Talk:Islamic economics

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More Heading should be added[edit]

As the topic is very vast. And more than ten thousand books has been written on this topic. so more heading should be added. — Preceding unsigned comment added by 103.30.137.63 (talk) 04:12, 25 October 2014 (UTC)[reply]

Punctuation in Title[edit]

The title needs to be capitalized. — Preceding unsigned comment added by 144.132.214.165 (talk) 15:49, 31 October 2011 (UTC)[reply]

Quick question on wording[edit]

The second sentence of the second paragraph states the following:

It seeks an economic system based on uplifting the deprived masses, a major role for the state in matters such as circulation and equitable distribution of wealth and ensuring participants in the marketplace are rewarded by being exposed to risk and/or liability. (emphasis added)

It seems to make sense to me that participants are rewarded FOR being exposed to risk, not BY being exposed to risk.

Perhaps we should change it??

Meson537 (talk) 09:54, 22 May 2008 (UTC)[reply]

Islamic Finance and Green Econ.[edit]

I removed the following paragraph:

The modern idea of ecosystem valuation prevalent in such theories as Natural Capitalism is probably ultimately due to traditions that originated there. There are also parallels between the notions of khalifa and land stewardship. Some think green economics parallels the economics of Islam, with similar ethical base for society-wide economic decisions. The terminology Four Pillars of the Green Party seems to echo the Five Pillars of Islam.

The attempt to connect Green politics with Islamic economics seems extremely strained to me. If someone can provide sources indicating that there is really such a connection, rather than this speculation, I have no objection to them rewriting this for inclusion in the article. --Michael Snow 15:46, 13 Jul 2004 (UTC)

NPOV[edit]

Somebody reverted my changed claiming they were POV. The original text was: "Some of these revived traditional micro venture capital and ethical investing frameworks that thrived in medieval times. However, they incorporated many modern techniques and technologies. Some consider the emergence of these economic practices to be part of a revival of Islam and an Islamization of knowledge. Others see them simply as a practical and wise response to problems of global debt and debt slavery." Words like "simply a practical and wise response" are very POV.

In an attempt to NPOV it a bit, I removed some of the more laden words and added a new sentence. The article I linked (which was removed) was hardly critical of Islamic Economics, it did argue however, that Islamic Economics has its genesis in attempts to create a sense of ethnic identity for Muslims in India, rather than because of concerns about ethics or religion. This seems like a sane addition, and is fully sourced and reputable. Please see the link [1], and tell me why it was removed, and why the current text is NPOV... --Goodoldpolonius2 01:58, 7 May 2005 (UTC)[reply]

Goodoldpolonius2 and Me[edit]

Sorry Goodoldpolonius2, I wasn't looking well enough and I did revert too much, your last sentence and link has a place. Notes on what I hope you'll see as a respectable compromise. Sophistication isn't POV, most economic systems are relatively sophsiticated and I also think practical is fine because they are seen by many who support them as a practical response to debt problems and ethicism in the banking world. I shouldn't have removed your sentence so I only added that prepositional phrase reflecting that it is referring to the 20th century... since there were really early attempts (like instituted in Medina in 630...) gren 04:50, 7 May 2005 (UTC)[reply]

Looks good, thanks for being helpful. --Goodoldpolonius2 04:55, 7 May 2005 (UTC)[reply]
Sorry about my premature revert and all :( that wasn't very nice of me. gren 05:15, 7 May 2005 (UTC)[reply]

Can I have help with this?[edit]

07:10, 27 August 2005 Free them (rv - prank edit?) (→Islamic law)

Islamic law advises against charging interest on loans for it can lead people to a life of servitude.

I believe this to be true can I have help with it? Political hack 16:51, 27 August 2005 (UTC)[reply]

Well, firstly... I don't believe a US law such as that has any place in the Islam article. Secondly you have to source what you put in articles, what you believe is not so important. If you can find a source and show how it's relevant then maybe something of what you want might be added. But, I think this fits more into Islamic economics articles... hah, I read what you wrote incorrectly the first time... however the US law is irrelevant and I don't think it really belongs on this already over-crowded page. gren グレン 17:18, 27 August 2005 (UTC)[reply]
Gren is right. Indeed, in the 7th century, there was no such law, neither in Islamic law nor in American law. Basically, charging interest on loans is forbidden in Islamic law because it is simply considered as "opportunistic". Cheers -- Svest 17:24, August 27, 2005 (UTC) Wiki me up ™

Can I use the words "advises against" instead of "forbidden"? Because millions of Muslim and me are charging or paying interest on loans. In 7th century and through out recorded time there were and are today "opportunistic" interest charging laws. Is it fair to say today under Islamic law that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (had a 30% interest rate cap removed form the bill) is a "opportunistic" law?

The Act contains a compulsory adult education program to forcibly teach people to pay there interest charging loans. Can a Muslim on religious grounds refuse to go to a compulsory adult education class that forcibly teaches about paying interest charging loans that is "forbidden" under Islamic law? Political hack 04:57, 28 August 2005 (UTC)[reply]

If you are planning to convert to Islam and then argue that you don't have to attend the program because it's haram (forbidden) -- that's not sincere, and in the current political climate, I don't think it would work anyway. Zora 05:40, 28 August 2005 (UTC)[reply]

I agree, if the program is a "haram" many more people will convert to Islam. Political hack 08:36, 28 August 2005 (UTC)[reply]

There are important points of view in this field that have not been at all represented here: such as the view that efforts to hold finance within the Islamic world to medieval models is a regressive one, that impedes development. That obviously is a controversial POV and as such shouldn't be adopted here, but it should be mentioned. Here's a link to one schjolarly exposition of this point of view. --Christofurio 02:01, 14 October 2005 (UTC)[reply]

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=475205


This is only for making easy to read.
The section "Property" should be like this in serial order (I am assuming whatever is written in the section is correct).
Either
Private property
Public property
State property

or
State property
Public property
Private property
Verycuriousboy (talk) 09:31, 9 July 2019 (UTC)[reply]

Economical[edit]

Would suggest this page be called Islamic economic jurisprudence instead. Specifically what I'm driving at: there's no need to use the -al form just to be inline with Islamic political jurisprudence, etc. "Economic" itself is already an adjective, and has a different meaning than "economical" (which these days has basically degenerated into a fancy word for "cheap"). Similar change for the Fiqh infobox too. cab 19:27, 26 October 2006 (UTC)[reply]

If there is no objection to this I will be bold and move the page. cab 06:11, 3 February 2007 (UTC)[reply]

List of Muslim businesspeople[edit]

I merged the list which used to be on its own. See the talk page and its old AfD for more information. Like others who commented on it, I think the list is a bad idea unless it can be shown that the people's faith affects their business practices, for instance if someone explicitly says, "As a practicing Muslim I feel I should follow certain guidelines when making business arrangements." Otherwise the list is endless--there are millions of Muslim businessmen. At the very least they should be important enough to have their own articles, which is why I'm putting all red-link names here.

Tocharianne 18:29, 30 December 2006 (UTC)[reply]

Business Method Patents[edit]

I added a short section on business method patents related to Sharia compliance of financial services. The number is admittedly small, but I thought it might be of interest to the readers. I have no financial interest in any of the inventions.--Nowa 21:18, 2 April 2007 (UTC)[reply]

Calling Loans and Interest[edit]

Under a conventional interest based loan it is possible to "call" the loan if the interest rate drops and the borrower finds that he can find cheaper financing (i.e. pays off the entire loan before the end of its term, thus paying less interest). However, there is no way to call a loan issued by an Islamic bank. Thus, while the borrower from an Islamic bank is protected against interest rate increases, the borrower cannot benefit from interest rate drops.

