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Islam and Mammon

Author: Timur Kuran

Publisher: Princeton University Press

Published: 2010-12-16

Total Pages: 215

ISBN-13: 1400837359

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.

Islam And Mammonthe Economic Predicaments Of Islamism

Author: Timur Kuran

Publisher:

Published: 2006-01-01

Total Pages: 196

ISBN-13: 9788189487096

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The doctrine of Islamic economics entered Islamic discourses 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 behaviour and founded redistribution systems modelled 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? His answer is that its real purpose 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 intra-group 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 under-developed, Kuran identifies several pertinent social mechanisms, some beneficial to economic development, others harmful.Timur Kuran is Professor of Economics and Law, and King Faisal Professor of Islamic Thought and Culture, at the University of Southern California. His books include Private Truths, Public Lies. What is Islamic banking? What is Islamic economics? Islam and Mammon . . . sets out the genesis of these ideas and criticizes, severely but still sympathetically, both the performance and the underlying logic of this Islamic approach to economic activity. L. Carl Brown, Foreign Affairs [A] first-rate analysis. . . . It is refreshing to see a work that stands apart from the mishmash of cultural relativism of Islamophiles and the ideological warfare of the Islamophobes. Sohrab Behdad, Denison University

The Long Divergence

Author: Timur Kuran

Publisher: Princeton University Press

Published: 2012-11-11

Total Pages: 424

ISBN-13: 0691156417

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How religious barriers stalled capitalism in the Middle East In the year 1000, the economy of the Middle East was at least as advanced as that of Europe. But by 1800, the region had fallen dramatically behind—in living standards, technology, and economic institutions. In short, the Middle East had failed to modernize economically as the West surged ahead. What caused this long divergence? And why does the Middle East remain drastically underdeveloped compared to the West? In The Long Divergence, one of the world's leading experts on Islamic economic institutions and the economy of the Middle East provides a new answer to these long-debated questions. Timur Kuran argues that what slowed the economic development of the Middle East was not colonialism or geography, still less Muslim attitudes or some incompatibility between Islam and capitalism. Rather, starting around the tenth century, Islamic legal institutions, which had benefitted the Middle Eastern economy in the early centuries of Islam, began to act as a drag on development by slowing or blocking the emergence of central features of modern economic life—including private capital accumulation, corporations, large-scale production, and impersonal exchange. By the nineteenth century, modern economic institutions began to be transplanted to the Middle East, but its economy has not caught up. And there is no quick fix today. Low trust, rampant corruption, and weak civil societies—all characteristic of the region's economies today and all legacies of its economic history—will take generations to overcome. The Long Divergence opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.

Islamic Finance

Author: Hans Visser

Publisher: Edward Elgar Publishing

Published: 2009-01-01

Total Pages: 197

ISBN-13: 184844947X

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'Islamic Finance is a welcome critical contribution to the growing body of literature on Islamic economics, banking and finance. As one would expect from an eminent and respected scholar, Visser has provided the reader with much food for thought. This stimulating book raises some serious questions which need to be addressed and provides valuable source material for researchers and students of Islamic finance.'– Abul Hassan, The Muslim World Bank Review'Since its development, the study of Islamic finance has been enriched by the insights of Western scholars of banking and finance. Here, Hans Visser provides a comprehensive analysis of the principles of Islamic finance, the main instruments, and the operation of Islamic institutions and markets. This thoughtful and well written study confirms Professor Visser's place in the group of Western writers able to comprehend and evaluate the essence of Islamic finance, while reinforcing Edward Elgar's position as the leading Western publishing house in this field.'– Mervyn K. Lewis, University of South Australia and Academy of the Social Sciences in AustraliaHans Visser presents a fascinating study of both the foundations of Islamic finance and its recent developments. This highly topical book explores the products and practices of Islamic finance, specifically targeting the tensions that may arise between the ideology and the practices. The author describes the forms Islamic finance has taken, analyzes the problems that it faces, and confronts the practice of Islamic finance with the principles it is based upon. He presents a dispassionate discussion of the problems facing Islamic forms of finance, including the question of how to reconcile activities such as liquidity management, monetary policy and government finance with Islamic principles.Islamic finance is an especially momentous phenomenon, and this book will prove an essential read for students with an interest in money and banking, and particularly Islamic finance. It will also be highly influential for bankers and staff in financial institutions, as well as financial journalists, politicians and civil servants dealing with the financial industry.

