Islamic economics



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020 General Economic Theory


022 Microeconomic theory

022:1 IQBAL, MUNAWAR, "Organization of Production and Theory of the Firm", in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol.2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 397-410. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Studies the theory of firm in the Islamic framework. Discusses forms of production on basis of musharaka, mudaraba and ijara. The Muslim producer devotes his activities with certain positive non-financial targets in mind as distinguished from profit maximization motive.

For economists. Based on contemporary economics. Documented.

022:2 KHAN, M. FAHIM, "Production, Organization and Employment Strategy in an Islamic Economy", in R.I. Molla, et.el. (eds.), Frontiers and Mechanics of Islamic Economics, Sokoto: Sokoto University, 1988, pp. 91-106

Discusses organization of the Islamic economy. Argues that the Islamic economy encourages enterprise and discourages rents and debt-finance. Proposes a strategy for the present-day Muslim economies for encouraging enterprises.

For economists. Analytical. Based on contemporary literature. Undocumented.

022:3 MOHSIN, MOHAMMAD, Economics of Small Business in Islam, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1995, 65 pp.

Discusses the rationale of small business and constraints to its development. Derives policy implications for small scale business in Islamic perspective. Prescribes a modus operandi to promote small scale business in Islamic countries.

For economists. based primary sources and contemporary literature. Documented.

022:4 SIDDIQUI, SHAMIM AHMAD, "Factors of Production and Factor Returns Under Political Economy of Islam," Journal of King Abdulaziz University: Islamic Economics, Jeddah, (8), 1996, pp. 3-29.

Critically reviews the traditional classification and definition of different factors of production and the way their returns are determined under neoclassical framework. Also analyzes some suggested changes in these definitions made by contemporary Muslim economists. The issue of land ownership, land-rent and share-cropping is discussed in historical and Islamic perspective. An attempt is made to synthesize competing theories of demand and supply of labor and wage determination. The issue of physical and monetary capital is discussed both in the traditional and an Islamic context. Finally, the importance of the role of entrepreneurship, particularly for an Islamic economic system, is emphasized.

022:5 TAHIR, SAYYID, Readings in Microeconomics: An Islamic Perspective, Kuala Lumpur: Longman Malaysia, 1992, 298 pp.

A collection of 22 published papers on various aspects of microeconomics. The individual chapters have been annotated in the first three volumes of the present bibliography.


023 Macroeconomic theory


023:1 AHMAD, AUSAF, Income Determination in an Islamic Economy, Jeddah: Scientific Publishing Centre, King Abdulaziz University, 1987, 73 pp.

Develops a macroeconomic model of an interest-free Islamic economy incorporating zakah as a variable. Assuming a higher marginal propensity to consume of the low income groups who receive zakah from the higher income groups, the model establishes a higher level of income for given values of other parameters. The model also demonstrates that an investment function based on profit-loss sharing ratio in place of the rate of interest generates a stable equilibrium between savings and investment. Before explaining determination in an Islamic economy the different systems of income determination in a capitalist economy are also reviewed.

Mathematical. For economists. Based on contemporary

023:2 BDOUR, RADI EL-,"Economics of Profit-Sharing Contracts: Contractual and Theoretical Issues", in Investment Strategy in Islamic Banking: Applications, Issues and Problems, Amman: al-Bait Foundation, 1992, pp. 57-88

After a brief introduction to profit-loss sharing, develops a mathematical macroeconomic model of an economy practicing profit-loss-sharing instead of interest-based financing.

For economists and financiers. Based on contemporary economic literature. Documented.

023:3 CHOUDHURY, MASUDUL ALAM, Money in Islam, London: Routledge, 1997, 313 pp.

Applies analytical epistemology to money and political economy in Islam. Takes up the treatment of money in general equilibrium framework. Develops a theory of endogenous money. Analyzes role of financial institutions, stock markets, financial instruments and capital market in the Islamic economy.

For professional economists only. Mathematical. Based on primary sources of Islam and contemporary economic literature. Documented.

023:4 EBRAHIM, M. SHAHID, "Theory of Participating Term Certificates: A General Equilibrium Perspective", in Ehsan Ahmed (ed.), Role of Private and Public Sectors in Economic Development in an Islamic Perspective, Herndon, VA: International Institute of Islamic Thought, 1996, pp.105-122

Deals with participating term certificates introduced by commercial banks in Pakistan in the 1980s. Thinks that the financing technique does not conflict with the Shari’ah. Develops a mathematical model of the participating term certificates using general equilibrium theory for risk-averse investors.

