for countering discrimination. However, regardless of the performance of governments, individuals need to make the best of their lives. My six decades of experience of living in the UK have taught me much about what it takes to succeed without compromising one's personal integrity. This page is aimed at both French and British readers.
I have added "murabaha" to my "Glossary of Islamic finance terms." A murabaha transaction enables a bank to finance the purchase of an asset by a customer without making an interest bearing loan. This page explains how it works.
There are clear reasons why some countries are richer than others. Some countries are rich because they have extensive natural resources, and a small population to share the sale proceeds amongst. Others are impoverished by war damage. However the effects of such damage are temporary. The main reasons some countries are richer than others relate to their internal governance and the legal and business environment. A comparison of Finland and Iran demonstrates dramatic differences, with the aid of comparative data from countries such as South Korea and Pakistan.
Muslim prayers use the Arabic text of the Quran, just as Jewish worship uses the Hebrew text of the Torah. Should British Muslim school pupils seek to also translate the original Arabic of the Quran for themselves? The writings of expert Quran translators explain the difficulty of translating the Quran. Pupils doing their own translating risk misunderstanding the Quran or even more seriously may be misled by their instructor. It is preferable for them to study, compare, and contrast different high quality English translations.
Some people believe that success is binary: you are either "a success" or "a failure." Others, including me, regard success as a matter of degree. I explain why understanding that success is a matter of degree will make you happier, and will also make you more successful.
Islamic financial institutions are required to comply with Shariah rules. Shariah governance presently rests with the institution's Shariah Supervisory Board (SSB), which is normally appointed by the directors. There are concerns about whether the SSB is sufficiently independent or has sufficient auditing skills to give an opinion on whether the institution has complied with Shariah. Accordingly there are calls for the introduction of external Shariah audit (ESA). However, those calling for ESA have not yet addressed the implications of ESA for the SSB.
This 199-page report was written after almost 18 months of work by Dame Louise Casey and her team and contains a wealth of data. Many have criticised the report on the grounds that it mentions British Muslims far more than it mentions other UK religious groups. In my opinion, the extent of the coverage of Muslims is justified by the numbers involved, and because in some parts of the country Muslims are significantly less well integrated than other religious communities.
As a child growing up in a majority Christian country, Christmas was just part of my life. It meant presents and school festivities. We took the same approach with our own children. Many Christians are unaware how much Jesus is mentioned in the Quran, while many Muslims choose to ignore Jesus. I expect that soon amongst believers in the Virgin birth there will be more Muslims than Christians.
This event in Parliament was organised by the Inter Cultural Centre. Chaired by George Howarth MP, the speakers were Commander Mak Chishty, Baroness Armstrong and Dr Seyed Mostafa Azmayesh. As well as a link to a detailed write up of the event, the page has an embedded video of Dr Azmayesh's presentation, the Q&A session, and a short interview with me.
PowerPoint slides plus audio of my 18-minute presentation at the AGM of the Muslim Jewish Forum of Greater Manchester. I considered the relative incidence of antisemitism and anti-Muslim hatred, the identities of the perpetrators, and discussed the difficult question of when being anti-Zionist becomes antisemitism.
I have low expectations for Donald Trump's performance as US President. However I believe the fears of many Muslims are overblown. In my view the key message from Trump's election is the need for American (and British) Muslims to be politically engaged at all times, not just in the run-up to elections. In particular Muslims need to build alliances with Jews and Christians, and focus on their rights "as citizens", not "as Muslims."
My talk in Bradford on 2 April 2016 to a mainly Muslim audience. Members of groups suffering hatred often focus only on their own troubles. Accordingly I began by explaining to the audience that in Britain the rate of antisemitic attacks far exceeds that of anti-Muslim attacks. Then I outlined what individual Muslims should be doing to reduce anti-Muslim hatred. There are also actions that Muslim groups should be taking.
Our desire not to deliberately upset people has morphed into "political correctness" which prohibits some issues from discussion. My speech at the Durham Union Society gives two notable examples. Prohibiting some issues from discussion harms society by leading to bad decisions.
