ARTICLE

THE ISLAMIC DOCTRINE OF ECONOMICS AND CAPITALISM COMPARATIVE ANALYSIS ASSESSMENT AND FUTURE POLICY RECOMMENDATIONS FOR PAKISTAN

02 Pages : 9-17

http://dx.doi.org/10.31703/grr.2022(VII-I).02      10.31703/grr.2022(VII-I).02      Published : Mar 2022

The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan

    The research investigates the prospect of the financial system of Islam and the viability of its growth alongside traditional financial services within another capitalist system schema, and it proposes modified native stock investments as a pragmatic groundwork for Sharia principles constructed on principles of Islamic teachings. This research work will contrast the theories of integrity and socio-economic justice in the two rhetoric. A conceptual analysis that follows serves as the foundation for policy recommendations. The research is exclusively normative, and discussing it from a logical standpoint is outside the scope of this research. The said investigation would also have implications and recommendations for policymakers and professionals while adjusting Contemporary Western constructions, power structures, regulations, paradigms, etc. To some extent, in order to be compatible with the advancement of the Islamic Economic System. Finally, the study examines the efforts and measures that have been taken to Islamize Pakistan's economy.

    Economy, Pakistan, Islamic Economics, Islamization, Capitalism
    (1) Muhammad Shakeel Ahmad Siddiqui
    International Relations, Emerson University, Multan, Punjab, Pakistan
    (2) Kanwar Muhammad Yasir Furqan
    Political Science, Bahauddin Zakariya University, Multan, Punjab, Pakistan.
    (3) Muhammad Imran Pasha
    Political Science, Bahauddin Zakariya University, Multan, Punjab, Pakistan.
  • Abdul, A. I. (2008). Thirty Years of Research in the History of Islamic Economic Thought: Assessment and Future Directions. Journal of economic theories,7(2), 124-129.
  • Ali, M. (1984). Islamic Banks and Strategies of Economic Cooperation, New Century Publishers, London
  • Asutay, M. (2007). A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System. Kyoto Bulletin of Islamic Area Studies,
  • Asutay, M. (2014). Islamic Moral Economy Foundations of Islamic Finance. In.
  • Ayoub, M. (1996)
  • Aydin, N. (2017). Islamic economics as a new economic paradigm. Paper presented at the Islamic economics conference, Doha
  • Brians, P. (2000). The Enlightenment. Washington State University: http://public.wsu.edu/~brians/hum_30 3/enlightenment.html
  • Baeck, L. (1994). The Mediterranean Tradition in Economic Thought. London: Routledge
  • Chapra, M. U. (2010). Islamic Economics: What It Is and How It Developed, Islamic Economic Studies. 12(3), 273-279.
  • Chaudhry, M. S. (1998). Administration of Justice in Islam. Lahore: Burhan Education and Welfare Trust
  • Dinar Standard. (2020). State of the Global Islamic Economy Report 2020/21 Thriving in Uncertainty, Dubai Islamic Economy Development Center https://cdn.salaamgateway.com/reports /pdf/456642acf95a783db590e5b104cae 94046047101.pdf
  • Hamdi, K. (2015). Islam and Economic Growth. Ä°nternational Journal of Social Science Studies,
  • Hathaway, R. M. (2004). Hathaway, Robert M; Lee, Wilson (eds.). Islamization And The Pakistani Economy. Woodrow Wilson International Center for Scholars. p. 3.
  • Haq, Z. (2012).
  • Haque, I. (2011)
  • Haque, S., & Varghese, R. (2021). The COVID- 19 Impact on Corporate Leverage and Financial Fragility, Working Paper No. 2021/265, https://www.imf.org/en/Publications/P ublications-By- Author?author=Sharjil M. Haque
  • Hefner, R. W. (2006). Islamic Economics and global capitalism. Transaction Social Science and Modern Society,
  • Hoppe, H. H. (2010). A Theory of Socialism and Capitalism. USA, U.K. and Netherland: Kluwer Academic Publishers
  • Ibrahim, M. H., & Alam N. (2017). Islamic Economics and Islamic Finance in the World Economy. World Economy. Wiley Online Library, 41(3),
  • Islamic Development Bank. (2018). Global Report on Islamic Finance. The Role of Islamic Finance in Financing Long-Term Investments. Report.
  • Iqbal, Z. (2006)
  • Iqbal, Z., & Abbas, M. (2017). Ethical Dimensions of Islamic Finance: Theory and Practices. Cham: Palgrave Macmillan
  • Jeff, D. (2019). The countries with the 10 largest Christian populations and the 10 largest Muslim populations, pew research, https://www.pewresearch.org/fact- tank/2019/04/01/the-countries-with- the-10-largest-christian-populations- and-the-10-largest-muslim- populations/
  • Kennedy, C. (1996).
  • Khan, M. A. (2015)
  • Kuran, T. (2018). Islam and Economic Performance: Historical and Contemporary Links . Journal of Economic Literature, 56(4), 1292-1359. https://www.jstor.org/stable/26570576
  • Mehboob, A. (2002).
  • McMurty, J. (1999). The Cancer Stage of Capitalism. PLUTO PRESS
  • Nadvi, A. B. (2005). Ma'shiyat ka Islami Falsafa. Multan: Idara Talifat-eAshrafiya
  • Nasr, S. V. R. N. (1996). Mawdudi and the Making of Islamic Revivalism. New York, Oxford: Oxford University Press
  • Noman, O. (2004).
  • OIC Economic Outlook. (2021). The Statistical, Economic and Social Research and Training Centre for Islamic Countries, https://www.sesric.org/publications- detail.php?id=531
  • Omar, W. A. W., & Hussin, F. (2015). The Empirical Effects of Islam on Economic Development in Malaysia. Research in World Economy, 6, 99-100.
  • Pew Research report. (2017). The Changing Global Religious Landscape, Pew Research Center, Washington, D.C. https://www.pewforum.org/2017/04/0 5/the-changing-global-religious- landscape/
  • Rahman, S. M. H. (2004). Islamic economic doctrines Dhaka: Ahsan Publication
  • Salim, A. (2008). Challenging the Secular State: The Islamization of Law in Modern Indonesia. University of Hawaii Press. pp. 117-119
  • WTO. (2021), Global trade rebound beats expectations but marked by regional divergences, https://www.wto.org/english/news_e/p res21_e/pr889_e.htm

