IQTISAD AL ISLAMY (ISLAMIC ECONOMIC) – Abstract: Islamic banking is making a debut in the world of 'Finanzkapital'. Despite being new in the world of finance and still hesitant to make bold claims, it is emerging slowly but steadily. The men who took upon themselves the task of piloting the Islamic mode of 'Finanzkapital' belong to the new generation of Muslims. Not only are they endowed with a strong Islamic faith but are also equipped with the necessary technical wherewithal to rise to this occasion. The one who first started the ball rolling in this direction was Dr. Ahmed El-Naggar, an Egyptian economist. Among others who joined him later, were the late King Faisal and his son Prince Muhammad. Tunku Abdul Rahman too played the pioneering role in the establishment of the Islamic Development Bank in Jeddah.
Although the superstructure of Islamic banking is still in the making and there are quite a large number of fundamental issues waiting to be resolved, the spirit to make this premier pas a success seems undaunted. While some Muslim countries have already set up Islamic banks, there are others where at least a part of the banking business has been Islamized. Pakistan is among those countries which have set up special counters for interest-free banking.
As Islamic economics is not only confined to mere 'finance', quite a large number of steps are also being taken to orientate the economic contours of these countries compatible with the basic tenets of Islam. Zakat and Ushr have already been introduced in Pakistan. In addition, serious efforts are under way to find new ways and means towards raising funds through taxation etc. for purpose of meeting both the budgetary and developmental outlays.
The World of Islam, today, finds itself in an enviable position. Not only is it now largely liberated from the colonial yoke, but is also endowed with the fabulous oil wealth. With a view to enable the Muslim countries to break their centuries-old economic stagnation, the present exercise into Islamic banking is destined to open up a new epoch of resurgent development and distributive justice. If this effort got crowned with success, not only will it benefit the Muslims, but will also usher in a new era of efficient and broad-based growth and development in the whole world. Islamic Bank: An Emerging New Mode of ‘Finanzkapital’ in the World >>> By M. A. Hussein Mullick
Mark Alexander (Paperback)
Mark Alexander (Hardback)
