Economic System: A Comparative Study of the Thoughts of Traditionalist and Modernist Islamic Scholars

معاشی نظام: روایت پسند اورتجدد پسند علماء کے افکار کا تقابلی مطالعہ

Abstract

This study explores the divergent perspectives of traditionalist and modernist scholars on the economic system within the framework of Islamic thought. Traditionalist scholars emphasize a return to classical jurisprudential interpretations, advocating for an economic model rooted in Shariah principles, such as the prohibition of interest (riba), promotion of zakat, and ethical trade practices. In contrast, modernist scholars seek to reinterpret Islamic economic principles in light of contemporary challenges, globalization, they often incorporate modern economic theories. This comparative analysis aims to highlight the similarities and differences in their approaches, examine their implications for contemporary economic policies, and assess their relevance in addressing present-day economic issues in Muslim-majority societies. This case study analyzes mindset of scholar from traditional approach under Islamic principles and modernist approach towards Economic System keeping in view the global changes through their own thoughts.

Keywords: Traditionalist Islamic Scholars, Modernist Islamic Scholars, Islamic Economic Principles, Contemporary Economic Policies, Economic System