Islamizing Economics: Khurshid Ahmad’s Case Against Capitalism in Pakistan

Abstract

In Pakistan, Khurshīd Ahmad (d. 2025) and Muhammad Taqī ʿUsmānī are two influential scholars who pioneered the movement of Islamizing economics in Pakistan. Both scholars significantly contributed to the development of modern Islamic economics, with their ideas deeply rooted in the teachings of the Quran, the Sunnah, and Islamic jurisprudence (fiqh-ul-Islami). Their intellectual work laid the foundation for a distinctive approach to economics, challenging conventional capitalist frameworks and proposing alternatives grounded in Islamic principles. This study seeks to explore Ahmad’s comprehensive response to capitalism, examining his concerns regarding the inequities and ethical shortcomings within capitalist systems. His acceptance in both Western and Islamic academic circles demonstrates his worldwide influence and highlights his important role in shaping discussions on Islamic economics. The paper is split into two parts: the first part investigates Ahmad’s views on Islam and capitalism, offering an in-depth analysis of his critique, while the second section delves into his proposed Islamic alternative, exploring the key elements of his vision for an Islamic economic system. Employing an analytical research methodology with a qualitative approach, this paper primarily relies on primary sources such as Ahmad’s writings and speeches, while secondary sources are incorporated to provide additional context and to support the analysis. A variety of resources, including books, research papers, and online materials, are utilized to critically examine the differing viewpoints and provide a comprehensive understanding of Ahmad’s economic philosophy.