The Application of Islamic Thought to Economic Policy Making in a Threatened World

Abstract

The twin threats of uncontrollable disease and global warming are causing economists to rethink their research agendas. From an Islamic perspective, these threats pose moral challenges that must be addressed. More focus on how economic policy can best provide a way forward is warranted. While it is correct to stress the differences in approach between Islamic and conventional economics, in present circumstances it is more urgent to work on policy areas. How can recovery from the COVID-19 pandemic be managed, and will inadequate access to vaccines penalize the poor further? If the planet itself becomes degraded, does mankind have a future? An appropriate allocation of Islamic finance can contribute to solutions, but a spirit of international economic cooperation is needed. © 2021. All Rights Reserved.