Introduction to the Islamic Economies

Abstract

The term Islamic economics, and thus Islamic economies, was coined by Pakistani social thinker Sayyid Abul A’la Maududi in the late 1940s, and it originates from the teachings of the Koran. Maududi popularized the term through voluminous writings and inspired later contributions to the literature on Islamic economies. This alternative approach to economics was meant to act as a vehicle for regenerating Islamic authority in a domain where followers were increasingly falling under the influence of Western ideas and patterns of behavior. By replacing Western economic approaches with an Islamic economic paradigm, Maududi hoped to restore the Islamic community’s self-respect and improve cohesion (Kuran 1995, p. 156).