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First vs. second generation Islamic economists: Deviations and differences in thoughts

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  • Islahi, Abdul Azim

Abstract

The present paper proposes to study differences in thoughts of the first vs. second generation Islamic economists, during the past forty years. It will also investigate deviations that occurred in thought and practice in this period. But first it will try to determine the basis of differentiation between the two generations and their distinguishing features. For our study purpose, we regard as the first generation those scholars who started writing on the subject of Islamic economics between 1950 to 1975, a period highly unfriendly if not hostile to the idea of economics with Islamic perspective. This phase culminated at the organization of the first international conference on Islamic economics by King Abdulaziz University in the Holy city of Islam – Makkah Mukarramah. A new era started after the conference, in terms of the establishment of research and study centers, issue of specialized journals, enrolment to Ph. D. courses, foundation of study departments, set up of financial institutions, organization of conferences and seminars, award of prizes, and creation of employment opportunities. It also attracted attention of some non-Muslim economists. Thus, those who joined the movement of Islamic economics after this conference will be considered as the second generation. In its concluding remarks, the paper would suggest certain steps that could be taken to bridge the gaps, minimize the difference, and train the new generation.

Suggested Citation

  • Islahi, Abdul Azim, 2013. "First vs. second generation Islamic economists: Deviations and differences in thoughts," MPRA Paper 68353, University Library of Munich, Germany, revised 2015.
  • Handle: RePEc:pra:mprapa:68353
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    File URL: https://mpra.ub.uni-muenchen.de/68353/1/MPRA_paper_68353.pdf
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    References listed on IDEAS

    as
    1. Islahi, Abdul Azim, 2009. "Islamic economic thinking in the 12th AH/18th CE century with special reference to Shah Wali-Allah al-Dihlawi," MPRA Paper 75432, University Library of Munich, Germany, revised 2009.
    2. Hennie Van Greuning & Zamir Iqbal, 2008. "Risk Analysis for Islamic Banks," World Bank Publications, The World Bank, number 6923.
    3. Islahi, Abdul Azim, 2009. "A study of Muslim economic thinking in the 11th A.H. / 17th C.E. century," MPRA Paper 75431, University Library of Munich, Germany, revised 2010.
    4. Chapra, Mohammad Umar, 2008. "The Islamic Vision of Development in the Light of the Maqasid Al-Shari'ah (Research Paper)," Occasional Papers 235, The Islamic Research and Teaching Institute (IRTI).
    5. Obaidullah, Mohammed, 2008. "Role of Microfinance in Poverty Alleviation (Research Paper)," Occasional Papers 236, The Islamic Research and Teaching Institute (IRTI).
    6. Islahi, Abdul Azim, 2009. "Muslim Economic Thinking and Institutions in the 10th AH/ 16th CE Century," MPRA Paper 75375, University Library of Munich, Germany, revised 2008.
    7. Al-Jarhi, Mabid, 2013. "Gaps in the Theory and Practice of Islamic Economics," MPRA Paper 66716, University Library of Munich, Germany, revised 2013.
    8. Abdul Azim Islahi, 2014. "History of Islamic Economic Thought," Books, Edward Elgar Publishing, number 16105, April.
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    Cited by:

    1. Robin Klay, 2014. "Where Do Economists of Faith Hang Out? Their Journals and Associations, plus Luminaries Among Them," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 106-119, May.

    More about this item

    Keywords

    Modern history of Islamic economics; Gaps in Islamic economics; Tawhidi economics; Spiritual Economics; “Financialization” of Islamic Economics; Future of Islamic Economics.;

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • Z1 - Other Special Topics - - Cultural Economics

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