Towards Achieving the Ideal Islamic Economy

Abstract

In Islam, development is composed of three interrelated and interdependent dimensions, individual human self-development, physical development of the earth and development of the human society. Muslims must get on such a path for Muslim communities to thrive. Positive change can come about in Muslim countries when Muslims debate and discuss what their religion says, to: work on their own development as Muslims, demand the needed institutions and hold their leaders and governments responsible to be more rule abiding than themselves. Muslims are indeed fortunate that they have a compass from the Almighty and the life of the Prophet to guide them and the rule—“commanding the good and forbidding evil”—that would keep them on track. But the turnaround will be still difficult. There are entrenched special interests that have built up over decades, if not centuries, in Muslim countries and Western powers have developed deep business and political interests in many of these same countries that are intertwined with support for autocratic rulers.