First principles of Islamic economics

Abstract

First Principles of Islamic Economics collects together the major writings on Islamic economics by Abu'l A'la Mawdudi (1903-79), one of the leading Muslim intellectuals of the twentieth century. Written between the 1930s and the 1960s, Mawdudi laid down the foundations of modern Islamic economic philosophy. Drawing upon the teachings of the Qur'an and Sunnah, Mawdudi spelled out major elements of a new paradigm for economic analysis and policy, wherein economic pursuits take place in the context of moral values and directed towards achievement of personal and social objectives.The uniqueness of this approach lies in making efficiency and equity inseparable and interdependent. In an Islamic framework, creation and distribution of wealth become instrumental in promoting individual and social well being, enabling the economic discipline to open up pathways to economic development, social justice and human welfare. Khurshid Ahmad, who edited the Urdu original, Ma'ashiyat-i Islam, has contributed a new introduction to this authoritative English translation by Shafaq Hashmi.

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