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A Critical Assessment of Islamic Economics

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  • Shams, Rasul

Abstract

This paper presents a critical assessment of the widely discussed concept of Islamic Economics. The two different interpretations of Islamic economics as the study of the functioning of an interest-free economy and the validity of moral values in the economy are discussed. It is shown that none of these interpretations can help to create an acceptable foundation for an Islamic economics. Far away from laying the foundation for such an economics the question is raised how an Islamic economy would function, based on the Islamic principle of controlling the Nafs. Microeconomics and macroeconomics of such an economy are analysed and its special features are compared to an economy functioning on the basis of laws devised by the conventional economic analysis.

Suggested Citation

  • Shams, Rasul, 2004. "A Critical Assessment of Islamic Economics," Discussion Paper Series 26295, Hamburg Institute of International Economics.
    • Handle: RePEc:ags:hwwadp:26295
    DOI: 10.22004/ag.econ.26295
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    Citations

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    Cited by:

    1. Abdulkader C. Mahomedy, 2012. "Islamic Economics: Still in Search of an Identity," Working Papers 283, Economic Research Southern Africa.
    2. Daud A. Mustafa & Hashir A. Abdulsalam & Jibrail B. Yusuf, 2016. "Islamic Economics and the Relevance of Al-QawÄ â€˜id Al-Fiqhiyyah," SAGE Open, , vol. 6(4), pages 21582440166, October.
    3. Mohd Mahyudi & Enizahura Abdul Aziz, 2018. "Method and Substance of Islamic Economics Revisited إعادة النظر في منهجية ومرتكزات الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 33-50, July.
    4. Soldatos, Gerasimos T., 2015. "A Critical Overview of Islamic Economics from a Welfare-State Perspective," MPRA Paper 70066, University Library of Munich, Germany, revised 2016.

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