Development

The modern industrial environment has brought with it unprecedented socioeconomic problems affecting human wellbeing well beyond the traditional Shari'ah scholarship, even though the core principles of Islamic economics originated in the works of early Shari'ah scholars who laid down the foundations of maqasid and utility theory (e.g., Ghazali, Ibn Taymiyyah, Shatibi). Islamic economics is therefore, a newly emerging discipline that takes the lead in resolving newly arising economic issues from the viewpoint of maqasid. In other words, Islamic economics has emerged to satisfy new Needs in relation to the Mind, the productive human resource. For further details see: ISRA, Islamic Financial System; Principles and Operations.


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