Islamic economics is a philosophy of economics founded on the principles of Islam. Emerging from the principles of morality, sustainability, justice and equity; it is quite contradictory to neoliberal capitalism. Usually compared to the ‘Third Way’ or Keynesianism in economics, it has never been analysed in a Marxist context. This doctoral research project aims to study Islamic economics within a Marxist political economy framework to (a) introduce a non-Eurocentric economic philosophy into critical political economy; (b) to introduce a new analytical approach to the study of Islamic economics. Beyond the Marxist framework, the research methodology includes conducting interviews with professionals in Islamic banking, and academics in both Islamic economics and Marxism. Utilising the case studies of banking practices and Islamic economic policies in UAE, Malaysia and Pakistan, this project will harmonise theoretical knowledge and financial practice. The main research problems to be studied are: interest rates relative to class relations, the concept of exploitation in Islamic economics vis a vis the Marxist interpretation of it, and the transformation of the so called ‘economic man’ to labour and its gendered dimensions. This is truly a unique approach for the analysis of Islamic economics. Even though Marxists form across the globe have been interested in Islamic economics, none have undertaken a study of this depth specifically in critical political economy. If granted funding, this research will break new ground for both Marxist political economy and Islamic economics and hopefully provide new perspectives on interest rates, labour rights, power struggles in developing countries and gender in Islamic economics.

2021