The Challenge of Global Capitalism: An Islamic Perspective

Abstract Khurshid Ahmad takes a critical view of the endemic qualities of global capitalism, which, he argues, even if it were to become more socially responsible and inclusive, would not be comfortably embraced by the Muslim world, because of its underpinning moral ethos and hegemonic character. He explains that this is partly because it contains and expresses values and behavioural norms that are specific to its historical and cultural context, and partly because it does not sufficiently endorse the ethical virtues the Islamic religion believes are essential to the well‐being of mankind. In this context, Ahmad gives an outline of the Islamic approach to economics. He submits that the global economy and society are too fractured and lacking in homogeneity to admit any one model of wealth creation and distribution. However, he believes that, with tolerance and understanding, it is possible for Western and Islamic‐style economic systems to exist side by side, with each retaining its own unique characteristics, so that the global society would be a matrix in which different cultures and systems can coexist.