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The Islamic Piety and the Issue of Wealth
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However, the pyramid of each" /> <meta property="article:author" content="https://independent.academia.edu/wwwalhassanainorgenglish" /> <meta name="description" content=" Introduction All economic schools of thought tirelessly strive to seek a way out of economic distress in order to form a wealthy, prosperous nation possessing the highest levels of education, health, and well-being. However, the pyramid of each" /> <title>The Islamic Piety and the Issue of Wealth</title> <link rel="canonical" href="https://www.academia.edu/10335052/The_Islamic_Piety_and_the_Issue_of_Wealth" /> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "single_work", 'action': "show", 'controller_action': 'single_work#show', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script> var $controller_name = 'single_work'; var $action_name = "show"; var $rails_env = 'production'; var $app_rev = 'b092bf3a3df71cf13feee7c143e83a57eb6b94fb'; var $domain = 'academia.edu'; var $app_host = "academia.edu"; var $asset_host = "academia-assets.com"; var $start_time = new Date().getTime(); var $recaptcha_key = "6LdxlRMTAAAAADnu_zyLhLg0YF9uACwz78shpjJB"; var $recaptcha_invisible_key = "6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj"; var $disableClientRecordHit = false; </script> <script> window.require = { config: function() { return function() {} } } </script> <script> window.Aedu = window.Aedu || {}; window.Aedu.hit_data = null; window.Aedu.serverRenderTime = new Date(1739826432000); window.Aedu.timeDifference = new Date().getTime() - 1739826432000; </script> <script type="application/ld+json">{"@context":"https://schema.org","@type":"ScholarlyArticle","abstract":"Introduction All economic schools of thought tirelessly strive to seek a way out of economic distress in order to form a wealthy, prosperous nation possessing the highest levels of education, health, and well-being. However, the pyramid of each school of thought is elaborated upon certain bases that are different from each other. For instance, highlighting the Paradox of Thrift, the Keynesian perspective explains how stagnation derives from inadequate effective demand in the aggregate good market. Hence, the only appropriate solution to the prospect of chronic stagnation is to employ a sort of expansionary economic policy that can keep effective demand high. Other schools of thought may evaluate this Keynesian solution as a drain of limited resources diverted to unproductive activities or as a crowding out through which the private sector loses its importance and weakens. Neoclassical economics for one, denies the effectiveness of any kind of artificial policy and its impact on the real economic variables, by rejecting any kind of money illusion or rigidity in the labor market as well as by offering the rational expectation model. Instead, it underlines the importance of the saving rate as the most significant factor to achieve a higher steady state growth trend. On the other hand, supply side economists ignore both Keynesian and neoclassical approaches and focus merely on all factors that support motivation system of the supplier to increase production, such as the decrease of the tax rate. More recently, knowledge-based economics puts significant emphasis on human capital, communication as fundamental to knowledge flows, social structures, cultural context and other factors to increase the stock of social capital. In short, since every economic school of thought finds a way of approaching the problem from a different individual angle, there are different analyses of the reality of the economy and hence different solutions and suggestions.","author":[{"@context":"https://schema.org","@type":"Person","name":"Alhassanain English","url":"https://independent.academia.edu/wwwalhassanainorgenglish"}],"contributor":[],"dateCreated":"2015-01-26","dateModified":"2015-01-26","headline":"The Islamic Piety and the Issue of Wealth","image":"https://attachments.academia-assets.com/36401887/thumbnails/1.jpg","inLanguage":"en","keywords":["Islamic Law","Islamic Studies","Islam","Islamic Finance","Islamic Spirituality","Islamic Pious Endowments (awqaf)","Islamic Spiritual 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{"work":{"id":10335052,"created_at":"2015-01-26T03:01:42.902-08:00","from_world_paper_id":null,"updated_at":"2021-01-16T00:27:32.047-08:00","_data":{"abstract":" Introduction\n\nAll economic schools of thought tirelessly strive to seek a way out of economic distress in order to form a wealthy, prosperous nation possessing the highest levels of education, health, and well-being. However, the pyramid of each school of thought is elaborated upon certain bases that are different from each other. For instance, highlighting the Paradox of Thrift, the Keynesian perspective explains how stagnation derives from inadequate effective demand in the aggregate good market. Hence, the only appropriate solution to the prospect of chronic stagnation is to employ a sort of expansionary economic policy that can keep effective demand high. Other schools of thought may evaluate this Keynesian solution as a drain of limited resources diverted to unproductive activities or as a crowding out through which the private sector loses its importance and weakens. Neoclassical economics for one, denies the effectiveness of any kind of artificial policy and its impact on the real economic variables, by rejecting any kind of money illusion or rigidity in the labor market as well as by offering the rational expectation model. Instead, it underlines the importance of the saving rate as the most significant factor to achieve a higher steady state growth trend. On the other hand, supply side economists ignore both Keynesian and neoclassical approaches and focus merely on all factors that support motivation system of the supplier to increase production, such as the decrease of the tax rate. More recently, knowledge-based economics puts significant emphasis on human capital, communication as fundamental to knowledge flows, social structures, cultural context and other factors to increase the stock of social capital. In short, since every economic school of thought finds a way of approaching the problem from a different individual angle, there are different analyses of the reality of the economy and hence different solutions and suggestions."