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Islam and Mammon
The doctrine of \"Islamic economics\" entered debates over the social role of Islam in the mid-twentieth century. Since then it has pursued the goal of restructuring economies according to perceived Islamic teachings. Beyond its most visible practical achievement--the establishment of Islamic banks meant to avoid interest--it has promoted Islamic norms of economic behavior and founded redistribution systems modeled after early Islamic fiscal practices.
In this bold and timely critique, Timur Kuran argues that the doctrine of Islamic economics is simplistic, incoherent, and largely irrelevant to present economic challenges. Observing that few Muslims take it seriously, he also finds that its practical applications have had no discernible effects on efficiency, growth, or poverty reduction. Why, then, has Islamic economics enjoyed any appeal at all? Kuran's answer is that the real purpose of Islamic economics has not been economic improvement but cultivation of a distinct Islamic identity to resist cultural globalization.
The Islamic subeconomies that have sprung up across the Islamic world are commonly viewed as manifestations of Islamic economics. In reality, Kuran demonstrates, they emerged to meet the economic aspirations of socially marginalized groups. The Islamic enterprises that form these subeconomies provide advancement opportunities to the disadvantaged. By enhancing interpersonal trust, they also facilitate intragroup transactions.
These findings raise the question of whether there exist links between Islam and economic performance. Exploring these links in relation to the long-unsettled question of why the Islamic world became underdeveloped, Kuran identifies several pertinent social mechanisms, some beneficial to economic development, others harmful.
eBook
Bombay Islam : the religious economy of the West Indian Ocean, 1840-1915
As a thriving port city, nineteenth-century Bombay attracted migrants from across India and beyond. Nile Green's Bombay Islam traces the ties between industrialization, imperialism and the production of religion to show how Muslim migration fueled demand for a wide range of religious suppliers, as Christian missionaries competed with Muslim religious entrepreneurs for a stake in the new market. Enabled by a colonial policy of non-intervention in religious affairs, and powered by steam travel and vernacular printing, Bombay's Islamic productions were exported as far as South Africa and Iran. Connecting histories of religion, labour and globalization, the book examines the role of ordinary people - mill hands and merchants - in shaping the demand that drove the market. By drawing on hagiographies, travelogues, doctrinal works, and poems in Persian, Urdu and Arabic, Bombay Islam unravels a vernacular modernity that saw people from across the Indian Ocean drawn into Bombay's industrial economy of enchantment.
eBook
Maqasid foundations of market economics
Drawing on received sources of 'maqasid' (Shari'ah's practical objectives), this book demonstrates how the principles of market economics affect how markets and financial institutions actually operate under Shari'ah law. Students can check their progress with learning outcomes, chapter previews, chapter summaries and revision questions.
eBook
Brand Islam
From food products to fashions and cosmetics to children’s toys, a wide range of commodities today are being marketed as “halal\" (permitted, lawful) or “Islamic\" to Muslim consumers both in the West and in Muslim-majority nations. However, many of these products are not authentically Islamic or halal, and their producers have not necessarily created them to honor religious practice or sentiment. Instead, most “halal\" commodities are profit-driven, and they exploit the rise of a new Islamic economic paradigm, “Brand Islam,\" as a clever marketing tool. Brand Islam investigates the rise of this highly lucrative marketing strategy and the resulting growth in consumer loyalty to goods and services identified as Islamic. Faegheh Shirazi explores the reasons why consumers buy Islam-branded products, including conspicuous piety or a longing to identify with a larger Muslim community, especially for those Muslims who live in Western countries, and how this phenomenon is affecting the religious, cultural, and economic lives of Muslim consumers. She demonstrates that Brand Islam has actually enabled a new type of global networking, joining product and service sectors together in a huge conglomerate that some are referring to as the Interland. A timely and original contribution to Muslim cultural studies, Brand Islam reveals how and why the growth of consumerism, global communications, and the Westernization of many Islamic countries are all driving the commercialization of Islam.
eBook
Islamic Economics
Studies conducted in the field of Islamic economics lose their relevance over time. Works examining Islamic economics since the 1970s have been co-opted by the existing economic system and have become limited to a large extent, as they are now only concerned with financial transactions. In fact, \"Islamic economics\" as a concept should actually be conceptualized as an alternative economic system. However, because of the financial and commercial transactions implemented in daily economic life,.
eBook