The first leading university in the area of teaching Islamic economics as an academic subject is Al-Azhar University. This teaching is administered in two faculties : The Faculty of Commerce (Within the curriculum of the fourth level of the Bachelor’s program), and the faculty of Sharia (within the curriculum of the Legal Politics degree in the graduate program).
This subject matter has been introduced only recently by virtue of law no.102 issued in 1961 on the restructuring of Al Azhar and its constituent institutions. This development occurred quite late, in spite of the long-established existence of Islamic economics which is as old as Islam itself and whose emergence took place fourteen centuries ago. It also occurred quite late in spite of the opinion expressed by Moslem and non-Moslem theologians, and pertaining to the fact that Islamic economics, on the one hand, is unique and enjoys a separate identity and on the other hand, that the foundations and principles that underlie it meet the needs of modern times and guarantee man’s happiness on earth and in the Hereafter. Furthermore, the introduction of Islamic economics into school curricula was started quite late in spite of the enthusiasm shown by the Moslem peoples and their leaders towards the application of the precepts that contain the principles of Islamic economics.
It seems that the issue involves a missing link. We shall try to clarify this in the following three sections :
1. The novelty of Islamic economics as a subject matter.
2. Neglecting the teaching of Islamic economics as a school subject.
3. Neglecting the application of Islamic economics.
3.1. The Novelty of Islamic Economics
3.1.1.Islamic Economics is as Old as Islam Itself
As it has been indicated earlier, Islam is not simply a religious faith; it is also a political, social and economic system for the Islamic society. That is what is intended by the phrases that describe Islam as “a religion and a code of life”, and as ‘a faith and Sharia”.
Islam was not revealed to man for spiritual guidance, as was Christianity which advocates the principle of "Give to Caesar what belongs to Caesar and to God what belongs to God”. Instead, Islam came in order to organize man’s life in all its aspects, whether they are political, social or economic. The Messenger Mohammad, may Allah’s prayer and peace be upon Him, was not only a Prophet but also an executive judge.
Thus, Islamic economics is as old as Islam itself.
3.1.2.The Novelty of Islamic Economics as a Subject Matter
Although Islamic economics dates back to, the emergence of Islam fourteen centuries ago, its introduction into teaching curricula as a separate subject is a flew development. Besides, the research and the areas of study pertaining to this subject are still limited.
Our objective is not to explore the reasons for this failure or that contradiction. Suffice it to point out that Islam has brought new principles and unique foundations in the area of economics. The study of Islamic economics knew its heyday in the early Islamic era, to the extent that several old books are full of original ideas that compare favorably with the modern concepts and theories of economics. More than that, the first world scientifically-oriented books of economics did not appear until the Seventh century (Gregorian), in the light of Islam and through the creativity of Arab writers (See Salah, 1932, Nachaat, 1944 and Mourad, 1952). Subsequently, the study of Islamic economics declined following the cessation of the Ijtihad in the fourth century (Islamic calendar). Since that time, there has been almost no research on Islamic law and, consequently, the studies on Islamic economics have ceased to face the changing needs of society.
This state of affairs has caused the study of Islamic economics to lag behind to such an extent that the content of this subject matter has. been forgotten even by the Moslems themselves and faded out of the minds of their own theologists. Several intellectuals still do not imagine the existence of an Islamic economic system which can meet the needs of modern society and compare favorably with the two dominant economic systems of capitalism and socialism.
3.1.3.Type of Effort Required in the Subject Matter of Islamic Economics
There may now be strong calls for going back to Islam, with the view of applying its economic principles and involving it in the solution of the world problems. However, before doing so, we need to clearly show these economic foundations and the manner in which they can be applied for the benefit of each society and in accordance with the conditions of time and space.
The true enthusiasm and the sincere calls in favor of Islamic economics will be wasted if no efforts are made to highlight the political social and economic precepts of Islam in the Language of modern times, and if no explanations are given as to how these precepts can be applied in such a way as to further the changing interests of society. If such conditions are met, instead of seeking the adoption of the Islamic precepts through mere talk and dogmatism, these godly precepts will impose themselves not only to the Islamic countries but to the whole world, for it is in all times and places the road to salvation. peace and happiness for all humanity.
From the above we can realize the necessity of economics as a scientific and separate subject which lends itself to wide ranging research studies on the economic problems of our times and which finds the Islamic solutions for them.
3.2.Neglecting the Teaching of Islamic Economics
3.2.1.World’s Aspiration Towards Islamic Economics
As it has been indicated earlier, Islamic economics is an independent system which enjoys a separate identity. It is a self-contained system with its own economic policy which encompasses all the different interests - (whether private or public material or spiritual)-, takes into consideration the variations in time and space and, in the final analysis, achieves all the advantageous results and avoids all the inconveniences.
Several foreign and international voices cry out in order to stress the fact that Islamic economics is the hope for the salvation of humanity from the extremist positions adopted by each of the two dominant economic systems capitalism and socialism.
3.2.2.Islamic Universities’ Neglect of Teaching Islamic Economics
In spite of all that, the majority of the universities in the Islamic world itself provide courses on the capitalist and socialist economic systems but not on the Islamic one.
In Egypt, we have created specialized faculties of economics, such as the Faculty of Economics and Political Science, without any mention of the study of Islamic economics. Worse than that, we have set up specialized institutes for Arabic and Islamic studies such as the Institute for Advanced Arab Studies. in which we do not provide any teaching on Islamic economics as a separate subject and yet it is the area of Arabic and Islamic studies that is most worthy of our attention and care.
As was indicated earlier, Al-Azhar University, especially its Commerce and Sharia faculties, is the first leading university in the teaching of Islamic economics as an independent and scientific subject following a law related to the restructuring of Al-Azhar and issued under number 102 in the year 1961. Then there was King Abdulaziz University (Faculty of Economics) in Jeddah Which became the second leading university in the teaching of Islamic economics by virtue of its statutes issued in 1374H/1964 Later. the Seventh Conference of Moslem Ulema held in Cairo in September 1972. issued a resolution on the necessity to teach Islamic economics in the different institutes and universities of the Islamic world. Unfortunately this resolution has not found its way to application until after the First World Conference on Islamic economics which was held in Holy Mecca in February 1976.
Today, Islamic economics has almost become one of the prescribed subjects in several institutes and universities of the Islamic World. especially in the Kingdom of Saudi Arabia, although it has been harmed by some faculties by including it within the subject of Islamic culture.
Some Islamic universities and their specialized institutions may excuse themselves for not teaching Islamic economics as an independent subject by arguing that it is a new study area whose components have not been clearly delineated and about which there are limited basic references. However, is this not one more reason why Islamic universities and institutions should have set up departments and professorship chairs that are specialized in this subject matter ? Such an action will attract interested students and will consequently generate the relevant research, activate the study of the subject and foster its existence, thus imposing it on human thought. It will also play an effective role in the service of Islam and in the guidance of Moslems’ life.
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