Articles

Flimsy grounds of the Islamic economy

Vostok/Oriens '2017, №2

 
The article focuses on a relatively new phenomenon in the Arab economic practice showing a clear need for setting up a large-capacity economic mechanism based on the Islamic principles with the Islamic banking being just a part of the system but not implementing it as its basic element. Now there is a tendency to prove the identity of the really strengthened Islamic banking and the mostly verbal Islamic economy. If it obtains a real status instead of an ephemeral one, it will help to regard the Arab economic reproduction mechanism as a serious moral antipode for Western economic system and business activity. Furthermore, the rise of such economic organism may be in one way treated as a materialized Arab initiative allowing it to actively participate in regional economic turnover as well as to operate specifically in the world economic space.

Keywords: Islamic banking, Islamic economy, Islamic business, funding, Arab capital, conventional banks, agrarian development

Pages: С. 130–142