The Islamization of Economies and Knowledge

Using ideas from New Institutional Economics (NIE), this paper examines the Islamization of economies and links it to the Islamization of knowledge. NIE uses a multi-disciplinary approach to explain how economic structures evolve and change over time. These structures are studied at four levels: cu...

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Autor principal:	Habib Ahmed
Formato:	article
Lenguaje:	EN
Publicado:	International Institute of Islamic Thought 2012
Materias:	Islam BP1-253
Acceso en línea:	https://doaj.org/article/f7179744c7684f71821560647f3139ab
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spelling	oai:doaj.org-article:f7179744c7684f71821560647f3139ab2021-12-02T19:23:13ZThe Islamization of Economies and Knowledge10.35632/ajis.v29i4.3132690-37332690-3741https://doaj.org/article/f7179744c7684f71821560647f3139ab2012-10-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/313https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 Using ideas from New Institutional Economics (NIE), this paper examines the Islamization of economies and links it to the Islamization of knowledge. NIE uses a multi-disciplinary approach to explain how economic structures evolve and change over time. These structures are studied at four levels: cultural, institutional, organizational, and transactional. While culture embodies a given society’s body of knowledge, the nature and growth of that knowledge determine the type and evolution of an economy’s institutions, organizations, and transactions. This paper contends that the Islamization of economies failed mainly due to a lack of the Islamic knowledge needed to produce the appropriate institutions and organizations. After examining the status of knowledge in the Muslim world, examples of legal institutions are presented to illustrate how dormant Islamic scholarship led to economic structures that lack an Islamic ethos. Establishing an Islamic economic structure would require reorienting an Islamic society’s culture via the creation of new Islamic knowledge that can build appropriate institutions, organizations, and transactions. Habib AhmedInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 29, Iss 4 (2012)
institution	DOAJ
collection	DOAJ
language	EN
topic	Islam BP1-253
spellingShingle	Islam BP1-253 Habib Ahmed The Islamization of Economies and Knowledge
description	Using ideas from New Institutional Economics (NIE), this paper examines the Islamization of economies and links it to the Islamization of knowledge. NIE uses a multi-disciplinary approach to explain how economic structures evolve and change over time. These structures are studied at four levels: cultural, institutional, organizational, and transactional. While culture embodies a given society’s body of knowledge, the nature and growth of that knowledge determine the type and evolution of an economy’s institutions, organizations, and transactions. This paper contends that the Islamization of economies failed mainly due to a lack of the Islamic knowledge needed to produce the appropriate institutions and organizations. After examining the status of knowledge in the Muslim world, examples of legal institutions are presented to illustrate how dormant Islamic scholarship led to economic structures that lack an Islamic ethos. Establishing an Islamic economic structure would require reorienting an Islamic society’s culture via the creation of new Islamic knowledge that can build appropriate institutions, organizations, and transactions.
format	article
author	Habib Ahmed
author_facet	Habib Ahmed
author_sort	Habib Ahmed
title	The Islamization of Economies and Knowledge
title_short	The Islamization of Economies and Knowledge
title_full	The Islamization of Economies and Knowledge
title_fullStr	The Islamization of Economies and Knowledge
title_full_unstemmed	The Islamization of Economies and Knowledge
title_sort	islamization of economies and knowledge
publisher	International Institute of Islamic Thought
publishDate	2012
url	https://doaj.org/article/f7179744c7684f71821560647f3139ab
work_keys_str_mv	AT habibahmed theislamizationofeconomiesandknowledge AT habibahmed islamizationofeconomiesandknowledge
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The Islamization of Economies and Knowledge

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