Is Development Accumulation of Wealth? Islamic Views

Afro Eurasian Studies, 2013

48 Pages Posted: 23 Aug 2013

See all articles by Asad Zaman

Asad Zaman

Quaid-i-Azam University - Pakistan Institute of Development Economics (PIDE)

Date Written: August 15, 2013

Abstract

The idea that development is mainly about the accumulation of wealth commands widespread support. Dissenters have introduced other dimensions of development, but nonetheless agree on the centrality and importance of wealth. However, Islam is primarily concerned with spiritual and moral development. Teachings of Islam created an inner revolution within the companions of the prophet, which led to the creation of a new form of society with distinctive institutions and ideology. Eclipse of Islamic civilization, and the rise to global dominance of capitalist societies has led to widespread acceptance, even among Muslims, of ideas antithetical to Islam. In this article, we expose and refute one dozen widely believed myths created to support Western hegemony, and provide alternative points of view.

Keywords: Development, Capitalism, Accumulation of Wealth, Power

JEL Classification: B19, B49

Suggested Citation

Zaman, Asad, Is Development Accumulation of Wealth? Islamic Views (August 15, 2013). Afro Eurasian Studies, 2013, Available at SSRN: https://ssrn.com/abstract=2310701

Asad Zaman (Contact Author)

Quaid-i-Azam University - Pakistan Institute of Development Economics (PIDE) ( email )

Quaid-i-Azam University Campus
P.O.Box 1091
Islamabad, Federal Capital 44000
Pakistan

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