Islam and Economic Development

All Muslim countries, like all other developing countries, are struggling to accelerate the development of their economies. What makes this task difficult is that these countries are also suffering from flagrant inequalities which have engulfed them in socio-political turmoil.  They are encountering serious macro-economic imbalance which have led to high rate of unemployment and inflation, excessive balance of payment deficits, continued exchange rate depreciation and heavy debt burden. What is needed, therefore, is a strategy that would not only accelerate development but also minimize the inequalities and the imbalances. The Nature and constituents of such a strategy are the main themes of this book. It also discusses why the vacillating strategies advocated by development economics over the last four decades have led to serious inconsistencies and an accentuation of inequalities and imbalances in most developing countries. It then elaborates an Islamic strategy of economic growth and shows why it has the potential for promoting development with justice and stability.