Isn't this a redundant statement, because borrowers from Islamic Bank aren't subject to interest rate fluctuations anyway? --RawEgg1 01:34, 5 June 2007 (UTC)[reply]


History section[edit]

Anon 61.5.134.68 added a large bit of text (18 paragraphs) to the history of Islamic economic jurisprudence section, that seem to be taken from an essay somewhere. It's all very interesting, but contains a lot of un-encylopedic opinions, e.g.:

Islam made a distinction between the economic system and economic science i.e. it views them as two separate issues. This is because there is a fundamental difference between the method of production of goods and services (economic science) from the manner of their distribution (economic system).

...with no citations, nor references to Sunna or Quran. Consequently I deleted it. --BoogaLouie 17:56, 18 September 2007 (UTC)[reply]


Jagged 85's new additions[edit]

Shouldn't much of the new text, such as Early Muslim commerce, be in Islamic economics in the world article? rather than Islamic economic jurisprudence? --BoogaLouie (talk) 01:12, 21 November 2007 (UTC)[reply]

Point taken. I've moved the new text to Islamic economics in the world instead. Jagged 85 (talk) 00:10, 23 November 2007 (UTC)[reply]


Jagged 85's new additions and creating a new article[edit]

re: Early Muslim economic thought , Ibn Khaldun , etc.

To what extent were Ibn Khaldun ideas based on jurisprudence rather than his study of society? If they are based on the latter and not the former, then maybe we need an article on Muslim economic thought to join this article and Islamic economics in the world. --BoogaLouie (talk) 16:46, 28 November 2007 (UTC)[reply]

Bless sins additions[edit]

Please argue for the reliability of the source Nomani and Rahnema. What are their qualifications, and is the publisher an academic press. Arrow740 (talk) 07:02, 1 January 2008 (UTC)[reply]

Both Nomani and Rahnema are Professors of Economics at the American University of Paris.Bless sins (talk) 21:07, 2 January 2008 (UTC)[reply]
I think the current version of the article is giving undue wieght to Nomani and Rahnema and probably some other imaginative Islamists. There ought to a number of additions to sentences saying "According to Prof. Nomani and Rahnema..." --BoogaLouie (talk) 21:58, 2 January 2008 (UTC)[reply]
Who said that Nomani and Rahnema are "imaginitive Islamists"? They are perfectly reliable sources.Bless sins (talk) 23:55, 2 January 2008 (UTC)[reply]
They have interesting or noteworthy ideas that Muslims and/or academics may want to debate ... or they may not, but this is an encyclopedia.
What we have to know is who Nomani and Rahnema speak for? Mainstream Muslims? A movement of Muslims? Or just themselves? --BoogaLouie (talk) 18:54, 3 January 2008 (UTC)[reply]
I'm not sure what you mean. If a university professor talks about economics, who does he speak for? The public? Businesses? Just himself?Bless sins (talk) 20:48, 4 January 2008 (UTC)[reply]
When they say Islam accepts markets as the basic co-ordinating mechanism of the economic system, who are they speaking for? Last time I checked the Muslmi world had not voted in a referendum on the status of the market mechanism. --BoogaLouie (talk) 21:11, 25 November 2008 (UTC)[reply]

POV tag added because of unduewieght given to Nomani and Rahnema[edit]

There are some 20 odd cites of Nomani and Rahnema in Property section. We need discussion of who they speak for. --BoogaLouie (talk) 16:25, 22 May 2008 (UTC)[reply]


Multiple tags added[edit]

Statements like these are just not acceptable in a legitimate article: The origins of capitalism and free markets can be traced back to the Islamic Golden Age and Muslim Agricultural Revolution,[9]

Islam accepts markets as the basic co-ordinating mechanism of the economic system

Nomani and Rahnema ideas should be stated as such,. "According to Nomani and Rahnema ..." And where is the citation for their work? There are 20 cites for "Nomani and Rahnema" but what book or journal article did it come from?

Understanding Basic Islamic Texts[edit]

Someone contributed the following: "...Islamic law on economic issues was/is not "economics" in the sense of a systematic study of production, distribution, and consumption of goods and services. An example of the traditionalist ulama approach to economic issues is Imam Khomeini's work Tawzih al-masa'il where the term `economy` does not appear and where the chapter on selling and buying (Kharid o forush) comes after the one on pilgrimage."

The problem with this statement is that economics was never meant to be addressed in the Tawdih of Imam Khumayni, or the Tawdih of any marj`a of Shia Islam. We Shia Muslims follow a marj`a for rulings concerning Islamic practise in issues ranging from daily worship to food to marriage to lost and found objects. When any Shia Islamic scholar reaches the rank of a marj`a, he publishes his own set of Islamic rulings in a text called the Tawdih al Masa'il. Ayatullah Sistani's tawdih is caled "Al Masa;il al Muntakhabah;" the English translation is known simply as "Islamic Laws."

These simple manuals of religious jurisprudence were never intended to cover topics as heavy as economic systems. Certain Shia Islamic scholars who have attained a igher level of knowledge of mundane subjects such as economics, the chemical processes of food production, genetic engineering, etc. usually publish books that focus on these topics. Ayatullah Shahid (Martyr) Sadr published texts about economic issues, most notably "Iqtisaduna" ("Our Economics"). Imam Khumayni focused on mystical aspects of Islamic worship, Islamic etiquettes, and the study of hadith (Prophetic narrations). PinkWorld (talk) 01:43, 29 November 2008 (UTC)Pink[reply]

Christianization of Islamic finance[edit]

The Holy See has recently suggested that Western countries attempt to adapt Islamic finance to Western needs. Whether it is a christianization or not, it has not happened yet, although it is indeed a current and notable debate on the topic. [2] ADM (talk) 13:41, 15 March 2009 (UTC)[reply]

banking interest section[edit]

I removed the interest section as there didn't seem to be an entire subsection of material salvagable. "It is reported that the Prophet Muhammad (peace be upon him) cursed those who pay interest, those who receive it, those who write a contract based on it, and those who witness such a contract." {{who}} I did notice some substantial text in the previous editor's contributions but presumably they were removed for a reason and I don't know anything about the topic to be confident in restoring it. .froth. (talk) 03:26, 3 May 2009 (UTC)[reply]

mention of success or failure of approach[edit]

I know this is an incredibly emotional issue for many and don't envy the maintainer but I would like to see more content regarding the success (or failure) of the approach based on facts and free from emotional bias. The fact that %20 of the world pop is muslim and they account for %5 of the worlds GDP how does this relate to this religious approach to economics (ie directly applicable, other factors besides religion involved etc). —Preceding unsigned comment added by 24.56.25.30 (talk) 20:36, 26 August 2009 (UTC)[reply]

Zakat[edit]

Zakaat is The compulsory state levy at prescribed rates on the annual net savings after meeting all kinds of liabilities and expenditures.

Unused and un-invested surplus (al-‘afw), is however, is to be surrendered to, and to be collected by, the state of Islam, which guarantees security of means and employment on a world basis to all. These measures have been enacted to finance the welfare programme of the state to eradicate and banish poverty, ignorance and all kinds of maladies from the world.

Md. Nasireddin Ghani (talk) 18:30, 10 January 2010 (UTC)[reply]

Removed Iqbal Tahir book[edit]

Just a heads up, I deleted a highly POV (and ungrammatical) paragraph about some self-published book on Islamic economics by Iqbal Tahir. Unfortunately I cannot link to the book directly, as Lulu is blacklisted, but you can easily find it on Google.

