By Timur Abimanyu, SH.

MH

The Washington Post

Problems of Research in Islamic Economics

By Prof. Dr. Nevzat Yalcintas

When a seminar on the "Problems of Research in Islamic Economics" was included in the
"First Annual Programme of Research Activities of Islamic Research and Training Institute
(IRTI)", in 1982 (1403H), as a programme item, it was intended to provide the scholars,
specialists and the researchers in Islamic economics an opportunity to come together and
discuss the problems of this newly born discipline; identify the problem areas and try to
indicate possible solutions. It has taken a bit more time than anticipated for this seminar to
materialize. However, it must be a source of satisfaction to all concerned that such a seminar
is now really taking place and giving the opportunity to discuss relevant academic issues.
We believe in the usefulness of this kind of academic exercise for every branch of scientific
knowledge. When we take in consideration the dynamic nature of Islamic economics;
observed in recent years, and the progress of implementation of Islamic principles in the
economic life of Muslim countries, the importance of academic gatherings in this particular
domain becomes vital. Like other branches of social sciences, research activities are the
main sources for the development of Islamic economics as a distinct branch of economic
studies.
No doubt research in the field of economics, finance and banking, as in the case of other
social sciences, cannot be alienated from existing socio-economic structure, institutional
framework, already designed policies and prevailing preferences of the society. These
interrelated factors define not only the scope but the very nature of research.
On the other hand, research in Islamic economics has another dimension distinct from other
value- neutral social sciences. Islam has its own set of values. Islam encompasses the entire
life style of the individual; it comprises principles, commandments and prohibitions which
guide the believers in their daily life and regulate relations between them. In economic life
as well, Islam lays down principles to be followed by individuals and societies.
The principles, which are meant to direct economic activities, are in the main sources of
Islam and can be found in the sound practices of Islamic societies in the past. These
principles are Lucid and easy to identify but an economic theory, in the framework of Islam,
and in the modern sense of the term, has yet to evolve. We can easily observe that Islamic
economic research is still in its infancy. However, numerous researchers and several
academic institutions are actively involved in the domain of Islamic economics and its
research works.
In this initial period of development of Islamic economics, an overall review of its research
problems may be quite thought provoking corrective and fruitful. Having this in mind, as an
objective, we will try, in this paper briefly, to touch upon the following aspects of research
problems in Islamic economics:
I. Historical Background
II. Conceptual Dimensions
III. Teaching Problems (As a direct expression of research)
IV. Institutional Contributions
V. Future Prospects
In short, in this background paper, we are trying to give an overall picture and quick glance
of these five important aspects of research problems in Islamic economics. Separate papers,
dealing with some of these issues in greater detail are also presented in this symposium.

I. HISTORICAL BACKGROUND
1. The heritage of Islamic literature, especially the original works of the first three
centuries of Hijrah, is full of ideas and perceptions about Islamic economics and the
economic system of Islam. It carries the seeds and early precursors of modem research.
In fact any study of the history of Islamic economic thought is bound to be incomplete
unless it gives due attention to the specialized works of Abu Ubaid, Abu Yusuf,
Muhammad bin Al Hasan, and other great pillars of Islamic thinking of that era, and
unless it links contemporary writings to their historical source of inspiration and pride.
By the same token contemporary researchers must take maximum benefit of this
magnificent heritage and found their thinking on these roots that are planted deep in the
history of mankind.
2. Thus, it is no surprise that the early precursors of modern Islamic economics came from
the circles of the Shari'ah scholars with the books of Sayyid Manazir Ahsan Gilani of
the Osmania University (India) and Muhammed Hafizur Rahman. Their works in Urdu
language, titled Islamic economics, and Islamic Economic system came in the early
forties and may have recorded the first time these two terms were ever used. They were
immediately followed by the inspiring, though condensed, works of Abu al A'la al
Maududi in the subcontinent (in Urdu and English) and Hasan al Banna in Egypt
(Arabic). Prof. Sabahuddin Zaim adds that about 4010 of the modern Turkish
publications, related to Islamic economics for the period ending 1975, came actually
before 1950. Yet the first contribution to Islamic economics by a trained economist had
to wait until about the second half of the decade When Dr. A.I. Qureshi published his
book on Islam and the theory of Interest, Which is the first milestone by a professional
in the history of research in Islamic economics. A new discipline was born in the fifth
decade of the present century. However, the early literature on Islamic economics has
two important characteristics which have visible impact: firstly, it is interwoven with
the Islamic resurgence and the assertion of the uniqueness of Islamic way of life,
uniqueness in its internal integrity and consistency, and in its comprehensiveness of all
aspects of human thinking and needs. Secondly, except for Qureshi's contribution, the
works on Islamic economics in the forties were done by specialists in Islamic Shari'ah
and Da'wah which gave a special flavor that accompanied the journey of research in
Islamic economics until the late seventies.
3. Then come the two decades or infancy of the new discipline, the fifties and the sixties,
during which many scholars were attracted to research in Islamic economics. Scholars
from both sides (Shari'ah and economics) were motivated to contribute to the newly
born discipline, thus enriching our knowledge and laying down the main chapters of
Islamic economics.
Naturally, the prohibition of ribs and the obligation of Zakah represented the two main
pillars of Islamic economics and attracted writers more than any other subject in
Islamic economics. These were followed by issues like the distribution of wealth, role
of state in the economic life, socio-economic mutual solidarity, and modes of
organization of economic activities.
This infancy stage of research in Islamic economics is characterized by the following:
(i) Literature on Islamic economics became more systematic and more scholarly,
where issues were taken as parts and components of a consistent one whole. Thus,
the totality of works of this period became more comprehensive than ever before.
(ii) Research because more linked to the basic sources of Islamic thought, the Qur'an
and Sunnah, and more attached to the heritage of centuries old stream of Islamic
literature.
(iii) Research on Islamic economics - became more oriented towards system
establishment as it is apparent from several publications of this era.
(iv) A focus on the possibility and practicability of running a credit system on interest
less basis was also characteristic of this period.
(v) The new discipline made a very moderate heading towards some universities
around the end of the sixties, especially the Islamic University of Umm Durman
in Sudan and the Saudi Arabian Universities where it entered initially as a section
of the then newly introduced subject, Islamic Culture.
 (vi) And lastly, research of this period was influenced by local and regional conflicts
of ideas. Thus we find most Arabic and Turkish writings having more emphasis
on the social aspects while most Pakistani writings put more emphasis on land,
growth, and organization of economic activity including free enterprise.
It was during the period that an important book, Iqtisaduna, (Our Economics) by
Muhammad Baqir al Sadr came out. This book is a capital work in Islamic economics.
Since its publication, it has been one of the reference books for researchers.
4. The end of the, sixties and, more important the beginning of the seventies witnessed
the rise of anew breed of trained economists who devote much of their interests in
exploring the economics of Islam.
Perhaps, the first meeting of students of economics ever held to discuss the issue of
Islamic economics was the Third East Coast Regional Conference of the Muslim
Students Association of the U.S. and Canada held in 1968. The conference was
attended by students of economics who were studying in American and Canadian
Universities. It provided the first forum for interaction on Islamic economics among
Muslims coming from different countries.
The King Faisal Prize winner, Prof. M.N. Siddiqi's writings, vivid discussions and
enthusiasm are worth to be mentioned as a landmark in the growth of research in
Islamic economics. His contributions and vision have their stamp on the discipline for
the last fifteen years.
5. Another major landmark was the First International Conference on Islamic economics
held in Makkah under the chairmanship of Dr. M. Omar Zubair, the then President of
King Abdulaziz University and with the active involvement of Prof. Khurshid Ahmad
of Pakistan, in 1979. The Conference brought under one roof more than 400 renowned
Muslim scholars, with common interests in Islamic economics, and as a result of it,
several publications came out by the sponsor as well as by private publishers. It
succeeded in putting the infant discipline in a new stage of young hood and pushing its
frontiers into the academic circles of universities and research institutions.
6. Moreover, since the first experiment for Islamic banking hi Mil Ghamr, Egypt, 1963,
the establishment of the Islamic Development Bank as an international banking body
for the Muslim World, in 1975, and the founding of the first private commercial Islamic
banking institution, the Islamic Bank of Dubai, 1974, the rise of Islamic banking has
been having manifold contributions to the promotion of research in Islamic economics.
The Islamic banks provide encouragement and moral uplifting to this kind of research in
addition to being its indispensable laboratories. They also provide jobs for Islamic
economists, pose challenges and issues for analysis to researchers, and provide financial
support to research activities as well as dissemination of the research products.
7. Finally, the 1980's bring a new phase to research in Islamic economics, the phase of
institutions. Both teaching and research institutions take lead of research in this area, as
it is put in some details in the following paragraphs.

