An Approach in Islamic Moral Economy
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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