Are there Islamic principles in economics? And what effects do they have in the contemporary world? These are critical questions. Addressing these questions over the past few decades, Muslim scholars have often referred to “Islamic economics” and “Islamic finance”. Yet the alternative financial concepts and tools that exist in Islamic scriptural sources have not led us to develop an original, alternative, and viable economic system. Therefore, we need to return to the scriptural sources to acquire a better understanding of the higher objectives (maqasid) of laws in the field of economics and to go beyond the superficial notion of “Islamic economics / finance” in order to promote Islamic ethics in economy.

Mere criticism and patchwork adaptive solutions that ultimately leave the machinery of the neoliberal global economic order unchanged are no longer sufficient. This is why the Center will bring together Muslim scholars of the texts / Shari’a together with leading economists to grapple with the most critical issues in economics and develop an ethical framework for new financial solutions. Our aim in this field is to contribute to transforming economic theory and practice for a more ethical global economic system.