Revival of Islamic Economic Studies for Socio Economic Development

Starting from the 1980s onwards, serious and extensive institutional applications of Islamic economics showed up in many Muslim countries. In the last four decades, especially Islamic banking institutions spread to non-Islamic countries as well, partly due to the demand for Shariah-compliant banking products and services, and the demand from beyond the home border. The non-banking institutions, such as Islamic microfinance institutions, development finance institutions, and cooperative institutions, appeared at the same time. They cater to the needs of specialized customers, non-bankable people, and vulnerable groups. The Islamic economics journey from 1975 up to the 2020s has lifted the subject. In the early 2020s, the American Economic Association recognized the subject as one of the JEL classifications under the P5 scheme. It shows that the contribution of the subjects is another economic worldview. However, we firmly believe that the Islamic economic subject is a field that has been in existence since the Prophet Muhammad was declared a prophet in 610 CE. Therefore, the book is intended to revive the field that has been in practice for more than 1400 years. That is the reason that the first part of this book will be looking at the foundation of Islamic economics. The second part will discuss its impact on socio-economic development. The authors have been doing theoretical and applied research in Islamic economics for more than 10 years. The contributors of each chapter comprise scholars in their respective Islamic economic fields. The materials of each chapter have also been delivered to students at undergraduate and post-graduate levels. Therefore, the book can be used as a reference for both levels. The book is also useful for policymakers as a reference in drafting a public policy and workable program.