Muhammad Abdul Mannan: Reading into His Contributions on Islamic Economics

Abstract

This paper examines the major theoretical and practical contributions of Muhammad Abdul Mannan (1938-2021) to Islamic economics. The paper uses primarily the library research method and some interviews. Muhammad Abdul Mannan was a pioneering figure who made enormous contributions to Islamic economics to establish it as a distinct social science and a separate discipline of study. His unique perspective on Islamic approaches to consumption, production, and distribution, as well as the state's role and the social security system in an Islamic economy, enriched theoretical knowledge in Islamic economics. In addition, as a visionary, lifelong educator, and philanthropist, he left his mark by establishing several institutions, including the Social Islami Bank Limited (SIBL), which continue to contribute to the socio-economic development of Bangladesh. He dedicated his talent and hard work to establishing SIBL to test his three-sector model (formal, informal, and voluntary) of reducing poverty and inequality in society. For the first time in Bangladesh, according to the best knowledge of the author of this paper, he introduced Cash-Waqf through SIBL as a new interest-free microcredit strategy for empowering poor families.