I would need to see some pretty convincing secondary sources to believe that this was an important new thread in Islamic economic thought deserving of inclusion in an encyclopedia article. (The book apparently shows, among other things, "how one can structure an economy such that unlimited amounts of wealth can be created, poverty eliminated and house prices kept from a constant boom and bust cycle.") Stuffisthings (talk) 13:31, 20 August 2010 (UTC)[reply]

Translation of an Islamic Theological Term[edit]

Banisadr's book is called Eqtesad-e Towhidi, and this story paraphrases/translates that title as "The Economics of Divine Harmony." My understanding, non-expert though I am, is that Towhidi refers to the oneness of God. So why is "The Economics of Monotheism" need a better translation here? Harmony requires more than one musician. --Christofurio (talk) 03:58, 13 November 2010 (UTC)[reply]

Private property is explicitly protected in Islam….this article needs cleaned up badly[edit]

"There are similarities between Islamic economics and leftist or socialist economic policies. Islamic jurists have argued that privatization of the origin of oil, gas, and other fire-producing fuels, agricultural land, and water is forbidden. “ No citations. No evidence presented for this statement. Seems like someone with an agenda to me. — Preceding unsigned comment added by 71.66.106.71 (talk) 13:19, 8 October 2011 (UTC)[reply]

Worst definition of Zakat I’ve ever read[edit]

"the "taxing of certain goods, such as harvest, with an eye to allocating these taxes to expenditures that are also explicitly defined, such as aid to the needy.”” ……..What the…? This is not factual and makes no sense. It is written with quotes with no citation. It makes Zakat sound like a sales tax. It’s actually a 2.5% annual tax on a Muslim’s surplus wealth that goes to the poor and needy. This whole article needs redone. — Preceding unsigned comment added by 71.66.106.71 (talk) 13:26, 8 October 2011 (UTC)[reply]

Tags added[edit]

To reduce the gap between the rich and the poor, Islam encourages trade, first cite given is Quran 4:29.
What does 4:29 say?
O you who have believed, do not consume one another's wealth unjustly but only [in lawful] business by mutual consent. And do not kill yourselves [or one another]. Indeed, Allah is to you ever Merciful.
i.e. nothing about encouraging trade. nothing about inequality.

Other cite is "International Business Success in a Strange Cultural Environment" By Mamarinta P. Mababaya p. 203

This is Islamic jurisprudence???

I defy anyone to find something in Islamic jurisprudence that says that encouraging trade will reduce inequality. Find it in polemics by 20th century Islamist authors? No doubt. Quran, Hadith or jurisprudence? highly unlikely.

This is just one example of unencyclopedic, unsubstantiated stuff in the last paragraph of the lede.--BoogaLouie (talk) 21:53, 23 October 2014 (UTC)[reply]

An update. The article title has been changed to Islamic Economics and non-jurisprudence sources are not out of place. So maybe "International Business Success in a Strange Cultural Environment" is a source for arguing that islam reduces the gap between the rich and the poor. Control F search of the first 15 pages available online finds no hits for "rich", "poor", "poverty", "equality". --23:59, 8 August 2015 (UTC)

Major deletions[edit]

There is an enormous amount of text in this article that is Islamic Economic History or Islamic Economic speculation but not Islamic_economic_jurisprudence. No one has replied to complaints on this page of the crappiness of the article so I am going to start deleting. --BoogaLouie (talk) 17:20, 23 January 2015 (UTC)[reply]

Proposed merge with Islamic Finance Scholar[edit]

A scholar in this field belongs in the article about the main subject. TYelliot | Talk | Contribs 10:24, 17 April 2015 (UTC)[reply]

Agreed, but I think Islamic Banking (which is very, very similar to Islamic Finance and where Islamic Finance redirects to) would be best. --BoogaLouie (talk) 00:21, 14 July 2015 (UTC)[reply]
merged with Islamic Banking and Finance --BoogaLouie (talk) 23:43, 22 June 2016 (UTC)[reply]

Requested move 19 April 2015[edit]

The following discussion is an archived discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. No further edits should be made to this section.

Moved as proposed, since the objections relating to the article now titled History of Islamic economics seems to have been ironed out. Cheers! bd2412 T 22:25, 31 May 2015 (UTC)[reply]

Islamic economic jurisprudence → Islamic economics – The name of the article was changed from Islamic economics to Islamic economic jurisprudence back in 2007 here. But most of the content in the article is on the ideology of "Islamic Economics" with virtually nothing on "jurisprudence", i.e. fatwas (fatawa) by Islamic scholars (fuqaha). This is not surprising and not likely to change. I consulted with another editor (MezzoMezzo) on this issue and here is what he said: "we don't have the reliable sources or written text ready for an actual article on jurisprudence. Like you said, most authors are not fuqaha in the classical sense and aside from a few schools in Pakistan and Malaysia, much of the proper juristic work isn't in English. That would be a separate (and huge) undertaking." A search for "Islamic economic jurisprudence" in Google Scholar gets 53 hits. In contrast, a search of "Islamic economics" gets 12000 hits! --Relisted. George Ho away from home (talk) 20:18, 29 April 2015 (UTC) BoogaLouie (talk) 20:28, 19 April 2015 (UTC)[reply]

BoogaLouie To what extent does the article content relate to a connection between practice within Islamic contexts and Islamic law? A search for "Islamic jurisprudence" in Google scholar gets 48,200 hits. GregKaye 02:39, 20 April 2015 (UTC)[reply]
I will have to back off my last statement. Further review of Google scholar finds a search of: "Islamic jurisprudence" and economics, yields 13,700 results hits. So maybe changing the title to Islamic jurisprudence and economics might be the solution (the phrase "Islamic economic jurisprudence" is not widely used at all), except for the other issues, namely,
  • there is a lot of material on the subject of "Islamic Economics" in business and academia and so should be an article on that, and
  • yes there are references to Islamic law in the article, e.g.:
During the life of Muhammad, one fifth of military equipment captured from the enemy in the battlefield was considered state property. During his reign, Umar (on the recommendation of Ali) considered conquered land to be state rather than private property (as was usual practice). The purported reason for this was that privatizing this property would concentrate resources in the hands of a few, and prevent it from being used for the general good. The property remained under the occupation of the cultivators, but taxes were collected on it for the state treasury.[51]
but there is little or nothing about Islamic jurisprudence in the article (fatwa, scriptural basis for something being haram, halal, etc.) and much that has little to do with Islamic Law. e.g.:
Ibn Khaldun,[34][35] who is considered a father of modern economics.[36][37] Ibn Khaldun wrote on what is now called economic and political theory in the introduction, or Muqaddimah (Prolegomena), of his History of the World (Kitab al-Ibar). He discussed what he called asabiyya (social cohesion), which he cited as the cause of some civilizations becoming great and others not. Ibn Khaldun felt that many social forces are cyclic, although there could be sudden sharp turns that break the pattern.[38]
An alternative Islamic savings-investment model can be built around venture capital; investment banks; restructured corporations; and restructured stock market.[66] This model looks at removing the interest-based banking and in replacing market inefficiencies such as subsidization of loans over profit-sharing investments due to double taxation and restrictions on investment in private equity. --BoogaLouie (talk) 18:54, 20 April 2015 (UTC)[reply]

I've added an image found at Category:Islamic economic jurisprudence

Other Islamic jurisprudence related articles include:

Islamic sexual jurisprudence
Islamic criminal jurisprudence
Islamic inheritance jurisprudence
Ja'fari jurisprudence and
Islamic sexual hygienical jurisprudence

There is also an article on:

Islamic economics in the world

Wouldn't another way to go be to have the one article on the legal aspects and another on the practical aspects. GregKaye 11:27, 21 April 2015 (UTC)[reply]

