Report on the Third Seminar on Islamic Economics (original) (raw)

Islamic economics: The State of the Art -A Second Look

A written version of a lecture delivered at the Institute of Islamic Economics, International Islamic University, Islamabad, in April 1998. Updates the position stated in an earlier lecture delivered in 1984 at Third International conference on Islamization of Knowledge,Kuala Lumpur, 1984.

Islamic Economics: A Survey of the Literature

University of Birmingham: Religions and Development …, 2008

A central thesis of this paper is that social science is the study of human experience, and hence is strongly conditioned by history. Modern Western political, economic and social structures have emerged as a consequence of the repudiation of religion associated with the Enlightenment and are based on secular principles. Many of these are inimical to Islamic principles, and cannot be adapted to an Islamic society. Muslim societies achieved freedom from colonial rule in the first half of the twentieth century and have sought to construct institutions in conformity with Islam. The development of Islamic economics is part of this process of transition away from Western colonial institutions. This paper is a survey of the literature on Islamic economics, which focuses on the contrasts between Western economic theories and Islamic approaches to the organization of economic affairs. Neoclassical theory is centred around the acquisitive instinct of humans and makes competition the driving force of economic analysis. Islamic approaches foster cooperation and encourage generosity as the fundamental principle for handling economic affairs. Human beings have potential for good and evil, and are free to choose between the two; their behaviour is not subject to the mathematical laws postulated by neoclassical economic theory. The main message of Islam is that we must strive to achieve the potential for good at both the individual and social levels. Behaviour in the economic realm is also governed by this goal. Islamic law (Shari’ah) provides the framework for all activity within an Islamic society. In the economic domain, Islamic law regulates both methods by which money may be earned and also the ways it may be spent. Acquisition of wealth is permissible only in ways that are just to all the parties concerned; exploitation, arbitrary taxation, and individual profit resulting in social harm is not permissible in Islamic law. This puts numerous restrictions on business practices utilized to make a profit. For example, polluting the environment or selling products that lead to moral corruption are not permissible in Islamic law. Wealth that has been acquired becomes private property, which is, according to Islamic concepts, both a trust and a test. The ‘trust’ aspect means that property must be used in ways beneficial to the individual and society. The ‘test’ aspect means that those who have more than they need are required to take care of those who are in need. Ways in which acquired wealth can be spent is also subject to Islamic law. People are expected to strive to be self-sufficient and not ask from others. Thus striving to acquire wealth and spending it on personal and family needs is encouraged. Islam does not preach austerity and encourages a comfortable standard of living. At the same time, it strongly discourages spending on idle desires, luxuries, and ostentation. There is also a strong encouragement to spend what is beyond one’s needs on social welfare. These fundamental principles for acquiring wealth, using property (acquired wealth) and spending it impact on all realms of economic activity. Since these are substantially different from Western ideas in all three areas, there are substantial contrasts between Western economic institutions and Islamic ones. The paper traces out these differences in many realms of economic activity. The primary objective of an Islamic state is to provide justice, and Islamic public finance is concerned with tracing the concrete implications of this abstraction in the economic realm. Western financial institutions have the acquisition and multiplication of wealth as their prime objective. Since acquisition of wealth can only be a means to an end, these institutions require modification in an Islamic society. Similarly, Islamic imperatives for social welfare require construction of certain uniquely Islamic types of institutions that do not have counterparts in the West. The paper discusses these issues in some detail.

Current State of Islamic Economics and Direction of Future Research 1

Islamic economics as a subject has deep historical roots. However, the present body of knowledge known as 'Islamic economics' originated in the second half of the last century. During the last four decades, a lot of literature has appeared. However, most of it can be accepted as 'Islamic economic teachings' and not 'Islamic economics' as a social science. Based on this literature a beginning can be made in developing Islamic economics as a social science. The paper presents a tentative proposal for doing this.

Contemporary Perspectives in Islamic Economics

2018

While all this development in the discipline of Islamic Economics is promising, it has not come without challenges. Despite newer researches, a considerable gap still exists in certain dimensions of the field and the newer ideas have helped to create diametrically opposing opinions within the field instead of bringing existing ones closer. Resultantly, a unified definition of the discipline of Islamic Economics is yet to appear and a new learner gets trapped in the labyrinths of contending opinions before getting an idea of what Islamic Economics is. It must hence be worthwhile to present before the readers an overview of contemporary perspectives in Islamic Economics in order for them to have a general understanding of the discipline of Islamic Economics.

Fourth International Islamic Economics Seminar: Inaugural Address

Fourth International Islamic Economics Seminar: Inaugural Address - The American Journal of Islamic Social Sciences Vol.10, No.4, 1993

During the past three decades, development has been perceived both as a goal itself and as a means towards achieving ‎certain goals. In many Third World countries, development has even become a form of ideology. To achieve it, numerous ‎theories and strategies have been presented. Many of these approaches have been experimented with in a practical ‎manner. In general, however, returns and benefits have been negligible. Although modernized sectors have appeared in ‎most Third World countries, along with social classes and lifestyles similar to those of the West, the majority of the ‎population's economic and social standard of living has deteriorated. Many basic human and P9litical rights have even ‎been stripped away in the name of achieving development. In many instances, development has become nothing more ‎than a slogan and a means for despotic regimes lo solidify their grip on their unfortunate populations.‎

1. IJBGM - ISLAMIC ECONOMICS - AN ECONOMIC.pdf

The biggest problem today is the increased disparity and inequity that exists in the world. Fortunately, this has been realized and many economic systems emerged that attempted and aimed to bring about more equity and reduce poverty in the world, but failed to do so. Although this is true that the existing systems, namely capitalism, socialism and welfare state, have to different extents been successful in expansion of economies but simultaneously has led to increased inequitable distribution of wealth. The paper attempts to present centuries old 'Islamic economics' as an alternative to existing systems, the root of which is in economic justice that leads to social justice as well.

1. IJBGM - ISLAMIC ECONOMICS - AN ECONOMIC SYSYTEM FOR THE THIRD MILLENIUM _1_.pdf

Report on the Third Seminar on Islamic Economics (original) (raw)

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