For economists and financial analysts. Based on contemporary literature. Documented.

023:5 HASAN, M. KABIR, "Stability of Money Demand Under Interest-free vs. Interest-based System", Thoughts on Economics, Dhaka, (6:3), Jul-Sep 1996, pp. 27-38.

Tests the hypothesis that non-interest bearing money is more stable than interest-bearing. Uses 1970-89 time series data for 15 countries and employing two different types of econometric techniques, proves that the non-interest-bearing money was more stable than the interest-bearing one. However, the hypothesis was supported only weakly.

For economists only. Based on contemporary literature. Documented.

023:6 IQBAL, MUNAWAR, "Macro-Consumption Theory in an Islamic Economic Framework" in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 261-270. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Argues that the popular assertion that zakah would increase consumption in Islamic economy is not conclusive as Islamic injunctions against israf and for simple living may neutralize it. The effect of zakah on consumption is indeterminate.

For economists. based on contemporary literature. Documented.

023:7 KHAN, M. FAHIM, "Investment Demand Function in Profit-loss Sharing Based System" in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 313-330. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Develops demand function for investment based on profit-loss sharing.

For economists. Used graphs. Based on contemporary literature. Documented.

023:8 TAHIR, SAYYID, "Macroeconomics Theorizing from Islamic Perspective", in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 301-310. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Argues that the Islamic writers have attempted to formulate macroeconomic models on basis of famous IS-LM model with two variations: elimination of interest and introduction of zakah. Calls for clear and explicit identification of variables and presentation as well as definition of assumptions.

Mathematical. For economists. Based on contemporary literature. Documented.


030 History of Thought

031 History of economic thought


031:1 HASANUZZAMAN, S. M. Economic Guidelines in the Qur'an, Islamabad: International Institute of Islamic Thought, 1999, 398 pp.

An anthology of the Qur'anic verses with English translation classified into various economic subjects. Begins each chapter with a short note for providing the context.

For Muslim economists and researchers. Documented.

031:2 ISLAHI, ABDUL AZIM, History of Economic Thought in Islam: A Subject-wise Survey, Aligarh: Indian Association for Islamic Economics, 1996, 40 pp.

Section one deals with economic thinking in the Christian West up to Middle Ages. Sections two and three discuss beginning of economic ideas in Islam. Sections four and five deal with economic ideas of different thinkers on specific aspects of economics like taxation, public finance, interest, business market mechanism, prices, wealth, poverty and socio-economic development .

A useful reference book. Based on primary sources. Documented.

031:3 KALLEK, CENGIZ, "Economic Views of Abu Ubayd” IIUM Journal of Economics and Management, Kuala Lumpur, (6:1), 1998, pp. 1-22.

Introduces Kitab al-Amwal by Imam Abu Ubayd. After a brief life sketch, analyses the contents and methodology of the book. Summarizes important ideas of the Imam.

For Muslim economists. Based on primary sources. Documented.

032 Methodology of Islamic economics


032:1 CHOUDHURY, MASUDUL ALAM, The Epistemological Foundations of Islamic Economic, Social and Scientific Order, 6 Vols., Ankara: SESRTCIC, 1995, pp. 108, 299, 257, 343, 434, 563.

It is an analytical treatise consisting of six volumes on the methodology of rule formation in economic, social and scientific fields. The focus is on general principles relating to development of a universally comprehensible and applicable Qur'anic knowledge-based scientific inquiry. Presents the subject-matter of a knowledge-based universal model and methodology that is found to emanate from the Qur'an. Shows that the methodology is uniquely applicable to diverse areas in economics, other social sciences. Argues that the methodology is based on three axioms only: Tawhid, Sunnah and ijtehad.

For scientists and economists only. Mathematical. Based on primary sources and contemporary economic literature.

032: CHOUDHURY, MASUDUL ALAM, The Principles of Islamic Political Economy: A Methodological Enquiry, London: St. Martin's Press, 1992, 283 pp.

Examines methodological development of the principles of Islamic political economy in general equilibrium framework using the theory of social choice. Develops Islamic theories of cost-benefit analysis, and mudaraba. Discusses economic problems of the present day in the Islamic economic framework. Studies the economy of Malaysia and highlights various macroeconomic relations in it with reference to Islamic economic system. The last chapter consists of policy conclusions.