The Political Economy of Muslim Countries

Author: Özgür Ünal Eriş

Publisher: Cambridge Scholars Publishing

Published: 2018-07-27

Total Pages: 208

ISBN-13: 1527515435

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The book looks in detail at the economic conditions of Muslim countries specifically, offering a thorough political analysis at the same time. It focuses on a broad range of economic factors and takes into consideration reports such as the World Development Index. It explores striking differences and similarities among carefully chosen Muslim countries. Mainly because of its broad use of different disciplines, it will be of interest to students of political science, economics and history.

Faith, Finance, and Economy

Author: Tanweer Akram

Publisher: Springer Nature

Published: 2020-03-10

Total Pages: 243

ISBN-13: 3030387844

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This open access book seeks to foster a multidisciplinary understanding of the ties between faith, financial intermediation, and economic progress by drawing on research across economics, finance, history, philosophy, ethics, theology, public policy, law, and other disciplines. Chapters in this edited volume examine themes as consequential as economic opportunities, real world outcomes and faith; values and consumerism; faith, financial intermediation and economic development in Western and Islamic societies; and the impact of faith issues on US workers, on the workplace and religion, and on the characteristics of good wealth. Though engaging with difficult questions, this book is written in an accessible style to be enjoyed by laypeople and scholars alike.

