19 JUN 2014 by
The Islamic Economics caravan is gaining momentum, thanks largely to ‘meat and money’ – Halal and Islamic Finance. Both have established themselves firmly as fields of study and practice on a global stage – not only in response to the core needs of Muslim communities, but also by engaging with wider audiences.
Now that the foundations are in place, Halal and Islamic Finance are attempting to do more than respond and react, by addressing more than just basic and core needs. Increasingly, they are spreading across further verticals and horizontals and seeking to innovate and set the agenda.
With this in mind, it seems like a good time to take stock and re-evaluate the fundamentals of what Islamic Economics stands for, and aims to achieve.
This is a period of discovery and development that I am calling Islamic Economics 2.0. My intended use of the term ‘two-point-naught’ reflects the changes as I see them, which are very similar to those experienced by the World Wide Web; where Web 2.0 signals the advent of interacting, collaborating, dialogue, sharing, democratization, and a shifting of power towards a wider base of stakeholders and consumers. Furthermore, Web 2.0 is so significant that it is a key environmental factor, which is changing our daily lives, and the way business models and Islamic thought have to be applied.
In this whitepaper, I propose three phases that outline key concepts which Islamic Economics has to appraise and consolidate – in order to present a transformational and sustainable proposition, with the potential to regenerate and innovate. The white paper can be found hosted on Zawya Islamic.
About the Author
Dr. Wilson shares some of his thoughts on the current landscape and future opportunities for Islamic Economies, in Muslim majority and minority markets. This is following his series of public talks and interviews in Kuala Lumpur, Malaysia from the 8th-11th April 2014 at: MIHAS (Malaysia International Halal Showcase), the HDC (Halal Industry Development Corporation) World Halal Conference 2014, Amilin TV, Bank Negara Malaysia, INCEIF (International Centre for Education in Islamic Finance), and UiTM (Universiti Teknologi MARA).