Cite this article

    APA : Siddiqui, M. S. A., Furqan, K. M. Y., & Pasha, M. I. (2022). The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan. Global Regional Review, VII(I), 9-17. https://doi.org/10.31703/grr.2022(VII-I).02
    CHICAGO : Siddiqui, Muhammad Shakeel Ahmad, Kanwar Muhammad Yasir Furqan, and Muhammad Imran Pasha. 2022. "The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan." Global Regional Review, VII (I): 9-17 doi: 10.31703/grr.2022(VII-I).02
    HARVARD : SIDDIQUI, M. S. A., FURQAN, K. M. Y. & PASHA, M. I. 2022. The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan. Global Regional Review, VII, 9-17.
    MHRA : Siddiqui, Muhammad Shakeel Ahmad, Kanwar Muhammad Yasir Furqan, and Muhammad Imran Pasha. 2022. "The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan." Global Regional Review, VII: 9-17
    MLA : Siddiqui, Muhammad Shakeel Ahmad, Kanwar Muhammad Yasir Furqan, and Muhammad Imran Pasha. "The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan." Global Regional Review, VII.I (2022): 9-17 Print.
    OXFORD : Siddiqui, Muhammad Shakeel Ahmad, Furqan, Kanwar Muhammad Yasir, and Pasha, Muhammad Imran (2022), "The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan", Global Regional Review, VII (I), 9-17
    TURABIAN : Siddiqui, Muhammad Shakeel Ahmad, Kanwar Muhammad Yasir Furqan, and Muhammad Imran Pasha. "The Islamic Doctrine of Economics and Capitalism: Comparative Analysis, Assessment and Future Policy Recommendations for Pakistan." Global Regional Review VII, no. I (2022): 9-17. https://doi.org/10.31703/grr.2022(VII-I).02