Islamic economic philosophy in a Global Political Economy discourse

Hakemuksen tiivistelmä

Islamic economics has found a new interest in the academy, particularly after the Global Financial Crisis in 2007. While Islamic financial products gained attention at that time and continue to do so, the theoretical foundations of Islamic economics remain underdeveloped. In the face of new global crises, there is a renewed focus on economic practices outside of neoliberal capitalism, and this study is part of this struggle. It aims to integrate Islamic economic philosophy with Global Political Economy (GPE). The research seeks to expand Islamic economic thought beyond Sharia-compliant financial products and to address key issues like private property, exploitation, and the gendered role of labour. The research methodology involves conducting interviews with professionals in Islamic banking, as well as academics specialising in Islamic economics. By using case studies of banking practices and Islamic economic policies in Pakistan, Malaysia and Europe the project aims to bridge theoretical knowledge with financial practice. The primary research topics include the relationship between interest rates and class dynamics, the concept of exploitation in Islamic economics, and the transformation of the 'economic man' into labour, with a focus on its gendered aspects. This approach offers a truly unique analysis of Islamic economic philosophy. While economists worldwide have shown interest in the subject, none have explored it in such depth within the realm of critical political economy. This research will pioneer new insights for both global political economy and Islamic economics, potentially offering fresh perspectives on interest rates, labour rights, power dynamics in developing countries, and gender issues in Islamic economics.