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Are Moral Islamic Economics an Answer to the Global Financial Crisis? البعد الأخلاقي للاقتصاد الإسلامي

In: Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08

Author

Listed:
  • Jean-Yves Moisseron

    (Senior Researcher at the French Institute for Developing Countries Chief Editor of the review Maghreb-Machrek)

  • Frederic Teulon

    (Professor and Director of Research at IPAG Business school)

Abstract

Islamic economics is based on a corpus of principles that were established and fixed in a period of time anterior to the development of capitalism. That is why many characteristics of Islamic Finance focused mainly on commercial and trade activities instead of production activities. After the 18th century, Islamic thoughts including economy had to face the harsh intrusion of the western civilization. The main question was double: How to resist or compete with the West by renovating Islam? That is why for example, Islamic finance has invented new financing instruments. The second question was: How to live inside an invading Capitalist World and at the same time keep alive and respect Islamic obligations for individuals that were continuously connected with globalized market? This second question: How to be Muslim in a capitalist World became more and more important with the huge revenues provided by gas and oil discovered in the Arab World in the 20th century. أكد الباحث إيمانه بأن الاقتصاد الإسلامي يرتكز على مجموعة من المبادئ التي تم تأسيسها وبنائها في فترة تاريخية زمنية سابقة لتطور الرأسمالية. هذا هو سبب تركز العديد من محاور التمويل الإسلامي أساسًا على الأنشطة المالية والتجارية بدلاً من أنشطة الإنتاج. وقال إنه يعتقد أن على الاقتصاد الإسلامي أن يكون نـِدًا ومواجهًا لتطور الرأسمالية. يرى الباحث أن الاقتصاد الإسلامي الأخلاقي يمكن أن يساهم بحلول قِـيَمـِية و"أخلاقية" للأزمة الرأسمالية، وبالتالي فإنه سيكون من الضروري وجود نقد إسلامي مستقل للرأسمالية، مستقلا عن النقد الاشتراكي للرأسمالية ومستقلاً عن النقد العالمي للغرب ويتحقق ذلك من خلال إعادة تفسير المبادئ وأصول الاقتصاد الإسلامي. عندها يمكن أن تصبح الأفكار الإسلامية كأطر وقواعد حكيمة مفيدة للمسلين وللبشرية كلها، وبعد ذلك، يمكن أن يكون الاقتصاد الإسلامي لاعباً أكثر نشاطا في المناقشات حول "الأخلاق المالية".

Suggested Citation

  • Jean-Yves Moisseron & Frederic Teulon, 2012. "Are Moral Islamic Economics an Answer to the Global Financial Crisis? البعد الأخلاقي للاقتصاد الإسلامي," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 0, chapter 11, pages 3-18, King Abdulaziz University, Islamic Economics Institute..
    • Handle: RePEc:abd:ieibch:754
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    References listed on IDEAS

    as
    1. Black, Fischer, 1976. "The pricing of commodity contracts," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 167-179.
    2. Mr. Juan Sole & Andreas Jobst, 2012. "Operative Principles of Islamic Derivatives: Towards a Coherent Theory," IMF Working Papers 2012/063, International Monetary Fund.
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