Reclaiming Lost Narratives: A New Approach to Social Science

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“Until lions get their own historians, tales of the hunt will always glorify the hunters.” — African Proverb

{bit.ly/AZrln} History is written by the victors. Power is the ability to construct and spread self-glorifying narratives, erasing alternative worldviews, demonizing the vanquished, and suppressing dangerous knowledge. While this is easy to see for political history, modern social science is a far more powerful fabrication of power—it borrows the prestige of the physical sciences to propagate Eurocentric ways of seeing the world.

To see through the illusions, sustained by the prestige of modern social science, we must trace its historical roots and uncover how it was created. This is the aim of our project: to rebuild the social sciences on radically different foundations, drawing from the insights of Ibn Khaldun.

Chapter 1: The Methodology of Uloom ul Umran

Modern social science is built on a hidden framework — one that seeks to apply universal laws to human societies, as if they were mechanical systems rather than complex historical entities shaped by power and culture. But what if this approach itself is fundamentally flawed?

In this chapter, we turn to Ibn Khaldun, one of the greatest thinkers of history, who offered a radically different approach to studying societies. Unlike modern economists and sociologists, who search for timeless mathematical models, Ibn Khaldun saw civilizations as organic, rising and falling in cycles based on social cohesion, political power, and economic structures. His method, which he called Uloom ul Umran, focuses not on abstract theories but on understanding how real societies change over time.

Modern social sciences have largely ignored or marginalized the historical methodology of Ibn Khaldun. Since the early 20th century, economics textbooks exposit a methodology that claims universal applicability across time and space, like physics. This chapter lays the groundwork for rethinking social science—not as a search for universal laws but as an exploration of the forces that shape civilizations, the narratives that sustain them, and the knowledge they produce.

Chapter 2: Studying Social Change—From the Roman Empire to Christendom

If knowledge is shaped by power, then history is not just remembered—it is rewritten. Those who rise to power do not simply impose their rule; they also reshape the past to justify their dominance. Nowhere is this clearer than in the fall of the Roman Empire and the rise of Christendom.

For centuries, Rome stood as one of the greatest civilizations of the ancient world. Yet, when it collapsed, its legacy was not preserved as a golden age—it was reframed as a corrupt and decadent empire that had to be destroyed for a new order to emerge. The Christian Church, now in control, rewrote Rome’s history to position itself as its true heir. Knowledge that did not fit this new narrative was discarded or erased.

This pattern of historical erasure repeated itself centuries later with the Renaissance, often described as Europe’s intellectual rebirth. Yet this framing conceals the reality that much of the knowledge that fueled the Renaissance came from outside Europe—especially from the Islamic world, which had preserved, expanded, and transformed classical learning. However, because European power dictated the writing of history, these contributions were erased, and the Renaissance was rebranded as a purely European achievement.

By looking at these moments of transition, we uncover a deeper truth: history is not just about what is remembered, but about what is forgotten. If past civilizations could not see how their own master narratives shaped their thinking, how can we be sure that we are not also trapped within a carefully crafted illusion?

Looking Ahead: Historical Origins of Modernity

If the past has taught us anything, it is that knowledge is not neutral—it is produced through struggle. The transition from the Renaissance and the Enlightenment to secular modernity reshaped how nearly all of humanity understands history, philosophy, and social science. Through the spread of Western education, Eurocentric assumptions became embedded into curricula across the world, defining how we see progress, reason, and civilization itself.

What happens when we begin to challenge this framework? What ideas have been erased that are still worth retrieving? These are the questions I will explore in later chapters of this textbook. Join the mailing list at bit.ly/AZIEML to get monthly email updates about this forthcoming textbook. The homepage for the textbook is at bit.ly/3gie

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Bengali Translation of Essays on Islamic Worldview

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My book, consisting of a compilation of my articles on “An Islamic Worldview: Essays on the Conflict Between Islam and Modernity” has recently been translated into Bengali. Softcopies are not available, but hardcopies can be ordered from the following links:

For translations to Turkish, Indonesian and (upcoming: Urdu) see: https://azprojects.wordpress.com/courses/talks/

I am copying the preface to this translation, written by Asif Adnan

All praise is due to Allah, the absolute sovereign of the heavens and the earth, the Most Gracious, the Most Merciful, the One and Only, Self-Sufficient, Unconquerable, and Supreme. There is no deity except Him, and He has no partner. We have come from Him, and to Him is our ultimate return.

May peace and blessings be upon Allah’s Messenger Muhammad (ﷺ), his family, and his companions.

Imagine someone wearing two different lenses from two distinct pairs of glasses. What would happen? They would stumble repeatedly as they walked. A smooth road would appear uneven, a straight wall would seem crooked. Objects nearby would appear distant, and those far away would seem close. Their perception of length, width, height, and depth would be completely distorted. Even the simplest tasks of daily life would become incredibly difficult. Their life would be trapped in a web of confusion and disorder.

In the modern era, Muslims frequently face a similar predicament. Islam provides us with one lens to perceive and comprehend reality, while modern Western civilization offers another. These two lenses have different colors, molds, and perspectives. Yet, we are attempting to wear both at the same time. Though we identify as Muslims in faith, our thoughts and behaviors are increasingly being shaped by ideas and beliefs originating from the West.

On one hand, we claim that Islam is the ultimate truth, the most beautiful and perfect way of life, the only divinely approved system of living. We identify ourselves as Muslims. But on the other hand, many aspects of the lifestyle we have become accustomed to are in direct conflict with Islam. Not only that, but when we evaluate Islamic principles through the moral framework taught by modern society and civilization, many of Islam’s positions seem incorrect or even flawed. Almost all of us experience this contradiction within ourselves. It feels like a tug-of-war—two colossal forces pulling against each other, with our minds and hearts caught in the middle as the battlefield.

The root of this conflict, the reason behind this contradiction, lies in our inability to recognize the fundamental differences between Islam’s position and the ideologies of modern Western thought. It stems from our failure to understand the clash between their foundational principles and essential characteristics.

There are many individuals who, despite identifying as Muslims, have studied Western philosophy and ideology deeply and internalized them thoroughly. However, in the process of doing so, they have been so deeply influenced that they now read and interpret Islam through the lens of Western thought. Conversely, there are others who have acquired extensive and profound knowledge of Islamic jurisprudence (Shariah and Fiqh) but have only observed Western thought superficially. They have focused on the branches of the tree but not its roots. They have looked at the tree itself but failed to perceive the forest. As a result, based on a few apparent similarities, they have embarked on projects attempting to “Islamize” various Western concepts and systems.

