The economic system in contemporary Islamic thought: a critical interpretation

This working paper is a critical analysis of the Islamic economic system. It examines the main doctrinal tenets of Islamic economics, including behavioral norms, the prohibition of interest, and Zakat. The author believes that only Zakat would be able to gain widespread acceptance outside of the Muslim world, and that a form of Zakat, or tax, is already operating in most areas of the world. The book also criticizes the methodological side of writings by Islamic economists and claims that these writings are accepted only because they are associated with Islamic teachings and therefore free from serious criticism.