Islamic Economic Alternatives: Critical Perspectives and New Directions

203 Pages·1992·20.32 MB·English

by  K. S. Jomo (eds.)

ISLAMIC ECONOMIC ALTERNATIVES
Also by lomo K. S.
A QUESTION OF CLASS: Capital, the State and Uneven Development in
Malaya
* GROWTH AND STRucruRAL CHANGE IN THE MALAYSIAN
ECONOMY
* Also published by Palgrave Macmillan
Islamic Economic
Alternatives
Critical Perspectives and New Directions
Edited by
Jomo K. S.
Faculty of Economics and Administration
University of Malaya
Kuala Lumpur
M
© Jomo K. S. 1992
Softcover reprint of the hardcover 1st edition 1992
All rights reserved. No reproduction, copy or transmission
of this publication may be made without written permission.
No paragraph of this publication may be reproduced, copied or
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or under the terms of any licence permitting limited copying
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Any person who does any unauthorised act in relation to
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First published 1992
Published by
MACMILLAN ACADEMIC AND PROFESSIONAL LTD
Houndmills, Basingstoke, Hampshire RG21 2XS
and London
Companies and representatives
throughout the world
British Library Cataloguing-in-Publication Data
Islamic economic alternatives: Critical
perspectives and new directions.
I. Jomo, K. S.
330.1
ISBN 978-1-349-12289-9 ISBN 978-1-349-12287-5 (eBook)
DOI 10.1007/978-1-349-12287-5
For the true Jihad and Mujahideen and
the memory of Abu Dzar and Ali Shariati
Contents
Acknowledgements viii
Notes on the Contributors ix
Introduction 1
1 The Economic System in Contemporary Islamic
Thought
Timur Kuran 9
2 Economic Justice in Contemporary Islamic Thought
Timur Kuran 49
3 Property Rights and Islamic Economic Approaches
Sohrab Behdad 77
4 Islamic Perspectives and Class Interests
Ziaul Haque 105
5 Islamic Economics: A Progressive Perspective
Asghar Ali Engineer 117
6 Islam and Capitalist Development: A Critique of
Rodinson and Weber
lomo K. S. 125
7 Economic Aspects of Islamisation in Pakistan
Omar Asghar Khan 139
8 Principles of Islamic Economic Reform
Syed Nawab Haider Naqvi, H. U. Beg, Rafiq Ahmed,
Mian M. Nazeer 153
Appendix: Fundamentals of Islamic Jurisprudence
Sohrab Behdad 188
Index 191
vii
Acknowledgements
This book was originally conceived after years of frustration with
much of what passes as Islamic economic discourse, whether it be
mechanical ulama citations and elaborations from the Ouran and
Sunnah, or fairly standard neoclassical economic formulations inter
woven with Arabic - even Ouranic - terms to provide an Islamic
veneer. The victory of the Iranian people's revolution against the
Shah heightened the international Muslim community's expectations
of intellectual breakthroughs and policy innovation. Fortunately, the
subsequent disappointment has only strengthened, rather than un
dermined our resolve to develop and elaborate an ethical economics
authentically rooted in Islam. Hence, once again, this volume truly
represents a collective enterprise, of intellect as well as faith. In this
effort, I have been encouraged and supported by many colleagues
both in Malaysia and abroad. In particular, I would like to acknowl
edge Shamsul, Shabery, Ishak, Husin, Halim, Asghar and Suroosh.
Professor S. N. H. Naqvi has also been a constant source of encour
agement. In the final stages of preparation of this volume, Aslam,
Farid, Rokiah, Kock Wah and Juliana Azlina rendered crucial assist
ance selflessly. None of these friends should be incriminated for any
remaining faults and problems in this book, though all of them
deserve to be commended for the contribution this volume seeks to
make. Finally, Nadia and Emil distracted me often enough to delay
the preparation of this volume, constantly reminding me that the
most exalted labour is undoubtedly the labour of love.
I should like to thank the following for permission to reproduce
material which originally appeared, in a somewhat different form, in
publications produced by them: Cambridge University Press for the
two articles by Timur Kuran (International Journal of Middle East
Studies, 1986, 1989); The Association for Social Economics for Soh
rab Behdad's contributions; Zed Press (London) for material by
Ziaul Haque and Omar Asghar Khan from Asghar Khan (ed.),
Islam, Politics and the State; the Pakistan Experience (1985); the
Pakistan Institute of Development Economics (Islamabad) for ma
terial by S. N. Navqi et al.; the Institute of Developing Economics
(Tokyo) for material by Jomo K. S. from The Developing Economies
viii
Acknowledgements ix
(1977); the Institute of Islamic Studies (Bombay) for material by
Asghar Ali Engineer from Islam and its Relevance in our Age
(1984).
Jomo K. S.
Notes on the Contributors
Rafiq Ahmed has been Vice-Chancellor of the Islamia University,
Bahawalpur, Pakistan, since 1981. He received his D. Phil from
Oxford University.
H. U. Beg has been Secretary of the Ministry of Finance, Pakistan,
since 1979.
Sohrab Behdad is Associate Professor of Economics, Denison Uni
versity, Granville, Ohio.
Asghar Ali Engineer is the author of numerous articles and books on
Islam, including The Origin and Development of Islam, The Islamic
State and Islam And Its Contemporary Relevance To Our Age, and is
Director of the Institute of Islamic Studies, Bombay.
Ziaul Haque has been with the Islamic Research Institute, Islama
bad, and was editor of the journal, Islamic Studies. He is now with the
Pakistan Institute of Development Economics (PIDE). He has a
doctorate in Arabic and Islamic Studies from the University of
Chicago and is author of several books on Islam, including Landlord
and Peasant in Early Islam.
Omar Asghar Khan has an MPhil from Cambridge University and has
taught Economics at the University of the Punjab.
Timur Kuran is Associate Professor of Economics at the University of
Southern California, Los Angeles. He is the author of various articles on
the evolution of values and institutions and on Islamic economics.
Syed Nawab Haider Naqvi is director of the Pakistan Institute of
Development Economics (PIDE), has a Ph.D in economics from
Princeton University and is the author of many works on develop
ment and Islamic economics, including Ethics and Economics: An
Islamic Synthesis.
Mian M. Nazeer has been Dean of the Faculty of Arts, University of
Peshawar, Pakistan, received his doctorate in economics from Am
sterdam University and is the author of The Islamic Economic Sys
tem: A Few Highlights.
x