Role of Macro-Economics in Minimizing Obstacles to Sustainable Development (Islamic Perspective)

Ibrahim Mohammad Khrais and Ismail Y. Yamin

International Journal of Economics and Finance, 2017, vol. 9, issue 8, 179-190

Abstract: Economic development occupies a significant status is Islam, as Muslims are commanded to settle and advance the earth. Since anything required to perform a duty is a duty itself, settling the earth can be achieved only by development, which can be achieved by production. The latter builds the earth and assists man in worshipping God. The present paper concentrates on the role of macroeconomics in accomplishing economic development from an Islamic perspective. The Noble Qur¡¯an verses and Hadith traditions are reported from specialists in a bid to provide the sought complete picture. Section One investigates the capitalistic view to solve economic crises, which represent the major obstacle to any stage of development. Section Two defines economic development from an Islamic perspective, as well as the criteria set to solve relevant problems. Section Three explores the obstacles to sustainable development in the Islamic World and proposes solutions to alleviate them. This brief study sheds light on the Islamic approach to (sustainable) development, showing the resulting public economic welfare, which would be definitely reflected on individual well-being. The major conclusion that sustainable development is a comprehensive concept associated with the continuity of economic, Poverty and unemployment are the most crucial obstacles that hinder sustainable development.

Keywords: sustainable development; capitalism; Islamic perspective (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijefaa:v:9:y:2017:i:8:p:179-190

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