Two Limited Perspectives on the Relationship between Islam and Capitalism: A Literature-Based Analysis
Abstract
Since capitalism has significantly impacted humanity's economic, political, cultural, and social aspects, many scholars have sought to explain its interconnections with various dimensions of human life, including religion. Islam and Islamic resurgence have been part of this enquiry in the academic literature. This article critically examines two perspectives on the relationship between Islam, Islamic revivalism, and capitalism. The first perspective maintains that certain Islamic values and institutions hinder capitalist development and progress among Muslims, and it also emphasises that Islamic revivalism is inherently anti-capitalist and anti-modern. In contrast, the second perspective argues that, following the Islamic revivalism of the 1970s, Islamic economics is an alternative to capitalism. Drawing on qualitative research, in particular interpretative textual analysis of selected key works, this study shows that both perspectives failed to capture the complex and multifaceted interactions between Islam and capitalism.
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References
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