What is Wrong with Islamic Economics?
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What is Wrong with Islamic Economics?

Analysing the Present State and Future Agenda

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.
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Chapter 1: Islamic economics: state of the art

Analysing the Present State and Future Agenda

Muhammad Akram Khan


Interest in the economic teachings of Islam emerged with the general awakening about political independence and the right to self-determination of Muslim countries at the end of the nineteenth and beginning of the twentieth century. Muslim leaders like Jamaluddin Afghani (1839–97), Muhammad Abduh (1849–1905), Syed Ahmad Khan (1817–98) and Muhammad Iqbal (1876–1938), to name a few, were at the forefront of creating this awakening. However, we do not see the use of terms like ‘Islamic economics’ or ‘Islamic finance’ explicitly in their writings and speeches. It was with the work of Mawdudi (1903–79), Baqir al-Sadr (1931–80) and a later generation of scholars like Nejatullah Siddiqi, Khurshid Ahmad, Umer Chapra, Anas Zarqa and Monzer Kahf that these terms became popular among Muslim scholars and economists. The earlier writings on Islamic economics by such religious scholars as Manazir Ahsan Gilani (1947), Haiderzaman Siddiqi (1950), Muhammad Yusufuddin (1950), Sheikh Mahmud Ahmad (1952), Muhammad Mazaharuddin Siddiqi (1955), Naeem Siddiqi (1958), Abu al-‘Ala Mawdudi (1969), Muhammad Nejatullah Siddiqi (1970), Baqir al-Sadr (1971), Ghulam Sarwar Qadri (1978) and so on mainly discussed principles of Islamic economics as derived from the primary sources of Islam.

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