What Is Wrong With Islamic Economics?

Almost four decades have passed since the first major international conference on Islamic economics was organized by King Abdul Aziz University, Jeddah, which was held in Makkah in 1976. Since then, Islamic economics has come a long way and is here to stay and expand. However, as Umer Chapra observed, it is still in its preliminary stage of development. In contrast with this, conventional economics is now a well-developed and sophisticated discipline after it had gone through a long and rigorous process of development over more than a century. Despite many writings in the forms of books and articles in refereed journals and numerous conferences, seminars, workshops, training courses, round tables, etc., that took place after the first conference (mentioned above), Muslim scholars and economists have yet to come up with a complete and comprehensive paradigm and clear methodology for Islamic economics. Many Muslim scholars have tried to define Islamic economics and determine its components, but these have been subject to critiques from Muslim and non-Muslim economists alike. There is, therefore, a need to review these issues with a view to focusing the attention of Muslim economists on removing these deficiencies and for general acceptance of Islamic Economics.