Economy and society; an Islamic perspective and research priorities

This paper examines the growth of Islamic financial institutions and the cooperation between them and Western institutions and the major advantages of such relations. The emergence of Islamic institutions has attracted attention the world over and the Western institutions have themselves begun offering Islamic products. This has opened up great opportunities. To realize the benefits of this, Islamic institutions need to offer acceptable investment opportunities and develop their management skills. The skills can be promoted by Islamic and Western institutions evolving programs related to the needs of Muslim countries and Western institutions understanding the basic concepts of Islamic financial systems. Muslims need to develop capabilities and expertise required for a lasting cooperation based on an equal footing with Western institutions. There is an urgent need for Muslims to revive their scholarship and analyze various aspects of Islamic economic concepts. Al-Qur'an and the