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Introduction to Islamic Economics: Theory and Application by Abbas Mirakhor, Zamir Iqbal, Hossein Askari

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Chapter 14Economic State of Affairs in OIC Countries

  1. The common elements of development in the conventional and the Islamic system.
  2. The role of the concept of ummah in Islam.
  3. How to measure key objectives of Islamic law (maqasid-al-Shariah).
  4. The actual performance of Islamic countries in comparison to Islam's ideal concept of economic and social justice.

In the Islamic economic system, the government is empowered to undertake all programs that are helpful to the development and the well-being of the community (ummah), where collective action, as opposed to individual action, is called for and when individuals fail in their duty to follow the rules laid down by the Almighty and to confront and stand up to transgressors and oppressors. Thus the central purpose of public policy is to promote the goals of a healthy society where individuals can flourish and develop as envisaged in the Quran and implemented by the Prophet (sawa) in Medina.

In the realm of human economic pursuits, Islam encourages economic prosperity and development. Islam embraces capitalism, but capitalism with a strong dose of morality and justice—the type of capitalism advocated by Adam Smith in his less quoted book, The Theory of Moral Sentiments. But Islam goes much further in stressing the foundation of justice and the practice of equity in everything on this plane of existence. In fact, to our mind, the absence of morality, fairness, and justice is the Achilles' heel of today's capitalist ...

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