Islamic Economics, Growth and Development

The study of economic development is inherently grounded in philosophical and ethical assumptions. In other words, to discuss economic development either at a conceptual level or as a real process necessitates an ethical and philosophical basis. The authors of this book believe that Islamic economics can serve as such a basis, one that emanates from Islamic principles and values. This book presents a distinctive ethical and philosophical framework, one that is grounded in Islamic principles and the established literature of Islamic economics and finance, to analyze and interpret the concept of economic development, as well as, to propose policy solutions to real-world development problems and challenges. The book contains theoretical and empirical studies, which connect the literature of Islamic economics with economic development. While some chapters discuss development at the conceptual/philosophical level, others examine the real-world issues faced by developing countries. It proposes institutional constructs as well as concrete public policies to face developmental challenges such as fighting poverty and inequality, environmental and social sustainability, industrialization and industrial policy and social services and human capital. Serving as both an introduction and a comprehensive resource, the book illustrates how the concepts and problems of economic development can be examined from an Islamic economics perspective, and as such, will equip researchers and students with a basic understanding of how Islamic economics interacts with the issues of economic development.