Islamic Economics: Where From, Where To

توضیح

One of the fundamental questions in Islamic economics is: how to handle the gap between the desired behavior of economic agents, as read in texts of Qur’ān and Sunnah, and that observed in current reality? Early writers paid little attention to this question. Their references to Islamic history were largely confined to the earliest period in the Arabian Peninsula, little attention was paid to other regions and later times. The author argues in favor of policies derived on the basis of objectives of Sharīʿah rather than those in fiqh derived analogically from early rulings. Future shape of things deserves more attention, innovation and creativity may answer vexed questions.The role of debts needs to be drastically reduced, and that of participation encouraged in finance and management of money. The focus should be the humanity as a whole; welfare of the Muslim Ummah should be targeted within that framework.

Keywords: Islamic economic paradigm, Role of fiqh in Islamic economic theory, Maqāṣid al-Sharīʿah and practice of Islamic finance