Political Economy of Islam – serie

This book provides an economic analysis of the earliest Islamic society, focusing on the policies of the Messenger of Islam (Sawa) and his successors during the first four formative decades of Islam. Two institutions of great importance – the market and the public treasury (Baitul Mal) – and their roles in the development of the private and public sectors are particularly emphasized in this study. The first part of the book is devoted to the economic and cultural dimensions of life in the Arabian Peninsula during the pre-Islamic period, including an analysis of trade and financial relationships with the Roman and Persian economies; the challenges faced by the Messenger’s mission and the economic policies of the Messenger after the migration to Madinah are also examined in detail. The author then moves on to a devoted analysis of the nature and functions of the public treasury, its revenues and expenditures, as well as financial and fiscal policies. Also examined is the role of the public sector in maintaining equilibrium in the financial and real sectors, as well as in promoting economic growth and employment. Analysis of the institution of the market, its characteristics, and its functions during the earliest Islamic period constitutes the third section of the book. The behaviors of consumers, producers, and investors in an economy without an interest rate mechanism are also addressed here. The final section investigates the fundamental objective of Islam for human societies – that is, justice – within the context of discussions in earlier parts of the book. The author uses historical economic data, facts, and evidences that are reported from the period, both prior to and after the establishment of the Islamic State, to explore the economic relations, policies, and models that were in practice and applied at that time.

This book provides an introduction to the vision of an economic system based completely on the Holy Qur’an—a 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’an and 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.

This book examines the conceptions of justice from Zarathustra to Islam. The text explores the conceptions of justice by Zarathustra, Ancient Egypt, India, Mesopotamia, Noah, Abraham, and Moses. During the Axial Age (800-200BCE), the focus of justice is in India, China, and Greece. In the post-Axial age, the focus is on Christianity. The authors then turn to Islam, where justice is conceived as a system, which emerges if the Qur’anic rules are followed. This work concludes with the views of early Muslim thinkers and on how these societies deteriorated after the death of the Prophet. The monograph is ideal for those interested in the conception of justice through the ages, Islamic studies, political Islam, and issues of peace and justice.

The extent of Islamicity, or what Islam demands, is measured to confirm that self-declared Muslim countries have not adopted foundational Islamic teachings for rule-compliant Muslim communities. Western countries, on the other hand, are demonstrated to have better implemented fundamental Islamic teachings for a thriving society.

The extent of Islamicity, or what Islam demands, is measured to confirm that self-declared Muslim countries have not adopted foundational Islamic teachings for rule-compliant Muslim communities. Western countries, on the other hand, are demonstrated to have better implemented fundamental Islamic teachings for a thriving society.

This study entails a theoretical reading of the Iranian modern history and follows an interdisciplinary agenda at the intersection of philosophy, psychoanalysis, economics, and politics and intends to offer a novel framework for the analysis of socio-economic development in Iran in the modern era. A brief review of Iranian modern history from the Constitutional Revolution to the Oil Nationalization Movement, the 1979 Islamic Revolution, and the recent Reformist and Green Movements demonstrates that Iranian people travelled full circle. This historical experience of socio-economic development revolving around the bitter question of “Why are we backward?” and its manifestation in perpetual socio-political instability and violence is the subject matter of this study. Michel Foucault’s conceived relation between the production of truth and production of wealth captures the essence of hypothesis offered in this study. Foucault (1980: 93–94) maintains that “In the last analysis, we must produce truth as we must produce wealth; indeed we must produce truth in order to produce wealth in the first place.” Based on a hybrid methodology combining hermeneutics of understanding and hermeneutics of suspicion, this monograph proposes that the failure to produce wealth has had particular roots in the failure in the production of truth and trust. At the heart of the proposed theoretical model is the following formula: the Iranian subject’s confused preference structure culminates in the formation of unstable coalitions which in turn leads to institutional failure, creating a chaotic social order and a turbulent history as experienced by the Iranian nation in the modern era. As such, the society oscillates between the chaotic states of socio-political anarchy emanating from irreconcilable differences between and within social assemblages and their affiliated hybrid forms of regimes of truth in the springs of freedom and repressive states of order in the winters of discontent. Each time, after the experience of chaos, the order is restored based on the emergence of a final arbiter (Iranian leviathan) as the evolved coping strategy for achieving conflict resolution. This highly volatile truth cycle produces the experience of socio-economic backwardness and violence. The explanatory power of the theoretical framework offered in the study exploring the relation between the production of truth, trust, and wealth is demonstrated via providing historical examples from strong events of Iranian modern history. The significant policy implications of the model are explored. This monograph will appeal to researchers, scholars, graduate students, policy makers and anyone interested in the Middle Eastern politics, Iran, development studies and political economy.

This book explains a perspective on the system of justice that emerges in Islam if rules are followed and how the Islamic system is differentiated from the conventional thinking on justice. It examines conceptions of justice from the Enlightenment to Bentham to Rawls to contemporary philosophers including Sen, Cohen, Nussbaum, and Pogge. The authors present the views of twentieth century Muslim thinkers on justice who see Muslims upholding rituals but not living according to Qur’anic rules. It provides empirical surveys of the current state of justice in Muslim countries analyzing the economic, social, and political state of affairs. The authors conclude by assessing the state of justice-injustice in Muslim countries and highlighting areas in need of attention for justice to prevail.

