Islamic Economic Thought in Indian Subcontinent: Perceptions and Major Writings

Athar Shahbaz  Wani; Mohd Iqbal  Malik

doi:10.58968/jiel.v6i1.634

Authors

Athar Shahbaz Wani Islamic University of Science and Technology
Mohd Iqbal Malik Amar Singh College

DOI:

https://doi.org/10.58968/jiel.v6i1.634

Keywords:

Two-Tier Mudarabah, Zakat, Pan-Islamism, Riba-Free Mechanism, Decolonization

Abstract

The decolonization of the Muslim world, pan-Islamic thought, and debates surrounding the Riba centric economy especially after the 1940s all contributed to the development of Islamic economics in the first half of 20th century. Islamic economics with its firm bases in the Quran, has gradually emerged in the 20th century as a result of Muslim intellectuals to reform their socio-political and economic structures. In the subcontinent the prominent efforts were made by Seoharvi (1938), Siddiqi (1943), Hamidullah (1936, 1941, and 1944), Gilani (1947), Yusufuddin (1950), and others. They all have discussed, evaluated and debated the Islamic economic thought and made its comparative analysis. This initial literary phase roughly from 1930-1970 has been earmarked with pervasive writings on major themes of Islamic Economics and its competence focused mostly on the concept of riba (usury) its material and spiritual shortcomings, flaws in the socialism and capitalist economic systems. Moreover, scholars from the sub-continent offered the earliest models of interest-free banking i.e. Uzair 1955, Nejatullah Siddiqui 1969, based on a two-tier Mudarabah, Profit Loss Sharing and Murabahah mechanism. In this context, the current study highlights the politico-economic factors that led to the development of Islamic Economics with a historical and revisionist perspective. The data presented in the research is updated and examines varied dimensions of Islamic Economic thought, together with making an illustration of the comprehensive writings on the subject.

Downloads

Download data is not yet available.

References

Abdul Gafoor, A.L.M. (2009). Interest Free Commercial Banking. (11th ed) New Delhi: Islamic Book Service, pp: 38-39.The books which discusses earkiest models of Islamic banking include: Siddiqui, N. (1976). Banking without Interest, Delhi: Markazi Maktaba Islami and Uzair, M. (1978). Interest Free Banking, Karachi: Royal Book Company. The complilations on different concepts around ‘Interest’ are: Maududi, M. (1961). Sood, (Interest) Lahore: Islamic Publications Ltd. Anwar Iqbal Qureshi (1946). Islam and the Theory of Interest, Sheikh Mohammad Ashraf, publishers, Lahore.

Al-Daghistani, S. (2016). Semiotics of Islamic Law, Maṣlaḥa, and Islamic Economic Thought. Int J Semiot Law 29, 389–404

Ali al-jarhi, Mabid, (2021), Economic Analysis: An Islamic Perspective-I, TKBB, Ankara, pp: 43-44.

Avari, Burjor (2013) Islamic Civilization in South Asia: A History of Muslim Power and Presence in the Indian Subcontinent, London and New York: Routledge,.

Daniela, Erler, (n.d.) Islamic Finance Complement or Substitute: An Empirical Analysis, The Michigan Journal of Business, 11-12.

Darwich, May. (2014). The ontological (In) Security of Similarity: Wahhabism vs Islamism in Saudi Foreign Policy. German institute of Global and Area studies, (GIGA) Working papers 263 :12,13.

El-Ashker, A., & Wilson, R.. (2006). Islamic Economics: A short History. : BRILL.pp: 314-328.

El-Ashker, A and Wilson, Rodney. (2006).op.cit. p. 351.

H. Emad, Khalil. et.al. (2006). The modern debate over Riba in Egypt. In Thomas, Abdalkader (Ed.), Interest in Islamic Economics: Understanding riba, (pp. 68-94). New York: Routledge

Habib, Michael. (2016). Pan-Arabism and the United Arab Republic. Unpublished doctoral dissertation, Florida Atlantic University, Jupiter, Florida,. pp: 54-56. The 1967 War: Arab-Israeli War or third Arab Israeli War fought between June 5-10 1967.

Hamidullah, M. (1944). ‘Interest Free Credit Societies’, Ma’arif (Azamgarh, India), 53 (3): 211-216.

http://www.ifa-india.org/ official website of Islamic Fiqh Academy-India.

