Economic growth in an Islamic economy: potentials and priorities

Abstract

It has been argued by some western writers that Islam is an obstacle to economic growth. The objective of this paper is to demonstrate that Islam does (not only encourage a right kind of economic growth, but there are good potentials for it in an ideal Islamic economy, and to highlight its growth priorities. A basic assumption, here is that the economic agents adhere to the norms and values of Islam in all activities of their life.2 The paper has four parts. Introduction deals with the meaning, importance and desirability of economic growth. Part II analyse the determinants of growth and its potentials in an Islamic economy. Growth prorities are dealt with in Part III. A final part concludes the paper.