This book analyzes the political economy of the MENA region with a focus on pre-revolutionary political and economic conditions, the 2011 revolution itself, and post-revolutionary political processes in Tunisia. The author places particular emphasis on the political role of women, Islam, and democracy after the revolution, and argues that post-Revolution Tunisia serves as an ideal model for the MENA region to follow. This volume will interest scholars, students, researchers, and everyone who is interested in the politics of MENA and political economy.

This book analyzes the political economy of the MENA region with a focus on pre-revolutionary political and economic conditions, the 2011 revolution itself, and post-revolutionary political processes in Tunisia. The author places particular emphasis on the political role of women, Islam, and democracy after the revolution, and argues that post-Revolution Tunisia serves as an ideal model for the MENA region to follow. This volume will interest scholars, students, researchers, and everyone who is interested in the politics of MENA and political economy.

This book argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many Muslim countries, with substantial donor financial support, have not been effective. Economic indicators show low economic growth, persistent fiscal and external deficits and limited industrialization. Also, these countries are experiencing increases in unemployment, poverty and substantial growth in income and wealth ‎inequalities. These facts ‎underline an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of ‎macroeconomic and social adjustment policies. The project posits and investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim as well as non-Muslim ‎countries.

This book argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many Muslim countries, with substantial donor financial support, have not been effective. Economic indicators show low economic growth, persistent fiscal and external deficits and limited industrialization. Also, these countries are experiencing increases in unemployment, poverty and substantial growth in income and wealth ‎inequalities. These facts ‎underline an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of ‎macroeconomic and social adjustment policies. The project posits and investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim as well as non-Muslim ‎countries.

This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth.

This book examines the application of risk-sharing finance as a national economic policy in history and how it stimulated economic recovery during a short period in Germany between 1933 and 1935. Economic history indicates that risk-sharing instruments have promoted socio-economic development in many parts of the world while risk-shifting methods have imposed huge socio-economic costs on many nations, leading to debt slavery on individual members. This book highlights lessons to be learned from history and argues that risk-sharing is a powerful tool for generating rapid economic recovery and resumption of growth.

The discourse surrounding freedom of religion and expression in Muslim-majority countries is  complex and multifaceted, shaped by a myriad of factors including cultural, political, and legal dynamics. This volume examines the complex interplay of these factors within the contexts of Egypt and Malaysia, offering valuable insights into the challenges and advancements in safeguarding these fundamental freedoms. From the diverse interpretations of Islamic principles to the varying legal frameworks and the influence of global events, such as geopolitical conflicts and terrorism, on human rights dynamics, this volume provides a comprehensive exploration of the complexities involved. Moreover, it delves into the historical, social, and political contexts that shape the protection and limitation of these freedoms, offering a nuanced understanding of the evolving discourse surrounding human rights in Muslim-majority countries. Through comparative analyses and discussions on the role of civil society and advocacy groups, this volume serves as an invaluable resource for scholars, policymakers, and activists seeking to deepen their understanding of the multifaceted realm of freedom of religion and expression in Egypt and Malaysia.

In Muslim-majority countries, safeguarding minority rights and advancing gender equality are vital components of the broader human rights discussion. Minority rights encompass various groups, including ethnic, religious, and linguistic minorities, who often face discrimination, marginalisation and unequal treatment within society. These challenges are rooted in historical, cultural and socio-political factors that shape legal frameworks and societal attitudes towards minority communities. Similarly, gender dynamics play a significant role in the human rights discourse in these nations, as women encounter various forms of discrimination and inequality, such as limited access to education, employment, and participation in decision-making processes. This volume explores the legal frameworks concerning minority rights and gender equality in Egypt and Malaysia, shedding light on the challenges faced by marginalised groups in these countries. It evaluates the effectiveness of legal instruments and mechanisms in addressing discrimination and promoting inclusivity within these societies. Furthermore, it examines laws, government policies and court rulings related to women’s rights, covering essential topics such as education, employment and political engagement. This volume offers valuable insights for policymakers, legal practitioners, academics and activists dedicated to understanding and advocating for human rights in these societies.

This book explores how the recent development of Muslim countries as a group has fallen far short of non-Muslim countries, which, some have concluded, may be a result of Islamic teachings. The authors examine Muslim countries over time, viewing their progression on the Islamicity scale. They assess why some countries have done better than others, and to derive useful policy recommendations to improve political, social, human, governance and economic performance.

This book explores how the recent development of Muslim countries as a group has fallen far short of non-Muslim countries, which, some have concluded, may be a result of Islamic teachings. The authors examine Muslim countries over time, viewing their progression on the Islamicity scale. They assess why some countries have done better than others, and to derive useful policy recommendations to improve political, social, human, governance and economic performance.