Mathematical. Uses diagrams and charts. For professional economists only. Based on contemporary economic literature and primary sources of Islam. Documented.

032:3 GHAZALI, AIDIT, Readings in the Concept and Methodology of Islamic Economics Selangor: Pelanduk Publications, 1989, 168 pp.

A collection of ten papers on the concept and methodology of Islamic economics. The papers have been individually annotated at appropriate places in the first two volumes of the present bibliography.

032:4 HASANUZZAMAN, S. M., The Economic Relevance of the Shari’ah Maxims, Jeddah: King Abdulaziz University, n. d., 71 pp.

Explains the significance of the popular Shari’ah maxims for Islamic economics and shows their relevance to the contemporary economic scene.

An invaluable guide for the Muslim economists. Juridical. Based on primary sources. Documented.

032:5 ZARQA, M. ANAS, “Methodology of Islamic Economics", in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol.1, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 129-140. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5August 1991.

Islamic economics relies on normative and positive methods of analysis. The conventional economics claims to be positive but has strands of normative thought. However, it does not make its normative content explicit. Islamic economics explicitly makes normative and positive assumption clear.

For economists. Based on primary sources and contemporary literature. Undocumented.


040 Economic History of the Muslim People

041 Pre-Islam and early Islam


041:1 BASHAR, M. L .A., "Fiscal Structures and Relationships in Early Islamic States", in R.I. Molla, et.el. (eds.), Frontiers and Mechanics of Islamic Economics, Sokoto: University of Sokoto, 1988, pp. 169-177

Highlights the arrangements for collection and spending of revenues in the early days of Islam extending up to Abbasids period. Shows how the centre-provinces relationship existed for fiscal administration.

For economic historians. Based on historical sources. Documented.

041:2 KALLEK, CENGIZ, "Socio-Politico-Economic Sovereignty and the Market of Medina", Journal of Islamic Economics, Kuala Lumpur, (4:1-2), 1995, pp.1-14.

The Prophet signed a treaty with the Jews, Christians and non-Muslims of Medina. He set up the market of Medina and promulgated two laws: 1) No taxes would be imposed on it; 2) No enclosures would be monopolized within it. He also established the institution of hisba to oversee the market. We should also establish chambers of commerce, trade unions, and economic communities, where the Muslims would be dominant.

For historians. Based on primary sources. Documented.

041:3 KALLEK, CENGIZ, "Real Estate Market in Asr al-Sa'adah", IIUM Journal of Economics and Management, Kuala Lumpur, (5:1), 1997, pp. 1-38.

Scrutinizes establishment and operation of the "real estate market" in the Muslim world during the second half of the 7th century together with factors which played their part in that, like demography, economic structure, tax considerations, etc. Also tries to relate, in order to find out real rates, the increase in land prices to that of camels which may be held, as an index for that time period.

For historians. Based on primary sources. Documented.

042 Umayyad, Abbasid, Fatimid, Mamluk Periods


042:1EHRENKREUTZ, ANDREW, "Saladin as Homo Oeconomicus," Hamdard Islamicus, Karachi, (XXII:3), Jul 99, pp. 7-16.

Describes the economic policies of Saladin. Concludes that besides being a great warrior, Saladin had a profound sense of economic management. He was able to run his war effort only by adopting appropriate economic policies which provided him resources to fight. This is, perhaps, the first-ever, essay that highlight this aspect of Saladin's life and times.

For economic historians. Based on primary sources. Documented.

042:2 SABRA, ADAM, Poverty and Charity in Medieval Islam: Mamluk Egypt, 1250-1517, Cambridge: Cambridge University Press, 2000, 192 pp.

Originally a PhD dissertation submitted to the near Eastern Studies Department of the Princeton University. By focusing on Mamluk Cairo, the author explores the attitude of medieval Muslims to poverty and the experiences of being poor in an Islamic society. He considers the role of pious endowments (awqaf) in providing food, education, and medical care to the poor of the medieval Egypt. Compares the scene of poverty of the same period with that prevalent in Europe and China.

Historical and sociological. Based on primary sources. Documented.


043 Medieval Islam


043:1 DIEN, M. IZZI, The Theory and Practice of Market Law in Medieval Islam: A Study of Kitab Nisab al-Ihtisab of Umar b. Muhammad al-Sunami, London: Aris & Phillips, Westminster, 1997, 247 pp.

