Mohammad Nejatullah Siddiqi

This entry explores the significant contributions made by Mohammed Nejatullah Siddiqi, a prominent Islamic economist of the recent decades, to the subject of economics. Siddiqi, renowned for his substantial contributions to the reexamination of Islamic economics within a contemporary context and its relevance in the current global economic system, is also celebrated for his innovative solutions to the challenges of its practical implementation. Central to his research, particularly in the analysis of practice, is the notion that the principles of Islamic economics are harmonious with contemporary economics. In several of his works, he contends that the Islamic economic philosophy aligns with classical liberal economic concepts, including rationality, individual freedom, private property, and market economy, thereby substantiating this approach. However, Islamic economics diverges from conventional economic theory in its treatment of interest, riba, and ethical concerns, despite sharing significant parallels in certain aspects. Its solution to these difficulties makes it a notable and environmentally friendly model. Siddiqi’s formulation of a systematic framework for Islamic economics is a significant contribution he has made to the discipline. By integrating the fundamental scriptures of Islam and traditional fiqh sources with contemporary economic analysis, this approach facilitates the advancement of Islamic economics as a scholarly field and its active participation in current economic discussions. Furthermore, his proposed remedies for practical issues actively contribute to the advancement of Islamic finance, which he asserts is harmonious with the contemporary financial system. Consequently, he is regarded as one of the trailblazers who established the fundamental principles of Islamic finance. Throughout his lifetime, he authored numerous publications that have been widely acknowledged as authoritative sources in issues pertaining to Islamic economics and finance.