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The First Step towards Islamic Finance: Separation of Secularism and the Islamic Agenda

In: Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey

Author

Listed:
  • Murat Ustaoğlu
  • Ahmet İncekara

Abstract

Muslims have created great civilizations throughout history; but the Muslim world has experienced a visible decline starting from the 19th century due—at least in part—to the technological developments in the West. Since then, many of the scientific and economic models that were transferred and implemented in commercial and social life in Islamic countries were mostly against Islamic culture. Ihis is the main reason for the ongoing discussions on whether the notions imported from the Western literature are Islamically acceptable or not. What does an Islamic reference in an economic or social model refer to? This chapter seeks an answer to the question of who is a Muslim and what responsibilities he/she has under Islam in order to distinguish a Muslim individual from a secular one. Hopefully this will enable us to better explain the differences between the economic models offered by Islam and the secular world, and clarify the conceptual arguments.

Suggested Citation

  • Murat Ustaoğlu & Ahmet İncekara, 2014. "The First Step towards Islamic Finance: Separation of Secularism and the Islamic Agenda," Palgrave Macmillan Books, in: Murat Ustaoğlu & Ahmet İncekara (ed.), Islamic Finance Alternatives for Emerging Economies: Empirical Evidence from Turkey, chapter 1, pages 4-27, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-41330-7_2
    DOI: 10.1057/9781137413307_2
    as

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