Dr. Asad Zaman stands out in this regard. He is among those rare academics who have immersed themselves in Western thought and philosophy, understood it thoroughly, and then, after returning to the light of guidance, have critically evaluated it using the criterion of divine revelation (Wahi). More importantly, he has clearly articulated, through his writings, the nature, extent, and various manifestations of this intellectual conflict. Instead of stopping there, he has taken on the task of addressing this crisis in Muslim thought in modern times.

His approach is epistemological. Compared to methodologies like the “Islamization of Knowledge,” his approach is broader, deeper, and, in my opinion, more robust. Before pruning the branches of Western knowledge and thought to make them appear superficially compatible with Islam, he has focused on tracing their roots. He has identified the fundamental conflicts between these ideologies and Islamic perspectives. Then, turning to our rich history, he has extracted alternative worldviews based on Islamic tradition.

Dr. Zaman adopts a multidisciplinary approach in his analysis. His discussions provide valuable insights and guidance for various fields of thought and progress. With great skill, he weaves together lessons and realizations from history, economics, sociology, and philosophy, drawing from multiple disciplines. He then evaluates them on the scales of absolute truth found in the Qur’an and Sunnah, integrating divine revelation with modern realities. Even if a reader does not fully agree with all of his proposed solutions, they will undoubtedly concur with his diagnosis of the intellectual crisis.

We, and indeed the entire world, are passing through a period of historical transition, even though we may not yet be fully aware of it. The era of the unipolar world order that followed the Cold War has come to an end. A new multipolar world is taking shape. This emerging world will bring with it many conflicts but also many opportunities. This transitional period presents a golden opportunity for Muslims, especially the younger generation. However, in order to seize this opportunity, we must overcome our epistemological crisis. We must abandon the flawed dual-lens perspective and view the world solely through the lens of divine revelation (Wahi). In this regard, Dr. Asad Zaman’s thoughts and analyses will undoubtedly be highly beneficial.

My dear brother, Abdullah Al Rayhan, has taken the initiative to translate his ideas into the Bengali language—an important and valuable effort. May Allah accept his work, grant him the best of rewards, and grant us the ability to benefit from this effort.

Asif Adnan

Sha’ban, 1445

Exploring Three Generations of Islamic Economics

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This talk was delivered as part of the “Islamic Economics Literacy: Muamalah Series,” a program organized under the BSI Scholarship Inspirasi initiative by BSI Maslahat and Bank Syariah Indonesia. Held on11 Jan. 2025, the session aimed to provide awardees—students from various universities across Indonesia—with foundational insights into Islamic economics. This effort is part of a broader initiative to cultivate future leaders equipped to advance the Islamic finance sector in Indonesia, reflecting the rapid growth and increasing importance of this industry. Addendum: A recent, expanded version: The Third Generation of Islamic Economics: From Nations to Neighborhoods.

The Co-Evolution of Societies and Theories

The lecture began by explaining that societal theories evolve alongside societies themselves. Social theories, like economic systems, are shaped by historical and cultural contexts. For example, Western economic theories emerged during Europe’s Industrial Revolution to address specific challenges of the time. Yet, these theories claim universality, overlooking the diversity of human societies; see, The Puzzle of Western Social Science.

This flawed assumption of universality stems from the trauma of World War I, which led Western thinkers to reject qualitative, historical approaches in favor of “scientific” methods. However, unlike natural sciences governed by immutable laws, human societies are dynamic and shaped by free choices made by human beings. Applying rigid scientific methodologies to social sciences is fundamentally flawed.

It is also true that Islamic economics must also be seen as a contextual response to historical challenges. It is not static but continuously adapts to the evolving needs of Muslim societies.

Why Islamic Economics Emerged in the 20th Century

A key question addressed in the lecture was why Islamic economics, a discipline rooted in Islamic teachings, only emerged in the 20th century. The answer lies in the historical context of colonization. By the early 1900s, 90% of the Islamic world was under European control. The devastating impact of World Wars I and II weakened colonial powers, sparking independence movements. For more details, see Two Puzzles About Islamic Economics

During this period, the first generation of Islamic economists (1GIE) positioned Islamic economics as part of the ideological struggle for liberation. Their vision promised an equitable economic system built on justice, welfare, and Islamic principles—a stark contrast to the exploitative colonial systems.

The Challenges and Failures of 1GIE

Despite its revolutionary vision, 1GIE was unable to achieve its goals. There are two main reasons for this:

  1. Colonial Legacy: Colonizers left behind Westernized elites (“coconut class”) who continued colonial policies post-independence.
  2. Global Power Structures: The global capitalist system, supported by powerful Western nations, suppressed efforts to implement Islamic economic systems.

These realizations led to a shift in focus of political efforts. After having achieved independence from the colonizers by 1950s, Islamic thought leaders sought to wrest control of the governmental apparatus from the Westernized elites, by peaceful or violent means.

The Birth of 2GIE and Its Limitations

By the 1970s, political Islam had failed to secure control, prompting a second generation of Islamic economists (2GIE) to rethink their strategy. Instead of revolutionary change, they sought to gradually modify capitalism towards an Islamic economic system. This approach, however, proved problematic.

Capitalism and Islamic economics are fundamentally incompatible. While capitalism prioritizes individualism, greed, and competition, Islamic economics emphasizes social responsibility, generosity, and cooperation. The global financial crisis of 2007 highlighted the failures of both mainstream economics and 2GIE, leading to widespread disillusionment with both. See Crisis in 2nd Generation Islamic Economics

The Paradigm Shift: Third Generation Islamic Economics (3GIE)

The third generation of Islamic economics (3GIE) was born out of the lessons learned from the failure of both 1GIE and 2GIE. Decades of efforts showed that global Capitalism is too powerful to be directly challenged at the nation-state level. 2GIE pointed the way towards micro-level efforts that could create systemic change, instead of strengthening the hold of capitalism in Islamic countries. The key lessons are to change the locus of efforts. In Microeconomics, we should focus on communities instead of individuals. In Macroeconomics, we should focus on efforts for unity at the level of the Ummah, instead of the nation-states created to divide the Ummah. The heart of capitalism is overproduction, overconsumption, and excess labor required for both. To counter it, we need to adopt Simple Lifestyles: Encouraging minimal consumption, reduced production, and less labor. This will give us the time to build communities and global networks to connect the Ummah. The Quran testifies that the brotherhood of Ansar and Mohajireen created bonds of love which could not be purchased by all the treasure of the world. Today, uniting the Ummah should be the central focus of our efforts.

