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How Fas Islamic Economics Has Progressed In Last 30 Years

Table of contents

Abstract
Introduction: 2
Is Islamic Economics Necessary? 3
Monitoring the progress of Islamic economics 4
How far Islamic economics has been able to fulfill its promises and what are the major concern areas that still need attention? 6
Difficulties associated with Islamic Economics and its Implementation 8
Measures that could be undertaken for the future of Islamic economics 10
Conclusion 12
References

Introduction:

Islamic economics being a social science is a relatively new discipline. The main feature of this discipline is that it reflects the Islamic outlook and Islamic solutions to various socioeconomic problems currently faced by world as a whole. The economic principles and doctrines have long been researched by Muslim scholars but major thrust was provided during the First International Conference on Islamic Economics in 1976 which marked a turning point in the development of this new discipline. This Conference generated a large amount of interest and cultivated analytical thinking among economists, bankers, ulema and scholars in the Muslim world. Since then, a number of International Conferences, journal and research have been undertaken. These intellectually directed efforts has born fruits in terms of sizable amount of published literature bringing out the Islamic view point in scientific and systematic way in various areas of economics in general and banking and finance in particular.

On the other hand, despite the extraordinary achievements that Islamic economic as made over the last three decades, the development process of Islamic economics as a scientific discipline has a long way to go in order to offer a complete and comprehensive economic system. This can be illustrated by the fact that still most of the attempts on the question of nature and definition are abstract. The problem as we can see is that they fail to connect the economic problems to a particular economic order. Similarly the discussions on...