Record Detail

The study relating Islam and economics started gaining ground in around mid-twentieth century. However,
over the time, it was felt that the study of Islamic economics did not really address the developmental
challenges facing many Muslim countries. The study of Islamic economics was considered too technical and
was somehow heavily influenced by the neo-classical economics. Considering that the issues of development,
and how a nation can succeed in its development efforts need also to include disciplines other than economics,
the study of Islamic-based development started also emerging in the early twentieth century. Hence, this study
aims to undertake a review on previous researches related to the relation between religion and development
generally and Islamic-based development concepts particularly. The research methodology applied will be
based strictly on past researches on the subjects. The findings of these studies are: (i) theology in form of
religion played an influential role in a capacity building of nation; (ii) there have been concerns of the present
dominant approach of economics that causing among others disparity of income and environmental
degradation, and the drive is there to find an alternative approach to the mentioned economics so that a more
just, ethical, and humane approach in tacking the issues facing humanity can be presented; (iii) Islamic-based
development concepts are expected to fill that search for an alternative, and at the same time correct the
perceived lack of substance in the present application of Islamic banking, finance, and economics through
imbuing it with more degree of Islamic moral economy.