The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective

Ebrahim, M. Shahid; Sheikh, Mustapha

Abstract

This article studies the relation between Islam and economic development from a juridico-philosophical perspective. A fresh review of this issue is timely, because of the ongoing laggardness of Arab and Muslim economies due to decades of Pareto-inferior poverty traps. We disentangle the viewpoints on the Islamic-economic nexus and determine that the backwardness of Muslim countries’ economies is primarily due to the retrograde outlook of the jurists ( fuqahāʾ). Flawed jurisprudential reasoning is instrumental in the paucity of financial instruments, markets, and institutional development. We also scrutinise the jurists’ co-option by the ruling elite, which legitimises the elite’s autocracy. We conclude by recommending a salient strategy critical to fostering economic development and growth.

Citation

Ebrahim, M. S., & Sheikh, M. (2018). The Political Economy and Underdevelopment of the Muslim World: A Juridico-Philosophical Perspective. Arab Law Quarterly, 32(4), 385-412. https://doi.org/10.1163/15730255-12324051

• Journal Article Type: Article
• Acceptance Date: Mar 6, 2018
• Publication Date: Mar 1, 2018
• Deposit Date: Mar 7, 2018
• Publicly Available Date: Nov 9, 2020
• Journal: Arab Law Quarterly
• Print ISSN: 0268-0556
• Electronic ISSN: 1573-0255
• Publisher: Brill Academic Publishers
• Peer Reviewed: Peer Reviewed
• Volume: 32
• Issue: 4
• Pages: 385-412
• DOI: https://doi.org/10.1163/15730255-12324051
• Public URL: https://durham-repository.worktribe.com/output/1365560
• Publisher URL: http://booksandjournals.brillonline.com/content/journals/15730255