Putting Ideas to Practice

Islamic economics has recently attracted the attention of the rulers of some Muslim countries who want advice on development strategies, financial management, and welfare programs. This is a welcome development as it makes fresh demands on this nascent discipline and obliges it to move from the general to the specific and from the academic to the practical and the operational. Islamic economists need to make their own analysis of the existing conditions in the countries in which they operate before they can translate their models of banking and finance, fiscal policy and distribution, into operational programs in specific countries. So far this has not been a strong point of Islamic economics. The research institutions serving Islamic economics should pay special attention to this aspect of their work.

Source: Dr. Muhammad Nejatullah Siddiqi, Economics An Islamic Approach. Republished with permission.