Policy Recommendations for 3GIE

The lecture emphasized actionable strategies to implement 3GIE principles:

  1. Rebuilding Communities: Strengthen families, masajid, and local neighborhoods as cornerstones of Islamic societies. Expand the roles of mosque committees to include social services like education, healthcare, and food distribution.
  2. Transforming Islamic Banks: Shift the mission of Islamic banks from profit maximization to community service. Introduce a dual bottom line that tracks both financial performance and social impact.
  3. Encouraging Self-Reliance: Foster urban-rural collaborations where city communities support rural farmers directly, bypassing exploitative intermediaries.
  4. Promoting Trust-Based Financial Systems: Revive historical models like the hawala system, rooted in trust and cooperation, to facilitate trade and financial transactions without relying on exploitative modern banking systems.

Networking Beyond Communities

The lecture stressed the importance of connecting local initiatives to regional and global networks. Islamic economics can foster collaboration through educational exchanges, trade partnerships, and skill-sharing programs. For example, expertise from Turkey could help Pakistan’s budding olive industry. This, and many other such initiatives, can be launched at the level of communities, without going through the governmental apparatus. The ultimate goal is to build solidarity across the Ummah, transcending the artificial boundaries of nation-states created during colonial rule.

What You Can Do as Individuals

The lecture concluded with practical advice for students and young professionals:

  1. Educate Yourself: Learn about 3GIE principles: see 3rd Gen IE
  2. Start Small: Initiate local projects in your community or masjid to address immediate needs.
  3. Lead by Example: Adopt a simple, sustainable lifestyle that reflects Islamic values.
  4. Spread Awareness: Use social media and community events to share knowledge and inspire others.

A Call to Action

Islamic economics is more than a theoretical framework; it is a call to action rooted in faith, justice, and love. By focusing on community-driven change and rejecting exploitative systems, 3GIE offers a pathway to create a just and equitable society. Small steps can lead to big transformations. It begins with individuals, grows through communities, and ultimately strengthens the Ummah as a whole.

ZOOM Lecture Recording: https://www.youtube.com/watch?v=cXV205GE8vs

These Slides: SRIBD: bit.ly/SCE3GIE Slideshare: https://www.slideshare.net/slideshow/exploring-three-generations-of-islamic-economics-decolonizing-knowledge-rebuilding-communities-and-the-3gie-paradigm/284291068

Writeup of Lecture: bit.ly/AZE3GIE

A New Path Forward: Foundations of Third Generation Islamic Economics

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{bit.ly/AZnpf} Modern economics faces a profound crisis, as it struggles to address the complex realities of human societies. Second Generation Islamic Economics (2GIE) faces a similar crisis, since it was built as a branch and a variant of modern economics. Instead of modifying modern economics, My book on Islamic Economics: The Polar Opposite of Capitalist Economics, explained how the two approach – Capitalism and Islam – could not be combined, since they were fundamentally opposed to each other. Third Generation Islamic Economics (3GIE) rejects it in toto, and rebuilds the entire discipline on Islamic foundations. By addressing fundamental flaws in modern economics and building upon the intellectual tradition of Islam, 3GIE offers a bold alternative for understanding human behavior and societal organization. For more details, see the homepage for a textbook for 3GIE, currently under preparation.

This post introduces a collection of articles that outline the foundations and methodology of 3GIE, charting a path forward for this transformative intellectual project.

[1] The Crisis in Islamic Economics: Understanding the Failures of 2GIE

The limitations of Second Generation Islamic Economics (2GIE) stem from its uncritical adoption of Western economic methodologies and frameworks. This article diagnoses the crisis within 2GIE and sets the stage for a more authentic and independent approach. By critically examining the history and evolution of Islamic economics, it lays the groundwork for the radical shift represented by 3GIE.

[2] Has Islamic Economics Delivered on Its Promise?

This follow-up critique builds upon the issues identified in 2GIE and sketches the contours of a transformative solution. It challenges both conventional economics and earlier iterations of Islamic economics, emphasizing the need for a framework that integrates moral purpose, historical context, and a deep understanding of human nature.

[3] Self-Knowledge: The Key to Understanding Society

A core innovation of 3GIE is its emphasis on introspection and self-knowledge as the foundation for understanding human behavior. Modern economics dismisses subjective insights as unscientific, but this article argues that self-awareness provides the most reliable basis for constructing realistic models of human behavior. This methodological shift rejects positivism and reclaims the subjective as central to the study of human societies.

[4] Learn Who You Are: Overcoming Barriers to Self-Knowledge

Why is self-knowledge so elusive in the modern world? This article explores the systematic efforts to distort our understanding of identity and purpose. It highlights how introspection is undermined by powerful narratives that misguide individuals about their true nature. Overcoming these barriers is essential to building the foundations of 3GIE.

[5] Reimagining Economics: Historical Sensitivity and Human Welfare as Core Principles

This article critiques two fundamental methodological flaws in modern economics. First, the detachment of social theories from their historical context leads to the false portrayal of economic laws as universal truths. Second, the reduction of human welfare to material consumption ignores the deeper sources of happiness and well-being. 3GIE seeks to correct these defects by providing a contextual and historically embedded approach that aligns with the true drivers of human flourishing.

A Unified Vision for Economics and Society

Together, these articles provide an overview of the intellectual foundations and methodological innovations of 3GIE. By integrating moral purpose, self-knowledge, and historical awareness, this new paradigm offers a practical framework for addressing the pressing challenges of the modern world. For more information about how you can participate in this project to rebuild our economics systems to provide justice and equity, and cater to human welfare, see Rebuilding Economics on Islamic Moral Foundations.

Reimagining Economics: Historical Sensitivity and Human Welfare as Core Principles

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On September 24th, 2024, at a seminar arranged by Ankara Yıldırım Beyazıt University (AYBU) and Institute for International Relations and Strategic Research (ULISA | IIRSR) & Econometric Research Association, I discussed research opportunities for students created by addressing two major methodological flaws in modern economics. These flaws are rooted in historical shifts in economic thought. They have constrained the discipline’s ability to address real-world challenges. The original talk, and a summary, can be accessed from: “Breaking the Boundaries in Economics: Rediscovering the Roots of Human Welfare“. In this post, I discuss the two flaws, framed as two puzzles, more deeply. 

Puzzle 1: Is Western Social Science Universally Applicable to All Societies?

