Islam: Legacy of the Past, Challenge of the Future
Chapter two, on ‘Islam and Development in Muslim Countries’ (pp. 49-98), discusses that Islam is compatible with capitalism and is not an obstacle to economic development. Exatnines various shades of socialist thinking in Muslim countries. The problem of Muslim countries is to 'discover’ a strategy for economic development which derives its legitimacy from the ideology of Islam. Unfortunately, at present no such strategy exists. Cites the example of Libya to show that Qaddafi’s socialism is also not exclusively derived from Islam. Concludes by mentioning the recent efforts to develop Islamic economics as an independent discipline. Meant for general readers and political scientists. Based on secondary sources. Documented.