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This illuminating and thought-provoking book questions whether
classical Islamic capitalism, which has served Muslims so well for
centuries, can provide a viable alternative world economic system.
In the current recession - the worst since 1929 - this is surely a
provocative question. But if Islamic capitalism is to emerge as a
viable alternative, its nature and systems must be well understood.
Murat Cizakca explores key issues within Islamic capitalism and
finance, shedding light on whether the Islamic system can indeed be
called 'capitalist', the principles on which the system was built,
the institutions that were consequently developed, how they
function and have evolved, and, perhaps, most importantly, whether
they can be modernized to meet today's needs. Against the backdrop
of rapid change in the Middle East, this book gives a solid
background to the economic systems that will emerge in the world of
Islam. An essential guide to the past, present and future of
Islamic economy and finance, this compelling book will prove to be
of particular interest to academics and researchers of economics,
finance, economic and financial history and political science.
This unique book brings together some of the finest minds in
comparative economic / financial history and modern Islamic finance
to discuss the rise, the decline and the contemporary efforts to
regenerate Islamic capitalism. The collection features articles on
the contribution of classical Muslim scholars to the history of
economic thought, the institutions that translated these ideas into
everyday life and whether these thoughts and institutions
constitute a clash or a symbiosis of civilizations. The efforts of
contemporary Muslim thinkers to design a modern Islamic economy are
also carefully scrutinized. These collected works are expertly
summarised by the editor in an original introduction and will be
welcomed by all those with an historical or contemporary interest
in Islamic studies.
This book presents successful case studies in Muslim and Muslim
minority countries that have revolutionized the redevelopment of
idle waqf properties into productive land trusts. The revival of
this institution over the last two decades shows the growing
optimism in galvanizing the socioeconomic role of waqf by adopting
its flexible shariah measures. Innovative ways of financing
redevelopment allow Muslims to extend these roles to include new
beneficiaries. New uses for these properties include providing
services to the community, opening jobs for the majority of people,
funding small entrepreneurs, educating the masses, providing health
care, and sheltering the poor and needy. Countries under study
include Sudan, Turkey, Malaysia, Indonesia, Singapore, New Zealand,
Kuwait, Oman, Qatar, and Iran. Additionally, the book examines the
International Development Bank's role in financing the development
old waqf properties in different countries.
This illuminating and thought-provoking book questions whether
classical Islamic capitalism, which has served Muslims so well for
centuries, can provide a viable alternative world economic system.
In the current recession - the worst since 1929 - this is surely a
provocative question. But if Islamic capitalism is to emerge as a
viable alternative, its nature and systems must be well understood.
Murat Cizakca explores key issues within Islamic capitalism and
finance, shedding light on whether the Islamic system can indeed be
called 'capitalist', the principles on which the system was built,
the institutions that were consequently developed, how they
function and have evolved, and, perhaps, most importantly, whether
they can be modernized to meet today's needs. Against the backdrop
of rapid change in the Middle East, this book gives a solid
background to the economic systems that will emerge in the world of
Islam. An essential guide to the past, present and future of
Islamic economy and finance, this compelling book will prove to be
of particular interest to academics and researchers of economics,
finance, economic and financial history and political science.
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