Social theories, much like policies, are deeply shaped by the specific societies they aim to describe. A theory that thrives in one context often fails disastrously in another. For instance, while State-Owned Enterprises (SOEs) have driven decades of phenomenal growth in China, they have been a significant economic burden in Pakistan. For a detailed discussion, see Privatization of SOEs: Islamic Views. This context-dependent nature of social theories makes the bold claim of Western Social Science to universal applicability not only questionable but also fundamentally flawed.

Western social sciences emerged in response to Europe’s unique historical experiences. Centuries of religious warfare between Catholics and Protestants created a need to build secular theories that would be equally acceptable to all Christian factions. As Peter Manicas observes in A History and Philosophy of the Social Sciences, the social sciences emerged in the early 20th century based on a misguided attempt to emulate the physical sciences. A previous post on The Grand Deception: Social Science discusses eight authors who call for rebuilding the social sciences on new foundations. Historical context explains both the emergence of modern social science, and its wrong foundations. A detailed discussion of this historical context is given in Chapter 2 (Draft) of my forthcoming textbook. Briefly, World War I dramatically lowered the prestige of traditional historical and qualitative approaches to studying human society, replacing them with a mathematical, quantitative, and empirical methodology designed to mimic the successes of physical sciences. While this approach appears precise and scientific, it remains profoundly unsuitable for the study of human societies. This methodological misalignment not only undermines the validity of social sciences but also raises two critical puzzles:

1. Why do European intellectuals claim universal applicability for social science?

Centuries of warfare led to advancements in weaponry and the erosion of moral constraints, fueling European colonization of the globe. European societies, having abandoned religion as a moral compass, adopted a view of humanity as governed by survival of the fittest. This perspective justified the conquest and exploitation of other civilizations, which were often technologically advanced but politically fragmented or declining. For more details see Central Myths of Eurocentric History. As Edward Said argues in Orientalism, this era of colonization fostered a sense of superiority in the West, leading to the assumption that European civilization—and its social sciences—represented the pinnacle of human progress.

This assumption is demonstrably false. Claims of civilizational superiority were often used to justify atrocities, such as colonial violence and genocide. More recently, similar rhetoric has been deployed to justify the destruction of Iraq or ongoing support for Israeli genocide of Palestinians. These actions, premised on the supposed moral and intellectual superiority of Western frameworks, reveal the destructive consequences of flawed Western social theories.

2. Why do non-European societies accept the applicability of Western Social Sciences?

The global dominance of Western powers and their intellectual hegemony, reinforced by colonialism, have deeply influenced non-European societies. Indigenous knowledge systems were systematically devalued, while Western frameworks were presented as universal. Even today, the awe-inspiring achievements of Western physical sciences often lead to an uncritical acceptance of their social sciences, despite stark differences in methodology and outcomes.

The contrast between physical and social sciences is telling. Physical sciences have revolutionized human life through universally applicable technologies, transforming every aspect of our existence. In stark contrast, social sciences have often contributed to conflict, environmental degradation, and widespread social alienation. The increasing rates of loneliness, despair, and suicide in modern societies underscore their failure to enhance human welfare. Many authors have recognized the flawed foundations of modern social sciences, and called for rebuilding them afresh, on new foundations. For references, see The Puzzle of Western Social Science.

Puzzle 2: Does Money Buy Happiness?

Modern economics assumes that humans act as rational agents seeking to maximize happiness through material consumption. This perspective equates increased wealth with greater happiness. However, this view is fundamentally flawed, as it overlooks the fleeting nature of pleasure from material goods and neglects the deeper, more enduring sources of human well-being (The Secrets of Happiness).

The Easterlin Paradox reveals that beyond a certain threshold, additional income and consumption do not lead to sustained increases in happiness. Despite significant increases in wealth over time, average happiness levels have remained relatively stagnant. Instead, the relentless pursuit of material wealth often traps individuals in a cycle of desire and short-lived satisfaction, without contributing to long-term well-being.

In contrast, lasting happiness arises from character development and strong social relationships. Cultivating virtues such as gratitude, contentment, and compassion not only enhances personal well-being but also fosters positive interactions with others. Social connections provide emotional support, a sense of belonging, and opportunities for meaningful engagement—key ingredients for long-term happiness. See Can Money Buy Happiness?

Research consistently shows that individuals with robust social ties enjoy better mental and physical health, including lower rates of anxiety and depression, stronger immune systems, and longer lifespans. These findings underscore the value of investing time and effort into relationships rather than fixating on material accumulation. A study by Holt-Lunstad et al. (2010) found that strong social relationships improve survival rates by 50%, highlighting the profound impact of social connections on longevity. Furthermore, social ties contribute to reduced physiological stress responses and improved mental health outcomes (Umberson & Montez, 2010).

Moreover, a culture centered on consumption can lead to broader societal harms, such as environmental degradation and growing inequality. Shifting our focus from materialism to personal growth and community building allows us to create a more sustainable and equitable world while enhancing individual well-being. De-Growth Economics builds on this recognition, advocating for simpler lifestyles that not only promote greater happiness but also represent our best hope of averting the looming climate catastrophe. See: Gasparro (2024) Book Review: The Future Is Degrowth. A Guide to a World Beyond Capitalism.

A Path Forward

The core of economics is, or ought to be, understanding how material resources can be used to improve human lives. However, modern economics has strayed far from this purpose. Blind to the roots of welfare and indifferent to cultural and historical differences that shape conceptions of identity, goals, and happiness, it reduces humanity to identical robots programmed to maximize consumption. This reductive and dehumanizing framework is incapable of addressing the complexities of human welfare and can lead only to disaster.

These foundational flaws leave us with no choice but to rebuild the discipline entirely. Economics must be reconstructed on principles that recognize the diversity of human experiences and the centrality of moral and cultural values. This reimagined framework should prioritize improving human welfare over abstract mathematical models and mechanistic assumptions.

The upcoming textbook, “Third Generation Islamic Economics,” seeks to address these challenges by offering a vision for economics grounded in Islamic epistemological and moral foundations. It invites readers to rethink the discipline in a way that aligns with the realities of human life and the ethical imperative to build just and sustainable societies.

If you’re intrigued by these ideas, I encourage you to join my mailing list here: http://bit.ly/AZIEML . Subscribers receive motivational insights, links to draft chapters, and updates on the progress of this transformative project. This post will be featured in the next email, offering an opportunity to further explore these critical issues.

Let’s rethink economics together.

