{"id":3291,"date":"2025-04-16T12:20:14","date_gmt":"2025-04-16T12:20:14","guid":{"rendered":"https:\/\/noukeqalamnews.com\/en\/?p=3291"},"modified":"2025-04-16T12:37:00","modified_gmt":"2025-04-16T12:37:00","slug":"rebuilding-economic-values-a-review-of-professor-khurshid-ahmads-role-in-islamic-economics-and-finance","status":"publish","type":"post","link":"https:\/\/noukeqalamnews.com\/en\/rebuilding-economic-values-a-review-of-professor-khurshid-ahmads-role-in-islamic-economics-and-finance\/","title":{"rendered":"Rebuilding Economic Values: A Review of Professor Khurshid Ahmad\u2019s Role in Islamic Economics and Finance"},"content":{"rendered":"\n\r\n    <div class=\"custom-author-box\">\r\n        <img decoding=\"async\" src=\"https:\/\/noukeqalamnews.com\/en\/wp-content\/uploads\/2025\/04\/fb_img_17447002116781020434613642085850.jpg\" alt=\"Author Image\">\r\n        <span class=\"author-name\">Dr Kalimullah lone<\/span>\r\n    <\/div>\r\n\r\n    <style>\r\n        .custom-author-box {\r\n            display: flex;\r\n            align-items: center;\r\n            position: relative;\r\n            width: 250px; \/* Set the total width of the author box *\/\r\n            margin-top: 20px;\r\n            margin-bottom: 10px;\r\n        }\r\n\r\n        .custom-author-box img {\r\n            width: 70px; \/* Set the image width *\/\r\n            height: 70px; \/* Set the image height *\/\r\n            border-radius: 50%;\r\n            object-fit: cover;\r\n        }\r\n\r\n        .custom-author-box .author-name {\r\n            position: absolute;\r\n            left: 80px; \/* Adjust if the image width changes *\/\r\n            top: 50%;\r\n            transform: translateY(-50%);\r\n            font-size: 16px;\r\n            font-weight: bold;\r\n            color: #fff;\r\n            background: rgba(0, 0, 0, 0.7);\r\n            padding: 5px 10px;\r\n            border-radius: 12px;\r\n            white-space: nowrap;\r\n            text-overflow: ellipsis;\r\n            overflow: hidden;\r\n            max-width: calc(100% - 50px); \/* Ensures it doesn't overflow *\/\r\n            width: auto; \/* Allows width to adjust automatically *\/\r\n            display: inline-block; \/* Ensures it only takes necessary space *\/\r\n        }\r\n    <\/style>\r\n\r\n    \n\n\n\n<p><\/p>\n\n\n\n<p>In the landscape of 20th-century Islamic intellectual revival, Professor Khurshid Ahmad emerged as a foundational figure whose interdisciplinary scholarship and activist orientation shaped the contours of Islamic economics as both a theoretical discipline and a practical alternative to prevailing global financial systems. At a time when the Muslim world was undergoing decolonization and modernization under Western economic paradigms, Ahmad called for an epistemological reorientation, one that would not only critique but also reconstruct economic thinking in light of Islamic values, law, and worldview.<br \/>His contribution is not limited to theoretical formulations. Through academic rigor, institutional advocacy, and global policy engagement, Ahmad catalyzed the rise of Islamic finance from the margins to the mainstream. For this contribution, he was awarded the King Faisal International Prize in Islamic Studies, recognizing his unique role in offering the world an ethical and value-centric economic model.