Dr. Muhammad Umar Chapra : the pioneer of modern Islamic economics
After the 15th century, the study of Islamic economics was absent for a long time. In the mid 20th century, some economists tried to expose the application of Islamic economics in both written and practical format. Dr. Muhammad Umar Chapra, born on February 1, 1933, in Pakistan is one of them. This well-known Islamic economist started his education at High School under the University of Sind (1950) in his motherland and stood first in the whole University among 25,000 students. He achieved his B. Com. (=B.B.A.1954), M. Com. (=M.B.A.1956) and Ph. D (Economics, 1961) degree from University of Karachi and University of Minnesota respectively.
The writings and speech of Chapra gave the basic Principles of Islamic economics with the strong theories, model and some clear empirical evidences. Moreover, He firmly found the shortcomings of modern economics, criticized it and gave the superior framework of Islamic economics to apply in the modern economics. Why the value judgment or religion or ethics is important to achieve the economic goal, he showed that in his research.
He has lectured widely at a number of universities and professional institutes in different countries around the world, including the Harvard Law School, Loughborough University, the Oxford Centre for Islamic Studies, the London School of Economics, Universidad Autonoma, Madrid, the University of Malaga, Spain, the House of Commons, London, and the Islamic University of Rotterdam, and the Asia Pacific and Kyoto Universities in Tokyo and Kyoto, Japan.
He has participated in a number of meetings of international and regional organizations like the IMF, IBRD, OPEC, IDB, OIC, and GCC.
By clear away the misconception, Dr. Chapra presented the fundamental differences between Islamic and modern economics, common characteristic of Islamic consumer, producer, Islamic application on market, income distribution, poverty eradication, fiscal and monetary policy, zakat, bank, insurance, stock market and many other topics of economics.
He spent most of his professional life outside of his homeland in the U.S.A. (6 years) and 44 years in Saudi Arabia as a researcher, teacher research adviser. He was the teacher of economics at the University of Minnesota (1957-60), the University of Wisconsin, Platteville (1960/61), the University of Wisconsin, Platteville (1963/64), the University of Kentucky, Lexington, Ky. (1964/65) and Economic Advisor and then Senior Economic Adviser at the Saudi Arabian Monetary Agency, July 1965- October 1999), Research Advisor at the Islamic Research and Training Institute of the Islamic Development Bank, Jeddah (November1999).
The writings and speech of Chapra gave the basic Principles of Islamic economics with the strong theories, model and some clear empirical evidences. Moreover, He firmly found the shortcomings of modern economics, criticized it and gave the superior framework of Islamic economics to apply in the modern economics. Why the value judgment or religion or ethics is important to achieve the economic goal, he showed that in his research.
He has lectured widely at a number of universities and professional institutes in different countries around the world, including the Harvard Law School, Loughborough University, the Oxford Centre for Islamic Studies, the London School of Economics, Universidad Autonoma, Madrid, the University of Malaga, Spain, the House of Commons, London, and the Islamic University of Rotterdam, and the Asia Pacific and Kyoto Universities in Tokyo and Kyoto, Japan.
He has participated in a number of meetings of international and regional organizations like the IMF, IBRD, OPEC, IDB, OIC, and GCC.
By clear away the misconception, Dr. Chapra presented the fundamental differences between Islamic and modern economics, common characteristic of Islamic consumer, producer, Islamic application on market, income distribution, poverty eradication, fiscal and monetary policy, zakat, bank, insurance, stock market and many other topics of economics.
He spent most of his professional life outside of his homeland in the U.S.A. (6 years) and 44 years in Saudi Arabia as a researcher, teacher research adviser. He was the teacher of economics at the University of Minnesota (1957-60), the University of Wisconsin, Platteville (1960/61), the University of Wisconsin, Platteville (1963/64), the University of Kentucky, Lexington, Ky. (1964/65) and Economic Advisor and then Senior Economic Adviser at the Saudi Arabian Monetary Agency, July 1965- October 1999), Research Advisor at the Islamic Research and Training Institute of the Islamic Development Bank, Jeddah (November1999).
He has authored 16 books and monographs and more than 100 papers and book reviews. Some of his books, monographs and papers have been translated into a number of languages, including Arabic, Bangla, French, Indonesian, Japanese, Malay, Persian, Polish, Spanish, Turkish and Urdu.
Some of his famous books and monographs are, Towards a Just Monetary System (1985), Islam and the Economic Challenge (1992), The Future of Economics: An Islamic Perspective (2000), Muslim Civilization: The Causes of Decline and the Need for Reform (2008), Islam and economic development, Objectives of the Islamic Economic Order, The Islamic Welfare State and Its Role in the Economy,. Islam and Economic Development: a Strategy for Development with Stability in the light of Justice and Islamic teachings, what is Islamic Economics?, Regulation and Supervision of Islamic Banks, Prohibition of Interest: Does it Make Sense? , The Future of Economics: An Islamic Perspective, “Money and Banking in an Islamic Economy, “The Role of the Stock Exchange in an Islamic Economy and so on.
Dr. Chapra has been awarded with gold medal from different universities (University of Sind, research and dawah institutions (Islamic Council of North America (ICNA), King Faisal International Award) and banks (Islamic Development Bank award) for his contributions to Islam and Islamic economics.
Dr.chapra is now living in Saudi Arabia with his wife Khairunnisa Jamal Mundia and four children Maryam, Anas, Sumayyah and Ayman.
He is also well-known in Bangladesh and visited it to participate in an international conference on economics arranged by Islamic economics Research Bureau (IERB). His books are also available both in Bangla and English in our country.
“Islamic economics has effective tools and can solve economic problem of human life successfully”Dr. Chapra proved it easily, which illustrates the superiority of Islam. We should study Islamic economics more carefully to present it as the best solution for humanity.
Dr. Chapra has been awarded with gold medal from different universities (University of Sind, research and dawah institutions (Islamic Council of North America (ICNA), King Faisal International Award) and banks (Islamic Development Bank award) for his contributions to Islam and Islamic economics.
Dr.chapra is now living in Saudi Arabia with his wife Khairunnisa Jamal Mundia and four children Maryam, Anas, Sumayyah and Ayman.
He is also well-known in Bangladesh and visited it to participate in an international conference on economics arranged by Islamic economics Research Bureau (IERB). His books are also available both in Bangla and English in our country.
“Islamic economics has effective tools and can solve economic problem of human life successfully”Dr. Chapra proved it easily, which illustrates the superiority of Islam. We should study Islamic economics more carefully to present it as the best solution for humanity.
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