Towards Islamic economics

The second International Conference on Islamic Economics was held in Islamabad from March 19-23 and chaired by Khurshid Ahmed, a professor. The event's theme was 'Development Distribution and Finance in Islamic Perspectives.' Papers in English and in Arabic were presented. There were 150 delegates from 20 countries. Open forums on development and on Islamic economic education were held. It was decided at the gathering that an International Association of Muslim Economists ought to be formed. Among the paper topics at the conference were poverty and inequality, public budgeting, and capital formation. While the field of Islamic economics might appear to some as a new one, economics is a part of the total religion of Islam. It became clear at the conference that Islamic law and the science of modern economics need to be studied simultaneously. Economic growth would be maximized under an Islamic economic system. In such a system, an individual puts forth efforts that benefit op