{Writeup/Video: bit.ly/cie1iok} First of Seven sets of slides explains that 2nd Generation Islamic Economics was constructed as an Islamization of Knowledge project: We take Western knowledge of economics, and Islamize it. This project has failed, for reasons to be explained. The 3rd Generation alternative proposed is to reject Western Economics, and replace it by a radically different discipline built on Islamic foundations.

1. Crisis in Islamic Economics:
CIE1: Stating the Problem
Asad Zaman

2. The Crisis in Islamic Economics, Journal of King Abdul Aziz University: Islamic Economics,Vol. 25 No. 1, pp:
147-169:: SSRN Version: https://ssrn.com/abstract=2725421
SECTION 1: The Islamization of Knowledge
This is the first of a sequence of short video-talk which will go through
the paper above “Crisis in Islamic Economics” section by section.
This talk covers the first section: Islamization of Knowledge
A brief writeup of this part, and links to related materials, are available
from shortlink: http://bit.ly/cie1iok

3. What Happened?
The DEEN which dazzled the world for a millennium,
Is now wrapped in darkness and despair
‫سے‬ ‫وطن‬ ‫تھا‬ ‫نکال‬ ‫سے‬ ‫شان‬ ‫بڑی‬ ‫دین‬ ‫جو‬
‫ہے‬ ‫الغربا‬ ‫غریب‬ ‫آج‬ ‫وہ‬ ‫میں‬ ‫پردیس‬
The teachings of Islam
transformed ignorant and
backwards Bedouin into world
leaders.
Today the Islamic Civilization is
once again wrapped in darkness.
Why?

4. The Crisis
Today is a
Crisis of
KNOWLEDGE
A miniature version of the major crisis of Islamic
Civilization is the crisis in Islamic Economics – ONE of
the many fields of knowledge.
This video is the first of a sequence which explains
the CRISIS in Islamic Economics

5. The Central Problem
Facing the Ummah:
How to Educate our
Children?

6. Dramatic Conflict between
the two Worldviews!!
• Central Message of Islam: God’s Final Message to
Mankind ended the darkness of Jahilliyya 14
centuries ago, and provided perfect and complete
guidance to mankind for all times to come.
• Western education: The Enlightenment of Europe in
the 18th Century ended the period of darkness and
ignorance of mankind, and created the glorious
Western Civilization, which dominates the world
today.
All empirical evidence supports the Western
worldview!

7. Solution: Islamization of Knowledge
Premises:
1. Built into Western education is a worldview anti-thetical to Islam.
2. Western education is essential for today.
Conclusions:
3. We need to “Islamize” Western education – remove the portions in
conflict with Islam, and retain what conforms with Islam
4. PLUS, we must ADD the central elements of Islamic teachings to a
Western education

8. Flagship Projects of the
OIC
• International Islamic Universities of Malaysia &
Islamabad
• Teach Western Knowledge PLUS Standard
Islamic Education
• I was Director General of IIIE, IIUI –
International Institute of Islamic Economics
from 2002 to 2012
• The project of Islamization of Knowledge has
been a failure.

9. Correct Diagnosis is
essential to Cure
• Goal of this paper “Crisis in Islamic
Economics” is to analyze WHY.
• We specialize to problem the case
of “Islamic Economics”

10. Links to Relevant/Related Materials
These Slides: bit.ly/SS3GIE1
Writeup &Video: bit.ly/cie1iok
Supplementary Materials:
“How to Launch an Islamic Revival?”: Online course
Link:
https://portal.alnafi.com/courses/how-to-launch-an-islamic-revival