| Abstract: |
The purpose of this working paper is to give the real meaning of DEVELOPMENT
from Islamic perspective. Most of Muslim countries are LDCs and using the
religious and social ideology of Islam is very useful to establish
institutions and to bring moral and ethical change for development in these
countries. Islam appears to be the only dynamic religion and tells us about
prevention of interest, similar to Christian and Jewish theologies. But at the
same time gives a comprehensive setoff trade and financing modes, not easily
and completely described in any other religion or social order. Even TFP, a
modern concept for collective efficiency has been advised in Islam, shunning
to self interest and individualism of materialistic economics. Some scholars
of WEST consider use of Islamic banking more suitable for economic
development, while others consider Islam as obstacle & threat to development
of Muslim countries. I hope that the paper will be useful in this regard to
provide another valuable theoretical dimension to this field of study……… |