The Rise of Religious Economics Model: Critiques of the Islamic Economics Doctrine

In this Chapter, we embark on a fascinating exploration of faith-based economic thought, which challenges the universal economic identity promoted by globalisation. We delve into the rise of “Islamic economics,” deeply rooted in Islamic scripture and traditions, within the context of “political Islam” in the twentieth century. Despite being embraced by a minority of economists known as “Islamic economists,” this doctrine’s social impact cannot be underestimated. This chapter offers unique insights into this faith-based perspective, providing a richer understanding of its significance.