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Institutional Perspective of Islamic Economics

In: Challenges in Economic and Financial Policy Formulation

Author

Listed:
  • Hossein Askari
  • Zamir Iqbal
  • Abbas Mirakhor

Abstract

Before embarking upon a description of the Islamic vision of human and economic development and its rules and institutional structure, an important difference between an Islamic economy and market capitalism needs to be emphasized. In the pure market capitalist system, the goal is to maximize production and accumulate the resulting surplus—“accumulation is good”—money for goods and services, in turn for more money, and then repeat this cycle, or money for more money through finance. In Islam, the goal is not maximum output and accumulation, but rather, efficient production, just remuneration, and then sharing with other members of society to develop a thriving society that exudes justice.

Suggested Citation

  • Hossein Askari & Zamir Iqbal & Abbas Mirakhor, 2014. "Institutional Perspective of Islamic Economics," Palgrave Studies in Islamic Banking, Finance and Economics, in: Challenges in Economic and Financial Policy Formulation, chapter 0, pages 11-30, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-38199-6_2
    DOI: 10.1057/9781137381996_2
    as

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