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Shari’a Fiqh Sunni

Define and thoroughly, but concisely, explain each of the following concepts: Shari’a Fiqh Sunni Shi’I Usul-i-fiq Qur’an Hadith Ijma Ijtihad Caliphate Qiyas Maqasid Qadi Mufti Fatwa Imam Mahdi Jihad Political Islam This is a graduate-level research assignment designed to test your ability and to allow you to gain a nuanced understanding of complicated concepts and terms

Sample Solution

a working paper published by the IMF, Blumenfeld (2012) looks at the reasons behind South Africa’s high job hemorrhage between and 2010, draws the following conclusions: there is a weak relationship between real wages and labour productivity in South Africa. In other words; real wage growth in South Africa is driven less by productivity levels and more by ‘other factors that delink it from labor market conditions.’ More so, the South African situation has been characterized by real wage growth that has outpaced labour-productivity growth. It is the manifestation of the above relationship that led to South Africa shedding an excessive amount of jobs, almost 25%, during the economic low down of 2008 to 2010. The paper concludes that amongst other factors, entry restrictions, employment protection legislation, and the collective bargaining framework all contribute to the misalignment between real wages and labour productivity (Blumenfeld 2012). Therefore, it can be inferred that the same fate falls onto young people when they are effectively priced out of the market because of labour legislation. When the cost of labour is perceived to be too high because the immediate effect is a regression in the pace of job recreation. The World Bank also supports this view noting that ‘high firing costs reduce layoffs, as well job creation in firms, making access to employment difficult for new young entrants to the job market’ (McCarthy, 2008). 7.7 The psyche of unemployment youth and discouraged job seekers When young people struggle and fail to secure employment in the early years of their potential working life; can lead to a higher probability that these job seekers may become discouraged. Most importantly, the higher the rate of youth unemployment, the higher the probability that large numbers of workers will become discouraged ultimately disengaging from the labour force altogether (Burns et al, 2010). Linked to this is the reality that the longer young people stay without employment, the more they are locked out of the opportunity of amassing human capital, a key variable in determining living standards. Taken together these two factors make long-term integration into the labour even harder. Studies have also shown that young people unable to secure employment or at the very least a productive role in society, are more vulnerable to anti-social behavior (McCarthy, 2008). South Africa is no different from evidence obtained from the United States, France, Sri Lanka and more recently Egypt that all suggest that youth unemployment can lead to increased crimes rates, incarceration, and political upheaval. 8. DEVELOPMENT FINANCE INTERVENTIONS Youth unemployment is not a neglected area of concern in South Africa. The number of interventions, failed or successful, initiated by the government and within the framework of public-private-partnerships (PPPs) is evidence of this. What is clear is that, based on the risk patterns discussed above, the primary objective of any policy or development finance intervention should be to increase the integration of young people into the labour market. The development finance interventions discussed from hereon will therefore aim to (a) counteract market failure, (b) optimize labour market regulation and, (c) improve the skills of young people. Given that youth unemployment has been a central policy focus in
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