The Philosophical Foundations of Islamic Political Economy

Abstract

Then we put thee on the right way, So follow thou that; And follow
not the desires of those who know not. (Qur'an 45: 18)
Introduction
Western perceptions of Islam have always been colored by their fear
of Islamic expansion and the historical rationality of the Crusades. The
current preoccupation with the "clash of civilizations" debate and the
extraordinary focus on "Islamic fundamentalism" have greatly politicized
the discourse on Islam while preventing a fuller understanding of Islam.
The tendency among Muslim scholars to allow the West to set the agenda
of what should be studied in and about Islam has led to the delay of ijtihad
in more important areas, such as Islamic political economy. In the age of
modernization, thinkers in the West have rejected Islam as backward looking
and as an impediment to economic development. A fair interpretation
of Islam, however, includes a complete understanding of the need for
development and social welfare. The political economy of Islam, as this
paper will present, is a completely humanistic and internally consistent
development and welfare-oriented paradigm.
In the twentieth century, Islam has survived colonial domination,
communist repression, and the rapid spread of liberalism. Today it has a
rapidly increasing membership of over one billion and is experiencing a
resurgence from Malaysia to Sudan and Algeria and from Iran to the
newly independent republics of Central Asia. More and more nations with
predominantly Muslim populations are undergoing a burgeoning sense of
Islamic consciousness. To some, this is a cohesive global phenomenon
with potentially indelible consequences. They see it as a radical movement
that is antithetical to Western liberal values and a challenge to their
religious zeal to universalize these values. Regardless of the political constructions
of Islam's revival, what is of the essence is that more and more ...