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 5: From Islamic theology to 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

Extract

In the last two chapters we have repeatedly referred to the methodology of Islamic economics that takes it out of the realm of theology and moves toward making it a genuine social science. In this chapter we shall try to illustrate this point with examples from the Qur’an. We shall show how the divine and immutable statements of the Qur’an can be translated into economic postulates which can be presented for testing and verification. For this purpose first we shall summarize some of the economic statements of the Qur’an and then explain how they can be made the basis for developing Islamic economics. A similar methodology will be possible for authentic Traditions of the Prophet.

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