Islahi, Abdul Azim (2015b). First vs. second generation Islamic economists: Deviations and differences in thoughts. In H A El-Karanshawy et al. (Eds.), Islamic economic: Theory, policy and social justice. Doha, Qatar: Bloomsbury Qatar Foundation

Islahi, Abdul Azim (2015c), Muhammad Hamidullah and his pioneering works on Islamic Economics, Scientific Publishing Centre, King Abdulaziz University, Jeddah, Saudi Arabia.

Islahi, Abdul Azim, (2015a). op.cit. (1-28) doi: 10.12816/0015019

Islahi, Abdul Azim,(2015a). op.cit. (1-28) DOI: 10.12816/0015019

Islahi, Abdul Azim. (2015a). The Genesis of Islamic Economics Revisited. Islamic Economic Studies 23: 2, 1-28.

Islahi, Abdul Azim. (2015a). The Genesis of Islamic Economics Revisited. Islamic Economics Institute, King Abdul Aziz University. p.no. 4. See also Ahmad, Khurshid (2000) Islamic Finance and Banking: The Challenges and Prospectus. Review of Islamic Economics, 9, 57-60.

Mahdi, S. I. (1989) A conference report.. Islamic Economics and the Economy of Indian Muslims: New Delhi, India. Dhu al Hiijah 1720, 1409/July 21-24, 1989. American Journal of Islam and Society, 6(2), 358–360. https://www.ajis.org/index.php/ajiss/article/view/2687 .

Maududi, Abul Ala (1947). The Economic Problem of Man and its Islamic Solution, Lahore,Islami publication.

Memon, N. A. (2007). Islamic banking: present and future challenges. Journal of Management and Social Sciences, 3:1. 1-10.

Nisar, Shariq et.al. (2004) “Islamic non Banking Financial Institutions in India: special Focus on Regulation” paper presented in Seminar on Non- Banking Financial Institutions : Islamic Alternatives 1-3 March Renaissance Kuala Lumpur Hotel

Nisar, Shariq, (2002). The State of Islamic Finance in India: Strengths and Weaknesse. Review of Islamic Economics, 12, 87-99.

Rehman, ur-Fazal. (1963). Tahqeek-ur-Riba. Fikro-o-Nazar, 1(5), November

Shinuke, N. (2012), op.cit. p: 115.

Shinuke, N. (2012). Critical Overview of the History of Islamic Economics: Formation, Transformation and New Horizons. Asian and African Area Studies, Kyoto university, 11(12):114-136. https://doi.org/10.14956/asafas.11.114.

Shinuke, Nagoaka. (2012). op.cit. p. 115.

Shinuke, Nagoaka. (2012).op.cit. pp: 120-121

Siddiqi, Nejatullah (1981), Muslim Economic Thinking: A survey of contemporary Literature, The Islamic Foundation, Leicester, U.K

Siddiqi, Nejatullah (2004). Riba, Bank Interest and the Rationale of its prohibition. (First ed.) New Delhi: Markazi Maktaba Islami Publishers. pp 55-57..

Siddiqi, Nejatullah (1981). Muslim Economic Thinking: A survey of contemporary literature.(First ed.) International Centre for Research in Islamic Economics, King Abdul Aziz University, Jeddah and The Islamic Foundation UK pp. 29-30. See also.Abdul Gafoor, A.L.M. (2009). Interest Free Commercial Banking. (11th ed) New Delhi: Islamic Book Service, pp: 38-39.

Siddiqi, Nejatullah (2004). Riba, Bank Interest and the Rationale of its prohibition. op.cit. pp:55-57. See also, H. Emad, Khalil. et.al. (2006). The modern debate over Riba in Egypt. In Thomas, Abdalkader (Ed.), Interest in Islamic Economics: Understanding riba, (pp. 68-94). New York: Routledge.

Siddiqui, Nejatullah. (2004). Riba Bank Interest and the Rationale of its prohibition. (First ed.) New Delhi: Markazi Maktaba Islami Publishers.

Waleed, A.J. Addas, (2008). Methodology of economics : secular vs Islamic / International Islamic University Malaysia Press,

Warde, Ibrahim. (2000). op.cit. p.no.91.

Warde, Ibrahim. (2000). op.cit. p.no.41.

Wilson, Rodney. (2002). The Evolution of Islamic Financial System. In Archer, Simon., & Rifat, Ahmad Abdel Karim. (Eds). Islamic Finance: innovation and growth (pp:1-4). London: Euromoney books and AAOIFI.