An agenda for Muslim economists: a historico-inductive approach

An inductive approach to Islamic economics examining the degree of Islamic character of economic systems already in existence can be useful because it can show the importance of values in economic development and it lets Muslims benefit from the experience of other religions. The Western ideology of relativism, individualism, and competition is unusual in historical context and somewhat contradictory, partly because its proponents claim to be neutral while they nonetheless make value judgments. A look at Western history shows that Christianity was instrumental in the development of Western civilization and economic prosperity, though this fact is denied by some modern secular historians who discount the religious motivation of Christian businessmen, scientists, and philosophers. This experience shows that a society where explicit value judgments and religion play a vigorous role is not necessarily a backward society.