},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"The Islamic Piety and the Issue of Wealth","broadcastable":true,"draft":null,"has_indexable_attachment":true,"indexable":true}}["work"]; window.loswp.workCoauthors = [16036951]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "control"; window.loswp.useOptimizedScribd4genScript = false; window.loginModal = {}; window.loginModal.appleClientId = 'edu.academia.applesignon'; window.userInChina = "false";</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":36401887,"attachmentType":"pdf"}"><img alt="First page of “The Islamic Piety and the Issue of Wealth”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/36401887/mini_magick20190309-24420-1buacg6.png?1552141642" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/images/single_work_splash/adobe_icon.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">The Islamic Piety and the Issue of Wealth</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="16036951" href="https://independent.academia.edu/wwwalhassanainorgenglish"><img alt="Profile image of Alhassanain English" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/16036951/5854714/9094294/s65_alhassanain.hassanain.jpg" />Alhassanain English</a></div><div class="ds-work-card--detail"><div class="ds-work-card--work-metadata"><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">visibility</span><p class="ds2-5-body-sm" id="work-metadata-view-count">…</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span><p class="ds2-5-body-sm">18 pages</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">link</span><p class="ds2-5-body-sm">1 file</p></div></div><script>(async () => { const workId = 10335052; 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if (!viewCountBody) { throw new Error('Failed to find work views element'); } viewCountBody.textContent = `${commaizedViewCount} views`; } catch (error) { // Remove the whole views element if there was some issue parsing. document.getElementById('work-metadata-view-count')?.parentNode?.remove(); throw new Error(`Failed to parse view count: ${viewCount}`, error); } }; // If the DOM is still loading, wait for it to be ready before updating the view count. if (document.readyState === "loading") { document.addEventListener('DOMContentLoaded', () => { updateViewCount(viewCount); }); // Otherwise, just update it immediately. } else { updateViewCount(viewCount); } })();</script></div><p class="ds-work-card--work-abstract ds-work-card--detail ds2-5-body-md"> Introduction All economic schools of thought tirelessly strive to seek a way out of economic distress in order to form a wealthy, prosperous nation possessing the highest levels of education, health, and well-being. However, the pyramid of each school of thought is elaborated upon certain bases that are different from each other. For instance, highlighting the Paradox of Thrift, the Keynesian perspective explains how stagnation derives from inadequate effective demand in the aggregate good market. Hence, the only appropriate solution to the prospect of chronic stagnation is to employ a sort of expansionary economic policy that can keep effective demand high. Other schools of thought may evaluate this Keynesian solution as a drain of limited resources diverted to unproductive activities or as a crowding out through which the private sector loses its importance and weakens. Neoclassical economics for one, denies the effectiveness of any kind of artificial policy and its impact on the real economic variables, by rejecting any kind of money illusion or rigidity in the labor market as well as by offering the rational expectation model. Instead, it underlines the importance of the saving rate as the most significant factor to achieve a higher steady state growth trend. On the other hand, supply side economists ignore both Keynesian and neoclassical approaches and focus merely on all factors that support motivation system of the supplier to increase production, such as the decrease of the tax rate. More recently, knowledge-based economics puts significant emphasis on human capital, communication as fundamental to knowledge flows, social structures, cultural context and other factors to increase the stock of social capital. In short, since every economic school of thought finds a way of approaching the problem from a different individual angle, there are different analyses of the reality of the economy and hence different solutions and suggestions.