| The macro approach of Islamic socioeconomic thought is reflected in voluminous detail in Ayatullah Bakr Sadr's well-known treatise: “Our Economy”. The same approach has been emphasized in planning an Islamic system of banking. In fact it is stated in this booklet that an Islamic Bank is not a viable proposition in a non-Islamic regime. In other words, an Islamic Bank can only thrive in an Islamic Economy. As the title of the original Arabic Series mentioned above indicates, Islam's comprehensiveness and integrity is inexorable.
Another important point in this article concerns the need to resolve the differences in approach to Islamization of capitalist banking, so as to retain the efficacy of the current system on the basis of Islamic requirements. No doubt, this presupposes thorough understanding of the intricacies of the existing financial institutions. At the same time, it requires an equally thorough grasp of the relevant Islamic principles. All this means well-conceived and well-directed socioeconomic research and development. |
