Islam and Economic Development By Muhammad Umer Chapra, The International Institute of Islamic Thought and Islamic Research Institute, Islamabad, Pakistan, 1993, 166 pp.

Abstract

Islam and Economic Development is another intellectual contribution
by M. Umer Chapra, a well-known Muslim social scientist and author of
Toward a Just Monetary System and Islam and the Economic Challenge.
He has been devoting time, energy, and experience to the cause of Islamization
of knowledge, and this work, which shares much in theme, tone,
and territory with his earlier works, reflects his deep commitment and
dedication to a painstaking task. This thought-provoking book, which
offers a global and integrative perspective of the phenomenon of development
within the framework of an Islamic worldview, is divided into six
chapters, preceded by the author’s preface and a foreword by Zafar Ishaq
Ansari, and followed by notes and refelences, a bibliography, and an
index.
Chapter 1, “The Kind of Development,” initiates the discussion of the
book’s general theme by presenting the issue of development in terms of
goals and the strategies employed to realize those goals. The two basic
goals-efficiency and equity-are defined within the Islamic concept of
just development, which is derived from the concepts of tawW (the
oneness and unity of God), khikifah (the vicegerency of human beings), and 'adalah (justice)
The terms “efficiency” and “equity,” as defined on page 8, need
further explanation, especially when the authm has discussed the important
analytical issue of the optimality and the maximization of the two
variables. Moreover, the concept of khilafah (state) and the two basic
goals that it seeks to achieve, ‘adalah (justice) and falah (general well-being),
could have been better linked to the time basic pillars of Islam:
tawhid, risalah (prophethood), and dkhirah (the hereafter).
Chaptet 2, ”Can Secularism Foster Just Development?,” features development
stmtegies of the two prominent secular systems: the free
market system and the socialist system. Chapra points out that the
reallocation of nsources cannot be realized within the value-neutral
framework of secular systems. He notes that the ftee market system,
which is based on the concept of self-intenst, cannot motivate people to
act in the interest of society. He shows the futility of the Swirling pattern ...