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Shafiullah Jan and Mehmet Asutay

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A Model for Islamic Development

An Approach in Islamic Moral Economy

Shafiullah Jan and Mehmet Asutay

This book aims to explore and analyse Islamic Moral Economy (IME) as an alternative economic and social system to capitalism and socialism. It proposes a new model of Islamic development, integrating global development within an Islamic framework of spiritual development. It is argued that the failure of Muslim countries to provide basic necessities and an environment free of oppression and injustice can be overcome with this authentic Islamic development framework. In addition, this book can be an important study to identify the theological, political, social and economic boundaries for changing the society to produce IME oriented developmentalism.
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Shafiullah Jan and Mehmet Asutay

This chapter briefly presents the aims and objectives of this book along with a short overview of all the chapters. The methodological approach of this book is also discussed.

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Shafiullah Jan and Mehmet Asutay

This chapter presents a survey on Islam and development, and critical reflections on development in Muslim world. The extent of underdevelopment in the Muslim world is shown using a number of indices. Most of the Muslim populated countries around the globe are struggling to meet the basic needs of the people. This prompted many Western scholars to blame Islam as one of the reasons for underdevelopment in these countries. It is argued here that Islam has always promoted economic activity, and trade is considered a superior way of earning one’s livelihood. Furthermore, the concept of development in Islam is a multidimensional process, which optimizes human well-being in all dimensions including the hereafter. Makki and madina models are presented as one of the approaches to development in Islam.

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Shafiullah Jan and Mehmet Asutay

Islamic Moral Economy, as a response to capitalism and socialism, emerged in newly established Muslim countries after the Second World War with the promise to incorporate the Islamic value system into the economic sphere with its unique fundamental norms and methodology. Islamic banking and finance, an operational dimension of IME, aimed to adopt the normative principles provided by Shari’ah, to facilitate the need for an Islamic model in international capital markets. In the context of IME, the concept of economic development from an Islamic perspective is presented to provide analytical background for the concept of the Islamic development process in later chapters.

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Shafiullah Jan and Mehmet Asutay

The concept of justice in the Quran and Traditions especially in the context of development is explored in this chapter. Furthermore, three important aspects of the theory of justice are discussed in the reference to ideal society, hence theorizing a framework for developing a new dynamic model of the development process in Islam

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Shafiullah Jan and Mehmet Asutay

This chapter aims to evaluate the Islamic banks and financial institutions’ social and economic performance as a real contribution to economic development using the IME paradigm for development as a benchmark. The results show that most Islamic banks and financial institutions are focused on debt-based financing instruments compared to equity based financing, which is considered an ideal tool of financing in IBF.

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Shafiullah Jan and Mehmet Asutay

This chapter presents a comprehensive Islamic development model, based on the foundations laid by previous chapters, by integrating the worldly aspect of development along with attainment of falah in akhirah. The theoretical Islamic development model proposed in this chapter utilizes the Ghazalian ethical framework of development process to highlight the importance of justice as a balance between worldly and hereafter development. In the end, an attempt is also made to discuss how the theoretical development process can be rationalized through the promotion of institutions and instruments within Islamic finance

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Shafiullah Jan and Mehmet Asutay

The final chapter concludes the discussion presented in previous chapters, to present IME as an alternative system of economy and society to capitalism and socialism in an attempt to propose Islamic development process through actualization of maqasid al-Shari’ah.

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Edited by S. Nazim Ali and Shariq Nisar