Mr. Kaye, this makes for an elegant flow chart but doesn't deal with the fact that there is a large field of "Islamic Economics" that is not the same as fiqh. Fiqh is very specific, made up of rules, written by an Islamic scholar of fiqh. The sentences about Ibn Khaldun quoted above fit in an article on Islamic Economics but not in one on economic jurisprudence. There is a reason a search for "Islamic economic jurisprudence" in Google Scholar with its gets only 53 hits while a search for "economics" gets over 3 million. Handbooks on fiqh have sections on Salat and and Zakat and Wuzu and Saum. They do not have sections on economics. We are in danger of creating something in wikipedia that doesn't exist outside of it. --BoogaLouie (talk) 16:26, 21 April 2015 (UTC)[reply]
So you don't want to develop the :Islamic economics in the world as "Islamic economics"? GregKaye 22:50, 22 April 2015 (UTC)[reply]


  • Comment - BoogaLouie This article seems to be mostly about Fiqh al-Iqtisad al-Islami but seems to be lacking content. The new name would shift the focus away from jurisprudential issues. I think what we need is one article on Fiqh of Iqtisad and then another on Islamic Economics as instituted throughout history and also during modern times. The former would need a dedicated bilingual editor to appropriate content accordingly. Mbcap (talk) 13:11, 23 April 2015 (UTC)[reply]
  • Reply to both Mbcap and GregKaye:
    • How about an article on the ideas of Islamic Economics? Here is an example: disquisions on how banning interest would lead to greater equity or prosperity. This is Islamic Economics, not Islamic economic jurisprudence (which is about whether a particular activity involving money, property, employment, etc. is haram, halal, fard, etc.) and not Islamic Economics in the World (about issues such as the industry of Islamic Banking, how much zakat is collected and who it goes to, etc.).
    • Second, how about changing the name of Islamic economic jurisprudence to Islamic jurisprudence and economics? Putting a slight distance between the two would be fitting, IMHO. As I said above, Handbooks on fiqh have sections on Salat and and Zakat and Wuzu and Saum. They (traditionally) do not have sections on economics. Let me quote from the article:
Olivier Roy states that as late as the 1960s, Islamic scholar Ayatollah Ruhollah Khomeini in his book of fatawa Tawzih al-masa'il, did not use the term `economics` or `economy`, or combine questions on economic issues in one heading. He approached the subject of economy

"as the classical ulamas do ... the chapter on selling and buying (Kharid o forush) comes after the one on pilgrimage and present economic questions as individual acts open to moral analysis: `To lend [without interest, on a note from the lender] is among the good works that are particularly recommended in the verses of the Quran and in the Traditions.`"[1][2]

  1. ^ Roy, Olivier (1994). The Failure of Political Islam. Harvard University Press. p. 133. Retrieved 22 January 2015.
  2. ^ (source: Ruhollah Khomeini, Tawzih al-masa'il, p.543)

--BoogaLouie (talk) 15:32, 23 April 2015 (UTC)[reply]

BoogaLouie thank you. Are you proposing:

Islamic economic jurisprudence → Islamic jurisprudence and economics and
Islamic economics in the world → Islamic economics ?

This was roughly what was on my mind unless you have other thoughts. My understanding is that the first title should cover the main topic if that is right. GregKaye 18:43, 27 April 2015 (UTC)[reply]

Pretty much. (I think my first choice would be three articles: Islamic jurisprudence and economics, Islamic economics in the world, and Islamic economics. But your changes above would be a big improvement.) --BoogaLouie (talk) 18:56, 27 April 2015 (UTC)[reply]
  • SUPPORT, simpler title, per WP:CONCISE. All that this article has to do is to deal with how sharia laws on economics have been interpreted by ulama and applied within Islamic societies, and the title "Islamic economics" can refer to this topic in its entirety. As for the other article, Islamic economics in the world, in my opinion it can be moved to something like "History of Islamic economics", because looking at it, most of that article covers the Middle Ages and only the last section seems to cover the modern era. Khestwol (talk) 21:07, 27 April 2015 (UTC)[reply]
Note, the article "Islamic economics in the world" has now been already moved to History of Islamic economics. I found there was already a suggestion to move it to "History of Islamic economics" on Talk:History of Islamic economics, and I simply had to agree with the move suggestion. Khestwol (talk) 21:50, 27 April 2015 (UTC)[reply]
COMMENT: This is getting more complicated! Wouldn't "how sharia laws on economics have been interpreted by ulama and applied within Islamic societies" be better described by Islamic jurisprudence and economics? My whole point is that there are lots of Muslim (and non-Muslim) writers with little grounding in Islamic jurisprudence (i.e. the details of sharia, something that takes many years, even decades to master) holding forth on what constitutes "Islamic Economics", and getting plenty of attention. And what about studies like these? They have nothing to with jurisprudence but certainly sound like Islamic Economics. --BoogaLouie (talk) 14:14, 28 April 2015 (UTC)[reply]
BoogaLouie, when a simpler title is available there is no need to choose an overly complicated title. That's the main reason why I am supporting your proposal to move to "Islamic economics", Wikipedia does need to have an entry with that title anyway. Because much literature can be found on Islamic economics in reliable sources. Khestwol (talk) 16:02, 28 April 2015 (UTC)[reply]
So for now our priority should be to have a main article on Islamic economics. More specialized articles may also be created to cover specific areas of the topic in more detail, but that can be only possible in the future after the existing article is expanded and wikified first. Khestwol (talk) 17:13, 28 April 2015 (UTC)[reply]
IMHO both User:Khestwol and User:GregKaye's proposals have merit and improve on the status quo, but they go in opposite directions.
BoogaLouie, now the other article already sits at History of Islamic economics. Now a main article on "Islamic economics" is needed and implementing your move request may do the job. Khestwol (talk) 08:00, 30 April 2015 (UTC)[reply]
Khestwol, I have no objections.--BoogaLouie (talk) 13:44, 30 April 2015 (UTC)[reply]
Thank you BoogaLouie. Khestwol (talk) 22:18, 1 May 2015 (UTC)[reply]
  • Support Move but keep old name as redirect. It better reflects what is in the article now. If and when an article on Islamic economic jurisprudence can be written, it can occupy the current name, which for now should be a redirect to the new name. LK (talk) 09:51, 30 May 2015 (UTC)[reply]
The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page. No further edits should be made to this section.

External links modified[edit]

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Dr. Hasan's comment on this article[edit]

Dr. Hasan has reviewed this Wikipedia page, and rewrote portions of the text of the Islamic economics article in the comment below. He organized his additions based on the headings that existing in the article. Wikipedians working on this article may find his additions helpful:


1.It was difficult for me to comment on the current page on Islamic Economics you have sent to me. It is good in patches but overall I feel it is merely descriptive, not analytical, the material provided is not up to date. Parts are patch and do not tie up together neatly. The coverage is not balanced and presentation is somewhat tilted towards what may not be commonly appreciated.

2. I also found it difficult to follow your template. However, the write up the enclosed pies covers the major heads. You may use the material to fill in the gaps to improve the current account.

3. I have tried to keep the write up error free but I regret if some still remain. I shall be glad to extend any further help in case you may need any.

4. Please feel free to make any changes to meet your format and other ends.


ISLAMIC ECONOMICS

1. Background

One distinctive feature of Islam is its candid rejection of asceticism. Islam exhorts mankind to enjoy all permissible things in life. To that end, Allah has stocked the Earth and Heavens with His inexhaustible resources and made them yield to human beings’ will and effort for their use. Thus, a substantive part of Islamic jurisprudence, known as fiqh muamlat, deals with issues relating to the treatment of natural resources, land especially, production, consumption, trade, commerce, income, wealth, property, taxation, financing etc.