II. CONCEPTUAL DIMENSIONS

Islamic economics, being a new discipline, is subject to conceptual differences among
economists who are working in this field. The research in this area has strong relations
with other branches of Islamic studies. Hence, The borderlines are not often clearly
defined between them and Islamic economics. Now, we will try to show some of the
main points of this problem:
1. It is natural for Islamic economics to be related to other areas of Islamic knowledge,
because it derives from the same sources as they do and deals with an aspect of
human behaviour whose other aspects are tackled by other branches of Islamics. Yet
Islamic economics has closer ties with some Islamic disciplines especially, ethics,
usul, (axioms) fiqh, theology (Aqidah), and history.
2. Islamic economics resembles, "Ilm al Usul" in its methodology. Usul goes from
minute details and individual texts backward to establish the general principles and
rules upon which they are based. It also deals with texts in a way that derives their
rationale and fundamentality. Similarly, Islamic economics deals with individual
texts in an attempt to discover the theorems they represent. It also tries to derive the
rationale of the material behaviour of man when he is governed by the rulings of
Shari'ah.
Moreover, Islamic economics leans heavily on "Ilm al Usul" since it uses Usul-
general rules and principles, in establishing consistent drawings of the Islamic
economic theories and system.
3. Islamic ethics provides the core of Islamic economics, i.e., its value system. A point
of divergence between Islamic economics and conventional economics was that
Islamic economists always refuse the neutrality of the economic science and confess
from the beginning that their discipline is value loaded. Thus ethics for Islamic
economics is an indispensable pre-requisite. The pattern of human behaviour that
Islamic economics basically assumes is that of a person inculcated with the Islamic
values of responsibility towards Allah, care about other persons, self discipline, self
contentment, altruism, etc.
4. Fiqh is intensively connected with Islamic economics to the extent that, for some
jurists, the latter is a modern version of Fiqh al Mu'amalat. In fact Fiqh al Mu'amalat
is best de find in English as business law. Undoubtedly Islamic business code sets
the legal framework of economic transactions, while Islamic economics studies the
rationale and motives of the same. More importantly, Islamic economics analyses the
aggregates of economic transactions.
Fiqh literature especially that of the early centuries of hijrah is in fact encyclopedic.
It contains, in addition to fiqh, the essence of the experience and wisdom of great
scholars. Thus, for contemporary Muslim economists, it is an inexhaustible source of
insight and indispensable for economic analysis if it was to carry the description
"Islamic".
More essential is the fact that most of the heritage of Islamic economics is found in
Fiqh Literature since the autonomy of this discipline is totally new. Historically,
many of what we call today as early expressions of the discipline are found in the
Fiqh writings.
Lastly, all Islamic economic propositions for practical solutions to issues and
problems have to fall in the hands of fuqaha' in order to put them in the juristic scoop
in accordance with Shari'ah. This is simply because, in Islamic economics, we do not
deal only with the how, but we also deal with the ought.
5. Islamic theology ('aqidah) is naturally the foundation of all Islamic branches of
knowledge upon which, like them Islamic economics is based. The outlook of life,
man, and his surroundings is in the core of Islamic economics without which it
would have never existed.
6. As for economic and political history of Islam, it provides the newly reborn discipline
of Islamic economics with historical experiments and laboratory as well as the
insight of macro analysis especially in major economic aggregates and in public
finance.
7. Islamic economics, although a new discipline, progressed well in the past decade and
is fast gaining academic respectability. This is understood from the fact that Islamic
economics has also now started attracting the attention of western economists.
Economists such as Volker Nienhaus, Badal Mukherjee and Ingo Kersten came out
with contributions to studies of Islamic economics from non-Muslim point of view.
Several other professional economists are watching the development of Islamic
economics and banking into a new paradigm of economic analysis with interest. This
has been possible mainly because of two reasons: First, most of the contributions
made to Islamic economics in this period came from professional Muslim
economists. Hence the discussion of Islamic economic system rose from polemical
to analytical levels. Now the arguments in favour of Islamic economic system are
being presented in a language and in an idiom, which economists understand. Islamic
economics is now fastly emerging as a new discipline and a new paradigm, as it is
developing its own terminology and issues.
8. The body of Islamic economic literature which has grown so far, may be classified
into the following groups:
(i) Islamic economic principles
(ii) Islamic economic theory
(iii) Islamic economic policy

Each one of the above may be described briefly as follows:

(I) Islamic Economic Principles
This part of Islamic economics is concerned with the elaboration of Islamic
Principles, which have important economic implications. For example,
distinguishing features of the; Islamic economy are stated in terms of Islamic
concepts, like Tawheed, Risalah, Khilafah, Adl, Ehsan, etc. Islamic economics
relates these concepts to economic aspects of individual and society and
investigates the structure and working of a society which is based upon these
principles. The elaboration of Islamic economic principles follows a descriptive
cum analytical method.
(II) Islamic Economic Theory
It adopts a theoretical and analytical approach to study economic issues under
Islamic framework. Methodology of Islamic economic theory is mostly the same
as is commonly used in economic theory i.e. first, some assumptions are revoked
and certain behavioural postulates are laid down. Then a particular issue is
investigated using deductive logic and reasoning. In case of Islamic economics,
behavioural postulates and assumptions are derived from various sources of
Islamic knowledge viz. Quran, Sunnah, and Fiqh. It should be clear that results
obtained through the use of this method are not "the" Islamic solutions to various
issues. They are subject to all the limitations of theoretical methods, i.e., they are
usually sensitive to assumptions made in the economic models, and are likely to
change if any of the assumptions is relaxed.
 Hence, care should be taken to interpret the results obtained from Islamic
economic theory. It should not be confused with the religion of Islam. It may be
explained with an example. Some Islamic writers have argued that an imposition
of 100% reserve requirement would stabilize the money market in an Islamic
economy. It should be clearly understood that this is not necessarily the position
of Islam itself. It is the opinion of the economists who think that economy
operating in an Islamic framework may respond favourably to this suggestion.
Hence, within Islamic framework there is ample room, for theorizing, for
difference of opinion and disagreement. It should be looked so and should not be
confused with Islamic religion.
(III) Islamic Economic policy
A few countries in the Islamic world have taken up the task of Islamizing their
economies. They want to restructure their economic organizations and
institutions to make them conform to Islamic injunctions. This has led to a
search of economic principles in whose light Islamic economic reform could be
introduced in the economy. Consequently, considerable amount of literature has
accumulated in the last few years which deals how economies of present day
Muslim countries could be made more Islamic. This part of Islamic economic
literature might be termed as related to Islamic economic policy.
9. Like other economic studies, Islamic economics also becomes relevant in its applied
form. In the past twenty years or so, two important applied branches of Islamic
economics have emerged. These are:
(i) Islamic Banking
(ii) Islamic public Finance
Islamic economists have made significant contribution in the area of banking and
monetary economics by showing the feasibility and efficiency of interest-free
banking system. With this point of reference they have also critically examined all
the related issues in monetary economics and monetary policy such as nature and
definition of money, role of money in the economic system, credit creation by
commercial banks, monetary stability and inflation, indexation, ingredients of a
sound monetary policy, etc.
10. Another area of applied Islamic economics is Islamic public finance. In this
connection, central role is assigned to Zakah, and its connection with fiscal policy
of Islamic economy is explored. A considerable amount of literature has
accumulated on the economics of Zakah. It examines the applicability of Zakah in
modern Muslim societies and estimates its possible macro economic effects on
consumption, production, distribution of income, and growth of economy. Other
related issues which have been examined in this connection include: goals of fiscal
policy in Islamic state, taxation system of Islamic economy, inter-relationship
between Zakah and taxation system, public expenditure of Islamic economy etc.
11. Another area of importance for Islamic economists is economic cooperation
amongst Muslim countries. Under the umbrella of the O.I.C., several organizations
have been established to promote such cooperation. Institutions such as SESRTCIC
and IRTI have undertaken research studies on this subject. Its importance for
economic development of Muslim countries is self evident. IRTI has chosen this
tea of research as one of the main domains in its research programme and many
studies have been already produced in the institute.
III. TEACHING PROBLEMS
1. Research in Islamic economics is the main source for its teaching and it would not be
unjustified to say that teaching of Islamic economic principles has never been
discontinued in the history of the Muslim educational programmes. This historical
continuity has been maintained by the Shari'ah oriented teaching institutions in
different parts of the Islamic world. In the present age, as an example of such
educational institutions, al-Azhar University, Cairo, University of Umm al Qura,
Makka al Mukarramah, Islamic Universities of al Madinah al Munawarah, Umm
Durman, Sudan and Imam Mohammad bin Saud, Riyadh can be mentioned.
Recently, some of these institutions established specialized departments to teach
Islamic economics. These include the department of Islamic economics in Umm al
Qura University and department of Islamic economics in Imam Mohammad bin
Saud University. The International Institute of Islamic Economics, International
Islamic University, Islamabad and Kuliya of Economics, International Islamic
University, Malaysia are the two other institutions that offer specialized teaching
programmes in Islamic economics. Other Universities mentioned above in addition
to the University of Sokoto, Nigeria and some educational institutions in Pakistan
and elsewhere offer courses in Islamic economics in the framework of their existing
programmes.
2. The Islamic Research and Training Institute provides specialized training in Islamic
economics, finance, banking and development to the personnel engaged in
developmental activities in the Islamic world.
3. With the advent of the 15th century after Hijra corresponding to the 1980’s a number
of teaching programmes in the subject were initiated. In general, all these
programmes are designed to achieve a common objective: to enable students to study
and analyse the economic problems in the framework of Shari'ah. However,
depending on the nature of specialization of manpower who organize these
programmes, their orientation varies. The training offered by the departments of
Islamic economics in Umm al Qura and Imam Mohammad Universities are more
Shari'ah oriented. Those offered by the International Institute of Islamic Economics,
Islamabad and Kuliya of Economics, Malaysia are more focused on economics.
These differences in orientation in fact determine comparative advantages of the
respective institutions and can be utilized as the basis of cooperation among them.
4. Although during the last five years four specialized teaching institutions have been
established and substantial progress in theoretical research in Islamic economics has
been achieved, teaching programmes still face a number of serious difficulties.
These problems can be briefly stated as follows:
(a) Trained Manpower: Islamic economics as an infant academic discipline aims at
integrating Islamic economic values and Shari'ah with economics as an
analytical science. The primary requirement for the achievement of this objective
is the availability of trained manpower. Since attempts to supply manpower
characterized as such are new, the difficulty is not unexpected. Compared to the
needs, the efforts made in this direction, although valuable can only be
considered as highly modest.
(b) Teaching Materials: As a new discipline, it is natural for Islamic economics to be
short in teaching material. Although considerable progress has taken place in
 theoretical research in Islamic economics, there are hardly any systematic studies
to be used as textbooks for teaching programmes.
(c) Course Structure: Apart from the specialized courses in Islamic economics, the
Islamic perspective should be embodied in different other courses viz., economic
development, planning, history, public finance, monetary economics, etc. Yet
such dimensions have hardly been, incorporated in the teaching programmes of
economics throughout the universities of the Muslim world. This may partly be
due to the manpower problem mentioned above and partly due to limited
dissemination of research.
(d) Limited Teaching Programmes: Except for the specialized teaching programmes
and courses offered by some institutions, teaching Islamic economics has been
initiated neither in the Muslim academic institutions specialized in economics
nor in the academic institutions of the West. There is a hesitation to establish
chairs of Islamic economics in such, establishments.
(e) Lack of Co-ordination between the existing Programmes: Although the academic
institutions engaged in teaching the subject remain aware of each other's
activities, yet, no systematic plan of cooperation for exchange of staff,
organizing workshops and symposia on teaching is being adopted.
(f) Absorption of the Trained Islamic Economists: The teaching programmes are in
the initial stages of generating professional Islamic economists. However, it is
quite natural that future demand for these programmes will depend on how the
professionals are employed in practical fields. If reasonable employment
opportunities are not provided to such professionals it will be detrimental to the
progress of teaching Islamic economics.
5. The objectives of a research programme can only be effectively fulfilled, if its results
are properly disseminated through publications. This is more true in case of a subject
like Islamic economics, which is in its initial stages of evolution. Since the first
International Conference on Islamic economics in Makkah 1976 considerable amount
of theoretical literature has been published particularly in the Arabic and English
languages. Most of this literature is in the form of proceedings of seminars,
conferences and symposia. Individual works in the form of dissertations, books,
articles in professional Journals are in rapid increase. Specialized Journals viz., The
Journal of Research in Islamic Economics (Arabic/English) published by the Centre
for Research in Islamic Economics, King Abdulaziz University, Thoughts on
Economics, published in English by the Islamic Economics Research Bureau, Dhaka,
and Islamic Economics published in Arabic by the Dubai Islamic Bank can be cited
as signs of progress in dissemination of research.
6. Another important dimension of the dissemination aspect of research is preparation
and updating of bibliographic references. The publication of a number of
bibliographies has facilitated recording and updating the progress of research in the
field of Islamic economics.
Inter-lingual translation of important works, reprint of old publications, publication of
manuscripts and dissertations have important bearing on the progress of research in
this subject. The contributions of the Islamic Foundation, Leicester, U.K. and the
Centre for Research in Islamic economics, Jeddah, are invaluable in this direction but
can only be treated as modest compared to the amount of literature waiting for
 translation and publications. Concerted individual and institutional efforts are needed
in this area.