The Oxford Handbook of Politics in Muslim Societies

Author: Melani Cammett

Publisher: Oxford University Press

Published: 2022-01-10

Total Pages: 913

ISBN-13: 0190931051

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Politics in Muslim societies : what's religion got to do with it? / Melani Cammett and Pauline Jones -- Islam and political structure in historical perspective / Eric Chaney -- State-formation, statist Islam, and regime instability : evidence from Turkey / Kristin E. Fabbe -- States, religion, and democracy in Southeast Asia : comparative religious regime formation / Kikue Hamayotsu -- Repression of Islamists and authoritarian survival in the Arab world : a case study of Egypt / Jean Lachapelle -- Regime types, regime transitions, and religion in Pakistan / Matthew J. Nelson -- Regime change under the Party of Justice and Development (AKP) in Turkey / Feryaz Ocaklı -- Islam, nationalism, and democracy in Asia : nations under gods or gods under nations? / Maya Tudor -- Military politics in Muslim societies / Nicholas J. Lotito -- Voting for Islamists : mapping the role of religion / Ellen Lust, Kristen Kao, and Gibran Okar -- Party systems in Muslim societies / Elizabeth R. Nugent -- Ideologies, brands, and demographics in Muslim Southeast Asia : "voting for Islam" / Thomas Pepinsky -- Religion and party politics in India and Pakistan / Steven I. Wilkinson -- Religion and electoral competition in Senegal / Dominika Koter -- Clientelism, constituency services, and elections in Muslim societies / Daniel Corstange and Erin York -- Religiosity and political attitudes in Turkey during the AKP era / S. Erdem Aytaç -- Religious practice and political attitudes among Shiites in Iran and Iraq / Fotini Christia, Elizabeth Dekeyser, and Dean Knox -- Repressive religious regulation and political mobilization in Central Asia : why Muslims (don't) rebel / Dustin Gamza and Pauline Jones -- How extraordinary was the Arab Spring? Examining "protest potential" in the Muslim world / Avital Livny -- Illicit economies and political violence in Central Asia / Lawrence P. Markowitz, and Mariya Y. Omelicheva -- Piety, devotion, and support for Shari'a : examining the link between religiosity and political attitudes in Pakistan / Niloufer A. Siddiqui -- Mapping and explaining Arab attitudes toward the Islamic State : findings from an Arab barometer survey and embedded experiment / Mark Tessler, Michael Robbins, and Amaney Jamal -- Social movements, parties, and political cleavages in Morocco : a religious divide? / Adria Lawrence -- The rise and impact of Muslim women preaching online / Richard A. Nielsen -- Religion and mobilization in the Syrian uprising and war / Wendy Pearlman -- Christian-Muslim relations in the shadow of conflict : insights from Kaduna, Nigeria / Alexandra Scacco and Shana S. Warren -- New media and Islamist mobilization in Egypt / Alexandra A. Siegel -- Islamically framed mobilization in Tunisia : Ansar al-Sharia in the aftermath of the Arab uprisings / Frédéric Volpi -- Islamist mobilization during the Arab uprisings / Chantal Berman -- Religious legitimacy and long run economic growth in the Middle East / Jared Rubin -- Islam and economic development : the case of non-Muslim minorities in the Middle East and North Africa / Mohamed Saleh -- State institutions and economic performance in 19th century Egypt / Lisa Blaydes and Safinaz El Tarouty -- Colonial legacies and welfare provision in the Middle East and North Africa / Melani Cammett, Allison Spencer Hartnett, and Gabriel Koehler-Derrick -- Islam and the politics of development : shrines and literacy in Pakistan / Adeel Malik and Rinchan Mirza -- Islam and economic development in sub-Saharan Africa / Melina R. Platas -- Islamic finance and development in Malaysia / Fulya Apaydin -- Welfare states in the Middle East / Ferdinand Eibl -- Islamist organizations and the provision of social services / Steven Thomas Brooke -- Exploring the role of Islam in Mali : service provision, citizenship, and governance / Jaimie Bleck and Alex Thurston -- Islamist parties and women's representation in Morocco : taking one for the team / Lindsay J. Benstead -- The Islamic State as a revolutionary rebel group : IS' governance and violence in historical context / Megan A. Stewart.

Islam and Economic Policy

Author: Rodney Wilson

Publisher: Edinburgh University Press

Published: 2015-05-15

Total Pages: 224

ISBN-13: 0748683895

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This textbook looks at the impact of Islamic teaching on public economic policy and asks how Islamic economics differs from mainstream micro and macroeconomics.

Methodology of Islamic Economics

Author: Necmettin Kizilkaya

Publisher: Routledge

Published: 2019-11-05

Total Pages: 295

ISBN-13: 1000732444

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In its pursuit to equip the reader with a basic knowledge of Islamic economics, this book divulges the micro-foundations of the discipline, and highlights the predominant schools of thought that exist in the field. It explains, in simple terms, what Islamic economics entails and how it can be studied as a science in relation to the Holy Quran, the Sunnah and the Islamic intellectual tradition based on these two sources. The book familiarizes the reader with knowledge of the basic maxims of the discipline. It then establishes the arguments that are presented by the proponents of religion-based economics, specifically Islam, and apprises readers about the aforementioned schools as they exist. A number of chapters consider the dimension of the dilemmas the discipline is facing, and the chronological progress of the field is reviewed, hence providing a comprehensive overview of the topic. The book deals with the issues about the origins of Islamic economics, the basic methodological questions, the use of the opportunities offered by fiqh in the methodological discussions and the main problems arising from the encounter with other cultures and civilizations. It offers practical solutions, despite the differing schools of thought, not unlike the development of conventional Economics where radical differences between Keynesian, Classical and Monetarist approaches existed. It concludes by incorporating some of the finest works that explain to the reader how Islamic economics may progress as a discipline. This guide will provide both students and researchers in Comparative Economic Studies, Islamic Economics and Islamic Finance with an essential overview of the field.