The classical juristsidiscussed the muamlat in minute details and were not always unanimous in their interpretations of the divine law. Interpretive differences indeed gave space and flexibility of the system, keeping its ethical hard core undiluted. The ethical content and direction was conditioned by the worldview that Islam projectedii. The term Islamic economics never occurred to the classical scholars though the evolution of the subject in thought and methodology has shown strong proclivity to revert back to their writings. The frequent ‘pull back’ has indeed been a constant source of confusion and controversy on the definition, nature and scope of Islamic economicsiii. The evolution of the economic ideas enshrined in fiqh muamlat continued to grow as the Islamic renascence movements gathering momentum for freedom from the colonial rule in the Muslim lands. For, these economic ideas provided a handy and non-provoking method to attacking the Western ideologies both of capitalism and socialism as opposed to Islamic ethos and exploitative of the masses. An important source of such preparatory writings was the Indian sub-continent. The proliferation of works on economic ideas of Islam across countries started attracting much attention during latter half of the twentieth century when most of the Muslim nations had won their political independence from the colonial rule. This set the stage to the launching of Islamic Economics in a formal way in mid-seventies. The first International Conference on Islamic Economics held at Jeddah in 1976endorsed a program to erect the infrastructure to launch the subject as a formal academic discipline. Three international Islamic universities were started one each at Islamabad, Kuala Lumpur and Kampala, new centers, institutions and departments for teaching and research on the subject were added to existing universities and two academic journals were launched to promote the literature and disseminate information. Islamic economics had arrived. A stock taking of the progress made was initiated at the Second International Conference held in March 1983 at Islamabad where 25 research papers – 14 in English and 11 in Arabic – were presented future course of action was mooted.

2. Definition

A generally acceptable consensual definition of Islamic economics has not yet emerged even after more than six decades of its formal/ informal existence (Iqbal, Syed Ali & Muljawan 2007, p.4). Several reasons have impeded the progress in that direction. First, the task of formalizing Islamic economics was initially taken up by religious scholars. They worked hard with devotion, earnestness and humility. They successfully raised the edifice of the Islamic economics, expanded educational institutions and courses in the area, brought out journals and attracted professionals from the mainstream to enrich and give the subject a modern look and acceptability. Great contribution it all was and deserved every praise it deserved.

New entrant to the discipline were sought and encouraged but there was a discernable preference for those linked to the Islamic revivalist movements in matters of recognition and employment. A sort of school of thought seemed to have developed in Jeddah (Hasan 2005, 1213) having common position on the approach content and thrust of Islamic economic ideas. With occasional departures, concepts like scarcity of resources, pursuit of self-interest, and maximizing behavior on the part of economic agents and what followed in their wake was mostly thought extrinsic to Islamic economics; nay they were acclaimed the defining departures from the secular mainstream economics. This created a lot of difficulty confusion and inconsistency in defining the subject and its nature and scopeiv. There is yet no commonly agreed definition of Islamic economics, there is rather a welter of them characterized with ambiguity and illogicv.

The historical ‘pull back’ on the one hand and resistance to it on the other hand divided the Islamic economists into two broad strains – regressive and forward looking. The regressive insist on a puritan all-or-nothing approach to develop Islamic economics. They reject the mainstream economics lock stock and barrel; to them, it contains nothing worth Islamic approval. They are ivory tower thinkers and offer little that is operable in the current times, even in Muslim countries. In contrast, there are those who argue that Islam never divided knowledge into Islamic and non-Islamic. It takes the available stock of knowledge advocates for using Islamic filters to accept that passes through and reject what does not even after modification in the light of Shari’ah norms. It is this sort of ‘step by step approach’ that is gaining ground in the more recent writings in Islamic economics. Then there are those who are seen lurching between these two more definitive positions; not a few have preferred to revise their earlier postulates. There is now increasing realization that mainstream economics contains much in terms of argumentation, analytical tool and modes of presentation for absorption with advantage. Importantly the denial resource scarcity has almost vanished, pursuit of self-interest conditioned by the Islamic ethical norms is accommodated and maximizing behavior id not rejected out of hand. The change has permitted a firmer definition of Islamic economics; one being as follows. “Islamic economics is the subject that studies human behavior in relation to multiplicity of wants and scarcity of resources with alternative uses so as to maximize falah that is the well-being both in the present world and in the hereafter” (Hasan 2015, 4). The incorporation in the definition of the notion of ‘Falah’ to which the call to prayers invites the believers to come from the minarets ten times a day is epitome of what Islamic requires of mankind – using the material means to achieve solace in the hereafter. It is expressive of the prayer that believers address to God after each prayer: “Lord! give unto usin this world that which is best and in the hereafter that which is best, and save us from the torment of fire” The Qur’an (Al-Baqarah 201). In addition, the definition closes the gap between the mainstream and Islamic disciplines, yet keeping the two distinct because of world view differences. Some of the important concepts are in streamlining processvi. Denials of resource scarcity relative to multiplicity of wants has almost vanished, pursuit of self-interest within ethical bonds is acceptable, above all maximizing behavior on the part of economic agents is entertained with conditions

3. Nature and scope

Islamic economics is a scientific body of knowledge in that it admits the use of reason and analogy to establish ‘cause and effect’ relationships. The Qur’an, in fact, does not shun rationality; the scripture contains many positivist statements. Based on religion, Islamic economics has of necessity a dominant normative aspect. Since Islam prescribes a way of living in this world, avoids idle theorizing. Principles of Islamic economics are essentially the principles of economic policy. The subject holds both positive and normative content. It also prescribes action programs to achieve Islamic ends. As a point of departure, it is at times contended that mainstream economics is value neutral while Islamic economics is value based. This is not all true. For, mainstream economics too is not free of value judgments. Values are implicit in its basin assumptions – freedom of enterprise, private ownership of property, market arbitration, competition, non-intervention and so on –fall in the category. These assumptions exist because of social approval and can also be changed or modified through social agreement. In Islamic economics values are God ordained; human beings can impart to them limited interpretive flexibility; they cannot abolish or replace them. Thus, both economic disciplines have values; the difference lies in their source and the extent of human discretion in the matter. And this does make a difference.

4. Methodology

Methodology of economics broadly consists of the set of criteria, rules, and procedures which the philosophers of the subject have evolved over the years to examine its nature, scope, and performance given the goals, over time and space. On the contrary, in Islam usul-al-fiqh serves as the methodology to generate and supervise fiqh-al-muamlat. Both are parts of Islamic economics and operate to achieve not any man-made goals but objectives of the Divine law. The role of intellect is to impart interpretive flexibility within the given framework, not beyond it (Hasan 1998, 17 – 24)vii. Mainstream writings on methodology proliferated after the 1950s but the wave subsided before the close of the century. The subject increasingly ran into so much abstraction and controversy that its study was shifted from the departments of economics to that of philosophy many universities across the globe. It is interesting that while attention to methodological issues tended to wane in mainstream economics literature, it gained ascendancy in the field of Islamic economics. Several prominent scholars including Al-Attas {1995), Massod Alam Choudhory (2007), Assad Zaman (2013), Abbas Mirakhor (2007), and Mohammad Aslam Haneef (2011) dub most of the current literature coming out on the subject violative of Islamic law and intent from methodological norms as they interpret them. As such they reject most of it as mimicry of the mainstream neo-classical economics. One may grant them the positions they take but the difficulty is that they do not go beyond rejection prescribing little operable under the prevailing circumstances of the Muslim world. A cruel example is that a high powered committee was set up in 2010 on the IDB initiative under the chairmanship of a remounted Pakistani scholar to write a textbook on Islamic economics for use in teaching Islamic economics in the higher education institutions. Six years have gone by, the book has yet to see the light of the day. Individual contributions in the area also failed to win approval.

