This timely and stimulating Handbook, edited by world-class experts in the field, provides a comprehensive guide to Islamic Studies today. It examines the main issues in the field and explores the key debates. It provides readers with an indispensable, balanced guide to the roots of Islam and the challenges it faces in the twenty-first century.
Chapter 6: Islamic Economics: Salient Features and a Critical Survey∗
Islamic Economics: Salient Features and a Critical Survey∗
While a plethora of literature on Islamic economics has appeared in recent decades, it must be stated at the outset that the essential paradigm is not new. As a distinct discipline of study, especially among Muslim scholars, Islamic economics emerged in the 1960s, but the subject has been an intrinsic component of Islam ever since its inception.1 The fundamental sources of the Islamic order emanate from the Holy Qur'an, but also from Sunnah (teachings and traditions) of Prophet Mohammad, comprehensively called the Shari'a. Indeed, economic matters have always been a part of discourse in the evolution of Islamic civilization, both in terms of scholarship and in practical relevance; and in ...