Introduces the text of Umar b. Muhammad al-Sunami on al-hisba written in Indian socio-political milieu of the early 14th century. The author was a Hanafi jurist. Gives annotations on the text. Introduces the authors. Provides a glossary of Arabic words.

For economic historians. Based on primary sources. Documented.

047 Muslim economies under colonial rule


047:1 CIZACKA, MURAT, "Historical Perspective with Specific Reference to the Ottoman Case", in Mohibulhaq Sahibzada (ed.), Poverty Alleviation in Pakistan, Islamabad: Institute of Policy Studies, 1997, pp. 253-285.

Traces the history of programs for poverty alleviation in the Ottoman empire during three centuries prior to the Ataturk’s revolution. Spends a lot of space in explaining the institution of cash waqf. Concludes that the Ottomans intervened in the economy to ensure smooth supply of food. People devised the mechanism of waqf for evading the state intervention. The waqf provided several social services.

Based on original research into Topkapi documents. For economic historians. Documented.

048 Contemporary situation


048:1 SULAIMAN, IBRAHIM, "Economic Philosophy and Principles of Sokoto Caliphate", in R.I. Molla, et.el. (eds.), Frontiers and Mechanics of Islamic Economics, 1988, Skoto: University of Skoto

Based on writings of Shehu Uthman, Shehu Abdullahi,and Muhammadu Bello, describes the role of government and basic principles of public finance. The caliphate tried to implement the classical version of the early Islam and restricted its sources of income to only those taxes which were explicitly sanctioned by the Shari’ah.

For historians of Islamic economics. Based on the writings of Sokoto leaders. Documented.

050 Economic Systems

051 Critique of the capitalist system


051:1 AKKAS, S. M. ALI, "Theoretical Foundation of Islamic Economics," Thoughts on Economics, Dhaka, (8:1), Jul 98, pp. 42-66.

An Islamic critique of the theoretical foundations of capitalist system. The capitalist system is devoid of moral filter and thus ignores the humanitarian aspects. Whatever we see in the name of human welfare is strictly a deviation from the capitalist theoretical foundations. It is necessary that the capitalist theory is broadened to accommodate the Islamic axioms of Unity, Justice, Equilibrium and Responsibility, as proposed by Nawab Haider Naqvi.

For economists. Based on primary and secondary sources. Documented.

054 Islamic economic system


054:1 ABUSULAYMAN, ABDULHAMID, "The Theory of Economics of Islam (I)," IIUM Journal of Economics and Management, Kuala Lumpur, (6:1), 1998, pp. 79-122.

Summary of a book published in Cairo in 1960 entitled "Theory of Islamic Economics: Philosophy and Contemporary Means." Starts off with some methodological issues. Lists down the basic framework of Islamic economics consisting of Tawhid, Khilafa and Rububiyya. Derives basic principles of Islamic economics such as private property, riba, distribution of income, inheritance and international exchange of factors of production. Comes up with several innovative ideas. For example, considers that riba is not only interest on loans. It involves all such exchanges of resources where one party gets something without giving anything. Because of this rent of plain land is riba, as it is a reward for the original creative power of land created by God. No human being can claim a reward for this. However, if land is developed, then a reward can be claimed. Other innovative ideas: gold and silver were meant by the Prophet to act as a medium of exchange. The rules of riba-al fadl were government policies of the day and not permanent divine instructions. While dealing with foreigners, interest on capital will not be riba.

For Muslim economists. Based on primary sources. Documented.

054:2 ALAM, MANZOOR, Perspectives on Islamic Economics, New Delhi: Institute of Objective Studies, 1996, 202 pp.

A collection of eight essays by the author on the basic principles and values of Islamic economic system. Subjects covered are: philosophy, objectives, mechanics, nature of Islamic economic system; role of state in economic development; factors of production and income distribution.

For the beginners. Based on primary sources. Documented.

054:3 EMBONG, ABDULLAH, Managing Fara'id Using Computer Technology, 1998, 22 pp. Unpublished. Presented to the First International Conference on Islamic Economic Development management organized by University Sains Malaysia during 8-10 December 1998.

Presents main features of a software program developed to solve problems relating to distribution of inheritance in the light of the Islamic law.

For practitioners of law. Undocumented.

054:4 SIRAGELDIN, ISMAIL, "Islam, Society and Economic Policy", The Pakistan Development Review, Islamabad, (34:4), Winter 1995, pp. 457-478.

