Theory of Islamic Economic: The Future
When Islamic economics appeared on the scene during the middle of 20th century, poverty and underdevelopment prevailed all over the Muslim world. The emphasis on economic development and a bid to relate Islam to developmental efforts, so common in early Islamic economic literature, are understandable in that context.
The 21st century is going to dawn on a world of Islam with half of the OIC member countries outside the list of world's most poor countries. Though development is still important in all especially the poor half, there are other issues making people in Muslim countries anxious. Currency values are fast deteriorating in many Muslim countries. Foreign indebtedness is on the increase, intra-Islamic trade is declining.
Source: Dr. Muhammad Nejatullah Siddiqi, Economics An Islamic Approach. Republished with permission.
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