In the early 1990s, Kristiane Backer became one of the very first presenters on MTV Europe. For years she lived and breathed the international music scene, quickly gaining a cult following amongst viewers and becoming a darling of the European press. Rubbing shoulders with the likes of Mick Jagger, Bono, Bob Geldof, Jim Kerr, Take That and Cat Stevens, Kristiane was catapulted to the forefront of popular culture.

It is an empirical observation that people desire to have smooth consumption through their lifetimes. Lifecycle income hypothesis and permanent income hypothesis try to explain that in microeconomic foundation based theories. Both negate the Keynes assertion that average propensity to consume (APC) falls as income rises. Microeconomic evidence is also consistent with lifecycle income hypothesis in various empirical studies in the literature.

In this article, we try to explain how consumption smoothing is achieved and supported in an Islamic economy through a set of institutions and behavioral norms given that people want to spend their lifetime resources fairly equally through their lifetimes.

Credit Photo: AlWaleed Bin Talal Foundation Alwaleed Bin Talal Foundation has been active for 30 years on the field over 83 country around the globe but unfortunately not in Canada. The Foundation supports the initiative to eradicate polio around the world in collaboration with the Bill Gates Foundation. The Alwaleed Foundations consists of three philanthropic [...]

Photo: Mercedes-Benz With the launch of the new S-Class, Mercedes-Benz reinforces its leadership claim in the automotive segment. Experience the passionate innovative power and the ground-breaking design here in the highlight film for the new luxury sedan. Fuel consumption (combined): 9.1-5.5 l/100 km; CO2 emissions (combined): 213-146 g/km* Product may vary after press date on [...]

Credit Photo: Stock Xchng (Source: Crescentrating)The exciting capital of China, Beijing is a contemporary metropolis with strong historical heritage. The city offers a wonderful heritage sites, excellent food and gorgeous opportunities for shopping. Itinerary Day 1 After Fajr: Early Morning to Mid- Day Destinations 1. Temple of Heaven: A beautiful green park with paved walkways. [...]