IV. INSTITUTIONAL CONTRIBUTIONS

1. Islamic revivalist efforts and moves led individual Muslim scholars to pioneer
researches in Islamic economics in an attempt to find a substitute for the
conventional principles and theories to solve the complex economic problems of
modern life. They initiated on their personal level, investigations and studies to
develop theories and work out principles based on Islamic framework. These
valuable personal contributions to academic research in building and developing the
new discipline of Islamic economics within the general framework of Islamic
thinking influenced and attracted other professional economists.
2. As a result, a general academic awareness dawned among Muslim scholars. It led
them to contribute to the growth of Islamic economics. Urged by their desire for
scientific analysis of economic problems and evolving viable solutions on the basis
of Islamic principles the scholars organized themselves into different institutions in
different parts of the world. Though in the initial stages, these research institutions
had no collaboration among themselves, later on, they came closer to each other,
coordinating their research efforts, forging a strong cooperation and showing a
collective spirit.
3. These kinds of research institutions sprang up at national and international levels.
More coordination and cooperation are being achieved in the domain of academic
work in Islamic economics. They do not restrict their activities to research alone,
rather they started disseminating their findings by offering teaching and training
programmes and through publications. A brief description of some of those
institutions is given below:
(a) Centre for Research in Islamic Economics (CRIE), King Abdulaziz University,
Jeddah As a recommendation of the First International Conference on Islamic
Economics organized by the King Abdulaziz University, Jeddah (Safar
1396H/February 1976), the University established CRIE in 1397H/ 1977.
The Centre aims to:
- establish a specialized library that would collect scholarly works in the field
of Islamic economics in various languages and issue catalogues to research
scholars everywhere;
- conduct and support theoretical and applied research in various fields of
Islamic economics, publish textbooks and organize training courses;
- promote co-operation in the field of Islamic economics research;
- publish research papers and periodicals; and
- help in establishing chairs for teaching of Islamic economics, provide
scholarships for research and promote lectures, conferences and regional
symposia.
GRIE publishes the Journal of Research in Islamic Economics, a biannual
professional journal in the subject. The Centre has made valuable contribution in
publications and organized various academic meetings.
(b) Islamic Research and Training Institute (IRTI) Jeddah IRTI which was
established according to the Article 2 of the Agreement establishing the Islamic
Development Bank, started its functioning by the end of 1982 (1403H). The.
 Institute aims to organize and coordinate basic and applied research with a view
to developing models and methods of Islamic economics, finance and banking.
IRTI further aims to provide training facilities in the same subjects and to
establish an Information Centre to collect, systematize and disseminate
information in fields related to its activities. Furthermore, according to its
Statute, it can undertake any other activity, which may advance its purpose.
Academic activities of IRTI are carried out by three divisions for research,
training and information. The functions of the Research Divisions are performed
by its Internal, External and Dissemination Sections. According to its research
chart, the Institute's internal research activities fall into three main categories:
1. References: preparing of bibliographies, indexes and glossaries in Islamic
economics, banking and finance.
2. Basic research: aiming at making theoretical contributions to Islamic
economics and related aspects of jurisprudence.
3. Applied research: aiming at proposing solutions to economic problems
particularly in the Islamic region.
So far Research Division of IRTI has realized 41 Research Projects in these
three domains. Fourteen more are in progress.
On the other hand, one of the most important objectives of the External
Research Section is to deal with the promotion and encouragement
programme, which is designed to encourage and foster academic activities
considered important for the Bank as well as IRTI. It also aims at mobilizing
intellectual potentials of the Islamic Ummah. External Research Section has
established close cooperation with universities and similar institutions. The
section organizes lectures in the IDB headquarters and invites renowned
scholars.
The Dissemination Section looks after the translation of researches, their
publications and distribution.
The Training Division or IRTI organizes seminars and training programmes
on important subjects relevant to IRTI and the Bank. So far, the division has
conducted seminars on "Management and Development of Awqaf
Properties", "Management of Zakah in a Modern Muslim Society", "The
Financial Resources of a Modern Muslim Society" and "Developing a
System of Islamic Financial Instruments".
The newly established information Centre has started collecting relevant data
on different aspects of the Islamic economies.
(c) International Institute of Islamic Economics (IIIE) International Islamic
University, Islamabad, Pakistan
The IIIE came into existence following an amendment to the Islamic
University, Islamabad Ordinance, 1980. The IIIE is comprised of three distinct
but inter-related functional entities entrusted with specific objectives:
1. School of Economics: it is basically a teaching oriented entity aiming at
teaching and studying economics, Islamic economics and related
disciplines at undergraduate, graduate, doctoral and post doctoral levels.
 2. Research Centre: it aims at conducting and promoting research on
theoretical issues in Islamic economics as well as on practical problems
facing the economies of the Muslim countries.
3. Resource Centre: it aims to serve as a data bank for scholars, researchers
and policy makers in the fields of Islamic economics and economic
features of the Islamic countries.
Kulliyah of Economics,. International' Islamic University (IIIU), Malaysia
The Kulliyah (College) of Economics came into existence with the inception of
IIU on 16th July, 1983. It is an integrated teaching unit offering a four-year
undergraduate programme in economics in general Shari'ah framework of the
IIU. By its teaching programmes the Kulliyah aims to produce graduates, who
are well equipped with required technical skills blended with Islamic spiritual
values so that they can playa meaningful role in society after graduation.
(e) Department of Islamic Economics, Imam Mohammad Bin Saud Islamic
University, Riyadh
Established in 1399H-1400H/1979-80, basically a teaching department, it aims
at the following objectives:
1. Equipping students with necessary knowledge in Islamic economics to be
engaged in various aspects of economic and administrative works in the
society.
2. Training researchers in Islamic economics who can combine technical
economic knowledge with Islamic Jurisprudence, so that they can take
responsibility of serving and teaching Islamic economics. This is particularly
important as the leaders and peoples of the Islamic world are seeking Islamic
economic solutions to the ever-increasing problems of modern times.
(f) Islamic Economics Research Bureau, (IERB) Dhaka, Bangladesh IERB was
established by a group of Islamic thinkers and intellectuals in Bangladesh in
1976. The Bureau is a non-profit private research institution. It is principally
designed to undertake research on different branches of Islamic economics in
order to develop the same as a separate academic discipline forming a theoretical
base for providing solutions to the acute economic problems that the world is
facing today.
Specifically its objectives are summarized as follows:
1. To undertake researches in Islamic economics.
2. To conduct and support schemes to write, translate and publish books in
Islamic economics.
3. To hold meetings, seminars and symposia in Islamic economics.
4. To develop a group of specialists in Islamic economic system.
5. To promote cooperation and collaboration with other similar organizations
and institutions in the world.
As far as its achievements within the short span of its existence are concerned, it
has published two books in English and one book in Bengali, held two seminars
and published their proceedings. It publishes a quarterly research journal on
Islamic economics titled Thoughts on Economics.
 4. In addition to these institutions, an International Association for Islamic Economics
was established in July 1984. The principal objective of the Association is to strive
for the reconstruction of economics from an Islamic perspective. The Association
will be active in the fields of research, teaching, publication and promotion of
Islamic economics.
5. Other organizations are deeply committed to promoting research in Islamic
economics such as the International Association of Islamic Banks, Cairo, Institute of
Policy Studies in Islamabad, Research Units of Islamic Banks, the International
Institute of Islamic Banking and Economics in Cairo, and the newly established
Centre of Studies and Research in Islamic Economics in France. Moreover, one
should not forget the long-lasting impact of the role played by the International
Institute of Islamic Banking and Economics, which was in Kibris.
The common problems generally faced by all institutes of Islamic economics can be
described:
1. Academic problems
2. Management problems
3. Financial problems
4. Qualified Manpower problems
5. Coordination problems
Since these problems are dealt with in other papers in this symposium, we only
mention them in order to emphasize their magnitude and importance.

