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The Economic System in Contemporary Islamic Thought

In: Islamic Economic Alternatives

Author

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  • Timur Kuran

Abstract

Since the late 1940s, and especially since the mid-1960s, a wealth of pamphlets, articles, and books have appeared that constitute the corpus of what is now known as ‘Islamic economies’. This literature, whose exponents call themselves ‘Islamic economists’, purports to provide the blueprint of an economic system consonant with the original sources of Islam. The central feature of the proposed system is that individuals are guided in their economic decisions by a set of behavioural norms, ostensibly derived from the Quran and the Sunna. Two other features stand out: zakat, a tax considered the basis of Islamic fiscal policy, and the prohibition of interest, viewed as the centrepiece of Islamic monetary policy. Most Islamic economists consider this trio — the norms, zakat, and no interest — the pillars of the Islamic system.1

Suggested Citation

  • Timur Kuran, 1992. "The Economic System in Contemporary Islamic Thought," Palgrave Macmillan Books, in: K. S. Jomo (ed.), Islamic Economic Alternatives, chapter 1, pages 9-47, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12287-5_2
    DOI: 10.1007/978-1-349-12287-5_2
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    Cited by:

    1. Noland, Marcus, 2005. "Religion and economic performance," World Development, Elsevier, vol. 33(8), pages 1215-1232, August.
    2. Rehman Scheherazade S. & Askari Hossein, 2010. "An Economic IslamicityIndex (EI)," Global Economy Journal, De Gruyter, vol. 10(3), pages 1-39, October.
    3. Marcus Noland, 2003. "Religion, Culture, and Economic Performance," Working Paper Series WP03-8, Peterson Institute for International Economics.

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