</p><div class="ds-work-card--button-container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":36401887,"attachmentType":"pdf","workUrl":"https://www.academia.edu/10335052/The_Islamic_Piety_and_the_Issue_of_Wealth"}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":36401887,"attachmentType":"pdf","workUrl":"https://www.academia.edu/10335052/The_Islamic_Piety_and_the_Issue_of_Wealth"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div><div class="ds-signup-banner-trigger-container"><div class="ds-signup-banner-trigger ds-signup-banner-trigger-control"></div></div><div class="ds-signup-banner ds-signup-banner-control"><div id="ds-signup-banner-close-button"><button class="ds2-5-button ds2-5-button--secondary ds2-5-button--inverse"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">close</span></button></div><div class="ds-signup-banner-ctas"><img src="//a.academia-assets.com/images/academia-logo-capital-white.svg" /><h4 class="ds2-5-heading-serif-sm">Sign up for access to the world's latest research</h4><button class="ds2-5-button ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"signup-banner"}">Sign up for free<span class="material-symbols-outlined" style="font-size: 20px" translate="no">arrow_forward</span></button></div><div class="ds-signup-banner-divider"></div><div class="ds-signup-banner-reasons"><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Get notified about relevant papers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Save papers to use in your research</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Join the discussion with peers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Track your impact</span></div></div></div><script>(() => { // Set up signup banner show/hide behavior: // 1. 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I take a radical point of view in this note. I believe that the current evolutionary approach to the creation and development of the new discipline of Islamic Economics will not prove fruitful in the long run. Briefly, I do not believe it is possible to create a viable mix of neoclassical economic theory with Islam. I then propose alternative</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Islamic Economics: Problems and Prospects","attachmentId":35286722,"attachmentType":"pdf","work_url":"https://www.academia.edu/8971173/Islamic_Economics_Problems_and_Prospects","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/8971173/Islamic_Economics_Problems_and_Prospects"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="36622137" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/36622137/Islamic_vs_Mainstream_Economics_Exploring_the_Differences_A_">Islamic vs Mainstream Economics: Exploring the Differences (A)</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="2644808" href="https://utoronto.academia.edu/LeslieTerebessy">Leslie Terebessy</a></div><p class="ds-related-work--abstract ds2-5-body-sm">A well-regulated economic system requires incentives that reward productive and withhold rewards from unproductive activity. 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(224 pages)</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Islamic vs Mainstream Economics: Exploring the Differences (A)","attachmentId":67378863,"attachmentType":"pdf","work_url":"https://www.academia.edu/36622137/Islamic_vs_Mainstream_Economics_Exploring_the_Differences_A_","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/36622137/Islamic_vs_Mainstream_Economics_Exploring_the_Differences_A_"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="2" data-entity-id="100656966" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/100656966/Reconsidering_the_Economic_Problem_from_Islamic_Economic_Perspective">Reconsidering the Economic Problem from Islamic Economic Perspective</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="259281630" href="https://independent.academia.edu/httpsjournalsiubedupkindexphppjqsindex">Pakistan Journal of Qur'anic Studies</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Pakistan Journal of Qur'ānic Studies, 2022</p><p class="ds-related-work--abstract ds2-5-body-sm">The economic problem has always been a major concern of the social scientists. The economists throughout the history have attempted to address the issues of poverty, inflation and economic instability in conventional economic systems like capitalism and socialism. The fact remains undeniable that so far these sincere efforts have not been able to achieve the goal of social well-being and economic prosperity. Islamic Economics is a relatively new paradigm and based on revelation and moral values which are new concept in conventional economic systems. In the research article, it has been discussed in a logical and deductive method from the sources of Quran and Sunnah that how Islamic Economics addresses the issue of economic problem. Moreover, how the relative scarcity of economic resources has been discussed in Islamic economics. The paper concludes that it is not the issue of relative scarcity and shortage of the resources that causes the economic problems, but it is the secular way of thinking based on greed, faithlessness, materialistic approach, selfishness and immoral behaviour of the people which creates problems.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Reconsidering the Economic Problem from Islamic Economic Perspective","attachmentId":101417281,"attachmentType":"pdf","work_url":"https://www.academia.edu/100656966/Reconsidering_the_Economic_Problem_from_Islamic_Economic_Perspective","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/100656966/Reconsidering_the_Economic_Problem_from_Islamic_Economic_Perspective"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="3" data-entity-id="115389525" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/115389525/Chapter_1_Islamic_Economics_Compared_to_Socialist_Fascist_and_Capitalist_views_on_Economy_as_a_System">Chapter 1: Islamic Economics Compared to Socialist, Fascist and Capitalist views on Economy as a System</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="36854369" href="https://istanbul.academia.edu/OzlenHic">Ozlen Hic</a></div><p class="ds-related-work--metadata ds2-5-body-xs">IJPSAT, 2020</p><p class="ds-related-work--abstract ds2-5-body-sm">This chapter aims at comparing the major Islamic views on economy to previously experienced views such as socialist, fascist and capitalist attitudes. The role of government, interest rates, public and private property rights and regulations, implementation difficulties, market mechanism and financial management, wealth accumulation are the main areas of concern in this paper. This chapter is a short extract taken from the master thesis advised by F.