Islamic economics and islamic political economy

The study of Islamic economics began in the Indian subcontinent in the 1930s as scholars strove to create a socio-economic manifesto that reflected Islamic ideals. Subsequently, centers for the study of Islamic economics were established in countries as diverse as Saudi Arabia, Malaysia and Sudan. Unfortunately, the field of Islamic economics remains underdeveloped and is still overly dependent on neoclassical economic models of pricing, resource allocation and consumer behavior. Recently, however, advances in Islamic political economy have helped to rejuvenate the field of Islamic economics.