V. FUTURE PROSPECTS OF RESEARCH IN ISLAMIC ECONOMICS

1. A cursory glance at the literature of Islamic economics reveals that valuable and
significant work has been done in the past twenty years on crucial issues. Nevertheless, it
should not lead to any complacency since much more remains to be done. In case Islamic
economics has to offer a new paradigm of economics, it will have to extends its scope,
tread in new areas and offer new and workable prescriptions for the economic ills of our
times and societies. Hence the question: What future direction further progress of
research in Islamic economics might take? It is not usually easy to provide any definite
answer to such a question, however, it is possible to give more indications in a few areas
where we need to concentrate our attention.
(a) Methodology:
Contemporary writings on Islamic economics have been criticized on the ground that
they generally adopt neo-classical techniques of economic analysis. The critics have
not yet offered any alternative technique of analysis. Nevertheless, there is a need to
take a hard and critical look at contemporary and prevailing methods of economics
analysis and their suitability to the requirements of Islamic economics. In this
connection, there is a special need to critically examine the assumption:; behind
certain basic concepts, such as pricing, profit, entrepreneur, maximization,
distribution, etc. Such concepts must not be unqualifiedly accepted in Islamic
economics.
(b) Micro-Economics:
 Much of what has been written on Islamic economics has adopted a macro view of
Islamic economy. However, it is generally accepted in all quarters that micro-
economics provides the foundation stone upon which the edifice of macro-
economics is built. Although there have been some attempts to theorize on how an
individual consumer behaves in Islamic economy, not much has been done to study
the theory of production and producers, and theory of markets in the Islamic
framework. Construction of a micro- economic theory under the Islamic constraints
might be the most challenging task before the Islamic economists.
(c) Macro-economic Models:
There have been several efforts to formulate macro economic models of Islamic
economy, but most of these attempts have been carried out at the aggregate level. In
future, it may be useful to disaggregate the basic model into various sectors, study the
inter-relationship between various sectors and work out the general equilibrium
conditions for the Islamic economy.
(d) Development Theory:
Theory of economic development in the Islamic perspective assumes more
importance in view of the fact that most of the present day Muslim countries are
developing countries. Although some economists have already written on the subject
on Islam and development, an Islamic Theory of Development is yet to emerge.
Problems of development in the Muslim world are too complex and too intricate.
Hence, this is an area of Islamic economics, which deserves much attention.
(e) Islamic Finance and Banking:
Although considerable amount of work has already been done in the areas of Islamic
finance and banking, significant issues, still remain unresolved. In Islamic banking,
there is a problem of short-term credit to certain sectors and activities in which the
principle of profit-sharing is not easy to apply. Similarly, Islamic banks need some
kind of financial instruments in which they can invest short-term liquid funds. This is
also linked with the general problem of development of Islamic financial instruments
and secondary markets. All those and other related issues need analysis and
elaboration.
2. Universities can playa very useful role in the development of Islamic economics. The
discipline of economics owes much to professional economists and university
departments for its growth and refinement. Same can happen to Islamic economics. It is
promising to note that Islamic economics is now taught at various Universities in
Pakistan, Malaysia, the Middle East and elsewhere. The rise of full-fledged departments
of Islamic economics would lead to a multiplier effect in the growth of Islamic
economics. Some Western Universities, which are already accepting subjects of Islamic
economics for doctoral dissertations, may be persuaded to establish special chairs of
Islamic economics.
So far Islamic economics is mostly being taught in the Faculties of Shari'ah except a few
universities. Efforts should be made that Islamic economics should be taught in Faculty
of Economics. The economics curricula of Muslim Universities may be modified and
adjusted to accommodate Islamic Economics. There is a need to undertake research work
on teaching of Islamic economics. If feasible, a separate conference of economics
teachers should be organized to discuss the issues involved in it.
3. Besides universities, research institutions, will also playa significant role in the
development of the subject. As some of them have been already mentioned in this paper,
there are a number of such institutions. However, there is a great need of cooperation and
coordination in these efforts so that duplication and waste of resources could be avoided.
4. But how priorities in research on Islamic economics should be determined?
No doubt, so far market forces and free will of researchers have been allocating the
research efforts. Given the diversity of Islamic world there is no need to intervene in this
process. However, some guidance may be provided on the issue of priority areas of
research by various research conferences, which are held from time to time. It may be a
good idea to hold symposium of the present type every two years to review the progress
of research in Islamic economics achieved during the period.

