Islamic Economics: A Short History

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shall be in conformity with the purposes behind Allah’s creation
of the universe.


  1. Knowledge should be utilised by man, as the servant (abd) of
    Allah and vicegerent (khalifa) on earth, in accordance with the
    will of Allah.

  2. The quest for knowledge is regarded as an act of worship (ibadah).


Notably, the religious input in the above philosophy is particularly
distinct.


The International Islamic University (Islamabad)


The foundation stone of the Islamic University, Islamabad was laid
on the first day of thefifteenth century Hijrah i.e. Muharram 1, 1401
(November 11, 1980). This landmark of the beginning of the new
Century symbolizes the aspirations and hopes of the Muslim Ummah
for an Islamic renaissance. The desire to produce scholar and prac-
titioners, imbued with Islamic Learning, character and personality,
and capable to meet the economic, social, political, technological and
intellectual needs of the Muslim Ummah was the reason for the
establishment of this University (IIU website, January 2006).
The University was reconstituted as ‘International Islamic University’
with the promulgation of an ordinance in 1985.
The University is located around the domineering Faisal Mosque,
a symbol of international Islamic brotherhood and unity. It is designed
by a famous Turkish architect and is donated to the University by
late Shaheed Kind Faisal bin Abdul Azìz. The Mosque is spread
over an area of 189,705 sq. meters and can accommodate about
200,000 Muslims.
The broad aims and objectives of the International Islamic Uni-
versity are:



  1. To offer all-around and harmonious development of individuals
    and society

  2. To reconstruct human thought in all its forms on the foundation
    of Islam

  3. To develop an Islamic character and personality among the stu-
    dents, teachers and the supporting staffin the University

  4. To encourage and promote education, training and research in
    Islamic learning, social, natural, applied and communication sci-
    ences, and other branches of knowledge.

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