Based on S.N.H. Naqvi's model of four axioms, tries to show how ethical values can be translated into economic policy and still keep the system efficient and competitive. Cites three case studies: Iran, Kuwait and Singapore. The first two refer to the case of Islamic economies while the third refers to a non-Islamic economy with its own set of ethical values and norms.

For economists. Based on contemporary literature. Documented.

054:5 TAHIR, SAYYID, "Distribution in Islam", in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol. 2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 425-436. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Discusses distribution of wealth and income. The market mechanism creates some form of income and wealth distribution. However, this distribution alone is not sufficient to create equity based on justice, efficiency or basic needs. Therefore, two schemes of redistribution are required. These two schemes are introduced by the socio-legal framework of the Islamic economy.

For economists. Based on primary sources. Documented.

054:6 THOMAS, ABDULKADER S., What is Permissible Now? Singapore: Muslim Converts' Association, 1995, 119 pp.

Focuses on the concepts and underlying issues of Islamic economic system, especially in countries with Muslim minorities. That the work is of contemporary relevance is evident from its treatment of such current issues as riba, insurance, waqf management and financial management in general.

For general readers. Based on primary and contemporary sources. Documented.

054:7 ZEIN, S. ATEF, el-, Islam and Human Ideology, London: Kegan Paul International, 1996, 375 pp.

Translation and notes by el-Sayed M. H. Omran from the Arabic edition published in 1989 in Lebanon. Traverses a wide range of subjects like, property rights, forms of business organizations, contracts, interest, inflation, stock exchange, speculation, role of government, taxes, zakah, etc. On all these subjects presents a legal point of view which is mostly orthodox.

For general readers. Based on primary sources. Documented.

056 Islamic theory of ownership


056:1 KAHF, MONZER, "The Concept of Ownership in Islam" in his Lessons in Islamic Economics, Vol.2, Jeddah: Islamic Research and Training Institute, Islamic Development Bank, 1998, pp. 241-250. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Discusses the basic principles of law of property in Islam.

For jurists. Based on primary sources. Documented.

056:2 RAD, PARVIZ S., "Theories of Ownership and Islam: A Case Study of the Islamic Republic of Iran", Review of Islamic Economics, Leicester, (9), 2000, pp.127-144.

Focuses on comparative analysis of Islamic and other thoughts relating to proprietary right. Reviews the Islamic law of property and its application in post-Revolution Iran. Questions the treatment of ownership throughout Iranian history. Concludes that Islamic philosophy, private ownership is neither considered the unlimited right of people nor does it totally deny it.

For economists. Based on contemporary sources. Documented.


057 Basic principles of Islamic economic system (including economic values)


057:1 CHAPRA, M. UMAR, "The Islamic Economic System: Need for it and Comparison”, in Monzer Kahf (ed.), Lessons in Islamic Economics, Vol.1, Jeddah: Islamic Research and Training Institute, Islamic Development Bank,, 1998, 143-196. Presented to the Seminar on Teaching Islamic Economics at University Level held at Dhaka during 23 July to 5 August 1991.

Compares the basic principles of Islamic economic system with capitalism. Argues that the performance of capitalism has been so discouraging that it justifies looking for another more robust economic system. The Islamic economic system provides an answer to that search.

For economists. Based on primary sources and contemporary literature. Documented.

057:2 MIRAKHOR, ABBAS, "General Characteristics of an Islamic Economic System," in Asma Siddiqi (ed.), Anthology of Islamic Banking, London: Islamic Institute of Banking and Insurance, 2000, pp. 11-31.

A comprehensive and concise statement on the basic principles of . Explains the philosophy and operations of the Islamic economic system.

A valuable contribution on the subject. Based on primary sources. Undocumented.


058 Comparative study of Islamic economic system and other systems


058:1 JOMO, K. S., "Islam and Capitalist Development: A Critique of Rodinson and Weber," in Jomo, K. S., Islamic Economic alternatives, Kuala Lumpur: Ikraq, Selangor, 1993, pp. 125-138

Summarizes the main argument of Maxim Rodinson as presented by him in Islam and Capitalism (1974). Although criticizes him on some points but agrees with the main thesis that Islam does not identify itself with any particular economic system. On this account disagrees with Weber.

For general readers. based on primary and secondary sources.

058:2 WILSON, RODNEY, Economics, Ethics and Religion: Jewish, Christian and Muslim Economic Thought, London: Macmillan Press, 1997, 234 pp.