5. Economic systems

Islam prescribes a way of living in this world for salvation in the hereafter. The Divine law demands ground demonstration; idle theorizing has little value in the Shari’ah. Thus, Islamic economics started with writings on the Islamic economic system.viii Economic activity operates in a broad organizational frame work called economic system. The frame work consists of economic entities like households, business firms, public institutions, markets and so on. They are constituted and operate according to a set of rules of conduct governed by doctrine or societal worldview. The main components of such a system making that of Islam different from the two other capitalism and socialism are as under.

1. Axiomatic differences: Axioms refer to what a system believes as self-evident truths; they emanate from the worldview a society upholds. To illustrate capitalism in principle believes in freedom of enterprise, public non-intervention in economic matters, market arbitration and competition as a regulatory force ensuring public good. Also, it sees no clash in general between individual and social interest in this setting.ix In contrast, socialism shorn of its shades and details, socialism as a norm is opposed to freedom of enterprise that must result in a capital-labor clash resulting in the exploitation of the suppression and exploitation of the workers. It believes in public ownership of productive resources and planning by direction to ensure distributive justice and resultant peace. Islam seeks the middle path between capitalism and capitalism. It accomodates the axioms of capitalism but in a reformed and socially conducive form as per Shari’ah norms and directions. In its thrust and direction, the system is pro-poor without being anti-rich; it seeks to convert man’s this world ambitions as a means for salvation in the hereafter. Tolerance, patience, humanism and justice are its guiding principles.

2. Property rights: The Islamic system like capitalism, allows the private ownership of property but with important departures. It enjoins on property owners to hold it not only for self but in trust for others as well (Qur’an 2:29). Unlike capitalism, Islam assigns rights to others in one’s wealth – rights of the poor and the deprived that have to be honored; the scripture exhorts believers to spend in the way of Allah for social good not less than a prescribed minimum.

3. Operational mechanism: Allowing private ownership of property in Islam implies freedom of enterprise, pursuit of self-interest and seeking of maximization of gains, of course subject to shari’ah constraintsx. Islam approves competitive markets and upholds price mechanism operations devoid of interest, indeterminacy and speculation that mar fair-play imperative it insists upon. It disapproves of the socialist control and regimentation of markets.

4. Societal priorities: Capitalism works, as its name implies, for promoting and safeguarding the interests of capital owners. In that, it gives more weight to individual liberty and freedom of action compared to societal aspirations and well-being. Socialism seeks to reverse these priorities. Islam allows individual guided liberty to develop and utilize his full potential to benefit himself and help others. Individual exists in a society not outside – a wave has a personality in the ocean not outside. Thus in Islam societal interest and well-being gets precedence over that of the individual in case there is a clash. Thus, scarce economic resources have to be utilized to produce those goods that meet the basic human needs of food, clothing, shelter, education and health care.

6. Development: Historical sketch

Note 1 above has already underlined the informal beginnings of Islamic economics and the major contributors to its evolution; their explanations going back the Qur’an and Sunnah. Here the story is carried forward providing in brief the progress of the subject after 1975 when it started emerging as a formal academic discipline. The account is provided in occasional literature surveys, but a systematic historical analysis probably first appeared in a paper of Abdul Azim Islahi (2010}. Nagaoka Shinsuke (2012) in his well-documented research provides a ‘Critical Overview of the History of Islamic Economics’. A good account of the ‘Current State of Knowledge and Development of the Discipline’ is also available in Khaled A. Hussein (2013}. The data needs updating.

The following may be marked as the main milestones on the forward march of Islamic economics as of 2008 there were:

Eight magazines recently started "exclusively devoted to Islamic economics and finance". • 484 research projects have been finalized in various universities of ten countries including the US, the UK and Germany. • 200 Ph.D. dissertations completed at different universities of the world, literature published English, Arabic, Urdu, Bhasa Malaysia, Turkish and other regional languages. • Organization of periodic seminars, workshops and conferences – local and international – has been a major instrument to promote dialogue, promote research and disseminate knowledge worldwide. Eight magazines recently started "exclusively devoted to Islamic economics and finance • 484 research projects in various universities of ten countries including the US, the UK and Germany have been completed. • 200 Ph.D. dissertations at different universities of the world in English, Arabic, Urdu, Bhasa Malaysia, Turkish and other regional languages are currently available. • "Over a thousand unique titles on Islamic economics and finance" are listed in IFP database. • 1500 conferences (with proceedings available in IFP databank) have been held. A detailed account on the main series is provided in Munawar Iqbal (2008).

7. Problems

Islamic economics is at present in a muddled state and lacks direction. Part of the problem can be traced back to its originating in the writings of the men of religion who found them socially marginalized during the long spells of colonial rule over the Muslim lands. They did much laudable work that helped preserve the Islamic identity of the community and also provided them with a living. More than positive contributions to society, they tended to keep the masses away from modern education to save them from imbibing the cultural values of the colonial bosses. By the time, foreign rule ended and independence dawned over the Muslim lands after the Second World War, the community had already been divided vertically between those equipped with Western education and those remaining stuck in narrow religious confines.

Independence transferred power to the minority with modern education leaving the religious leadership high and dry. The latter started Islamic movements across the Muslim world to capture political power. Islamic economics no longer remained a pious scholarly pursuit; it increasingly became part of the political arsenal. Islamic movements could seldom get political power or retain it where they could because of the Western mechanizations including armed intervention.

Nevertheless, Islamic movements did succeed in getting major concessions and massive financial support from the various state organs for Islamic economics and finance to emerge and attain fast the status of an academic discipline but recognition across the non-Muslim world as well.

This indeed is a great and laudable achievement of the Islamic movements across the world. However, on this road of progress the discipline has also courted some serious afflictions. With the passage of time and with wider recognition, the movements’ dominance of Islamic economics and finance education is slackening; they could not keep out, had to rather welcome, the non-movement professionals to enter and enrich the discipline. This has created some difficulties.

1. The old guards have revived, rather sharpened, their attacks on the Western Capitalism to establish the superiority of the Islamic alternative to replace it. The point here is not how valid is the criticism or the claims. The point is how valid it is to compare the ideals of a non-existent Islamic economic system anywhere with the operational weaknesses of capitalism? It is an unfair chalk-cheese comparison proving nothing.

2. On the other end, the new enthusiasts, the professional educated in the West with their degrees enjoying a premium in the emerging economies, especially Muslim, have claims on Islamic economics. Conditioned in the Western mode of thinking want to Islamic economics, especially finance, to develop along the empirical route knowing full well that ethical norms and intentions cannot be quantified and the data they use seldom has the needed Islamic content.

3. In between, has emerged a new group of the so-called Islamic economists: the Muslims retiring from the international financial institutions – the IMF and the World Bank. All of them are not worth the premium Islamic educational institutions put on them as ‘experts’. Their appointment to international institutions is not essentially on merit or by competition; it is political – governments of member countries appoint them as their respective representatives as per quota.

The educational, cultural and attitudinal differences among the academia working in the higher learning institutions coming from very heterogeneous sources has detracted from developing a cohesive, consistent multifarious and directional body of literature in Islamic economics.

8. Challenges and future

Islamic economics faces some serious challenges for its survival as a distinct academic discipline.

• In the forward march of any educational system – Islamic or secular – dread of change is the greatest stumbling block. It may remain rooted in the past, but the past can never be the present or future of a living system. Conservatism is the millstone of Islamic economics, not contributing an iota in practical terms. There is no merit in finding faults with others unless one can demonstrate what one preaches as being superior on ground. Demonstration wins’ conviction, not claims.

