Studies conducted in the field of Islamic economics lose their relevance over time. Works examining Islamic economics since the 1970s have been co-opted by the existing economic system and have become limited to a large extent, as they are now only concerned with financial transactions. In fact, “Islamic economics” as a concept should actually be conceptualized as an alternative economic system. However, because of the financial and commercial transactions implemented in daily economic life, it diverges from this position, and the contributions it could make to economic theory are overlooked as Islamic financial instruments become widespread. Although there are various conceptualizations, such as “the economy of Islam,” “the Islamic economy,” “Islamic economics,” “Islamic finance,” and so on, it has become difficult to clarify these ideas with regards to the intention with which these concepts are used, their points of reference, and the kind of power they have.
This book approaches the historical course of the debate on Islamic economics and its current effects on the modern conceptual world. It brings together papers which emphasize this concept from a number of different perspectives, in order to lay down a firm foundation for contemporary socio-economic issues, and for the legacy of the Islamic tradition.