Working Paper Article Version 1 This version is not peer-reviewed

On Islamic Economic Development

Version 1 : Received: 5 March 2020 / Approved: 7 March 2020 / Online: 7 March 2020 (02:38:25 CET)

How to cite: Bulut, M.; Korkut, C. On Islamic Economic Development. Preprints 2020, 2020030111 Bulut, M.; Korkut, C. On Islamic Economic Development. Preprints 2020, 2020030111

Abstract

Muslim countries witnessed outstanding intellectual and socio-economic prosperity up to the 18th century when they fell into a period of regression following the Ottoman’s global decline. Currently, economically Muslim societies lags behind the modern western world. Scholars hold different views, including the radical notion that Islam is inherently anti-development and thus resists progress. This study discusses the Islamic philosophy and principles of development in the context of institutional economics. The basic principles of Islamic economic development drawn from the Islamic sources and historical experiences will be explored for a better understanding of Muslims’ current condition. This study addresses questions including whether basic religious precepts caused Muslims’ economic underdevelopment, while examining the development process according to Muslim perspectives. The institutions, the organizations, rules, and applications will also be explored in addition to the impact of those institutions on development. The context of development will also be evaluated according to Western value perspective. A model of Islamic economic development will be discussed in addition to the discussions of institutions that contributed to the early development of the Islamic world.

Subject Areas

Islamic development; economic development; waqf

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