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Chapter 1: Islamic Economics Compared to Socialist, Fascist and Capitalist views on Economy as a System","attachmentId":111848910,"attachmentType":"pdf","work_url":"https://www.academia.edu/115389525/Chapter_1_Islamic_Economics_Compared_to_Socialist_Fascist_and_Capitalist_views_on_Economy_as_a_System","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/115389525/Chapter_1_Islamic_Economics_Compared_to_Socialist_Fascist_and_Capitalist_views_on_Economy_as_a_System"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="4" data-entity-id="18780718" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/18780718/Islamic_Economic">Islamic Economic</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="22389438" href="https://independent.academia.edu/NursyazanaAziz">Nursyazana Aziz</a></div><p class="ds-related-work--abstract ds2-5-body-sm">This article attempts to focus on the discipline of Islamic Economics in which why it is differ from any conventional economics such as capitalism, communism and etc. Firstly, the paper addresses the theories of economics such as Conventional Economics versus Islamic Economics. Secondly, it discusses on how Islam view attaining knowledge regards to economy as one of the most important knowledge (Fardh Kifayah) in the ummah. Finally, a proposal on the specific sub- ject of the the benefits of practising Islamic Economics will be presented in the article.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Islamic Economic","attachmentId":40251192,"attachmentType":"pdf","work_url":"https://www.academia.edu/18780718/Islamic_Economic","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/18780718/Islamic_Economic"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="5" data-entity-id="30347749" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/30347749/1_IJBGM_ISLAMIC_ECONOMICS_AN_ECONOMIC_SYSYTEM_FOR_THE_THIRD_MILLENIUM_1_pdf">1. IJBGM - ISLAMIC ECONOMICS - AN ECONOMIC SYSYTEM FOR THE THIRD MILLENIUM _1_.pdf</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="3629469" href="https://iaset.academia.edu/IASETUS">IASET US</a></div><p class="ds-related-work--abstract ds2-5-body-sm">The biggest problem today is the increased disparity and inequity that exists in the world. Fortunately, this has been realized and many economic systems emerged that attempted and aimed to bring about more equity and reduce poverty in the world, but failed to do so. Although this is true that the existing systems, namely capitalism, socialism and welfare state, have to different extents been successful in expansion of economies but simultaneously has led to increased inequitable distribution of wealth. The paper attempts to present centuries old 'Islamic economics' as an alternative to existing systems, the root of which is in economic justice that leads to social justice as well.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"1. IJBGM - ISLAMIC ECONOMICS - AN ECONOMIC SYSYTEM FOR THE THIRD MILLENIUM _1_.pdf","attachmentId":50800423,"attachmentType":"pdf","work_url":"https://www.academia.edu/30347749/1_IJBGM_ISLAMIC_ECONOMICS_AN_ECONOMIC_SYSYTEM_FOR_THE_THIRD_MILLENIUM_1_pdf","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/30347749/1_IJBGM_ISLAMIC_ECONOMICS_AN_ECONOMIC_SYSYTEM_FOR_THE_THIRD_MILLENIUM_1_pdf"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="6" data-entity-id="15198505" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/15198505/Islam_and_the_Science_of_Economics">Islam and the Science of Economics</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="34253854" href="https://nus.academia.edu/SAlatas">Syed Farid Alatas</a></div><p class="ds-related-work--abstract ds2-5-body-sm">Economists have generally maintained a rigorous separation between positive and normative economics. In the Muslim world, however, concerted attempts have been made to relate moral conduct to economic institutions and practices. Demands for an alternative theory and practice of development to both modernization and Marxist theories had led to the rise of Islamic economics. But while Islamic economic thinking presents an ideal of development that is based on an Islamic philosophy of life, it is beset by a number of problems which make it difficult to be considered as an alternative to modernist discourse as far as empirical theory is concerned. As such. so-called Islamic economics cannot be considered as presenting a counter-modernist and alternative development theory. As an ethical theory of development Islam offers an alternative to modernization. dependency. and neo-Marxist theories. However.as an empirical theory. so called Islamic economic theory remains within the fold of Western modernist discourse in terms of its theoretical concerns and methodology. This chapter provides a theoretical critique and suggests an exemplar for a political economy approach for the Muslim world.