• Rising use of econometric modelling in Islamic economics and finance is harming the cause of purposive research. It lacks theoretical bases, data compatibility with Islamic norms, results are invariably confirmative – reinventing the wheel – model specific and in most cases non-applicative. It is the most perilous imitation of the Western academic culture. It tends to kill creative thinking in young scholars and detracts attention from indigenous issues (Hasan 2007). There is no useful idea in economics that cannot be expressed in simple common usage language.

• The serious most challenge Islamic economics and finance faces is the lack of wellstructured and graded courses and the matching textbooks. Western course structures and textbooks in social sciences’ education do not address the relevant issues nor provide cases and illustrations appropriate with Islamic disciplines. Their imitation needs restraint.

As students in Islamic institutions of higher learning cannot be kept away from the learning of the mainstream secular economics, and Islam does not shuns its knowledge it is advisable that writing textbooks on Islamic economics must adopt an integrative approach, not exclusivexi.

• Not bulk of the of journals brought out by the Islamic educational institutions for publication of researches proliferating in Islamic economics and finance are refereed appear on time and are well-recognized. A glaring omission is INCEIF acclaimed as the thought leader in the area of Islamic finance while its sister organization ISRA regularly brings out a bi-annual Shari’ah oriented journal on Islamic finance.

Instead of starting their own journals or promoting the existing ones, there is a distinct proclivity to encourage faculty and students seek publication in Western journals. There indeed is a rat race for publishing in Western journals to win recognition, employment and professional growth. New Journals are mushrooming there to fill the rising demand and has become a fast expanding business. These journals charge hefty publication fees. Authors in developing countries, especially Muslim, tend to go in for group-writing to share the publication charge. A scrutiny of some such articles for quality claimed is called for on a regular basis.

Islamic economics is a social science; it is not theology. Unless Islamic economists shun a retrogressive approach to their subject and appreciate the interpretive flexibility of the Shari’ah accommodative of change the social dynamism initiates, the discipline will carry decreasing economic content marring the future. Islamic finance may survive but is likely to be increasingly subsumed by the conventional. There is also a feeling that while Islamic Finance is merely a subset of Islamic Economics, its exclusion from the subject has led to the neglect in the teaching and funded research in Islamic economicsxii. Unlike the IDB annual award, mainstream economics does not make such distinction in awarding the Nobel Prize.

Endnotes

i Such as Abu Yusuf (d. 798), Al-Mawardi (d. 1058), Ibn Hazm (d. 1064), Al-Sarakhsi (d. 1090), Al-Tusi (d. 1093), AlGhazali (d. 1111), Al-Dimashqi (d. after 1175), Ibn Rushd (d. 1187), Ibn Taymiyyah (d.1328), Ibn al-Ukhuwwah (d. 1329), Ibn al-Qayyim (d. 1350), Al-Shatibi (d. 1388), Ibn Khaldun (d. 1406), Al-Maqrizi (d. 1442), Al-Dawwani (d. 1501), and Shah Waliyullah (d. 1762).

ii The term worldview implies as to how an individual or a community looks at the purpose of life, especially the relationship with other human-beings, with the universe at large and with the Creator of both. Secular worldview divides human conduct into economic and non-economic, the former governed by rationality guided by selfinterest. In contrast, Islam sees life as a composite whole where ethical values govern human conduct and attainments of this world are ruled by the concerns of the hereafter. The distinction makes the mainstream and Islamic economic discipline different on many counts.

iii This apparently is common to the evolution and progress of various branches of knowledge. For instance, even the mainstream economics has undergone and is undergoing this process since its acclaimed origin in Adam Smith (1976). Even its name was not firmly fixed until the close of the nineteenth century. Alfred Marshall’s Principles (1898) opens with the words: “Economics or political economics …”.

iv The IDB Prize award lecture of M. U Chapra (1996) discusses the definition of Islamic Economics in pages 33-35. In his footnote 32 he has reproduced without comment the definitions of the subject in the writings of S.M. Hasanuz Zaman, M. A. Mannan, Khurshid Ahmad, M.N. Siddiqi, and M. Akram Khan, To Chapra himself Islamic economics could be defined as “that branch of knowledge which helps realize human well-being through an allocation and distribution of scarce resources that is in conformity with Islamic teachings without unduly curbing individual freedom or creating continued macroeconomic and ecological imbalances.” Necati Aydin (June, 2013) adds Hasan’s definition of Islamic economics to Chapra’s list and reviews them all in terms of what he spells out as a new paradigm in pp. 27-29.

vi Hasan, Zubair (July, 2014) clarifies the prevalent misgivings about three foundational concepts in mainstream economics. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. He finds their use inevitable for Islamic economics. He argues that stocks of resources that God has provided are inexhaustible. But important is the availability of resources out of stocks to mankind. Availability is a function of human effort and the state of knowledge about resources over time and space. In that sense resources are scarce in relation to multiplicity of human wants for Islamic economics as well. Self-interest must be distinguished from selfishness. The motive operates on both ends of human existence: mundane and spiritual. Its pursuit does not preclude altruism from human life. Counter interests keep balance in society and promote civility. Islam recognizes the motive as valid. Maximization relates to quantifiable ex-ante variables. Uncertainty of future outcomes of actions makes maximization a heuristic but useful analytical tool. The concept is value neutral. What is maximized, how and to what end alone give rise to moral issues. Modified in the light of Shar ah requirements the three concepts can provide a firmer definition for Islamic economics centered on the notion of falah”.

vii An authentic and readable reference for a detailed comparative study of methodological issues and their role in shaping the two distinct academic disciplines is Waleed J. Addas (2008): Methodology of economics – Secular versus Islamic, Research Management Centre, International Islamic University (IIUM) Kuala Lumpur. The book is downloadable from the internet.

viii The first systematic comprehensive and extensively documented treatise on the subject was The Economic System of Islam (broad outlines) in Urdu language. Written by Maulana Hif-zur-Rehman Seoharvi, the Secretary General of Jamaat-e-Ulma-e-Hind, the book was first published by Dar-ul-Mussanifeen, Urdu Bazar, Delhi-6 in 1936 and went into six editions, the last appearing in 1946.

The Maulana was the pioneer of Islamic economics in the Indian sub-continent. With the later day writers on Islamic economics, Maulana’s System never won the recognition it deserved. Presumably, the reason was a political divide: Jamaat-e-Ulma-e-Hind of the Maulana was with the Congress in freedom movement of India opposing the partition of the country while Islamic economics after partition became the prime concern of Jamaate-Islami that now stands divided into three segments – Pakistan, India and Bangladesh – bound with common academic thought and agenda.

Possibly, the magna opus of the Maulana - a truly encyclopedic work - could not fit into their scheme of aspiration and program. Copies of the work in Urdu with an introduction in English written by Zubair Hasan are available in the main libraries of the International Islamic University (IIUM) and INCEIF The Global University of Islamic Finance two leading seats of Islamic instruction in Kuala Lumpur, Malaysia.

ix On the axioms of Islamic economics see also Syed Nawab Haider Naqvi

x There has been much confusion and debate on the maximizing behavior of economic agents in Islamic economics and the issue remains in a state of flux. Mohammad Akram Khan (2013, 42) commenting on the illogic of resistance to the proposition wrote in his well-received publication What is wrong with Islamic economics, Edward Elgar, seems to have clinched the issue when he wrote, “A respectable exception is Hasan (2005, 32) who argues that maximization behavior has to be seen in the context of “what” and “how” before a final verdict can be given”.

xi On this see Hasan (1998, 2005 and 2015 preface). See also Khan M. Akram (2013, 7-8).

xii Rasem Kayed notes that while a number of universities and institutes of higher learning now offer courses on Islamic economics and finance "most of the courses offered by these institutions pertain to Islamic finance rather than Islamic economics."[Surveying Islamic economics and finance courses being offered as of 2008 by 14 universities in Muslim countries, Kayed found 551 courses in conventional economics and finance, and only 12 courses in Islamic economics and finance (only 2% of the total). M. Akram Khan (2013) endorses this observation.

