Islamic Economic

Islamic economics as a social science is a new discipline in the making. It reflects the Islamic outlook and offers Islamic solutions to economic problems. The economic principles and doctrines have long been researched by Muslim scholars. The convening of the First International Conference on Islamic Economics in 1976 marked a turning point in the development of this new discipline. This Conference triggered the interest of a large number of economists, bankers, Ulema and scholars in the Muslim world. Since then, a number of International Conferences, Seminars, Symposia, Workshops etc. have been held on various themes of this discipline. These intellectually directed efforts have led to the publication of a sizable amount of literature bringing out the Islamic view point in scientific and systematic way in many areas of economics in general and banking and finance in particular.In spite of substantial growth of literature the questions relating to definition, nature and scope of Islamic Economics have not yet been satisfactorily answered. Most of the attempts on the question of definition are abstract. They also fail to connect the economic problems to the violations of particular economic injunctions. Similarly the discussions on the nature and scope of Islamic Economics do not cover the whole spectrum of the issues involved. There is thus, a need to review these issues with a view to focusing the attention of Muslim economists on efforts to remove these deficiencies and for general acceptance of Islamic Economics. The review is organized in two sections. The literature on clef and nature of Islamic Economics is reviewed in Section two while Section three examines scope of Islamic Economics. Section IV presents concluding remarks.

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