islamic economic renaissance 407intensified with no indication of changing direction or slowing down.
Muslims will find it inevitable, as they have learned by now, that
they should deal with economies, and economic systems, that are
based on principles which they themselves refute. And when these
economies are particularly strong, such as the Western economies,
it becomes almost unthinkable for Muslim countries, trying to apply
the ideals of Islamic economics to their systems, to live in economic
isolation. The importance of adaptability of the Sharì"ah from within
to external economic conditions cannot be overemphasized.
Despite these and similar observations, Islamic economics has, by all
standards, achieved tremendous progress and Muslims, joined lately
by non-Muslim, scholars in the field are working hard to keep the
flow of publications coming. The future of Islamic economics has
attracted a variety of contributions from a number of Muslim econ-
omists, some more critical than others, though the sincerity of all is
not to be doubted. There is room for improvement without doubt,
as Chapra has emphasised in his “The Futures of Economics”, on
policy implementation (Chapra, 2000). But there seems to be a gen-
eral consensus among Muslim economists, bankers and practitioners
that they have come a long way and they are here to stay. One
may be tempted to be extra cautious in joining Chapra in concluding
that the Islamic financial movement has taken offfairly successfully
and it may be impossible for any one to roll it back (ibid.). But
hope, as the great flùfìal-Muœàsibìhas told us earlier, is not enough
to achieve what God has destined for us to achieve. The, œarakah,
or hard work and sincere endeavour, is still needed in pursuit of
success. And Islamic banks seem to be in need of a considerable
amount of œarakahin the near future if they are to compete effectively
with Western banks and financial institutions nationally and globally
in the far future. And “God knows best”.
“OUR LORD CONDEMN US NOT IF WE FORGET OR FALL
INTO ERROR”