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Islam and the Economy of Pakistan

A Critical Analysis of Traditional Interpretation

The book critically examines the question of the ideology of Pakistan and the related claim concerning Islam as a system. The author attempts to discuss the issue in the context of the economy of Pakistan and argues in favour of renewed efforts towards the reconstruction of Islamic thought tomeet the challenge of modernity in the area of economic policy.

Thus, rent and interest become two sides of the same phenomenon. But there is
more to rent than its role as payment for the use of a durable good. It is described
as 'quasi-rent' in the theory of distribution when rent becomes a pure surplus
accruing to the owner of land (or any fixed asset) who has no contribution in its
creation. Economists usually refer to it as unearned income and it is applicable in
a variety of situations. A typical example would be where a business is made
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Pakistan, Islam, and Economics

Failure of Modernity

It's a pioneering effort to present a comprehensive view of the issues involved, from riba to the status of women in Islam.

It is whether modaraba type financing would dispense with interest as we know it
in modern times. The Islamic economists often point out that there is no
consensus about the theory of interest among the neoclassical economists. What
determines interest rate and which theory best explains the phenomenon is not
the real issue. There is the well-known Keynesian approach to interest rate, and
there are the nonmonetary theories which make an attempt to explain the
phenomenon.