The International Institute of lslamic Thought (IlIÐ The Intemational Institute of Islamic Thought (IIIT), a cultural and intellectual institution, was established andlregistered in the United States of America at the beginning of the fifteenth hijrah century (1401/1981) with the following objectives: . To provide a comprehensive Islamic outlook through elucidating the principles of Islam and relating them to relevant issues of contemporary thought; . To regain the intellectual, cultural, and civilizational identity of the Ummah through the Islamization of the humanities and social sciences; and

To rectify the methodology of contemporary Islamic thought in order to enable it to resume its contribution to the progress of civilization and give it meaning and direction in

line with Islamic values. The Institute seeks to achieve its goals through:

. . .

Holding specialized academic conferences and seminars; Supporting and publishing selected works of scholars and researchers in universities and academic centers in the Muslim world and the West; and Directing higher university studies toward furthering work on issues of Islamic thought and the Islamization of knowledge.

The Institute has a number of overseas offices and academic advisors to help coordinate and promote its various activities. The Institute has also entered into joint academic agreements with several universities and research centers.

International Institute of Islamic Thought 580 Herndon Parkway #500 Herndon, VA 20170-5225, USA Phone: (703) 471-1716;Faxz (703) 471-3922 http ://www

jaring.my/iiit

E-mail: iiit @iiit.org

About this Book Muslim countries are facing serious problems in managing their economic life. Their inherited colonial way of achieving economic aims are in basic contradiction to certain aspects of Islamic values and intended economic goals.

it is imperative for Muslim

countries endeavoring to escape underdevelopment and social injustice to turn to Islamic teaching and the Islamic way of harnessing human potentials to improve economic conditions and ascertain the necessary requirement for effective economic development.

Thus,

Islamic economics, as developed by Muslim jurists and social scientists (fuqaha'), needs to be recast in modern terms and developed further to deal with complex realities of the modern society.

This book is one step on the long march to Islamizing the science of economics. It contains a selection of papers from the proceedings of an economic conference held in Cairo in 1988. The papers that appear in this selection contribute to the cause of modernizing Islamic economics.