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 under performance 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.
About the Author
Abbas Mirakhor is former Executive Director and Dean of the Executive Board of the International Monetary Fund. Previously, he taught at universities in Iran and in the US and was the First Holder of the INCEIF Chair in Islamic Finance at INCEIF in Malaysia.
Hossein Askari is former Assistant Professor at Tufts University, Professor of Business and Middle East Studies at the University of Texas at Austin, and was the Iran Professor of Business and International Affairs at The George Washington University, becoming Emeritus in 2019.
Table of Contents
Capitalism and the Islamic Economic System
Overview of an Ideal Islamic System
Institutional Structure of a Sound Economy
The Rules Governing an Islamic Economy
The Operational Features of an Islamic Economy
Contemporary Muslim Economies and Rule Compliance
Towards Achieving the Ideal Islamic Economy
Title: Ideal Islamic Economy: An Introduction
Author(s): Hossein Askari and Abbas Mirakhor
Publisher: Palgrave Macmillan
Length: 276 pages
Pub. Date: August 12, 2017