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World and its Modern Implications)

       Contrast with the Western Enlightenment Movement

       The Future of Rationalism in the Muslim World

       Economics and Fiqh

       Chapter 4: Islamic Economics:What Should It Be?

       The Islamic Optimum

       The Maqāṣid and the Mechanism

       The Role of Faith

       Self, Intellect, Posterity and Wealth

       Unmanageable?

       Definition and Scope

       Methodology

       Some Logical Steps

       A Word of Caution

       Science, Unseen Objects and Value Judgements

       Realistic Assumptions

       Chapter 5: Socio-Economic Dynamics of Classical Islamic Economics

       Ibn Khaldūn’s Contribution

       Interdisciplinary, Dynamic Model

       The Role of the People (N), Justice (j) and the State (G)

       The Role of the Sharīʿah (S)

       The Role of Wealth (W) and Development (g)

       Other Contributions of Ibn Khaldūn

       Supply and Demand

       Public Finance

       Later Developments

       Al-Maqrīzī

       Shāh Walīullāh al-Dihlawī

       Chapter 6: The Causes of Muslim Decline: Applying Ibn Khaldūn’s Analysis to Muslim History

       Introduction

       Part I: Are Islam and Moral Degeneration the Causes of Decline?

       Is Islam the Cause of Decline?

       Transformation of Human Beings and Institutions

       Agricultural and Rural Advance

       Urban Prosperity

       Intellectual Advance

       Is Moral Degeneration the Cause?

       Part II: The Trigger Mechanism and its Effects

       The Wrong Turn: The End of al-Khilāfah al-Rāshidah

       Khilāfah and Democracy

       Consolidation of Illegitimacy

       Restraining Influence of the Sharīʿah

       Living Beyond Means: Fiscal Imbalances

       Grants of Large Iqṭāʿs and Tīmārs

       Unjust Taxation

       Debasing the Currency

       External Borrowing

       Corruption and Sale of Political Positions

       Economic and Political Decline

       Cracks in Solidarity Between G and N

       The Stagnation of Fiqh

       The Role of Sufism

       Deterioration in the Position of Women

       Decline in Education

       Part III: Some ʿIbar (Lessons) of Muslim History

       First Lesson

       Second Lesson

       Third Lesson

       Fourth Lesson

       Fifth Lesson

       The Soft Landing

       Failure to Learn the Lessons

       Chapter 7: The Recent Revival: A Survey

       Introduction

       Centuries of Hibernation

       The Rise from Slumber

       Part I: Money, Banking and Monetary Policy

       The Perplexing Question of Ribā

       The Alternative

       The Rationale

       The Dream and the Reality

       Establishment of Islamic Banks

       Teething Problems

       Some Criticisms

       Evaluation of the Criticisms

       Islamization of the Whole Financial System

       Criteria for Evaluation

       The Case of Pakistan

       The Cases of Iran and Sudan

       Monetary Management

       Some Unanswered Questions

       Why Did Islamic Modes of Financing Lose Ground?

       Indexation

       Late Settlement of Financial Obligations?

       Concluding Remarks

       Part II: Macroeconomics and its Microfoundations

       Macroeconomics

       Need Fulfilment

       Optimum Growth and Full Employment

       Equitable Distribution

       Economic Stability

       Microeconomics

       The Theoretical Underpinning

       Hypothetical Conclusions

       The Unfinished Task

       Part III: Public Finance

       Taxation

       Zakāt

       Other Taxes

       Principles of Spending

       Restrained Deficits

       Chapter 8: The Future Course of Action

       Where to Start?

      

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