Media Type

Keynote Address

Publication Date

6-26-2010

Description

There are many protagonists in Pakistan who are pushing the country towards adopting an Islamic economic system. Western analysts and observers view such a move with apprehension and feel that this will lead to Pakistan's decoupling from the global economic system and its isolation from mainstream economic thinking. In their minds such behavior will create greater instability and amplify risks for the rest of the world. I believe these apprehensions are totally misplaced and the assumptions and premises on which the hypothesis about the Islamic economic system have been constructed are seriously flawed. As a practitioner I would hesitate from indulging in pure abstractions and would illustrate my viewpoint with the help of an application to Pakistan.

Notes

Article merged from a paper read at the conference held at the Royal United Services Institute for Defence Studies (2003), keynote address at the Islamic Financial Services Forum organized by the Islamic Financial Services Board and the Central Bank of Luxembourg (2005), address at an interactive session held by the Islamic Financial Services Board at Kuala Lumpur (2007), address delivered at the Malaysia - World Islamic Economic Forum, Kuala Lumpur (2007), and keynote address delivered at the Conference on Islamic Banking and Finance held at Karachi (2010). Publication date is estimated. IH0280 (II)

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