Islamic Economics

This book challenges the dominant point of view that Islamic Economics has substantial overlaps with Capitalism. The spirit of capitalism is the pursuit of wealth. Islamic Economics is founded on principles of cooperation, generosity, social responsibility, and accountability on the day of Judgement. Capitalist Economics is founded on the opposite principles of competition, greed, individualism, and hedonism. The institutions of a society reflect the underlying spirit. The book traces the effects of these opposing spirits. Different chapters compare Islamic Economics with Capitalism in terms of the historical foundations, the legal framework, the state and the individual (macro and micro), as well as the institutional structures. The focus is on the contrast and opposition between the two.