Four Generations of Islamic Economists

Four Generations of Islamic Economists

Abdul Azim

I.     First Generation - From 1926 to 1950

The actual writing on Islamic economics started in this period, although its ground

was prepared in the first quarter of the 20th century. First time terms like “Islamic

Economics” and “Islamic Economic System” were used. It may be called as “take off”

period for Islamic Economic. Example of this group: Hifzur Rahman Sewharawi, Manazir Ahsan Guilani, Abul Ala

Mawdudi, Muhammad Hamidullah, Anwar Iqbal Quraishi, Shaikh Mahmud Ahmad,

Yusufuddin from the subcontinent. From the Arab world we can put in this category Zaki

Salih, Muhammad Ali Nash’at, Ahmad Muhammad Ridwan, Abu Zaharah. Ali Fahmi

Taman, Muhammad Abdullah al-Arabi, etc.

Main Features. With the exception of one or two all of them were from ulama

category (religious scholars). They had some exposure to economics. They based their

writing on the Qur’an, Sunnah and fiqh. Their style is generally descriptive and

jurisprudential.         

II.    Second Generation - From 1951 to 1975

It came in the third quarter of the twentieth century. In this period increasing number

of professionally trained economists joined hands. Generally individual scholars led the

movement of Islamic economics to forward. They may be called “pioneer Islamic

economists”. The end of first-half of twentieth century and the beginning of the secondhalf

seems to be an appropriate time to start age of another generation when number of

works on Islamic economics considerably increased. The culmination of this period is the

event of the First International Conference on Islamic Economics by the King Abdulaziz

University. The Conference was scheduled to be held in 1975 but due to a tragic

incidence it could be organized only in early 1976. The conference provided a golden

opportunity for scholars working in isolation on Islamic economics to be aware of

existing state of affairs in the field of Islamic economics, to exchange ideas with each

other, to take stock of the existing literature on the subject and realize the challenges

ahead. Islamic economics got a momentum after this conference never seen before. It led

to intensive and extensive researches on various aspect of the discipline, development of

curricula on Islamic economics, foundation of research centers and study departments,

establishment of a chain of Islamic banks and financial institutions which were already

founded in few places and issue of specialized journals on Islamic economics. ‘This

conference ushered in a new era in Islamic economic thought as it carried the subject to

the Muslim academia the world over. Simultaneously, it provided a great impetus to

nascent “movement” of establishing Islamic financial institutions’. The Conference

provided “big-push” to Islamic economics. It moved towards maturity.

They are From professional economists: Muhammad Uzair, Baqir al-Sadr, Isa Abduh, Abdul

Hamid Abu Sulaiman, Hasanuzzaman, Muhammad Nejatullah Siddiqi, Khurshid Ahmad,

F.R. Faridi, M.A.Mannan, Ahmad al-Shirbasi, Muhammad al-Mubarak, Muhammad al-

Dusuqi, Yusuf al-Qaradawi, Gharib al-Jammal, Shawqi al-Fanjari, M.U.Chapra, Akram

Khan, M. Anas Zarqa, Sami Hasan Hamud, Sabhuddin Zaim, Salih Tug, Monzer Kahf,

Muhammad Ahmad Saqr, Rifat al-Awdi, Abd al-Salam al-Misri, Abd al-Salam al-

Abbadi, Abd al-Samee` al-Misri, Abd a-Rahman Yousri, Masudul Alam Choudhury, etc.

Main Features of the Second Generation:

- Lead was provided by professionally trained economists.

- Most of them were well-versed both in conventional economics and Shariah

sciences.

- Their works are more analytical and modern in style.

- They guided Ph. D. scholars on Islamic Economics in Economics departments.

- Some of them started teaching students of Economics.

- Some others involved in establishment of practical institutions.

III. Third Generation - from 1976 to 2000

It includes those whose works appeared after 1975 but not later than 2000. Some of

them, although senior in age, started late by their own initiative or were inspired by the

pioneer economists of the second generation mentioned above. Younger in this

generation had Ph. D guidance or attended lecture classes of their preceding generation.

In this period institutions also joined hands to develop Islamic Economics. It is the period

of its recognition.

For example: Zubair Hasan, Salamah Abidin, Ausaf Ahmad, Tag el-Din Seif el-Din,

Hasan Abd-Allah al-Amin, Shawqi Dunya, M. Fahim Khan, Munawer Iqbal, Muhammad

Abdul Halim Umar, Muhammad Aslam Haneef, etc.

Main Features:

- This generation saw chains of conferences and seminars on Islamic economics,

discussion forums

- Professional journals were issued

- Teaching courses and departments were established

- A number of research centers, banking and financial institutions were founded

- Prizes were announced

- Some non-Muslims also took interests in Islamic economics

- Critics and opponents of Islamic economics surfaced

IV.   Fourth Generation - From the Beginning of the 21st Century

They may be called new generation or the young generation. They are still in the first

decade. Their works appeared first time in 21st century only.

Main Features:

Generally dissatisfaction is expressed over the course of the development of Islamic

Economics in this generation due to widening gap between theoreticians and practitioners

and the increasing role of the latter.

- Less dependence on original and classical Islamic sources

- Internet based researches which lacks authenticity

- Frequent organization of commercial events.

- Resentments over the role of Shar`iah Supervisory Boards

- Development of financial Engineering

- Adoption of legal stratagem, etc.

But it is also a fact that a large number of the component of this generation is

distinguished in scientific presentations due to their modern academic background and

their graduation from specialized Western institutions.

- They started using econometric models in their researches.

- Specialization in various aspects of the subject increased such as awqaf, finance,

insurance, etc.

- In many cases their works have distinct combination of theoretical and applied

researches.

- They innovated financial tools applicable to financial lease and operational lease.

- They have wider audience and enjoy multicultural and multi-lingual interactions.

This provided great opportunity to enrich the discipline of Islamic economics and

disseminate it to others.

Thus, very much hope is attached with them. They need to be encouraged while

stressing correction and drawing their attention towards keeping things in order.

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