Understanding Development in an Islamic Framework

Hossein Askari (), Zamir Iqbal, Noureddine Krichene and Abbas Mirakhor
Additional contact information
Zamir Iqbal: World Bank
Noureddine Krichene: UCLA
Abbas Mirakhor: International Center for Education in Islamic Finance

Islamic Economic Studies, 2014, vol. 22-1, 1-36

Abstract: In this paper, the foundational rules governing human, economic and financial development in Islam, as understood from the Qur’ān and from the life and traditions of the Prophet Muhammad (pbuh), are summarized. These rules pave the path to development as the basis of institutional structure, which in turn, underpin the path of economic and social progress. The essential elements in the life of a Muslim—the unity of creation, freedom and freedom of choice, economic and human development, economic system and financial practice—are developed.

Date: 2014
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