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Islamic Economics: A Plea for Islamic Capitalism

The discipline of Islamic economics emerged making a claim of providing a viable alternative to the then prevailing social orders; namely capitalism and socialism. However, both ideological as well as empirical development of this discipline has made it clear that it seeks its foundation in liberal capitalist economic discourse; i.e. neoclassical economics and market order. The paper elaborates this inherent link between the two on the basis of authentic literature produced by Islamic economics scholars. Finally, we conclude that since Islamic economics is merely a foot-note of neoclassical economics, hence it not only fails to provide an alternative to it but also seeks to subordinate Islamic world to the global capitalist order.