Economic Development and Islamic Finance by Zamir Iqbal sAbbas Mirakhor

Author:Zamir Iqbal, sAbbas Mirakhor
Language: eng
Format: epub
Publisher: The World Bank
Published: 2013-08-15T00:00:00+00:00

Concluding Comments

In Islam, development has dimensions of self-development, of the physical development of the earth, and of the development of society. The first is the process of the growth of the human toward perfection; the second specifies how natural resources are to be used for developing the earth to provide for the material needs of humanity; and the third dimension encompasses the progress of the human collectivity toward full integration and unity. Together they constitute the rules-based compliance system to assure progress on the three interrelated dimensions of development.

While Islam attaches great importance to development and the means for its attainment, it should be evident from our discussion that the underdevelopment of many Muslim societies has nothing to do with Islam. Back in time, foreigners, under colonial rule, plundered many of these countries. After the emergence of these lands from the yoke of colonialism, autocratic rulers with the support of foreigners grabbed the reins of power and exploited ethnic and sectarian divides. In most Muslim societies, efficient institutions, rules, and rule-compliance to promote development were not embraced and practiced. As a result, in many countries that profess Islam and are labeled as Islamic today, we see injustice and underdevelopment. This state of affairs, as shown in chapter 11, is not representative of core Islamic teachings. If a country displays characteristics such as unelected, corrupt, oppressive and unjust rulers, inequality before the law, unequal opportunities for human development, absence of freedom of choice (including that of religion), opulence alongside poverty, and above all injustice of any kind, it is prima facie evidence that it is not Islamic. While all along, Islam is, and has been for centuries, the articulation of the universal love of Allah for His Creation, its Unity, and all that it implies for all-encompassing human and economic development. There is thus a disconnect between Islamic teachings and its practice in many communities that today profess Islam. Their underdevelopment is largely due to the absence of the institutional scaffolding recommended in Qur’anic teachings and practiced by the Prophet.

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