Discusses relationship of ethics and economics. Introduces the Jewish, Christian and Islamic economic thought on the basis of primary sources of these religions. The last chapter discusses the subject of business ethics as understood in the contemporary academic world and also as prescribed by these religions.

A thought provoking and original work. For researchers and economists. Gives a detailed bibliography. Based on primary and secondary sources. Documented.


059 Criticism of Islamic economics


059:1 HAQUE, ZIAUL, "Islam and Economics in Pakistan", The Pakistan Development Review, Islamabad, (34:4), Winter 95, pp. 833-ff

Argues that the Islamization of economy project in Pakistan was basically a political instrument of social control for maintaining the status quo. The term 'Islamization of economy' is a contradiction in terms. Criticizes the methodology and contents of Islamic economics. Pleads for a liberal western capitalist style economy.

For economists. Based on contemporary writings. Documented.

059:2 KURAN, TIMUR, "Islamism and Economics," International Review of Comparative Public Policy, (9), 1997, pp. 71-102.

Criticizes Islamic economic theory and practice. Argues that the Islamic banks have brought in only cosmetic changes. They deal in interest but in a disguised form. The existing Islamic economics does not differ materially from the conventional economics. It is a vague discipline and its vagueness allows the Islamists to place any interpretation that suits the occasion. Islamic economics has not solved any problem. Islamic economics is only an inferior option for economic management. It is a real threat to the global economy, since it will lead to sustained backwardness of a set of countries who will then pose danger to the world economy.

For economists. Based on contemporary literature on Islamic economics. Documented.

059:3 KURAN, TIMUR, "The Genesis of Islamic Economics: A Chapter in the Politics of Muslim Identity", Social Research, (64:2), Summer 97, pp. 301-338.

Islamic economics emerged from the writings of Mawdudi who fought for a separate identity of Muslims. Although he justified Islamic economics as a sin qua non for a separate ummah, yet the very concept of Islamic economics as a separate discipline was Western. It was renewal of the earlier campaigns run by thinkers like Iqbal. The concept of separate ummah was more imagined than real. The idea of the golden age of Islam was a myth and not supported by any historical evidence. The idea of Islamic economics was embedded in the historical concept of a clash between the West and Islam. The genesis of Islamic economics lay not in any economic imperative but in an effort to define a distinct Muslim identity.

For economists and social scientists. Based on contemporary literature. Documented.

059:4 KURAN, TIMUR, "Further Reflections on the Behavioral Norms of Islamic Economics", Journal of Economic Behavior and Organization, (27), 1995, pp. 159-163.

Islamic economics has made no progress in developing a set of behavioral norms suited to modern economic conditions. Muslim economists are effectively transforming economics into an application of general equilibrium theory. The interpretations of Islamic economists reflect the biases of their cultures, backgrounds and circumstances. Much of what passes as Islamic economics is principally motivated by a desire to cultivate a distinctly Islamic economic outlook - a desire that has a tendency to hinder intellectual openness, creativity and realism. The Islamic banks, though a success, has nothing inherently Islamic. They deal in interest, though in a hidden manner.

For economists. Based on contemporary literature. Documented.

059:5 KURAN, TIMUR, "Islamic Economics and the Islamic Subeconomy", Journal of Economic Perspectives (4), 1995, pp. 155-173.

Islamic economics has emerged as a practical demonstration of the desire of the Muslims to keep their identity distinct. There is a little economic content in it. The prohibition of interest does not exist anywhere nor has it existed anywhere throughout history. The system of zakah is full of leakages, corruption, and inefficiencies and also irrelevant to the times. The so-called Islamic banks are resorting to mere ruses in so far elimination of interest is concerned. There is no agreement among the Muslim economists themselves about the basic framework of the discipline. However, since most of the Muslims do not lead a strictly Islamic life, they like to reduce their guilt. For this purpose they operate in an environment of mutual trust. As a result a sort of Islamic subeconomy emerges among the Muslim businessmen.

For economists. Based on contemporary literature. Documented.

059:6 KURAN, TIMUR, "Economic Theory", in The Oxford Encyclopedia of Modern Islamic World, New York: ,1995, pp. 397-400

Explains the evolution of Islamic economics in the recent times. Criticizes the, approach, and framework of Islamic economics. Argues that it is inconsistent, incoherent, narrow-based and unproven. It does not make its case, though it is successful in condemning the economic doctrines.

Based on contemporary literature on Islamic economics. For economists. Documented.

