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Islam and "Scientific" Economics - In the Pursuit of a New Paradigm (Hardcover, New edition)
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Islam and "Scientific" Economics - In the Pursuit of a New Paradigm (Hardcover, New edition)
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In an Islamic society, it is ethics that dominates and determines
all behavior, including economic behavior. The Holy Koran emerges
as the main source of all economic behavior and practices which are
subject to the commands of Allah as stated in the Koran. Since
Islam is a universal religion, the Islamic economic paradigm with
its "scientific" Islamic economic theories has to be comprehensive
as well as perfect in the sense of fairness, ethical values and
fruitfulness. A universal Islamic economic system ought to have
universally applicable economic laws acceptable by both, the Muslim
and the non-Muslim world - meaning that when the word Islamic is
taken out of the equation; it should appeal to all societies and
countries equally, regardless of their religious persuasion. The
question now is; do Islamic economics offer such "scientific"
economic theories? Surprisingly, there were no such theories at
all. In fact, there was not even a theory of interest, the most
frequently referred to subject in Islamic economics. This appeared
to be a serious omission. The Holy sources may be more than
sufficient for Muslims, but what about non-Muslims? Isn't it
justified to expect Islamic "scientific" economic models and
theories that are applicable to or able to guide non-Muslims?
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