Aspects
of
Islamic
Economics
and
the
Economy
of
Indian
Muslims
By Dr. F. R. Faridi
The essential relevance
of Islamic economics to the Indian situation does not lie in its formal association with a
certain religion but in its values, principles and goals. Its central concern is man, the
wholesome and balanced growth of his total personality. It believes that the equitable and
efficient management of resources is possible only when an individual’s total
behavior, both economic and otherwise, is subjected to and conditioned by moral and
ethical outlook. Islamic approach to economic development activity is based on an
integrated concept of development. It begins with giving a world view that is conducive to
the twin objectives of social justice and sustained growth in economic productivity. It
lays great emphasis on human beings, their value premises, their perceptions, their goal.
A word about the economy of Indian Muslims is in order. An objective appraisal of the
economic misery of the Indian Muslim community is the need of the hour. Till date, only
general statements in respect of the intensity of the economic malaise and its causes have
been made. Little serious attempts have been made to study in depth the economic
backwardness of the community and the factors underlying this situation. As a result, we
do not have sufficient reliable data in this area.
The present volume aims at lucid explanation of frontiers of Islamic economy.
Dr. Faridi is Former Professor of Economics, Aligarh Muslim University. Dr. Faridi is a well known expert on Islamic Economics.