Islamic economics: Where from,where to?

One of the fundamental questions in islamic econom-ics is: how to handle the gap between the desired behavior of economic agents,as read in texts of qur'ān and sunnah,and that observed in current reality? early writers paid little atten-tion to this question. their references to islamic history were largely confined to the earliest period in the arabian peninsula,little attention was paid to other regions and later times. the au-thor argues in favor of policies derived on the basis of objec-tives of sharī 'ah rather than those in fiqh derived analogically from early rulings. future shape of things deserves more atten-tion,innovation and creativity may answer vexed questions. the role of debts needs to be drastically reduced and that of par-ticipation encouraged in finance and management of money. the focus should be the humanity as a whole ; welfare of the muslim ummah should be targeted within that framework.