September 10, 2009

The Lost Moral Economy

The true Islamic way of looking at economic transactions is seen mainly in terms of what are acceptable norms for ethical transactions. It’s an entirely different way of understanding economics. There is no classical school of Islamic economics because finance – when seen from a traditional point of view – was never seen as a risk. Success in Islam is about developing a relationship between the individual and the creator; about living a life that is governed by values that are rooted in a spiritual experience. Whilst Islamic thinking doesn’t deny that fame, fortune and power are very much in existence, it is dismayed to discover that its basic fundamental value system has been largely swamped by the self-interested contemporary form of economics held by many to be little short of usury.

An open and very interesting letter to The Economist by Mohamed Ghanem

No comments:

Post a Comment