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Paper short abstract:

Islamic teachings have always emphasised social and economic justice and mutual aid, support and sharing now eroded by the spread of neoliberalism and consumerism in Muslim societies. This paper will examine alternative development paradigms to the neoliberal rationalised by Muslim elites

Paper long abstract:

Although Islamic teachings have never been anti-business or anti-profit, the y are clearly anti-excessive profit, exploitation and monopolies.

Most development programmes in Muslim countries do not take into account the Islamic concepts of mutual responsibility, moderation and sharing having surrendered to the ideology and economic policies of neoliberalism including privatisation of what should be the in public domain. This has resulted in huge socio-economic disparities, the reaction to which in some cases has been violent and in other cases resulted in the rise of Trump-like figures but in Muslim socieites unconstrained by any constitutional limitations on their power often validated by Muslim scholars.

There has been a lack of alternatives to the dominant paradigm except for halal business and shariah compliant financing but much of this is, if we are honest is in the neoliberal and consumerist mould and only superficially Islamic. Development programmes based on Islamic moral and ethical principles to promote social business, Islamic qard hasan micro-finance and waqf would foster equality, solidarity and mutual aid. The socio-economic, cultural and political problems facing most Muslims today cannot be solved by neoliberal approaches that have also failed in the west. A moral approach is needed which will help restore the ideals that underpin social relations in Islam—the chief of which is taḍāmon or solidarity. In Tunisia Ennahda has a vision of "compassionate capitalism balancing freedom of enterprise with the ideals of social justice and equal opportunity.