References:

Holt-Lunstad, J., Smith, T. B., & Layton, J. B. (2010). Social relationships and mortality risk: A meta-analytic review. PLOS Medicine, 7(7), e1000316. DOI: 10.1371/journal.pmed.1000316

Umberson, D., & Montez, J. K. (2010). Social relationships and health: A flashpoint for health policy. Journal of Health and Social Behavior, 51(Suppl), S54–S66. DOI: 10.1177/0022146510383501

Quote from Marshall regarding Universal Applicability of Economic Theories: Marshall made this clear at his inaugural lecture at Cambridge:

“Man himself is in a great measure a creature of circumstances and changes with them. The chief fault in English economists at the beginning of the century was not that they ignored history and statistics, but that they regarded man as so to speak a constant quantity, and gave themselves little trouble to study his variations. They therefore attributed to the forces of supply and demand a much more mechanical and regular action than they actually have. Their most vital fault was that they did not see how liable to change are the habits and institutions of industry…. While attributing high and transcendent universality to the central scheme of economic reasoning, I do not assign any universality to economic dogmas.”

Beyond Homo Economicus: Rethinking Human Behavior and Society

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{bit.ly/AZbhe} Introduction: As discussed in the post on Self-Knowledge: The Key to Understanding Society, the homo economicus model, central to modern economic theory, is deeply flawed. It assumes humans are purely self-interested, rational agents driven by wealth and pleasure, ignoring the profound influence of social relationships, emotions, and moral values. This collection of articles and papers critiques these flaws and offers alternatives that better reflect the complexity of human behavior and its societal implications. Exploring these alternatives lays the groundwork for creating new foundations for economics, a key objective of our planned textbook on Third Generation Islamic Economics.

1. Is it Rational to be a Sociopath? This article critiques the homo economicus model for promoting a sociopathic view of human behavior, portraying individuals as self-centered and indifferent to societal well-being. This undermines economics’ claim to be a positive science, as it prescribes sociopathic behavior as rational while ignoring the evidence that humans are naturally cooperative, compassionate, and generous. Research shows that teaching these flawed economic models fosters selfishness and greed in students. Given that most humans are not sociopaths, we must conclude that either humans are irrational or economists are—and the evidence strongly suggests the latter. Economists’ irrational standards for rationality and their baseless assumptions about behavior are at odds with reality.

2. Homo Economicus: Cold, Calculating & Callous Economists persuade students to accept absurd models of human behavior using two key tricks. First, they shift between contexts: when justifying the model, utility maximization is framed as generic goal-seeking behavior—a trait all humans share. However, in application, this principle is redefined mathematically, embedding unpalatable and unrealistic assumptions. Second, mathematics is used to obscure these assumptions, presenting utility as a function of goods and services consumed without revealing the behavioral constraints implied. This post exposes the concealed assumptions within the mathematics of utility maximization, demonstrating their unrealistic nature and highlighting how they mislead unsuspecting students.

3. Behavioral vs. Neoclassical Economics Behavioral Economics emerged as a discipline when psychologists empirically tested the homo economicus model and found stark deviations from actual human behavior. In any scientific discipline, such findings would lead to rejecting the flawed axioms and replacing them with theories aligned with observation. However, as Keynes noted long ago, economists remain indifferent to the contradiction between theory and facts. Mainstream textbooks continue to present and justify the failed axioms, while Behavioral Economics is marginalized as a token subdiscipline. Its primary function seems to be deflecting criticism, allowing economists to point to it as evidence of engagement with real behavior, without addressing the falsehoods entrenched in mainstream theory. This article highlights one of the simplest and starkest contradictions between actual human behavior and economic assumptions, illustrating the depth of the disconnection.

4. Game Theory for Humans with Hearts Economists assume that all rational humans behave like Dr. Spock, devoid of emotions. However, experiments reveal that emotions significantly influence human behavior. This post examines a game where natural emotions strongly shape outcomes and highlights how economists consistently mispredict these results due to reliance on misleading models. The analysis demonstrates that intuitive understanding of human behavior yields far more accurate predictions, while economic theory systematically blinds economists to these realities.

5. Julie Nelson: Poisoning the Well  Julie Nelson explores the idea that humans are naturally compassionate, generous, and socially inclined. However, economic theory undermines these tendencies by portraying them as irrational and foolish. This “poisoning of the well” persuades people to suppress their pro-social instincts, promoting harmful behaviors instead. Nelson argues that economic theory is not merely flawed but actively destructive, hindering humanity’s potential to counter harm through natural acts of kindness and cooperation.

6. The Empirical Evidence Against Utility Maximization: This paper by Zaman and Karacuka provides an extensive review of empirical studies demonstrating that utility maximization — a core assumption of economic theory — is consistently contradicted by real-world behavior. The breadth of evidence discussed, from ultimatum games to public goods experiments, makes this a cornerstone resource for critiquing the model. Its unique strength is its rigorous, systematic approach to summarizing decades of empirical research.

7. Gratitude, Contentment, and Trust: The idea that science must be positive forced economists to present their normative models of rational behavior as being positive descriptions of actual behavior. This has had the natural effect of creating a society built on the sociopathic behaviors praised as rational by economists. Instead of promoting greed and insatiable desires for consumption, we can build much better societies by promoting normative virtues described in the title of this post. Instead of building societies based on greed, competition, and individualism, we could build societies based on generosity, cooperation, and social responsibility.

Conclusion: Since the model of human behavior is the core of modern economics, rejecting it requires rebuilding the entire discipline from the ground up. Our forthcoming textbook, Third Generation Islamic Economics, takes up this challenge by presenting a vision for economics rooted in compassion, cooperation, and moral values. By building on the ideas discussed here, the textbook aims to offer a transformative approach that aligns economic theory with the realities of human behavior and the goals of a just and prosperous society. You can join our mailing list at https://bit.ly/AZIEML to receive monthly emails regarding the contents of this textbook as they are develop. For information about how to participate more actively, see Rebuilding Economics on Islamic Moral Foundations

Has Islamic Economics Delivered on Its Promise?

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Talk by Dr. Asad Zaman delivered at Istanbul Forum on 14th Dec 2024. It was argued that Islamic Economics has failed to deliver because it adopted without criticism certain conceptual frameworks of Capitalist Economics which are contrary to Islam. As a result, the discipline was hobbled from the start, and the revolutionary insights of Islam could not even be expressed in the language of neoclassical economics. Third Generation Islamic Economics (3GIE) is based on rejecting modern economics in toto and is committed to replacing it by rebuilding the entire discipline on the foundations of Islamic epistemology and morality.

