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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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Chapter 3: Islamic Moral Economy and development

Shafiullah Jan and Mehmet Asutay

Extract

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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