The Progression of Islamic Economic Discourse in South Asia

Navigating Colonial Legacies and Modern Imperatives

Abstract

The objective of this study is to explore the evolution of Islamic economic thoughts in the South Asian subcontinent. It seeks to show the evolution of the discourse of Islamic economic thoughts from being merely defensive and colonialist to being an emerging field of study, which seeks to address the present financial issues. The study will be achieved through the historical and analytical approach to the study of the various social and political factors that led to the evolution of Islamic economic thoughts. An in-depth analysis of the various studies conducted will show the major contributions of the indigenous thinkers who have effectively used the traditional principles of Islamic law to address the present needs. The study will be conducted in the context of the practical applications of the theories of Islamic finance in the countries in the subcontinent, such as Pakistan, Bangladesh, and India. It is possible to gain an insight into the unique evolution of the principles of Islamic economics through the synthesis of the theories. It will also be discussed how the theories will be useful in the development of new policies that attempt to integrate ethical considerations in solving the issues of development.