<\/p>\n\n\n\n<p>\ud835\udc7b\ud835\udc89\ud835\udc86\ud835\udc90\ud835\udc93\ud835\udc86\ud835\udc95\ud835\udc8a\ud835\udc84\ud835\udc82\ud835\udc8d \ud835\udc6d\ud835\udc93\ud835\udc82\ud835\udc8e\ud835\udc86\ud835\udc98\ud835\udc90\ud835\udc93\ud835\udc8c: \ud835\udc6b\ud835\udc86\ud835\udc97\ud835\udc86\ud835\udc8d\ud835\udc90\ud835\udc91\ud835\udc8e\ud835\udc86\ud835\udc8f\ud835\udc95 \ud835\udc69\ud835\udc86\ud835\udc9a\ud835\udc90\ud835\udc8f\ud835\udc85 \ud835\udc74\ud835\udc82\ud835\udc95\ud835\udc86\ud835\udc93\ud835\udc8a\ud835\udc82\ud835\udc8d\ud835\udc8a\ud835\udc94\ud835\udc8e<br \/>Professor Ahmad\u2019s foundational work, Economic Development in an Islamic Framework (1979), set the stage for what is now considered the first generation of Islamic development economics. In this publication, he decisively rejects both capitalist and socialist frameworks on the grounds of their value-neutrality and anthropocentric assumptions. According to Ahmad:<br \/>&#8220;The major contribution of Islam lies in making human life and effort purposeful and value-oriented\u2026 Economic development in an Islamic framework is rooted in the value pattern embodied in the Qur&#8217;an and the Sunnah.&#8221; (Ahmad, 1979)<br \/>He argued that dominant economic models, including the Harrod-Domar growth framework and the neoclassical investment models, fail to accommodate the ethical, distributive, and spiritual dimensions of human well-being. His critique aligns with scholars such as Gunnar Myrdal and E.F. Schumacher, who similarly questioned the reductionism of growth-oriented economics.<br \/>Ahmad&#8217;s call was not merely for reform but for reconstruction\u2014a term he consciously borrowed from Iqbal\u2019s intellectual vocabulary. For him, the goal was not to Islamize capitalist or socialist constructs but to derive economic norms, priorities, and strategies from Islamic ontology, grounded in tawhid (divine unity), khilafah (human trusteeship), and &#8216;adl (justice).<\/p>\n\n\n\n<p>\ud835\udc79\ud835\udc86\ud835\udc97\ud835\udc8a\ud835\udc97\ud835\udc82\ud835\udc8d \ud835\udc90\ud835\udc87 \ud835\udc70\ud835\udc94\ud835\udc8d\ud835\udc82\ud835\udc8e\ud835\udc8a\ud835\udc84 \ud835\udc6d\ud835\udc8a\ud835\udc8f\ud835\udc82\ud835\udc8f\ud835\udc84\ud835\udc86: \ud835\udc70\ud835\udc8f\ud835\udc95\ud835\udc86\ud835\udc8d\ud835\udc8d\ud835\udc86\ud835\udc84\ud835\udc95\ud835\udc96\ud835\udc82\ud835\udc8d \ud835\udc6b\ud835\udc86\ud835\udc87\ud835\udc8a\ud835\udc82\ud835\udc8f\ud835\udc84\ud835\udc86 \ud835\udc82\ud835\udc8f\ud835\udc85 \ud835\udc70\ud835\udc8f\ud835\udc94\ud835\udc95\ud835\udc8a\ud835\udc95\ud835\udc96\ud835\udc95\ud835\udc8a\ud835\udc90\ud835\udc8f\ud835\udc82\ud835\udc8d \ud835\udc7d\ud835\udc8a\ud835\udc94\ud835\udc8a\ud835\udc90\ud835\udc8f<br \/>Perhaps Ahmad\u2019s most distinguished contribution is his revival of Islamic finance in the modern era. At a time when conventional financial systems, particularly interest-based banking and speculative capital markets, were perceived as essential to development, Ahmad forcefully reintroduced the concept of riba prohibition not only as a legal injunction but as a systemic critique of modern finance.<br \/>He viewed Islamic finance not as a parallel industry but as a moral response to the exploitative mechanisms of debt-based economics, positioning profit-and-loss sharing, asset-backed transactions, and risk-sharing as the ethical foundations of financial intermediation. His work influenced early Islamic banking models in Pakistan, Sudan, and Malaysia, and contributed to the intellectual environment that led to the establishment of global institutions such as the Islamic Development Bank, AAOIFI, and IIFM.<br \/>Ahmad\u2019s framing of Islamic finance extended beyond jurisprudence; he conceptualized it as part of a civilizational project, a return to a maqasid-driven (purpose-oriented) financial order that prioritized socio-economic justice, financial inclusion, and economic stability.