future islamic economics
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THE FUTURE OF ISLAMIC
ECONOMICS
Muhammad Akram Khan
In view of the economic problems of the present age and the inability of neoclassical economics to analyse them and suggest acceptable solutions,
Islamic economics holds promise for the future. This article consists of four parts. The first introduces the Islamic worldview and economic objectives of Islam. The second part argues that only Islamic economics has the potential to respond to the economic problems of the future. Part three sheds light on major Islamic economic institutions as they exist today. It points out the problems and challenges of these institutions. The last part presents some concluding remarks.
Islamic economics is a nascent discipline. It has not yet attracted the attention of the economics profession although the recent past has witnessed a sporadic intellectual activity in some Muslim countries which promises to make Islamic economics an independent branch of knowledge.
This is evident from the fact that at present at least 30 universities in Muslim countries are offering undergraduate and postgraduate courses in Islamic economics. Quite a few PhD theses in western universities have been written on various issues relating to Islamic economics. There are three international research institutions exclusively devoted to the development and dissemination of knowledge relating to Islamic economics. Three scholarly research journals publish material on Islamic economics while a fourth began publication in January 1991. A number of journals on Islam, the Middle East and economics also publish articles on Islamic economics.
During the past two decades a respectable body of serious literature on
Islamic economics has also appeared. I There now exists an active International Association of Islamic Economics with its headquarters in ]eddah.
Islamic economics presents Islam 's viewpoint on the human economic situation. Its roots are in the sacred Islamic texts which provide broad guidelines for
THE FUTURE OF ISLAMIC
ECONOMICS
Muhammad Akram Khan
In view of the economic problems of the present age and the inability of neoclassical economics to analyse them and suggest acceptable solutions,
Islamic economics holds promise for the future. This article consists of four parts. The first introduces the Islamic worldview and economic objectives of Islam. The second part argues that only Islamic economics has the potential to respond to the economic problems of the future. Part three sheds light on major Islamic economic institutions as they exist today. It points out the problems and challenges of these institutions. The last part presents some concluding remarks.
Islamic economics is a nascent discipline. It has not yet attracted the attention of the economics profession although the recent past has witnessed a sporadic intellectual activity in some Muslim countries which promises to make Islamic economics an independent branch of knowledge.
This is evident from the fact that at present at least 30 universities in Muslim countries are offering undergraduate and postgraduate courses in Islamic economics. Quite a few PhD theses in western universities have been written on various issues relating to Islamic economics. There are three international research institutions exclusively devoted to the development and dissemination of knowledge relating to Islamic economics. Three scholarly research journals publish material on Islamic economics while a fourth began publication in January 1991. A number of journals on Islam, the Middle East and economics also publish articles on Islamic economics.
During the past two decades a respectable body of serious literature on
Islamic economics has also appeared. I There now exists an active International Association of Islamic Economics with its headquarters in ]eddah.
Islamic economics presents Islam 's viewpoint on the human economic situation. Its roots are in the sacred Islamic texts which provide broad guidelines for
Bibliography: (]eddah, IRTI, 1984); V. Nienhaus, Literature on Islamic Economics in English and German (Lahore, Progressive Publishers, 1986), pages 371-407. 4. See, eg, World Commission on Development, Our Common Future (Oxford, Oxford University Press, 1987), page 69. Malaysia, Pelanduk Publications, 1989), pages 141-154. 8. For a detailed exposition see Muhammad Akram Khan, Challenge of Islamic Economics (Lahore, All Pakistan Islamic Education Congress, 1985). 11. M. Akram Khan, 'Inflation and the Islamic economy: a closed economy model ', in M. Ariff (editor), Monetary and Fiscal Economics of Islam (Jeddah, ICRIE, 1982). 12. For a survey of proposals, see Richard L. Kitchen, Finance for the Developing Countries (New York, John Wiley, 1988), pages 307 ff. 19. The most influential study is by M. N. Siddiqi, Banking Without Interest (Leicester, The Islamic Foundation, 1983). 20. S. A. Meenai, Islamic Development Bank (London, Kegan Paul International, 1989). 21. For a comprehensive survey see John R. Presley (editor), Directory of Islamic Financial Institutions (London, Croom-Helm, 1988). 22. For a survey see Hasmet Basar (editor), Management and Development of Awqaf Properties (Jeddah, IRTI, 1989). Brill, 1986).