Islam And The Moral Economy

How do modern Muslims adapt their traditions to engage with today's world? Charles Tripp's erudite and incisive book considers one of the most significant challenges faced by Muslims over the last sixty years: the challenge of capitalism. By reference to the works of noted Muslim scholars, the author shows how, faced by this challenge, these intellectuals devised a range of strategies which have enabled Muslims to remain true to their faith, whilst engaging effectively with a world not of their own making. The work is framed around the development of their ideas on Islamic socialism, economics and the rationale for Islamic banking. While some Muslims have resorted to confrontation or insularity to cope with the challenges of modernity, most have aspired to innovation and ingenuity in the search for compromise and interaction with global capitalism in the twenty-first century.

This book aims to explore and analyse Islamic Moral Economy (IME) as an alternative economic and social system to capitalism and socialism. It proposes a new model of Islamic development, integrating global development within an Islamic framework of spiritual development. It is argued that the failure of Muslim countries to provide basic necessities and an environment free of oppression and injustice can be overcome with this authentic Islamic development framework. In addition, this book can be an important study to identify the theological, political, social and economic boundaries for changing the society to produce IME oriented developmentalism.

The revival of madrasas in the 1980s coincided with the rise of political Islam and soon became associated with the "clash of civilizations" between Islam and the West. This volume examines the rapid expansion of madrasas across Asia and the Middle East and analyses their role in society within their local, national and global context. Based on anthropological investigations in Afghanistan, Bangladesh, China, Iran, and Pakistan, the chapters take a new approach to the issue, examining the recent phenomenon of women in madrasas; Hui Muslims in China; relations between the Iran’s Shia seminary after the 1979-Islamic revolution and Shia in Pakistan and Afghanistan; and South Asian madrasas. Emphasis is placed on the increased presence of women in these institutions, and the reciprocal interactions between secular and religious schools in those countries. Taking into account social, political and demographic changes within the region, the authors show how madrasas have been successful in responding to the educational demand of the people and how they have been modernized their style to cope with a changing environment. A timely contribution to a subject with great international appeal, this book will be of great interest to students and scholars of international politics, political Islam, Middle East and Asian studies and anthropology.

The revival of madrasas in the 1980s coincided with the rise of political Islam and soon became associated with the "clash of civilizations" between Islam and the West. This volume examines the rapid expansion of madrasas across Asia and the Middle East and analyses their role in society within their local, national and global context. Based on anthropological investigations in Afghanistan, Bangladesh, China, Iran, and Pakistan, the chapters take a new approach to the issue, examining the recent phenomenon of women in madrasas; Hui Muslims in China; relations between the Iran’s Shia seminary after the 1979-Islamic revolution and Shia in Pakistan and Afghanistan; and South Asian madrasas. Emphasis is placed on the increased presence of women in these institutions, and the reciprocal interactions between secular and religious schools in those countries. Taking into account social, political and demographic changes within the region, the authors show how madrasas have been successful in responding to the educational demand of the people and how they have been modernized their style to cope with a changing environment. A timely contribution to a subject with great international appeal, this book will be of great interest to students and scholars of international politics, political Islam, Middle East and Asian studies and anthropology.

A historical analysis of economic thought in Islamic tradition which interrogates contemporary Islamic economics as a hybrid system.

The Islamic Moral Economy is an academic book that analyzes the religious permissibility or lack thereof of the existing repertoire of financial instruments used in Islamic banking and finance. The work is both timely and sound, especially considering the growth of the international Islamic banking and insurance industries, and the Great Recession of 2007-2010. The Islamic Moral Economy is an excellent introductory book for academics and finance professionals wishing to gain a better understanding of Islamic moral constraints on economic transactions and how most current Islamic banking transactions are structured. More specifically, the author examines the utopian nature of the Islamic moral economy with a special emphasis on riba (i.e., financial interest and illogical increase), which is inescapable in the global interconnected economy, and therefore insoluble within the framework of the Islamic Moral Economy. Unlike other books on the subject, The Islamic Moral Economy places a special emphasis on the ubiquity of financial interest and illogical increase in both current Islamic banking and finance as well as conventional economics.

The Islamic perception of the socio-economic process is dynamic and its insistence on social justice is uncompromising. To produce the best social structure, according to this view, man’s economic endeavours should be motivated by a meaningful moral philosophy. In the face of the challenges presented by the modern world, the practice of Islamic economics raises many complex and profound issues. These are addressed in this highly important work, which must be considered essential reading for all those who live in the vision of the ‘right’. First published in 1994.

A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field.