Islam and Economics - by Ali Salman (Paperback)

Book Synopsis

This primer is an introductory text to rediscover the principles of commerce and economics revealed in the Qur'an, espoused by the Sunnah (practices of the Prophet Muhammad), and understood by the jurists. Islam offers three moral principles of economic organization: ownership, wealth creation, and wealth circulation. Based on these principles, Islam and Economics derives a framework of operational institutional tenents for the economic organization of a society. It addresses all important business, policy, and equity issues that any economic system should resolve and broadens the discussion on the modern discipline of "Islamic economics."

Review Quotes

"Islam and Economics provides the dogma-free foundations of Islamic economics. This is a valuable contribution to a broad understanding of Islamic economics and how it relates to capitalism and socialism. It is a must read for anyone looking for a concise insight into Islamic economic thought. This excellent book will have importance for years to come and will be an invaluable companion to any serious course in Islamic economics and Islamic thought."

Hossein Askari

Emeritus Iran Professor of Business and International Affairs,

The George Washington University

Co-author of Ideal Islamic Economy and Conceptions of Justice from Earliest History to Islam

"Ali Salman weaves his monograph on Islam and Economics: A Primer on Markets, Morality, and Justice around three themes: Property rights, creation of wealth and distribution of wealth in Islam. Based on primary sources of Islam, he ably relates the subject to contemporary reality. His analytical presentation provides several insights for further work on Islamic economy. The monograph is a whiff of fresh air in an environment of writings on Islamic economics which keep revolving around interest and zakah in an ideal but utopian economy. Salman is original, objective and persuasive. He has made a valuable addition to the literature."

Muhammad Akram Khan

Former Deputy Auditor General, Pakistan

Author of What is Wrong with Islamic Economics?: Analysing the Present State and Future Agenda

"For anyone trying to understand the nexus between Islam and the various schools of economic theory, Ali Salman's primer is the book you have been waiting for. By referencing the Qur'an, the hadith and jurists' interpretations, Salman suggests that Islam offers three broad principles for the economic organization of society: ownership, wealth creation, and wealth distribution. Combining these principles with primary sources leads to a framework based on price freedom, free trade, market regulations, sound currency, riba free banking, low and flat taxes, voluntary contributions, and inheritance distribution. Whether you agree or disagree, this primer is worth a read."

Syed Kamall

Member of the UK House of Lords

Professor of Politics & International Relations