Islamic Economics and Economic Development

Abstract

Summary Kjetil Bjorvatn, ‘Islamic Economics and Economic Development’, Forum for Development Studies, 1998:2, pp. 229–243. Islamic economics is part of the Islamic fundamentalist movement gaining ground in large parts of the Muslim world. The call is for a return to Islamic law, Shari'a, which is believed to offer solutions to economic and social problems of all times and all places. The most visible sign of Islamic economics is the establishment of Islamic banks in a number of countries all over the world. The article evaluates the success of these institutions, in both religious and economic terms. Drawing upon evidence from the economic development literature, it argues that the most viable and fruitful application of Islamic banking is in the form of rural development banks.

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