Judging Success and Failure

To assess whether Islamic Economics has delivered on its promise, we must define clear criteria for success. Two primary benchmarks serve as the basis for evaluation:

  1. Providing Effective Policy Guidance: A credible economic discipline must offer sound advice on policy issues, particularly in times of crisis. On this count, both conventional and Islamic economics have failed. The 2007-2008 Global Financial Crisis highlighted the inability of conventional economics to predict, prevent, or effectively address systemic failures. Islamic Economics, despite its promise of a more just and moral framework, has also failed to deliver practical solutions tailored to the challenges faced by Muslim-majority countries or the global economy.
  2. Enhancing Understanding of Societal Dynamics: A successful framework must contribute to a deeper understanding of the complexities of the world, providing a basis for effective policy reform. Islamic Economics has underperformed in this area as well, falling behind alternative approaches that have demonstrated greater insight and impact.

A Comparative Failure

The shortcomings of Islamic Economics become evident when compared to the successes of other heterodox approaches that emerged over the same period. Frameworks like behavioral economics, environmental economics, and poverty economics also challenge mainstream paradigms, yet they have significantly influenced policy and reshaped academic discourse. For instance:

• Behavioral Economics: Drawing on psychological insights, it has revolutionized policy with tools like “nudge” strategies, now widely adopted by governments globally.

• Environmental Economics: This field has taken center stage in addressing the climate crisis, shaping sustainability policies and driving the transition toward green economies.

• Poverty Economics: Groundbreaking work by scholars like Banerjee and Duflo has led to large-scale anti-poverty initiatives in Asia and Africa, with measurable impacts rooted in rigorous empirical evidence.

These examples demonstrate the ability of alternative frameworks to successfully challenge conventional thought and bring about meaningful change. In stark contrast, Islamic Economics has struggled to achieve similar influence or policy impact, remaining largely on the periphery of both academic and practical discussions.

Valid Theories of Human Action

Theories of human behavior lie at the heart of social science, as they shape our understanding of human societies. The axiomatic model of behavior central to modern economics has been widely discredited by empirical evidence, rendering it an unreliable foundation. This flawed basis is the root cause of economics’ repeated failures to explain key events or devise effective policies for economic crises. To move forward, it is essential to rebuild economics—and social science more broadly—on sound and realistic theories of human behavior.

A promising alternative based on Islamic epistemology is outlined in Senturk’s A Multiplex Theory of Human Behavior. Any realistic alternative, including a simpler approach based on introspection, enables the development of a radically different framework for decision-making. Realistic models of behavior allow for a revival of Ibne Khaldun’s methodology, which has been largely forgotten in modern social science. It becomes possible to build a broader paradigm we can term Uloom ul Umran—the sciences of civilization—capable of addressing societal complexities with far greater depth.

Studying the Drivers of Social Change

At the core of Uloom ul Umran lies the recognition that societies are in a constant state of evolution and change. This undeniable reality leads to significant methodological departures from modern economics:

  1. Equilibrium is a myth: Societies do not settle into static states; instead, we must examine the forces driving their continuous transformation.
  2. Interconnected change: Political, economic, and social institutions evolve together, making it impossible to study economics in isolation.
  3. Dynamic theories: Social theories must evolve alongside the societies they aim to describe and influence.

A key insight from this perspective is that social theories shape policy responses to change and, in turn, become crucial drivers of change themselves. These theories cannot be understood apart from the historical contexts in which they arise, as they reflect efforts to navigate the challenges of their times. By analyzing the interplay between social theories and historical change, we gain a deeper understanding of how societies adapt and evolve. Two illustrative examples will demonstrate this reciprocal relationship.

Evolution of Western Social Theories

Modern social sciences emerged as a response to centuries of religious conflict in Europe. European intellectuals, mistakenly attributing these wars to religion, sought to create peaceful societies by organizing them on principles equally acceptable to all faiths. This led to the development of secular social sciences, which became the foundation of modern societal organization. The historical context of their emergence explains key principles underlying these disciplines:

  1. Rejection of the Divine: Secular societies exclude concepts of God, the Afterlife, and Judgment Day, reducing humans to evolved animals governed by a ruthless competition for survival.
  2. Pursuit of Material Gains: The rational individual is defined by the pursuit of power and pleasure, fostering a society built on greed, competition, and individualism.

In stark contrast, Islamic societies are based on generosity, cooperation, and social responsibility. This fundamental opposition explains why attempts to build Islamic Economics on the foundation of modern economics have failed. Combining these two paradigms is as futile as attempting to unite fire and ice.

The Evolution Of Islamic Economics

Just as Western social theories were shaped by historical events, Islamic social theories have also evolved in response to their unique contexts. After the rejection of religion in Europe, secular societies focused on maximizing wealth, leading to the emergence of Capitalism, Socialism, and Communism as competing frameworks. By the early 20th century, over 90% of the Islamic world had been colonized, leading many to admire and adopt the intellectual traditions of their colonizers. The devastation of two World Wars weakened colonial powers and enabled independence movements, during which First Generation Islamic Economics emerged as part of the broader struggle for freedom. This generation envisioned an Islamic economic system grounded in justice and equity, fundamentally different from and superior to Western paradigms.

However, the revolutionary ideals of the first generation were thwarted post-independence as Westernized elites maintained colonial systems and policies. After decades of failing to establish power, Second Generation Islamic Economists pursued a pragmatic approach by modifying capitalism to align with Islamic principles rather than creating a revolutionary alternative. Yet, this strategy also fell short, as demonstrated by the Global Financial Crisis, which exposed the structural weaknesses of conventional economics and its Islamized adaptations.

These shortcomings have paved the way for Third Generation Islamic Economics, which seeks to revive the transformative vision of the first generation while incorporating the pragmatic lessons of the second. Unlike its predecessors, this generation does not view state capture as a prerequisite for change. Instead, it focuses on adopting a realistic theory of human behavior and building societies from the ground up on Islamic principles to address pressing global challenges.

By providing a coherent theoretical framework, Third Generation Islamic Economics offers a systematic approach to tackling diverse issues that modern economics cannot adequately address. Many heterodox schools have achieved partial success by addressing gaps in conventional theory, but Islamic Economics aspires to integrate these solutions into a unified framework. My forthcoming textbook on Third Generation Economics explores how this can be achieved, offering detailed materials and a roadmap for future developments. The homepage for the book at https://bit.ly/3gie provides further details

Self-Knowledge: The Key to Understanding Society

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{bit.ly/AZSKTK} If “to know yourself is the beginning of wisdom,” as Aristotle said, then modern economics might well be the pinnacle of folly. Its foundational assumption—that human beings behave like homo economicus, selfishly pursuing wealth and pleasure—has been repeatedly disproven by empirical evidence (see: Beyond Homo Economicus: Rethinking Human Behavior). Worse, it would be unwise for real people to act in this way. The self-centered pursuit of material goods inevitably erodes social relationships, which are consistently shown to be the greatest source of lifelong happiness and fulfillment.

