islamic economic renaissance 353ment agency. As an example, the High Council held an international
seminar on Islamic insurance the proceedings of which were pub-
lished in Arabic in a substantial piece of work titled, “Islamic Juris-
prudence Week and Ibn Taimiyah Celebrations”, 1963, 925 p. (ibid.).
This is yet another example of the contribution of government to
promoting Islamic economics thinking at that early phase of the sub-
ject’s development.
Last but not least, the World Muslim League may be added to
the list of sponsors of Islamic economics. “Economics of Social Struc-
ture of Islam”, by Muœammad Abdùllah al-Araby, Singapore in 1966,
and, “Social Justice in Islam”, by Ahmad Zaki Yamani, both in
Singapore, 1966, and “Characteristics of Islamic Economics”, by
Mahmùd Muœammad Babulli, in Makkah, 1969, (ibid.) are some exam-
ples of the researches presented to, and supported by, the League.
These were the key institutions that pioneered research on Islamic
economics. But from the late seventies onward, more sponsoring
institutions came to the scene with substantial financial resources and
expertise. Examples of these are mentioned in the previous chapter
on Islamic revivalism in which it was mentioned that the effect of
these institutions on the development of Islamic economics has been
tremendous.
Religious Societies
The effect of these societies has been of twofold: the effect of religious
teachings on the writers on Islamic economics that has contributed to
enhancing their initiatives, and the public call for Islamic revivalism
in Muslims’ life with a return to the basic ideals of Islam. Religious
societies represented by those mentioned earlier, extended their
influence among the public through lectures, mosque schools and the
weekly regular Friday congregational prayers. The military disaster
that bewildered the Muslim world after the defeat in what became
known as the six-day war, or mildly referred to in the Muslim world
as the setback, made the message of religious bodies for the return
to Islamic ideals more persuasive. Many concluded that the religious
reason for the defeat was that Muslims were not fully commited to
their religion and if they were to achieve any future victory in
battlefield or factory they ought to return to the pure rules of their
religion.