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El-Barka: Journal of Islamic Economics and Business
Published by Institut Agama Islam Negeri Ponorogo
ISSN : 26571153     EISSN : 26571862     DOI : -
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
El Barka is a semiannual journal published by the Faculty of Islamic Economics and Business IAIN Ponorogo and cooperate with Ikatan Ahli Ekonomi Islam Indonesia (IAEI). El Barka accepts original scientific writings that have never been published in the field of economics, islamics economics and business, including conceptual thoughts, research reports, case reports, application of theory, critical studies and literature reviews.
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Search results for , issue "Vol. 9 No. 1 (2026)" : 1 Documents clear
Islamization of Economics in Pakistan: Analyzing the Weaknesses in Muftī Taqī ʿUsmānī’s Response to Capitalism Razzaq, Zain
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
Publisher : El-Barka

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Abstract

This study addresses a significant gap in the literature on the Islamization of economics in Pakistan by critically examining Muftī Taqī ʿUsmānī’s conception of capitalism and his proposed strategy for its Islamization. The purpose of the paper is to analyze how capitalism is conceptualized in ʿUsmānī’s writings and to assess his proposed Islamic alternative to capitalism. Methodologically, it employs qualitative critical textual analysis of two of ʿUsmānī’s key works—“Islam aur Jadīd Maʿīshat-o-Tijārat” and “An Introduction to Islamic Finance”. The findings indicate that ʿUsmānī treats capitalism primarily as an economic system rather than as a broader socio-cultural and political order. This perspective leads him to propose reforming or Islamizing capitalism through the removal of specific practices, particularly interest-based financial mechanisms. However, the analysis demonstrates that Islamizing capitalism is fundamentally impossible, as its structures and values are incompatible with Islamic principles. The study develops a theoretical analysis by distinguishing capitalism as a totalizing system that structures social, cultural, and political life from its narrower conception as a purely economic system. It also considers the implications of ʿUsmānī’s focus on the economic dimension, showing how Islamization frameworks that address primarily economic aspects may overlook the broader systemic character of capitalism.

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