 Islamic EconomicsFeisal Khan Chapter 17 in Handbook of Spirituality and Business, 2011, pp 138-146 from Palgrave Macmillan Abstract: Abstract Islamic economics is an important alternative to the market-based (often termed “Western”) economic model that, in one variant or another, is now found in most formal economic systems worldwide. Islamic economics is, perforce, confined to Muslim-majority countries, but there is no Muslim country whose economy can actually be described as “Islamic.” However, Islamic revivalism worldwide, the sheer number (one billion plus) of Muslims, and their predominance among the world’s petroleum exporters – Saudi Arabia, Kuwait, Iran, United Arab Emirates, and Libya (plus some key emerging market economies, such as Malaysia and Turkey) – ensures that Islamic economics will continue to be a serious alternative to Western-style market capitalism. For its advocates, Islamic economics is the “third way” between the two main Western extremes of free market capitalism (with its emphasis on the rational individual’s self-maximizing behavior) and socialism (with its emphasis on social ownership of the means of production and the sublimation of the individual’s needs to those of society’s). Keywords: Islamic Banking; Islamic Finance; Islamic Society; Conventional Banking; World Bank Policy Research Working (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-32145-8_17 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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