According to western views, wealth is unambiguously good, and so human welfare is positive when wealth is in excess of needs, and negative if it is less. Islam has a substantially more sophisticated view of the relation between wealth and welfare. Excess wealth is a trial, which can bring great...

An earlier & longer version of a draft of this paper, with title “Islamic Approaches to Fundamental Economic Problems,” is available from http://ssrn.com/abstract=2231398 Because Islam focuses on success in the hereafter, while economics focuses on maximizing pleasures of this world, the two...

We provide a detailed discussion of current methodology of economics and its emergence from secular roots in Europe. The foundational principles of this methodology, which is based on logical positivism, are in conflict with Islam. We then sketch some alternative methodologies which would be...