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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 6: Conceptualizing the Islamic development process

Shafiullah Jan and Mehmet Asutay

Extract

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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