Evolution of Islamic Economics
Channel: Asad Zaman
Date: 2023-03-08

{bit.ly/IEPC2B} Section B of Chapter 2: Historical Origins of Islamic Economics describes the birth of modern Islamic Economics in the 20th Century, based on the attempt to provide newly liberated European colonies with an economic system based on Islam, instead of capitalism or communism. This attempt required a revolution in social systems which would have empowered the masses at the expense of the power elite. Those in power prevented such revolution all across the Islamic world. As a result, the second wave of Islamic Economists abandoned the revolutionary strategies and attempted to create an evolutionary transition - by gradually adjusting and modifying a capitalist economy to conform to Islamic principles. The Islamic Banking industry has been the most concrete manifestation of this impulse. More generally, Western education has created Eurocentric worldviews, and shaped the world in European institutional molds around the globe. To reshape the world according to Islamic ideals, we need a body of knowledge built on Islamic foundations. The development of Islamic Economics is one part of this effort to create an Islamization of Knoweldge.