What is Wrong with Islamic Economics?

What is Wrong with Islamic Economics?

Analysing the Present State and Future Agenda

Studies in Islamic Finance, Accounting and Governance series

Muhammad Akram Khan

What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward.

Chapter 3: What is Islamic economics?

Muhammad Akram Khan

Subjects: asian studies, asian economics, economics and finance, asian economics, financial economics and regulation, islamic economics and finance, money and banking


The present chapter tries to understand the nature of Islamic economics as defined by Muslim economists. The movement to develop Islamic economics as a social science parallel to conventional economics raised several questions in the minds of Muslim economists. Some of these questions were as follows: _ What exactly is meant by Islamic economics? _ What are the scope and objective of Islamic economics? _ How does it differ from conventional economics? _ Do we need to discard conventional economics? _ Should we create a discipline parallel to conventional economics? _ Should we teach conventional economics and present ‘Islamic’ criticism or an ‘Islamic perspective’ on it? _ Should we teach conventional economics but add Islamic economic teachings to widen the horizon of Muslim students of economics? _ Who are the audience of Islamic economics? Are they Muslims only or non-Muslims as well? In the following discussion we shall take up these questions and see how Muslim economists have tackled them.

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