Preface
The present collection of articles comprises studies undertaken by Dr. Mohammad Manzoor Alam during his stay in Saudi Arabia. As these studies were undertaken at different times, repetition was unavoidable. But the collection is useful and comprehensive in as much as the author has dealt with value perspectives of Islamic Economics in a lucid and clear style. A reader who is uninitiated into the ideological underpinnings of Islamic Economics will find the collection eminently useful in broadening his understanding of the subject. The author has also selected some areas where the application of Islamic Economics and its principles are likely to produce the greatest impact on the basic economic challenges of modern societies.
The usefulness of the collection may be emphasised in view of the fact that few such comprehensive treatments of the values and precepts of Islamic Economics and its application is available in any single book in English. However, since these researches were undertaken, Islamic Economics has made commendable advances in the academic and analytical studies published in subsequent articles written by reputed Islamic Economists. But most of the later publications appear to assume minimum knowledge of the value perspectives of Islamic Economics on the part of the reader. In this respect this book is designed to fulfil the gap. We recommend the study of this book to all new entrants in the study of Islamic Economics.
Introduction
The genesis of this book 'Perspective on Islamic Economics' goes back to early eighties when I joined as an economic advisor in the Ministry of Finance and National Economy at Riyadh, Kingdom of Saudi Arabia. It was a period which may be called as Muslim intellectual crisis on the one hand and realisation that this situation called for special efforts to set the house of Muslim Ummah in order. On the other, during the same period many interesting and probing books had appeared from the Western writers on Social, Economic, Political and Religious dimensions of Islam. Some of them were: John L. Esposifo 'Islam and Development: Religion and Socio-political Change,' Maxime Rodinson 'Islam and Capitalism, 'R. Hrair Dekmejian 'Islam in Revolution: Fundamentalism in the Arab World, Alexander S. Cudsi & Ali E. Hillal Dessouki (ed) Islam and Power; Yvonne Yazbeck Haddad, Byron Haines, Ellison Findly, The Islamic Impact.
During the same period some of the most powerful and profound books of Muslim writers appeared like Ismail al Faruqi's Tawhid: Its Implications for Thought and Life: The Cultural Atlas of Islam, Fazlur Rehman's Islam and Modernity: Transformation of an Intellectual Tradition and Mohammad Asad's States and Government in Islam. Also the writings of Hasanal Banna, Syed Qutub, Syed Abul Ala Maudoodi, and Shaikh Sadruddin Islahi of Middle East and Subcontinent were calling for looking at Islam afresh and seek guidance in matter to society, economy, law and polity. avengem of Among the disciplines that have received special attention of Muslim Scholars was Economics. In this field a number of treatises and books have been written in different languages. Muslim economists and ulema have been exerting efforts in this field and thus have already realised some achievements but still it is in early stage of becoming an academic discipline.
The present work is primarily based on my research work (a) Economic System in Islamic Perspective, (b) Distribution of Income and Wealth in Islamic Perspective and (c) State and Economic Development in Islamic Perspective which were submitted to Research Centre of the University of Imam Mohammad Ibn Saud, Riyadh. The present book addresses both the common reader and the beginners of Islamic economics as a discipline. However, it invites the attention of scholar' to make an objective look at the principles of Islamic economics for proper garnering to undergraduate students.
The first part gives a broad view of the subject. It deals with ideological perspective, philosophical foundation, objective, mechanism of Islamic economic system and its nature.
The second part deals with the State and Economic Development, Factors of production and System of Income and Wealth and its distribution.
I am grateful to the centre for research in the Islamic University of Imam Mohammad Ibn Saud for providing me an opportunity to undertake my research in the field of Islamic economics. I bow my head before Allah Subhanahu Taala Who enabled me to write this book. It is beyond my ability to mention the names of all those scholars from whose books I am benefitted. But I especially thank Dr. F.R. Faridi who not only inspired and encouraged me to finalise this book also but took great pain to improve it. May Allah give him best rewards in both worlds. I am also thankful to the Institute of Objective Studies and its staff who helped me at every stage in bringing out it in a book form. May Allah accept their efforts and reward.
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