CONCLUSIONS
Islamic economics, as it was already pointed out, is a new dynamic discipline of
knowledge. Hence, it bears all the advantages and disadvantages of being new. We have
tried, in this background paper to identify, the main problem areas of this new discipline in
the field of research and to analyze them. No doubt that problems do not consist of only
what has been mentioned here, there are certainly others. But we think that those problems
described in this paper are quite important. They can be summarized as follows:
(a) Conceptual differences in Islamic economics. These come mainly from conceiving
different theoretical aspects of Islamic economics and its relations with other branches
of Islamic studies.
(b) Reluctance on the part of Universities and other teaching institutions to establish chairs
and courses in Islamic economics and undertake research work in an organized and
regular manner.
(c) Institutional difficulties, which are mainly managerial, financial, manpower-wise and
more serious ones, lack of academic freedom in several cases.
(d) Problems in implementation: Islamic economic policies began to be implemented in
some Muslim countries in some sectors of economic life. This implementation has a
favourable effect on research activities. At the same time, it also brings in new problems
which await solution.

These problems and other can be solved with the development of research activities and
advancing their academic level. This level, certainly, depends, before all other factors on the
qualifications of researchers themselves. A researcher working in Islamic economics must
have, I believe, the following academic qualifications in order to be able to contribute in this
new field:
(i) Sound, deep and up-to-date knowledge of economics;
(ii) Solid background of Shari'ah
(iii) Proficiency in Arabic to be able to use primary sources

I think, these are the basic requirements for any researcher working in this new domain.
Some might find it difficult and unnecessary, especially for the third qualification. But those
who are serious about research will appreciate it. We have also to bear in mind that no
important step in Islamic studies can be realized without sufficient knowledge of Arabic. As
we have seen in this paper, the ties of Islamic economics with other branches of Islamics are
direct and very strong. Available translated sources cannot entirely satisfy the need.
Like in every scientific discipline and particularly a new branch of social sciences, one of
the most dangerous developments is easy writing and speculation. Islamic economics also
cannot be exempted from this tendency. Only a well established, serious research
environment can prevent this tendency and protect it against the juvenile sickness of a new
discipline.
Solving problems of research in Islamic economics requires good will, patience and a
continual hard work from the scholars, researchers and the specialized bodies.
Prof. Dr. Nevzat Yalcintas is the Head of Research Division of the Islamic Research and Training Institute of the Islamic
Development Bank. He acknowledges the contributions of his colleagues Dr. Hasmat Basar, Dr. Monzer Kahf, Dr. Ausaf
Ahmad and Tariqullah Khan in the preparation of this paper

