Reviving the Promise of Islamic Economics

v. 25, n. 2, International Journal of Economics, Management and Accounting, p. 205-225

Paper presented at 11th International Conference on Islamic Economics and Finance, 11-13th October, 2016

14 Pages Posted: 2 May 2016 Last revised: 13 Mar 2018

Asad Zaman

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

Date Written: August 31, 2017

Abstract

Bu makalenin Türkçe çevirisi şu adreste bulunmaktadır: https://ssrn.com/abstract=3137935

First generation Islamic Economics promised to create a system with just and equitable economic outcomes, which would be far superior to capitalism and communism. Historical circumstances led the second generation to forget this promise, and to consider Islamic Economics as a minor variant of capitalism. The second generation has been trying to create a Sharia compliant system, where the form is Islamic but the spirit is capitalistic. We need to go back to the roots, and building a genuine Islamic system in form and spirit which is Sharia based, rather than Sharia compliant. By doing this, the third generation can revive the promise of Islamic Economics and create a model economic system which fulfills the promise of the first generation.

Keywords: Islamic Economics, Economic Systems

JEL Classification: P4

Suggested Citation

Zaman, Asad, Reviving the Promise of Islamic Economics (August 31, 2017). v. 25, n. 2, International Journal of Economics, Management and Accounting, p. 205-225. Available at SSRN: https://ssrn.com/abstract=2772981

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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