The Economic System in Contemporary Islamic Thought

Timur Kuran

Chapter 1 in Islamic Economic Alternatives, 1992, pp 9-47 from Palgrave Macmillan

Abstract: 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

Keywords: Economic System; Fiscal Policy; Islamic Bank; Islamic State; Islamic Society (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12287-5_2

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