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Islam and the Science of Economics","attachmentId":38578228,"attachmentType":"pdf","work_url":"https://www.academia.edu/15198505/Islam_and_the_Science_of_Economics","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/15198505/Islam_and_the_Science_of_Economics"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="2355365" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/2355365/Crisis_in_Islamic_Economics_Diagnosis_and_Prescriptions">Crisis in Islamic Economics: Diagnosis and Prescriptions</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="2335438" href="https://pide.academia.edu/AsadZaman">Asad Zaman</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of King Abdul Aziz University: Islamic Economics,Vol. 25 No. 1, pp: 147-169, 2012</p><p class="ds-related-work--abstract ds2-5-body-sm">There is substantial evidence that the development of the discipline of Islamic Economics is currently in crisis. In this article we argue that the main reason for this is that most Muslim economists have accepted too many of the ideas of Western economists uncritically. The methodological framework, and underlying assumptions are wrong, and in conflict with Islamic views. This conflict has not been recognized, and the attempt to combine contradictory bodies of knowledge has failed. We also present alternative foundations on which a genuine Islamic economic theory could be constructed.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Crisis in Islamic Economics: Diagnosis and Prescriptions","attachmentId":30394079,"attachmentType":"pdf","work_url":"https://www.academia.edu/2355365/Crisis_in_Islamic_Economics_Diagnosis_and_Prescriptions","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/2355365/Crisis_in_Islamic_Economics_Diagnosis_and_Prescriptions"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="49786431" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/49786431/Understanding_Macroeconomics_for_Islamic_Economic_Development">Understanding Macroeconomics for Islamic Economic Development</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="65477450" href="https://northumbria.academia.edu/MohammadMushfequrRahman">Mohammad Mushfequr Rahman</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Journal of Organizational Psychology, 2020</p><p class="ds-related-work--abstract ds2-5-body-sm">This paper discussed modern macroeconomics vis-à-vis Islamic economics. A description is given of the relevant macroeconomic fields under relevant headings and then discussed, scrutinized and Islamic perspective offered. The paper believed that capitalist macroeconomy is unsustainable and detrimental to human welfare and environment and that Islamic model is the best model to sustain human welfare, environment and economic growth and the only option we have to replace capitalist system of economy.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Understanding Macroeconomics for Islamic Economic Development","attachmentId":105104513,"attachmentType":"pdf","work_url":"https://www.academia.edu/49786431/Understanding_Macroeconomics_for_Islamic_Economic_Development","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/49786431/Understanding_Macroeconomics_for_Islamic_Economic_Development"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="206716" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/206716/Economic_Development_A_Critique_of_Secular_Theories_and_an_Introduction_to_an_Islamic_Theory">Economic Development: A Critique of Secular Theories and an Introduction to an Islamic Theory</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="41654" href="https://alex.academia.edu/AbdelrahmanYousriAbdelrahman">Abdelrahman Yousri Ahmad</a></div><p class="ds-related-work--abstract ds2-5-body-sm">The paper presents crtisism to secular development and growth theories. Questions are posed; why these theories could not help the developing world (in general and Islamic world in particular) in constructing policies that would narrow the poverty or development gap? Admitting that these theories could not be applied successfully or misused or else means that economists in the developing world have to search into the reasons for their underdevelopment, for their problems and find out how to develop. Concerning the Islamic world a successful Islamic development theory should not only be based on understanding our actual conditions and our problems but also in maintaing our culture, which is part of Islamic relegion. It is argued that human resources which, according to this culture, is the prime mover of development and its most important target. The paper explains how the application of Sharia (Islamic Law) would bring about the right climate for economic development and how maitaning Aqida ( Islamic ideology) would trigger off Human resources motivations towards love of work, co-operation, improving quality of products, innovation, etc. And how the balance between material and spiritual keeps balance between social and economic targets and maintains socio- economic justice.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Economic Development: A Critique of Secular Theories and an Introduction to an Islamic Theory","attachmentId":604074,"attachmentType":"doc","work_url":"https://www.academia.edu/206716/Economic_Development_A_Critique_of_Secular_Theories_and_an_Introduction_to_an_Islamic_Theory","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/206716/Economic_Development_A_Critique_of_Secular_Theories_and_an_Introduction_to_an_Islamic_Theory"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":36401887,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":36401887,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_36401887" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. 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href="https://www.academia.edu/36942154/Theoretical_development_and_shortages_of_contemporary_Islamic_economics_studies_research_programmes_and_the_paradigm_of_shared_prosperity"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-related-work-sidebar-card" data-collection-position="4" data-entity-id="30347750" data-sort-order="default"><a class="ds-related-work--title js-related-work-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/30347750/1_IJBGM_ISLAMIC_ECONOMICS_AN_ECONOMIC_pdf">1. 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