<\/p>\n\n\n\n<p>\ud835\udc68\ud835\udc84\ud835\udc82\ud835\udc85\ud835\udc86\ud835\udc8e\ud835\udc8a\ud835\udc84 \ud835\udc82\ud835\udc8f\ud835\udc85 \ud835\udc70\ud835\udc8f\ud835\udc94\ud835\udc95\ud835\udc8a\ud835\udc95\ud835\udc96\ud835\udc95\ud835\udc8a\ud835\udc90\ud835\udc8f\ud835\udc82\ud835\udc8d \ud835\udc70\ud835\udc8e\ud835\udc91\ud835\udc82\ud835\udc84\ud835\udc95<br \/>In addition to his intellectual contributions, Professor Khurshid Ahmad played a pivotal role in establishing academic institutions and think tanks that facilitated the development of Islamic economics as a formal discipline. The most prominent among them is the Institute of Policy Studies (IPS), Islamabad, which remains a key platform for research, dialogue, and policy innovation in Islamic economics and governance.<br \/>His academic writings have become standard references in university curricula across the Muslim world, and his mentorship has produced a generation of economists and scholars committed to value-based reform. His consistent advocacy for Islamization of knowledge also found resonance in IIIT\u2019s global movement, influencing research methodology in Islamic social sciences and ethics.<\/p>\n\n\n\n<p>\ud835\udc7a\ud835\udc84\ud835\udc89\ud835\udc90\ud835\udc8d\ud835\udc82\ud835\udc93\ud835\udc8d\ud835\udc9a \ud835\udc79\ud835\udc86\ud835\udc84\ud835\udc90\ud835\udc88\ud835\udc8f\ud835\udc8a\ud835\udc95\ud835\udc8a\ud835\udc90\ud835\udc8f \ud835\udc82\ud835\udc8f\ud835\udc85 \ud835\udc73\ud835\udc86\ud835\udc88\ud835\udc82\ud835\udc84\ud835\udc9a<br \/>Professor Khurshid Ahmad\u2019s work received both regional and global acclaim. The King Faisal International Prize, awarded to him in 1990 for his contribution to Islamic Studies, particularly Islamic Economics, recognized his dual role as a theoretical pioneer and a practical reformer.<br \/>His legacy today is visible in three domains:<\/p>\n\n\n\n<p>Academic Canon: Islamic economics is now recognized as a legitimate and autonomous field, thanks in large part to Ahmad&#8217;s efforts in creating its intellectual foundations.<\/p>\n\n\n\n<p>Institutional Ecosystem: Islamic banks, regulatory bodies, and educational institutions across the globe operate within a conceptual framework that Ahmad helped shape.<\/p>\n\n\n\n<p>Intellectual Resistance: His unwavering stance against economic dependency and ideological imitation remains a guiding principle for scholars working toward epistemological sovereignty.<\/p>\n\n\n\n<p>Professor Khurshid Ahmad&#8217;s contribution to Islamic economics and finance represents more than the advancement of a sub-discipline. It embodies a profound intellectual resistance to hegemonic paradigms and a courageous commitment to constructing a value-driven, holistic alternative rooted in Islamic worldview.<br \/>As contemporary scholars continue to explore questions of economic justice, sustainability, and ethical finance, they are indebted\u2014whether explicitly or implicitly\u2014to the groundbreaking work of Khurshid Ahmad. He not only revived a tradition that was in intellectual dormancy but demonstrated that Islamic economics is not a nostalgic ideal\u2014it is a viable, necessary, and urgent response to the crisis of modernity.<\/p>\n\n\n\n<p>\ud835\udc79\ud835\udc86\ud835\udc87\ud835\udc86\ud835\udc93\ud835\udc86\ud835\udc8f\ud835\udc84\ud835\udc86\ud835\udc94<br \/>\ud835\ude08\ud835\ude29\ud835\ude2e\ud835\ude22\ud835\ude25, \ud835\ude12. (1979). \ud835\ude0c\ud835\ude24\ud835\ude30\ud835\ude2f\ud835\ude30\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude0b\ud835\ude26\ud835\ude37\ud835\ude26\ud835\ude2d\ud835\ude30\ud835\ude31\ud835\ude2e\ud835\ude26\ud835\ude2f\ud835\ude35 \ud835\ude2a\ud835\ude2f \ud835\ude22\ud835\ude2f \ud835\ude10\ud835\ude34\ud835\ude2d\ud835\ude22\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude0d\ud835\ude33\ud835\ude22\ud835\ude2e\ud835\ude26\ud835\ude38\ud835\ude30\ud835\ude33\ud835\ude2c. \ud835\ude1b\ud835\ude29\ud835\ude26 \ud835\ude10\ud835\ude34\ud835\ude2d\ud835\ude22\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude0d\ud835\ude30\ud835\ude36\ud835\ude2f\ud835\ude25\ud835\ude22\ud835\ude35\ud835\ude2a\ud835\ude30\ud835\ude2f.