Islamic Economics: Problems and Prospects

Abstract

Introduction:This note is meant as a springboard for discussion, and not as polished and referenced article. I take a radical point of view in this note. I believe that the current evolutionary approach to the creation and development of the new discipline of Islamic Economics will not prove fruitful in the long run. Briefly, I do not believe it is possible to create a viable mix of neoclassical economic theory with Islam. I then propose alternative I radical approaches which offer better prospects for establishing a viable Islamicalternative to conventional economic theory.