The Importance of Islamic Economics

Economic studies, in general, are quite important. This importance has increased at present to the extent that we can safely say that a truly educated person - no matter what his job is - cannot be described as such unless he possesses a knowledge or an awareness of economics which would enable him both to keep abreast of local or international events, and to evaluate them soundly. The study of Islamic economics is perhaps among the most important economic studies at the moment. This is not simply due to our relation to Islam, but to our sincere belief that Islamic economics can play an important role both locally with respect to our prevailing underdevelopment and internationally with respect to the state of conflict which is threatening the world.

Islamic economics failed to play its role partly because of our lack of awareness of its importance. It also failed because our Ulema did not convey the foundations and policy of Islamic economics in the language of today, nor did they relate these foundations and policy to what is taking place in our economic life today.

These ideas will be dealt with in the following chapters: