First vs. second generation Islamic economists: Deviations and differences in thoughts

The present paper proposes to study differences in thoughts of the first vs. second generation Islamic economists, during the past forty years. It will also investigate deviations that occurred in thought and practice in this period. But first it will try to determine the basis of differentiation between the two generations and their distinguishing features. For our study purpose, we regard as the first generation those scholars who started writing on the subject of Islamic economics between 1950 to 1975, a period highly unfriendly if not hostile to the idea of economics with Islamic perspective. This phase culminated at the organization of the first international conference on Islamic economics by King Abdulaziz University in the Holy city of Islam – Makkah Mukarramah. A new era started after the conference, in terms of the establishment of research and study centers, issue of specialized journals, enrolment to Ph. D. courses, foundation of study departments, set up of financial institutions, organization of conferences and seminars, award of prizes, and creation of employment opportunities. It also attracted attention of some non-Muslim economists. Thus, those who joined the movement of Islamic economics after this conference will be considered as the second generation. In its concluding remarks, the paper would suggest certain steps that could be taken to bridge the gaps, minimize the difference, and train the new generation.