The ongoing political turmoil in the Muslim world necessitates an investigation of the factors leading to centuries of underdevelopment. This essay studies the various perspectives (for and against) attributing Islam as a factor holding back the progress of the Muslim economies. We critically appraise why ‘Islamic’ banking is not truly Islamic to identify: (i) the retrograding outlook of the jurists (fuqahā’); and (ii) their flawed ijtihād (interpretation or deduction of the divine sources of law) as the prime factors responsible for the paucity of development of financial instruments, markets and institutions. We also scrutinize co-option of the jurists by the ruling elite, thereby legitimizing their autocracy. Finally, we conclude the paper recommending the rectification of these issues to develop institutions fostering economic growth and development.

中文翻译：

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穆斯林世界的政治经济和不发达：法律哲学视角

穆斯林世界持续的政治动荡需要对导致数百年不发达的因素进行调查。本文研究了将伊斯兰教视为阻碍穆斯林经济发展的因素的各种观点（支持和反对）。我们批判性地评估为什么“伊斯兰”银行业不是真正的伊斯兰，以识别：（i）法学家的倒退观点（fuqahā'）；(ii) 他们有缺陷的 ijtihad（对神圣法律渊源的解释或演绎）是造成金融工具、市场和机构发展不足的主要因素。我们还审查了统治精英对法学家的选择，从而使他们的专制合法化。最后，