Chapter

Islam, Economics and Finance

Ibrahim Warde

in Islamic Finance in the Global Economy

Published by Edinburgh University Press

Published in print February 2000 | ISBN: 9780748612161
Published online March 2012 | e-ISBN: 9780748653072 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748612161.003.0003
Islam, Economics and Finance

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Any successful belief system, whether religious or secular, has contradictory characteristics: it is flexible enough to adapt to several geographical settings and to survive the test of time, but it must also be able to maintain its specificity, or it would disappear or become fused with the competing belief system. It is idealistic or sometimes utopian, yet it is capable of adjusting to human imperfection and making the kind of compromises that are endemic to political and economic life. Bearing this in mind, a better understanding of how a system rooted in the Middle Ages could have survived and thrived in the global economy can be derived. Following a broad overview of the parallel evolution of religion and history, this chapter explores and examines the ways in which Islam and Islamic economics and finance have adapted to and thrived against the changing circumstances and the advent of globalisation. It also explains how Islam came to accommodate itself within modern economics and finance given the characteristics of Islamic finance, which is tightly bounded to religion and the Shariah principles.

Keywords: global economy; Islam; Islamic economics; globalisation; modern economics; modern finance; religion; Shariah principles

Chapter.  11207 words. 

Subjects: Society and Culture

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