Islamic Economic

Islamic Economics Series - 17

Islam and the Economic Challenge

M. UMER CHAPRA

The Islamic Foundation and The International Institute of Islamic Thought 1416 - 1995

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@ The Islamic Foundation

The International institute of Islamic Thought 1992/1413 H. ISBN (hard case) 0 86037 216 2 ISBN (paperback) 0 86037 217 0 All rights reserved. No part of this publication may be reproduced. stored in a retrieval system or transmitted in any form or by any means. electronic. mechanical, photocopying, recording or otherwise. without the prior permission of the copyright owner. Views expressed by different authors of books and studies represent their personal views and do not necessarily represent the views of the Islamic Foundation or the International Institute of Islamic Thought. Cover design by Mustapha Aksay The International institute of Islamic thought. 555 Grove Street, Hemdon. V A 22070. USA The Islamic. Foundation. Quran House, p.a. Box 30611. Nairobi. Kenya The Islamic Foundation. P.M.B. 3193, Kano. Nigeria British Library Cataloguing in Publication Data Chapra. Muhammad Umer Islam and the Economic Challenge (Islamic Economics Series; No.17) I. Title 11. Series' 330.12 Sole Distributor in the Middle East: INTERNATIONAL ISLAMIC PUBLISHING HOUSE I.I.P.H.

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To my parents

O my Lord! Bestow Your mercy on them, even as they affectionately reared me in childhood (Qur'an, 17: 24).

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Contents Foreword - Khurshid Ahmad Preface Introduction The Challenge Efficiency and Equity? The Three Questions The Role of World view and Strategy The Prevailing Systems The Islamic Alternative The Maqasid a/-Shari'ah The Wide Gulf About this Book Notes and References PART I: THE UNSUCCESSFUL SYSTEMS Chapter 1: The Limits of Capitalism...