Top 20 pages
The pages I most recommend listed in alphabetical order.
This conflict has endured for over 60 years. It matters because of the status of Jerusalem and because many see the conflict as a religious one. Achieving peace requires difficult concessions from both parties but a two state agreement is the only realistically acceptable solution. It is essential for Israel to avoid policies that would make a two state solution impossible.
Blasphemy features prominently in the news from time to time. Many believe that blasphemy should be a criminal offence everywhere, as it already is in some countries. In the UK the blasphemy law only ever applied to Christianity, and has been abolished. I believe it should remain abolished. In my view Islam does not prescribe any penalty in this world for blasphemy.
Like many other Muslims, I am fed up with hearing the refrain "Why do Muslims not speak up and condemn the terrible things that are done in the name of Islam?" The reality is that Muslims have condemned terrorism time and again. However quite often the media gives very little coverage to the condemnations. They may get a slight mention, and then they are forgotten. Accordingly I have created this page and will add to it from time to time condemnations that I regard as particularly significant.
There are many Islamic finance glossaries available on the internet. I have create another due to some specific objectives about spelling and to give more detailed explanations than the typical glossary. The glossary will grow slowly as I add words to it. If there is a word you would like me to include, please let me know.
Being overweight has health risks and also makes career success harder. After receiving unwelcome news in my annual medical, over the year to July 2014 I reduced my weight simply by counting calories. It was much easier than I expected. You can read how to do it, or watch my 28 minute PowerPoint presentation with audio.
Many Muslims use the word "Islamophobia" as if it meant "hatred of Muslims." However it does not; the word Islamophobia has a distinct established meaning. Accordingly, when Muslims complain about Islamophobia when they intend to complain about anti-Muslim hatred, they are making a mistake. Complaining about Islamophobia makes it easy for people who really do hate Muslims to claim the moral high ground of defending freedom of speech. Instead, Muslims need to be focused and complain about what matters, which is anti-Muslim violence and anti-Muslim hatred.
Having a successful marriage requires taking it seriously, and making the right decisions, both before and after the wedding. While my wife and I have been happily married for many years, I have also observed many other people in unhappy marriages. Hence I have written 10 specific pieces of advice aimed at Muslim women. 8 of those are also relevant to Muslim men.
In this 22 minute acceptance speech I explained why I regard my life as so blessed, and why I do what I do in retirement. I also gave the students five pieces of advice, and encouraged them to give to the College.
Marrying your first cousin increases the risk of your children having a serious genetic disorder. As well as discussing the risks, I link a number of scientific papers, so that readers are not left in any doubt regarding the facts.
I am the principal author of this report published by the Qatar Financial Centre Authority and the International Tax and Investment Center. It looks at the taxation of four common Islamic finance structures: commodity murabaha, sukuk, salaam and istisna in eight MENA region countries: Egypt, Jordan, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Turkey and also in the Qatar Financial Centre. The report recommends how these countries should adapt their tax systems to facilitate Islamic finance.
Why does capitalism work in the West, but fail in so many other countries? In the 1990s Hernando de Soto and his colleagues went fact-finding. They went into the streets of developing and former communist nations to learn what real people are achieving inside and outside the formal economy. They found that even poor people in such countries have assets and savings which could be used for successful capitalism, but nevertheless these countries are underdeveloped. In this book they summarise their findings and explain the key changes underdeveloped countries need to make to transform their economies.
An explanation of my view that the euro was created to increase the cross-border integration of european business and an analysis of what has gone wrong and what needs to be done. I forecast that all current members, even Greece, will remain within the eurozone.
Most people see only their own CV. I have seen many, most of them written in ways that would get them rejected by a recruiter. I have illustrated the failings with a real life "before" and "after" example.
Curriculum for Cohesion is an inter-disciplinary research project that is developing a method for understanding the nature of religion in a multi-faith world, with a focus on Islam, to inform the practice of teachers, lecturers, prison officers and the judiciary.
I am a patron. It is probably the most important charitable activity of my life.