<\/p>\n\n\n\n<p>\ud835\ude0f\ud835\ude22\ud835\ude34\ud835\ude34\ud835\ude22\ud835\ude2f, \ud835\ude14. \ud835\ude1c. (2011). \ud835\ude14\ud835\ude26\ud835\ude26\ud835\ude35\ud835\ude2a\ud835\ude2f\ud835\ude28 \ud835\ude38\ud835\ude2a\ud835\ude35\ud835\ude29 \ud835\ude0f\ud835\ude2a\ud835\ude34\ud835\ude35\ud835\ude30\ud835\ude33\ud835\ude3a: \ud835\ude08 \ud835\ude0a\ud835\ude30\ud835\ude2f\ud835\ude37\ud835\ude26\ud835\ude33\ud835\ude34\ud835\ude22\ud835\ude35\ud835\ude2a\ud835\ude30\ud835\ude2f \ud835\ude38\ud835\ude2a\ud835\ude35\ud835\ude29 \ud835\ude17\ud835\ude33\ud835\ude30\ud835\ude27. \ud835\ude12\ud835\ude29\ud835\ude36\ud835\ude33\ud835\ude34\ud835\ude29\ud835\ude2a\ud835\ude25 \ud835\ude08\ud835\ude29\ud835\ude2e\ud835\ude22\ud835\ude25. \ud835\ude12\ud835\ude3a\ud835\ude30\ud835\ude35\ud835\ude30 \ud835\ude09\ud835\ude36\ud835\ude2d\ud835\ude2d\ud835\ude26\ud835\ude35\ud835\ude2a\ud835\ude2f \ud835\ude30\ud835\ude27 \ud835\ude10\ud835\ude34\ud835\ude2d\ud835\ude22\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude08\ud835\ude33\ud835\ude26\ud835\ude22 \ud835\ude1a\ud835\ude35\ud835\ude36\ud835\ude25\ud835\ude2a\ud835\ude26\ud835\ude34.<\/p>\n\n\n\n<p>\ud835\ude08\ud835\ude29\ud835\ude2e\ud835\ude22\ud835\ude25, \ud835\ude12. (1980). \ud835\ude10\ud835\ude34\ud835\ude2d\ud835\ude22\ud835\ude2e \ud835\ude22\ud835\ude2f\ud835\ude25 \ud835\ude35\ud835\ude29\ud835\ude26 \ud835\ude0c\ud835\ude24\ud835\ude30\ud835\ude2f\ud835\ude30\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude0a\ud835\ude29\ud835\ude22\ud835\ude2d\ud835\ude2d\ud835\ude26\ud835\ude2f\ud835\ude28\ud835\ude26. \ud835\ude13\ud835\ude26\ud835\ude2a\ud835\ude24\ud835\ude26\ud835\ude34\ud835\ude35\ud835\ude26\ud835\ude33: \ud835\ude1b\ud835\ude29\ud835\ude26 \ud835\ude10\ud835\ude34\ud835\ude2d\ud835\ude22\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude0d\ud835\ude30\ud835\ude36\ud835\ude2f\ud835\ude25\ud835\ude22\ud835\ude35\ud835\ude2a\ud835\ude30\ud835\ude2f.<\/p>\n\n\n\n<p>\ud835\ude12\ud835\ude2a\ud835\ude2f\ud835\ude28 \ud835\ude0d\ud835\ude22\ud835\ude2a\ud835\ude34\ud835\ude22\ud835\ude2d \ud835\ude17\ud835\ude33\ud835\ude2a\ud835\ude3b\ud835\ude26 \ud835\ude08\ud835\ude33\ud835\ude24\ud835\ude29\ud835\ude2a\ud835\ude37\ud835\ude26\ud835\ude34. (1990). \ud835\ude13\ud835\ude22\ud835\ude36\ud835\ude33\ud835\ude26\ud835\ude22\ud835\ude35\ud835\ude26\ud835\ude34 \ud835\ude2a\ud835\ude2f \ud835\ude10\ud835\ude34\ud835\ude2d\ud835\ude22\ud835\ude2e\ud835\ude2a\ud835\ude24 \ud835\ude1a\ud835\ude35\ud835\ude36\ud835\ude25\ud835\ude2a\ud835\ude26\ud835\ude34.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the landscape of 20th-century Islamic intellectual revival, Professor Khurshid Ahmad emerged as a foundational figure whose interdisciplinary scholarship and activist orientation shaped the contours of Islamic economics as both a theoretical discipline and a practical alternative to prevailing global financial systems. At a time when the Muslim world was undergoing decolonization and modernization under [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80],"tags":[],"class_list":["post-3291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/posts\/3291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/comments?post=3291"}],"version-history":[{"count":4,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/posts\/3291\/revisions"}],"predecessor-version":[{"id":3296,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/posts\/3291\/revisions\/3296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/media\/3290"}],"wp:attachment":[{"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/media?parent=3291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/categories?post=3291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noukeqalamnews.com\/en\/wp-json\/wp\/v2\/tags?post=3291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}