059:7 KURAN, TIMUR, "Islamic Economics and the 'Clash of Civilizations'", Middle Eastern Lectures, (2), 1997, pp. 25-38.

Islamic economics emerged not because of its economic content but because of the urge of the Indian Muslims to have a separate identity. Most of what is being touted in the name of Islamic economics is not relevant to the problems of the contemporary life. The origin of Islamic economics lies close to the Huntington's thesis of clash of civilizations. The Muslims cherish this thesis. The other objective of Islamic economics is to integrate the Muslim states politically. The appeal for Islamic economics among the Muslims lies in the fact that it provides a framework for reducing their guilt as sinful Muslims. To the extent that Islamic economics is an instrument to preserve the Muslim cultural identity, Mawdudi has succeeded.

For economists. Based on contemporary literature on Islamic economics. Documented.

059:8 KURAN, TIMUR, "Fundamentalisms and the Economy," in Martin Marty and R.S. Appleby (ed.), Fundamentalisms and the State: Remaking Polities, Economies and Militancy", Chicago: University of Chicago Press, 1993, pp. 289-301

Compares the fundamentalist thought of Islam, Christianity, Buddhism and Hinduism. Thinks these fundamentalisms have several similarities. But they do not interact with one another. All of them consider their breed as superior to others. None of them is coherent and comprehensive nor are they able to meet the challenge of present day complex societies. They have internal inconsistencies as well. As a result, they are capable of justifying almost any economic agenda. They have tried to invent a whole host of ruses and semantic twists to survive.

For economists and social scientists. Based on contemporary literature. Documented.

059:9 KURAN, TIMUR, "The Economic Impact of Islamic Fundamentalism”, in Martin Marty & R.S. Appleby (eds.), Fundamentalism and the State: Remaking Polities, Economies and Militancy, Chicago: University of Chicago Press, 1993, pp. 302-340.

Reviews Islam's position on interest, zakah and economic development. Argues that the position taken by the majority of Islamic economists is untenable theoretically. It is also not practicable. As a result, the Muslims have invented a series of ruses to conceal dealings in interest. Criticizes Islamic banking. The system of zakah in selected Muslim countries is inefficient, corrupt and ineffective. It has neither redistributed wealth nor alleviated poverty. The Islamic economic ideas regarding development and poverty are not practicable in a large complex society of the present day.

For economists. Based on contemporary literature. Documented.

059:10 KURAN, TIMUR, "Religious Economics and the Economics of Religion," Journal of Institutional and Theoretical Economics, Germany, (150:4), 1994, pp. 769-775.

Recently, economics and religion, which had evolved in separate straitjackets, have started crossing borders. The proponents of religious economics are trying to take over the secular economics and imbue it with religion. The secular economists, on the other hand are trying to explain the religious behavior in terms of economic analysis. But the religious economics, like Islamic economics, has not produced any ideas that economists will take seriously.

For economists. Based on contemporary literature. Documented.

059:11PAL, IZZUDDIN, Pakistan, Islamic and Economics: Failure of Modernity, Karachi: Oxford University Press, 1999, 195 pp.

Argues that the endeavor to develop Islamic economics is only an apology by the Islamists as they were unable to frame proper response to the challenge of modernity. The Islamic theory of riba is defective and forces the Muslims to adopt subterfuges. Similarly, the treatment of zakah and inheritance law requires innovative thinking. The subject of Islamic economics is merely a restatement of neoclassical economics couched in Islamic terminology and jargon. Extremely critical of the subject and its application.

For economists and general readers. Based on secondary sources. Documented.

059:12 ROY, OLIVIER, "The Islamic Economy: Between Illusion and Rhetoric", in The Failure of Political Islam, London: I.B. Tauris & Co, 1994, pp. 132-146.

Islamic economy is an empty concept. It draws inspiration from the Western classics. Illustrates the point with citations from the Qur’an and positions Islam as solution to all problems. The Muslim economists have never defined what an

will look like in the present age. The Islamic banking concept is in fact a reconciliation of capitalistic practices and the Islamic prohibition against interest. In practice also, Islamic economy did not exist anywhere. Its experiment in some countries has not borne fruit. The efforts to eliminate interest have resulted in multiplication of ruses. There is a total absence of economic analysis. Islamic economy is the filling in of a matrix borrowed from the West with legal terminology based on an ethical anthropology.

For general readers. Based on contemporary literature. Documented.



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