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Why Do We Study Islamic Economic Development?

Aris Ananta

10 April 2017

Islamic economics has been emerging very fast in the last four decades. However, the progress is still limited to the financial sector, the so-called Islamic Finance. There has been a great increase in demand for Islamic finance, even among conventional financial institutions. Islamic finance and banking institution have flourished, but social and economic features of Islamic moral economy have not progressed as well. The real (“production”) sector has not been given sufficient attention in the literature and performance of Islamic economics. (SASE, 2017)

Indeed, Islamic economics is more than the prohibition of interest and “profit-and-loss-sharing”. Islamic economics  provides more attention to the real sector and asset based economy, rather than on debt and speculation. Islamic economics focuses on people-centred and sustainable development. (SASE, 2017)

The purpose of this short note is to show that Islamic economic development is concerned with the economic and social features of the Islamic moral economy. In particular, it is an economic development based on Maqasid Al-Shariah. The performance of economic development is Islamic when its performance is in accordance with Maqasid al-Shariah.

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