References

Ahmad, K. (1992): "Nature and Significance of Islamic Economics" in Lectures on Islamic Economics, eds. A. Ausaf & K.R. Awan, IRTI, IDB, Jeddah. Al-Attas, S.M Naquib (1995): Prolegomena to the Metaphysics of Islam (An Exposition of the Fundamental Elements of the Worldview of Islam). Malaysia: International Institute of Islamic Thought and Civilization.

Aydin, Necati (2013): “Redefining Islamic Economics as a New Economic Paradigm”. Islamic Economic Studies Vol. 21, No. 1, June (1-34)

Chapra, M. U. (1996): “What is Islamic Economics”, IRTI, Jeddah.

Choudhory M. A. (2007): "Islamic Economics and Finance: Where Do They Stand", Proceedings of 6th International Conference on Islamic Economics and Finance, Advances in Islamic Economics and Finance, IRTI.

Haneef, MA & Frqani. H. (2011): Methodology of Islamic economics: overview of present state and future direction”. International Journal of Economics, Management and Accounting 19.1 PP. 1-25.

Hasan, Zubair (1998): "Islamization Of Knowledge In Economics: Issues And Agenda," IIUM Journal of Economics and Management, vol. 6(2), pages 1-40.

Hasan, Zubair (2005): Islamic banking at the crossroads: theory versus practice, in Iqbal, M. & Wilson, R (Editors) Islamic Perspectives on Wealth Creation, Edinburg University Press, Chapter 1.

Hasan, Zubair (2007): “Evaluation of Islamic banking performance: On the current use of econometric models”. Proceedings of the 6th International Conference, Advances in Islamic Economics and Finance, IRTI.

Hasan, Zubair (2014): "Scarcity self-interest and maximization from Islamic angle," IDB prize winning lecture, Jeddah

Hasan, Zubair (2015):” ECONOMICS with Islamic orientation”, Oxford University Press (South-east Asia) Kuala Lumpur, Malaysia.

Hussein, K.A. (2013): “Islamic economics: Current State of Knowledge and Development of the ipline”, The Seventh International Conference on Islamic Economics, Jeddah

Iqbal, Munawar (2008): “Contribution of the last six conferences”. Proceedings 7th International Conference on Islamic Economics, King Abdul Aziz University, April 1-3, Jeddah.

Islahi, A. Azim (2010): “Four generations of Islamic economists”. J.KAU: Islamic Econ., Vol. 23 No. 1, pp: 165-170

Khan, M. Akram (2013): “What is wrong with Islamic economics” Edward Elgar, USA

Mannan, M. A. (1970): “Islamic economics: theory and practice –A comparative study”, Kazi publications Inc. Dhaka.

Marshall, Alfred (1898): “Principles of Economics”, New York: Macmillan (1949 print).

Mirakhor, Abbas. (2007): “A note on Islamic economics” IDB Prize Series 20, IRTI, Jeddah.

Rehman, M. H (1936): Islam ka Iqtisadi Nizam ek ajmali khaka (Urdu) – The Economic System of Islam (An outline) Dar-ulMussan-e-feen, Urdu Bazar, Jama Masjid, Delhi 110006.

Siddiqi, M.N. (1996): Teaching Economics in Islamic Perspective”. Scientific Publishing Centre, King Abdul Aziz University, Jeddah.

Shinsuke, Nagaoka (2012): "Critical Overview of the History of Islamic Economics: Formation, Transformation, and New Horizons," Asian and African Area Studies 11(2), pp. 114-136, 2012.

Waleed J. Addas (2008): “Methodology of economics – secular versus Islamic.” Research management Centre, IIUM, Malayia

Zaman, Assad (2013): “Redefining Islamic economics” Ninth International Conference on Islamic Economics and Finance (ICIEF) Istanbul, 9-11 September

Additional Readings

Chapra, M.U (2005): “Islamic Economics: What It Is and How It Developed”, IRTI/IDB. http://eh.net/encyclopedia/islamic-economics-what-it-is-and-how-it-developed/ Accessed on June 4, 2016.

Hasan, Z. (1992), " Profit Maximization: Secular Versus Islamic," in Readings in Microeconomics: An Islamic Perspective, eds. S. Tahir & et al, Longman, Malaysia, pp. 239.

Hasan, Zubair (1995): “Economic development in Islamic perspective: Concept, objectives and some issues”, Journal of Islamic Economics, Vol.1, No.6, PP. 80-111.

Nasr, S.V.R. (1991), "Islamisation of Knowledge: A Critical Overview ", Islamic Studies, vol. 30, no. 3, pp. 387–400.

Siddiqi (1992):"History of Islamic Economic Thought" in Lectures on Islamic Economics, eds. A. Ausaf & K.R. Awan, IRTI, IDB, Jeddah.


We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.

Dr. Cabrales has published scholarly research which seems to be relevant to this Wikipedia article:


  • Reference 1 : Hasan, Zubair, 2010. "Islamic Finance:Sructure-objective mismatch and its consequences," MPRA Paper 21536, University Library of Munich, Germany.
  • Reference 2 : Hasan, Zubair, 2011. "Diminishing balance model for Islamic home finance: Final version," MPRA Paper 32766, University Library of Munich, Germany.
  • Reference 3 : Hasan, Zubair, 2012. "Incentive-compatible sukukmusharkah for private sector funding: Comment," MPRA Paper 41873, University Library of Munich, Germany.
  • Reference 4 : Hasan, Zubair, 2012. "Excel formula and Islamic norms for home financing," MPRA Paper 42835, University Library of Munich, Germany.
  • Reference 5 : Hasan, Zubair, 2011. "Islamic house financing:current models and a proposal from social perspective," MPRA Paper 27919, University Library of Munich, Germany.
  • Reference 6 : Hasan, Zubair, 2011. "Riba in La-riba contracts:where to turn in Islamic home financing?," MPRA Paper 34386, University Library of Munich, Germany.
  • Reference 7 : Hasan, Zubair, 2012. "Mortgage contracts in Islamic home finance: Musharakah Mutanaqisah program vs. Zubair diminishing balance model," MPRA Paper 39067, University Library of Munich, Germany.

ExpertIdeasBot (talk) 10:58, 07 June 2016 (UTC)[reply]

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Shocking, very shocking[edit]

That is completely stupid and racist to list business according to the religion criteria. Wikipedia becomes SS? — Preceding unsigned comment added by 2A01:E35:8B4A:86E0:D048:6705:49E1:FDF8 (talk) 14:08, 1 January 2018 (UTC)[reply]

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How wikipedia should treat this[edit]

Wikipedia has historically been more critical of of a lot of things more than others, is it not obvious this should be one of them, 2001:448A:1082:3380:D152:3C1:3030:2376 (talk) 14:55, 6 September 2022 (UTC)[reply]

"Aqd'" listed at Redirects for discussion[edit]

An editor has identified a potential problem with the redirect Aqd' and has thus listed it for discussion. This discussion will occur at Wikipedia:Redirects for discussion/Log/2022 September 24#Aqd' until a consensus is reached, and readers of this page are welcome to contribute to the discussion. -- Tamzin[cetacean needed] (she|they|xe) 08:46, 24 September 2022 (UTC)[reply]

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