Department of Economics, College of Business Administration, King Saud University

The more recent literature on Islamic economics is largely about Islamic financial instruments and institutions. It might give the impression that the main difference between conventional and Islamic economics is in the instrumental part, rather than fundamental aspects. Islamic economics is not about the prohibition of certain goods and services. It is a vastly different economic system whose answers to the core economic questions vary significantly. As is currently done, mimicking conventional economics and finance is only creating Islamic economics and finance by name.