What explains the stubborn persistence of this flawed worldview? The problem lies in methodology. In its quest for scientific legitimacy, modern economics focuses exclusively on external, measurable behavior, dismissing the insights of lived experience. Self-knowledge is our best tool for understanding both human behavior and the societies we inhabit. This radically different approach forms the foundation of the first chapter of my new textbook. For more details about the textbook, see: 3rd Gen IE

Economic axioms that treat people as pleasure-seeking robots are routinely rejected by experimental psychology. Life experiences lead to deeper insights. Consider this: in some cultures, extravagant displays of wealth, such as luxury cars and lavish weddings, are markers of social status. In others, humility and generosity, like giving to charity or supporting one’s community, are the paths to respect and recognition. This contrast highlights a near-universal principle of human behavior: people are not driven solely by wealth or pleasure but by the pursuit of social status within the norms of their society.

Historically social exclusion has often meant death, makes the pursuit of social status a rational and deeply ingrained behavior. Thus, our societies shape the way we think, act, and perceive the world. To break free from these ingrained patterns, we must challenge the narratives we have internalized. But how can we overcome the filters imposed by living within and being shaped by a specific society?

Beyond the Boundaries of Received Knowledge
Liberating ourselves from the biases of our social conditioning is no small task. The collective knowledge of humanity, built over millennia, is vast but imperfect. Most of what we know is received wisdom, accepted without question. Yet this inheritance often contains systemic errors. When societies embrace flawed beliefs—like the flat-earth theory, racism, or the modern dogma of economic rationality—escaping their influence becomes extremely challenging.

Two strategies are particularly effective in breaking free from these constraints:

  1. Study the History of Ideas:
    Tracing how ideas emerge and evolve reveals their biases and limitations. For example, modern economic theories were shaped by historical contexts and power dynamics, serving specific agendas rather than universal truths.
  2. Engage with Alternative Worldviews:
    Exploring perspectives from other cultures and histories offers a mirror to reflect our own biases. Seeing ourselves through others’ eyes can expose hidden assumptions and deepen our understanding of society’s values and structures. Eurocentric biases become very clear when we hear the story from the perspective of the colonized.

A Broader Invitation

The methodology of Uloom ul Umran is deeply rooted in Islamic epistemology, drawing on the rich intellectual traditions of the Muslim world. However, its principles are universal, offering insights that transcend religious boundaries. Concepts like self-awareness, understanding societal influences, and breaking free from dominant narratives are valuable tools for anyone seeking to better understand human societies.

For non-Muslim readers, this framework provides an opportunity to tackle shared challenges in understanding societies. While grounded in Islamic thought, its ethical foundations and methodological approach resonate with universal values. By recognizing the biases of dominant modern narratives—often shaped by secular, Eurocentric perspectives—this approach opens the door to a richer, more inclusive understanding of history and society.

This methodology also has the potential to foster global harmony. By stepping beyond parochial perspectives and learning to see the world through the eyes of others, we can build mutual respect and understanding across diverse worldviews. Whether your perspective is Islamic, secular, or shaped by another tradition, the principles of reflection and self-awareness provide a powerful foundation for exploring the world and building better societies.

Modern Economics: A Celebration of Wealth and Power
Far from fostering self-awareness, modern economics actively stifles it. By insisting on universal laws of behavior, it disregards the diversity of human motivations and the interplay between individuals and their societies. This approach dismisses the narratives, beliefs, and identities that profoundly shape human actions.

The dominant model of homo economicus—a rational, self-interested pleasure-seeker—offers not just a poor approximation of real behavior but a dangerous distortion. It reduces people to mechanical calculators of cost and benefit, ignoring the emotions, relationships, and cultural contexts that define human life. This mechanistic view blinds economics to the truth that societies are built on shared stories, values, and ideals—not mere transactions.

Moreover, modern economics relies heavily on material determinism—the notion that material conditions alone drive history. Yet history shows otherwise. From the endurance of indigenous cultures to the transformative power of revolutionary ideas, human agency and belief systems have consistently reshaped societies in ways economic models cannot capture. Our forthcoming textbook will explore how historical contexts and power dynamics shaped modern economics, revealing its roots and limitations.

For a sketch of an alternative approach, see Rebuilding Economics on Islamic Moral Foundations

Self-Knowledge: The First Step to the Study of Society
To study society meaningfully, we must first study ourselves. Our beliefs, behaviors, and aspirations are shaped by the collective narratives of our communities. Recognizing this interdependence is the foundation of self-awareness.

But self-awareness alone is not enough. To truly understand society, we must also critically examine the dominant theories and narratives that shape our understanding. Consider these examples:

  • Economic Crises and False Narratives:
    During the 2007 Global Financial Crisis, dominant narratives blamed systemic financial collapse, justifying bank bailouts, while alternative views pointed to excessive private debt and advocated aiding borrowers. The prevailing narrative served the interests of the powerful, not the public, revealing how economic theory often reflects power rather than truth.
  • The Cost of Ignoring Politics and Power:
    Economics claims to be a science but systematically ignores the role of politics and power. For instance, acknowledging the economic impact of wars would undermine the centrality of scarcity in economic theory. Redirecting even a fraction of global defense budgets could eradicate poverty, fund universal education, and ensure basic healthcare. The real economic problem isn’t scarcity but the deliberate misallocation of resources, shaped by political agendas and dominant social narratives.

By confronting these narratives and recognizing their biases, we can begin to see society more clearly and work toward solutions rooted in justice and human welfare.

The Framework for Liberation: A Transformative Journey
Understanding society is not just an academic exercise—it is a journey that begins with self-discovery and leads to the transformation of the world we inhabit. The first step is recognizing how our thoughts and actions are shaped by dominant narratives. By liberating ourselves from these constraints, we gain the clarity to envision and create better societies.

The methodology of Uloom ul Umran, introduced in the first chapter of my forthcoming textbook, offers a framework for this transformation. Inspired by Ibn Khaldun, it challenges the deterministic models of modern economics and emphasizes:

  • The interconnectedness of social, economic, and cultural changes.
  • The rejection of static, universal laws in favor of evolving theories.
  • The importance of stepping outside dominant paradigms to gain deeper insight.

