Publication Date

6-26-2010

Description

The topic that has been assigned to me today is Islam and the future of Economics. As a practitioner I would hesitate from indulging in pure abstractions and would illustrate my viewpoint with the help of application to Pakistan. There are many protagonists in Pakistan who are pushing the country towards adopting this 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

Notes

Keynote address delivered at the Conference on Islamic banking and Finance held at Karachi on June 26, 2010

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