Journal of Islamic Business and Management
Global Financial Capital vs. Islamic Concept of Wealth: The Question of Idelogical Dominance
Omar Javaid & Abdul Wahab Suri
Published Online: December 2015
The purpose of this paper is to compare global financial capital with traditional concept of wealth in theory of Islamic economics & finance as perceived in Islamic discourse, so as to analyze the dominance of the former over the latter in the light of ethos of Islamic thought. To do this we have evaluated the features and have found substantial differences between the ideological, historical, institutional and political specifications of the two. Islamic jurisprudence knowledge on trade & finance focuses on fair exchange of existing stock of real wealth while preserving the religio-socio-cultural order; on the other hand modern financial knowledge prioritize unprecedented capital growth irrespective of its disintegrating impact on any traditional and/or non-market entity. Therefore, practicing Islamic finance under the dominance of global capital raises serious questions regarding the possibility of disintegration of Muslim communities by subjecting their physical & natural resources to the forces of global financial capital under the pretext of Islamic finance.
Global Financial Capital; Concept of Wealth; Islamic Finance; Capitalism; History of Economic Thought.