A critical analysis of the claims of the Islamic economy, in particular the Islamic financial sector, and the underlying world view. It is concluded that the Islamic economy is a species of the mixed-economy capitalist genus and that there is no reason for its claim of ethical superiority over non-Islamic economic systems. The emphasis on the Islamic character is probably a question of identity politics. This is fully understandable, for Islam and the Islamic world was in a very sorry state when it was confronted with European superiority in every way, which was hard to swallow for a community that had always believed that their religion, which encompassed their entire life, was the only true one and that Jews and Christians had corrupted God's message. Islam would rule supreme. They feel a need to reassert themselves. This need not exclude cooperation with others, but the rest of the world will have to live with the fact that Muslim-majority countries will also sometimes collectively form a front against the rest of the world.
18 Jul 2019
Utrecht University, Faculty of Law, Economics and Governance (UU)