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Islamic Economics? Lets call it prudence

Reader comment on item: Islamic Economics: What Does It Mean?
in response to reader comment: Sharia compliant or sharia dominant?

Submitted by Zeeshan (Pakistan), Feb 4, 2016 at 04:43

"Islamic economics" is a misnomer. There should be a better term or new one at that. Lets just call it business. How this is linked to a capital market economy of any kind is useless. Half cooked launches at an economic system tend to be deceits and one important aspect is missed; interest is often looked with a western paradigm without which survival is impossible or at least challenging. Any loan which starts profits is considered as interest and is often missed in discussion of its definition. The disguise of the prevalent interest like techniques has faced rebuttals from Muslim Scholars.

Lets say a business model (avoid saying Islamic for sensitivities) is based on an interest abhorring and loan abhorring discipline is being discussed and supported by a network of other businesses using the same model. Then this model would be model of prudence from companies following prudence. How long this will last is a debate. If such a model can be worked however medieval it sounds, its benefits would favor development.

One view on Modudi's works is like finding a text and considering it as the entire world. Indeed texts are absent, so is the case with histories and any form of literature during imperial or colonial rules.


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