Comments
1. Dr. Bassam Al-Saket
I think, Professor Nevzat's paper is, neatly organized and carefully prepared. It merits the
extension of our sincere gratitude to Professor Yalcintas. However, I would like to make
the following remarks about the content and context of the paper.
1. Although the historical background expounded on page 3 and its following pages
cover salient events in the history of Islamic economic research, no allusion to the
great Arab thinker, Ibn Khaldun, who had paved the way for the pioneers of economic
thought, was included. I wish it had been incorporated in the first paragraph, of page 3.
2. I would also like to draw the author's attention to the necessity of having included in
the paper other Islamic financial measures (besides the Zakah Premium) such as Jizya,
Kharaj and the Kaffarat under Paragraph 3 of page 4.
3. While sincerely and deeply appreciating the author's attempt to highlight the
characteristics of research in Islamic economics, presented on pages 4 and 5 of the
Paper, I would like to raise the following question:
Is it to be inferred from those characteristics that the past research in Islamic
economics was less related to the basic Islamic sources (like the Quran and the Sunna)
than it is now, or was it, otherwise, subjected to a good deal of objectivity?
4. Concerning the second part of the Paper, dealing with “Conceptual Dimensions” (pp.
7-13), I approve of the argument, Paragraph 3, page 9, describing research in Islamic
economics not only as positive but also normative, or to quote the original text, "In
Islamic economics, we do not deal only with how, but we also deal with the aught". It
must be asserted, however, that the Postulates contended by Islamic economics are
actually derived from the religious precepts that Muslims uphold. It follows therefore,
that these postulates need no testing whatsoever, and that Islamic economics must be
looked upon as dealing with a well defined line of living. This does not mean;
however, that it offers a rigid theory, but rather an ideology which accepts,
materialistic practices only by way of adapting them to Islamic principles.
 Commenting on the methodology of research in Islamic economics, as presented on
page 11, I should like to remark that the economic theories of such research can be
built on the deductive method. The deductive method, requires a deep and penetrating
knowledge of all the data that are to be studied, and also of both the Islamic Shari'ah
and the fundamental sources thereof (Usul). The deductive method is, accordingly,
more cost-saving than the other, known as the inductive, or the method of Statistical
analysis. Both the deductive and inductive methods are employed in economic
research, not only the deductive method, as claimed on page 11 of the Paper under the
title of "The Islamic economic theory".
The Paper would have had better made reference to the efforts, which if exerted,
would shed some light upon the "degree of corroboration" the researcher might cite for
his assertion that it is an Islamic theory of economics that he is trying to expound
rather than an Islamic doctrine, as I find it necessary to call it.
5. Reference to the institutes which have been established for the study of Islamic
economics and for research, the paper would have had better given further details
about quantity and quality (i.e. details about the number of graduates and their calibre
as well as teachers). This last item is extremely important because one of the major
problems we suffer from is the shortage of well- trained instructors an issue which the
researcher himself emphasized on page 15 but soon and strangely enough contradicted
when on the same page he made reference to the problem of the shortage of
opportunities open to professional economists which limits and even threatens the
future of instruction in Islamic economics.
6. The Researcher also pointed out the inadequacy of the teaching material prescribed for
instruction in Islamic economics. Such inadequacy, I believe, would reflect
negatively on the field of research, since research is the major source of instructional
and educational material.
7. I believe that one of the major problems of research in Islamic economics is the weak
linkage and affinity that institutions of Islamic research and instruction have towards
one another on both the levels of Seminars and exchange of views and Information.
The Author has, moreover, referred to the weak coordination among the institutions
that give instruction in Islamic economics.
8. To make sure that readers, concerned institutions, universities, researchers and Islamic
banks have access to the literature of Islamic economics, due attention needs to be
paid to the activities of printing, publication and advertisement. As things are,
publication is limited and dissemination is more so. The need arises for publishing
economic information at prices convenient for the students, researchers as well as
bookshops.
9. The Researcher has thankfully listed the institutions that give instructions and
undertake research in Islamic economics. He has also listed the objectives which
these institutions try to achieve. In my belief, the list of objectives must include
research in the area of locating causes of economic failure and poverty within the
 Muslim states and its gradation. In other words, research must address itself to policy
making with a view to-alleviate misery, suffering and injustice.
10. Taking into consideration the fact that most countries of the Islamic World are still
developing and that quite a number among them are least developed, I second the
researcher’s suggestion for further research to establish an Islamic concept and
paradigm of development in the near future.
11. I do share the author's anxiety over the need for further research in Islamic finance.
While admitting that Industry and economic projects in the Muslim states require
long- term finance, and that profit- sharing can help alleviate the financing problem, I
still find that short- term financing has not yet been discussed by Islamic economists
as adequately as it should be. The problem lies in liquidity available at some Islamic
financial institutions.
12. The author has stated some Western universities have started to establish chairs for
Islamic economics, and he sees this, as a step in the right direction, therefore must be
encouraged. May I ask whether encouragement should not be extended at the same
time to the endeavour of bringing professors of Islamic economics and conventional
economics together in seminars, convened on selective basis, so that both parties
may jointly study various aspects of Islam and of Islamic economics, and then come
out with certain foundations and policies that may be useful for the application of
Shari'ah and Islamic economics? Such an endeavour could be useful, provided that
"ifta" (Last resort deliverance of Islamic legal opinion) are avoided, and conclusions
arrived at are referred to Shari'ah scholars.
13. The author has kept silent as on the matter that while a good number of Western
teaching institutions have allowed to undertake research in Islamic economics,
generally speaking academic and teaching institutions in the Islamic countries have,
on the other hand, are hesitating to reserve staff seats or to prepare curricula for
Islamic economic instruction.
14. The author has also made a hint at the lack of academic freedom pertaining to certain
fields of research at institutes that provide instructions in Islamic economics. What
does the author specifically mean? One wonders how section Four of the Paper has
missed to include Al Albait Foundation among the institutions that do contribute and
may still contribute to research in Islamic economics. Such an addition can easily be
made (on page 24, for example).
5. Under the last section of the research, and more specifically under conclusions on
page 29, the author has listed the qualifications which a researcher in Islamic
economics must carry. To these I should like to add and to emphasize the necessity
of the researcher's having full faith in Islam and an excellent aptitude to establish a
sense of trustfulness and credibility in people around him. The lack of faith and
credibility shall cause serious danger to Islam itself.
16. Last, but not least, I would have liked to find in this Paper some allusions to or rather
some estimates of the funds allocated by individual Islamic states for the financing of
research in Islamic economics in their budgets. It is an important requisite towards
 which I should like to draw the attention of the participants to, they will persistently
exert efforts to correct this unfortunate neglect of financial support, and to urge
official authorities to allocate funds for search- financing in their budgets. It might as
well be proper to ask the Islamic banks, so much necessarily expected to cater for the
Islamic world's developmental needs, to do something to remedy things.
Finally I do emphasize my appreciation for the efforts exerted in this Paper.
2. Dr. Abed Kharabsheh
This topic is very important not only to me, but also for all those specialized in
economics. I feel that this paper adds to our stock of knowledge and there is no doubt,
that the writer knows well the problems facing: research in Islamic economics through
his experience as head of the research division of IRTI.
The Writer has summarized the steps taken by economists, research institutions, and
universities to develop this new important dynamic academic discipline. In addition he
presents and analyzes the main problems of research in Islamic economics.
The main Problems discussed by the writer are as follows:
(a) - Conceptual differences in Islamic economics, resulting from conceiving different
theoretical aspects of Islamic economics and its relations with other branches of
Islamic studies.
(b) - Reluctance on the part of universities and other institutions to establish chairs and
undertake research work in an organized and regular manner.
(c) - Institutional difficulties, which are mainly managerial, financial, man power-wise,
and lack of academic freedom.
(d) - Problems in implementation, Islamic economic policies began to be implemented
in some Muslim countries in some sectors of economic life. This implementation
has a favorable effect on research activities.
At the same time, it also brings in new problems which avail solutions.

