Islamic Finance Eclipsing Islamic Economics : Causes and Consequences

Islamic economics represents an important mid-20th century dimension of the revivalist Islamic discourse. By the 1970s its focus fundamentally shifted with the emergence of Islamic finance becoming the dominant theme, eclipsing the narrative on Islamic economics and subverting the original objective of an Islamic economy.An examination of the factors causing the eclipse, as well as its consequences, is required to fully explain the emergence of Islamic finance in the absence of a synergistic financial framework and to rechart a course of duly embedding financial institutions