This journey of self-discovery is both thrilling and enlightening. While conventional economics endorses selfishness and even deception, this approach reconnects us with our shared humanity. By changing how we think and act, we unlock the potential to transform not only ourselves but the societies around us.

Join this transformative journey. Sign up for our mailing list to access the first chapter and explore these ideas further: http://bit.ly/AZIEML. For more information about the textbook, see 3rd Gen IE

Rebuilding Economics on Islamic Moral Foundations

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{bit.ly/AZREIE} The weaknesses of modern economics became painfully evident during the Global Financial Crisis of 2007, when the profession failed to predict the collapse and offered inadequate remedies to prevent the ensuing Great Recession. Yet, despite its evident flaws, policymakers worldwide continue to rely on the same models, unable to find a viable alternative. Addendum: For a recent paper on this topic, see: Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform

This stagnation in thought is not due to the absence of better ideas but to the dominance of a rigid framework that resists challenge. Enter Third Generation Islamic Economics, a revolutionary new approach that rejects the materialism and divisive narratives underpinning secular modernity. Rooted in Islamic principles, this framework offers a comprehensive vision for rethinking economics and the study of human societies.

The forthcoming textbook on this subject represents over two decades of intellectual effort. It aims to provide an alternative that is not only theoretically robust but also deeply practical, offering a path to justice, equity, and sustainability.

A Unique and Inclusive Perspective

At its core, Third Generation Islamic Economics is about reclaiming economics as a study of humanity, not merely numbers. It challenges the exclusivity and technical complexity of modern economics, which often alienates the public and conceals harmful policies behind layers of mathematical abstraction. This new framework is designed to be accessible, grounded in the common-sense wisdom of the Quran, and inclusive of diverse audiences.

For Educators

Teachers have the opportunity to lead the charge by adopting this revolutionary approach in classrooms. By introducing students to a framework that combines spiritual, moral, and material dimensions, educators can inspire the next generation of economists to think beyond the constraints of conventional models.

For Students

Students can play a vital role in challenging the status quo. This framework equips them to critically examine dominant narratives and demand reforms in how economics is taught and applied. By understanding Islamic Economics, they can become advocates for change in both academia and policy-making circles.

For Policymakers

Policymakers need tools to see through false narratives that entrap nations in cycles of dependency and inequality. This framework empowers decision-makers to prioritize justice, peace, and equity over domination and self-interest, transforming policies to serve humanity as a whole.

For the General Public

The public plays a critical role in shaping discourse and holding leaders accountable. Islamic Economics is accessible to everyone, enabling individuals to counter deceptive narratives, spread the truth, and build consensus. Whether in private conversations, social media, or broader public forums, everyone has a role in advancing this movement.

Why Islamic Economics?

Modern economics often perpetuates harmful ideologies under the guise of objectivity. Its divisive narratives—whether glorifying wealth or normalizing inequality—are deeply entrenched in systems of power and privilege. In contrast, Islamic Economics prioritizes truth, justice, and cooperation, providing an antidote to the adversarial dynamics that dominate modern economic thought.

A Legacy of Tolerance and Unity

Islamic societies have historically demonstrated unparalleled tolerance and inclusivity. Maria Rosa Menocal’s The Ornament of the World highlights Al-Andalus as a society where Muslims, Christians, and Jews lived in harmony under Islamic governance. This legacy contrasts sharply with the modern world, where racism, religious discrimination, and systemic inequality remain rampant. The Islamic worldview emphasizes shared humanity and mutual respect, rejecting the divisive narratives that fuel conflict and exploitation.

A Holistic Vision for Peace

Islamic Economics challenges the false premise of scarcity as the central problem. Instead, it reveals the real issue: the diversion of resources toward war and conflict. The global defense budget exceeds $2.4 trillion annually, while the cost of addressing humanity’s basic needs is far smaller:

  • Hunger: $33 billion annually to eliminate hunger.
  • Education: $100 billion annually for universal basic education.
  • Healthcare: $370 billion annually for basic health coverage.
  • Housing: $330 billion annually to close the global housing gap.

These needs could be fully met with just over half the annual defense budget. The root cause of this misallocation lies in divisive narratives that justify conflict and perpetuate cycles of destruction. Islamic Economics provides a uniting narrative that prioritizes peace, justice, and mutual care, creating a framework to redirect resources toward building a better world.

An Invitation to Join the Movement

This textbook is not just a critique of modern economics—it is a call to action. It offers a transformative vision that can reshape the teaching and practice of economics worldwide. But for this vision to succeed, it requires the participation of a broad and diverse community.

Why Your Role Matters
Whether you are an educator, student, policymaker, or an engaged citizen, your involvement is vital:

  • Educators: Help reshape curricula and train the next generation to think critically about economic systems.
  • Students: Challenge conventional frameworks and advocate for a more just and compassionate approach.
  • Policymakers: Craft policies rooted in truth and equity, breaking free from the traps of dependency and exploitation.
  • General Public: Spread the message, counter false narratives, and build consensus for change.

Accessible to All
Unlike modern economics, which often excludes the public through its technical complexity, this framework is grounded in universal principles and accessible to everyone. By aligning economic systems with divine guidance, it empowers individuals and communities to envision a just and equitable future.

Stay Involved
Over the coming months, I will share drafts of new chapters, case studies, and teaching resources. By signing up for our mailing list at https://bit.ly/AZIEML , you can access these materials, provide feedback, and become part of a global movement to transform economics.

Conclusion: A Path to Justice and Peace

Third Generation Islamic Economics is more than a theoretical framework—it is a practical and hopeful vision for the future. By replacing divisive narratives with the uniting principles of Islam, it offers a pathway to peace, justice, and prosperity for all. Join us in this transformative journey, and together, let’s reshape the world of economics to better serve humanity.

Sign up now to access exclusive updates and be part of this movement.

Four Talks in Istanbul: 9th & 10th Oct 2024

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{bit.ly/AZfti} On a brief visit to Istanbul on 9th and 10th October, I gave four talks on four different topics at four different universities. The first talk was on Islamic Property Laws at Istanbul University. The second talk was on Third Generation Islamic Economics at Marmara University. The third talk was on Agent Based Models at Ibn Haldun University. The fourth talk was on Rebuilding Social Sciences on Islamic Foundations at Istanbul Zaim University. More details on all four talks are provided below. There was no recording made for the first talk on Islamic Property Law, but youtube videos for all the three other talks are linked below. Also slides for all four talks are linked belowl

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