The new international economic order : some reflections from an Islamic perspective
Author
Source
International Economic Relations from Islamic Perspectives
Publisher
Islamic Development Bank (IDB) Islamic Research and Training Institute (IRTI)
Publication Date
1992-12-31
Country of Publication
Saudi Arabia
No. of Pages
32
Main Subjects
Economy and Commerce
Islamic Studies
English Abstract
This paper deals with the need for a new international economic order and provides a few proposals from the Islamic point of view.
It emphasises the failure of the present pattern of international economic relations between the North and the South, which is dominated by the industrially developed countries.
The inability of this pattern of relations to respond to the aspirations of newly independent nations and the collapses of the debt-based international economic relations, especially in the Eighties.
The paper suggests that a new international economic order has to be based on a clear answer to four fundamental issues namely, the concept of nature and place of men in universe, the concept of property and ownership, the concept of justice and mechanism for its realization, and the role of Government.
Prof.
Khurshid Ahmad states that a basic and fundamental axiom of Islamic system is the oneness of human race, out of which the principles of fraternity, equality and justice are derived.
He also emphasizes that Islam is based on the principle of universality of the Divine Law which permits no discrimination between human beings regardless of race, religion, origin, geographical location, etc.
He also argues that a new international economic order from an Islamic point of view needs to be based on a concept of redistribution of wealth and income derived from the concept of Zakah, whereby the Divine Law stipulates an unequivocal right to the poor in the wealth of rich.
Cooperation between capital and labour should be based on profit and loss sharing instead of being debt-based.
In the Appendix he elaborated that salient features of Islam as a total system of life with value oriented approach and universal message.
Language
English
American Psychological Association (APA)
Ahmad, Khurshid. 1992-12-31. The new international economic order : some reflections from an Islamic perspective. International Economic Relations from Islamic Perspectives. , pp.77-108.Jiddah Saudi Arabia : Islamic Research and Training Institute.
https://search.emarefa.net/detail/BIM-778241
Modern Language Association (MLA)
Ahmad, Khurshid. The new international economic order : some reflections from an Islamic perspective. International Economic Relations from Islamic Perspectives. Jiddah Saudi Arabia : Islamic Research and Training Institute. 1992-12-31. , pp.77-108.
https://search.emarefa.net/detail/BIM-778241
American Medical Association (AMA)
Ahmad, Khurshid. The new international economic order : some reflections from an Islamic perspective. International Economic Relations from Islamic Perspectives. Jiddah Saudi Arabia : Islamic Research and Training Institute. 1992-12-31. , pp.77-108.
https://search.emarefa.net/detail/BIM-778241
Data Type
Book chapters
Notes
Includes in-text citations at the end of the paper.
Record ID
BIM-778241