The Writer mentions the following academic qualifications for economists who want to
contribute to research in Islamic economics:
(a) - Sound, deep and up-to-date knowledge of economics;
(b) - Solid background of Shari'ah;
(c) - Proficiency in Arabic to be able to use primary sources.
I want to add to this list, willingness, patience, feeling the challenge of other ideologies the
individual researcher and proper environment of work as prerequisites of research.
In addition to the problems discussed directly or indirectly by the writer, let me summarize
some others as follows:
1. Application of Islam as a total and complete way of life.
2. Islamization of all social sciences. Such as sociology, economics psychology, education...
etc. Problems of research in Islamic economics cannot be solved unless other fields of
social sciences are also dealt with properly because of the inter-relationship between
these fields of social sciences.
3. Most Muslim economists lack knowledge about Islam or believe strongly in other
ideologies. Such scholars are not expected to undertake research in Islamic economics.
4. Inspite of the importance of these scattered efforts of research in Islamic economics and
developing Islamic institutions, the benefits will be very limited unless these researches
and institutions are used effectively by Muslim societies in the field of education and
formulation of policies.
5. Existing research in Islamic economics is concentrated heavily on the Islamic economic
system. Little efforts have been made to develop theories consistent with Islamic
economic system.
6. Most Shari'ah scholars lack knowledge of economics and most economists lack solid
background of shari'ah. So, research in Islamic economics will continue to move slowly,
unless effective and sincere efforts are made to overcome this problem.
7. Economic theory is derived from the actual behaviour of the private and public
institutions. So, to develop theories and analytical tools, Islamic institutions have to be
established.
This helps economists testing the credibility of their theories and develop new ones over
time.
Finally, to solve such problems, steps should be taken to introduce Islamic concepts in all
fields of specialization in economics. More steps should be taken in matters; such as
rebuilding the scope and methodology of economics consistent with shari'ah; preparing text
books in Islamic economics for different levels of education; preparing a special book in
Fiqh for economists; establishing more cooperation and coordination among economists
teaching Islamic economics, establishing an intensive programme in Fiqh for economists;
introducing an intensive programme in economics for shari'ah scholars. In most important
areas research in Islamic economics has to be carried out jointly by economists and shari'ah
scholars.
Discussions
Dr. Izzat El Sheikh:
The problems raised in the paper indicate the absence of sound planning of whatever efforts
we make in the developing societies. Since interests in the research in Islamic economics
appeared suddenly, no pre- planning was done to avoid these problems. As for the paper in
question is concerned, it did not refer to the experience of Al Azhar University in this field.
If the researcher had studied this experience he might have found answers for all the
questions raised in his paper. In 1961, a law was enacted to develop education in AI- Azhar
University. Thus, combined scientific and Islamic faculties. Faculties of Commerce,
Medicine and Engineering were established and Islamic studies were introduced as
compulsory subjects at a ratio of 30 % of all different courses at these Faculties. Thus the
student of AI- Azhar in these Faculties combines Islamic and scientific education in the
speciality he studies.
There are two types of education in Egypt: Al- Azhar education, which starts with teaching,
from the outset Islamic courses; such as Fiqh, Tafsir, Islamic history, Quran and Hadith.
This sort of education provides qualified cadres of teachers to teach at various faculties of
Al-Azhar University. The second type is the ordinary secondary education.
We are still in the process of forming the required cadres in the Faculty of Commerce for
research in the field of Islamic economics. The graduates of this faculty seem to be a
promising group to undertake such a task. We have started a postgraduate programme
leading to MA and Ph. D. So far thirty-five Ph. D and M.A thesises in different branches of
Islamic economics, accounting and administration have been written. Moreover, when we
set up a diploma branch in Islamic economics and banking we insisted on the supervision of
two scholars: one deals with scientific aspects (economics, administration or accounting)
and the other (from Al-Azhar scholars) deals with the aspects of Fiqh.
We also established a Center for Islamic Commercial Research and Studies where research
is being undertaken by cadres well acquainted with Islamic and secular studies.

Dr. Rafiq El-Islam Molla:

I would like to comment on important issues raised both by the previous speaker and the
presenter of the paper regarding problems encountered by the Islamic economic researchers,
these are: lack of institutional backing for research and teaching, lack of qualified staff and
lack of Islamic economy- for absorbing the graduates in Islamic economics.
I have no experience or authority to comment on issues except lack of qualified staff, to
undertake teaching and research activities, particularly in the conventional universities. Our
experiences in Sokoto University may help others who are interested in introducing Islamic
economics. We have Islamized the teaching programmes of economics which is carried out
under the social science faculty. In doing so we realized that Islamizing only the economics
programme is not enough, it has to be associated with Islamization of other branches of
social sciences. Therefore, we tried to Islamise all the social science and business study
programmes. We found this extremely useful to provide inter- disciplinary training to the
students and to meet the problem of staff shortages. We have under-taken a programme of
staff training, with the co-operation and co-ordination of several institutions where
economic scholars are available, for example the Islamic Development Bank, Jeddah, and
the International Islamic University, Malaysia. Thank God brothers are interested. With
good sympathy of the brothers this discipline is growing. I think, the staff problem can be
solved by pooling resources like that.
On the issue of integration of these programmes in the conventional economics
departments, I think that those who are engaged with the matter like the Islamic
Development Bank could offer support, encouragement and motivation, for its introduction
in Nigeria. So far, we have been able to encourage two more universities. Now three of us
are trying to introduce this programme.
With regard to the economy for absorbing our staff, I think that we have no control except
hoping for Islamic resurgence as it is going on throughout the world, and I am extremely
hopeful that Muslim countries will eventually emerge with Islamic economics. Unless we
get the Islamic economies, we should not bother about the absorbtion of our graduates. The
graduates themselves will rather compel the societies to follow the Islamic economic
principles.
Yousef Al- Adem:
I have two remarks; the first is about those scholars who wrote on Islamic economics:
Mohammad Al-Ghazali, Mahmoud Abus- Su'd and Sayyid Qutb. Al Ghazali's two books;
"Islam and Socialist Doctrines" and "Islam and Economic Conditions" are among the best
written for university students.
The second remark is about the prerequisites of research in Islamic economics. Researchers
are supposed to be thoroughly acquainted in Arabic, Shari'ah and Economics. Dr. Bassam
Al-Saket's proposal is praise- worthy to add the element of faith in Islamic thought, and I
would like to add piety, since the first four conditions might exist in some orientalists too.
Abdul- Latif As- Subaihi
Dr. Bassam Al-Saket pointed out that the motive for knowledge in Islam is an ideological
one, not materialistic or economic. Man, is a social being, and when he makes money it is to
be spent for the sake of good and jihad. It is not for hoarding and mere enjoyment while
denying others their rights as is the case in capitalism. The economic problems in the
Muslim World, referred to by our respected brothers, came as a result of maladministration
and bad planning, not because of some deficiency in the Islamic doctrines or ideals which
are not applied. Rather, we apply foreign economic theories without testing their validity for
our Muslim societies. Those Western economic systems are free from human values such as:
brotherhood, mercy, justice etc. Hence, the economic theories already applied in the Muslim
World being based on the objective of making money and mere self- enjoyment, lack of
mercy and equity. But in Islam, the economic system is based on social security where man
makes money for himself and the others.
Dr. Mahmoud Rashdan:
It seems to me that some of the problems or obstacles to research in the field of Islamic
economics are the same as the problems of scientific research in the Muslim World in
general. The Muslim world is underdeveloped in all fields of genuine scientific research.
However, I claim that what has been achieved in the field of research in Islamic economics
during the last twenty years exceeds its counterpart in other fields of knowledge in the
Muslim World. This is because many of those who assume research in the other fields of
knowledge in the Muslim World do import and imitate the works of others. Hence, I am
rather optimistic because Islamic economics surpasses other social sciences as far as
scientific research is concerned.
 The other problem which the researcher overlooked is the political obstacle. In many Arab
and Muslim universities, those in charge of the departments of Islamic economics are
appointed according to some political considerations. They are not necessarily intimated to
Islamic economics. In many cases, they are against the development of this field of
knowledge and impede any possibility to undertake research in it. We call on the decision
makers to refrain from appointing those who have neither faith in Islamic economics nor in
Islam in its totality. This would be a serious and sincere gesture to support research in
Islamic economics.

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