This book provides an introduction to the vision of an economic system based completely on the Holy Qur’ana system defined as a collection of institutions, representing rules of behavior, prescribed by Allah for humans, and the traditions of the Messenger. The authors argue that the main reason for the economic underperformance of Muslim countries and their economies has been non-compliance with the prescribed rules of behavior. Rule non-compliance has been chiefly due to the failure of Muslims to comprehend the Metaframework of the Qur’anand the Archetype Model of the Prophet Mohammad and interpret them in ways compatible with their own generation and time.Askari and Mirakhor believe these rules (institutions), properly adapted to prevailing conditions present what they consider as an ideal economic system.
About the Author
Abbas Mirakhor is the First Holder of INCEIF s Chair in Islamic Finance at INCEIF - The Global University of Islamic Finance, Malaysia. He was the Executive Director and Dean of the Executive Board of the International Monetary Fund.
Hossein Askariis Iran Professor of International Business and International Affairs, George Washington University, USA.
Table of Contents
Foreword: Dr. Ali Allawi
Chapter 1: Introduction
Chapter 2: Capitalism and the Islamic Economic System
Chapter 3: Overview of an Ideal Islamic System
Chapter 4: Institutional Structure of a Sound Economy
Chapter 5: Rules Governing an Islamic Economy
Chapter 6: The Operational Features of an Islamic Economy
Chapter 7: Contemporary Muslim Economies and Rule Compliance
Chapter 8: Towards Achieving the Ideal Islamic Economy
Chapter 9: Conclusions