Chapter

Islam and the Challenge of Economic Development

Ahmad Khurshid

in Islam in Transition: Muslim Perspectives

Published in print January 2006 | ISBN: 9780195174304
Published online November 2007 |
Islam and the Challenge of Economic Development

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He was formerly associate professor of economics at the University of Karachi, a founder and Director-General of the Islamic Foundation (Leicester U.K.), and Federal Minister of Planning and Development, Government of Pakistan. He is currently Director of the Institute for Policy Studies, Islamabad, Pakistan.

In a piece written in 1978, the author writes that the Muslim world is richly endowed with resources but economically weak. He blames the governments of states with Muslim majorities for following inapplicable development models, in which Islamic doctrines have played no role. He presents a set of broad ethical principles that collectively represent his vision of Islams economic development model and that would mean moral, spiritual and material development of the individual and the society leading to maximum socio-economic welfare and the ultimate good of mankind. The elements driving this plan are monotheism, Gods divine arrangements for the universe, the individual as Gods vicegerent on earth, and purification of the soul.

Chapter.  2569 words. 

Subjects: Society and Culture ; Islam

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