Foresight Conversations- Dr. Asad Zaman

Summary

In this interview, a distinguished academic shares his journey from the pinnacle of Western education and economics to embracing an Islamic lifestyle in Turkey. Initially groomed in the American school system and holding degrees from MIT and Stanford, he chose to leave the U.S. due to concerns about raising his children in a non-Islamic environment. His move to Turkey was serendipitous, as he received a job offer shortly after praying for guidance. He then transitioned from mainstream economics to Islamic economics, critiquing the former for its lack of engagement with real-world problems and its underlying ontological assumptions. He advocates for a genuine Islamic economic model that aligns with the spirit of Sharia, emphasizing spiritual progress and service to humanity over wealth accumulation. He also challenges the positivist foundation of statistics and econometrics, proposing an alternative methodology. His advice to the younger generation is to have confidence in their Islamic heritage and to seek guidance from the Quran in all fields of knowledge.

Takeaways

• 🌟 The interviewee was raised with an appreciation for the U.S. education system but was sent to Karachi American schools, eventually attending MIT and Stanford for higher education.
• 🌍 The decision to leave the U.S. was driven by the desire to raise children in an environment that was not hostile to Islam, leading to a move to an Islamic country.
• 🎓 The interviewee held academic positions at top-ranked universities such as Pennsylvania, Columbia, Johns Hopkins, and Caltech before making the shift.
• 👨‍👩‍👧‍👦 Personal experiences with colleagues' struggles in balancing successful careers with fulfilling personal lives influenced the decision to leave the academic environment in the U.S.
• 🕌 A move to an Islamic country was seen as a way to share the burden of Islamic training with the community, rather than solely relying on the family unit.
• 📜 The interviewee's academic background is in mathematics, statistics, and econometrics, with a PhD in economics.
• 💡 The realization that conventional economic theories did not apply to real-world problems led to an exploration of Islamic economics as an alternative framework.
• 🌿 Islamic economics offers a different paradigm for solving economic problems, which is more aligned with the interviewee's values and beliefs.
• 📈 The interviewee critiques conventional economics for its hidden ontological assumptions and its focus on maximizing pleasure in this world, which is not in line with Islamic teachings.
• 🔄 The current state of Islamic economics is seen as unsatisfactory, with a tendency to follow Western models rather than creating genuine Islamic alternatives.
• 🌐 The interviewee advocates for a deeper level of guidance from the Quran in all fields, including economics and statistics, and encourages the younger generation to trust in their heritage and seek guidance from the Quran.

Q & A

Why did the interviewee choose to leave the USA and move to Turkey and Pakistan?

The interviewee decided to leave the USA because they found it challenging to raise their children in an environment hostile to Islam. They wanted to move to an Islamic country where their children could be brought up in an Islamic environment without the burden of Islamic training falling solely on them and their spouse.

What was the interviewee's educational background before moving to an Islamic country?

The interviewee completed their bachelor's degree in Math from MIT and went on to do their Master's and PhD in Economics from Stanford. They also had appointments at top-ranked universities such as the University of Pennsylvania, Columbia, Johns Hopkins, and Caltech.

How did the interviewee's perspective on their career change after moving?

After moving, the interviewee shifted their focus from trying to get published in large papers to looking at problems facing the world and finding solutions to them. They realized that the conventional economic theories they had learned did not apply to the real-world problems they encountered.

What led the interviewee to develop an interest in Islamic economics and finance?

The interviewee became interested in Islamic economics and finance after realizing that the theories they had learned at Stanford were irrelevant to the real-world problems they were facing. They found that Islam provided a complete set of solutions for economic problems, which was very different from their Western training.

How does the interviewee view the philosophy behind conventional economics?

The interviewee believes that conventional economics is based on a flawed philosophy that posits rational behavior as maximizing pleasure from the consumption of goods and services. This does not align with Islamic teachings, which emphasize spiritual progress and service to humanity over the maximization of pleasure.

What is the interviewee's opinion on the current state of Islamic economics?

The interviewee is not satisfied with the current state of Islamic economics, as they believe it largely follows Western models and tries to islamize them, rather than creating genuine alternative models that align with the spirit of Sharia.

How does the interviewee suggest we should approach the teaching of statistics and econometrics?

The interviewee suggests that the teaching of statistics and econometrics should be reformed to align with a deeper understanding of reality that goes beyond surface appearances. They argue for an alternative methodology that does not rely on the positivist view, which they believe is flawed and leads to deceptive practices.

What advice does the interviewee have for the younger generation?

The interviewee advises the younger generation to have confidence in their heritage and to trust in the Quran for guidance. They believe that the Quran provides complete and perfect guidance, even in fields like economics and mathematics, and that this trust will lead to progress in all areas of knowledge.

How did the interviewee's experience with top-ranked economists influence their decision to leave the USA?

The interviewee was close to several Nobel prize-winning economists and observed that their personal lives were not fulfilling. This, coupled with the realization that their lives did not align with the interviewee's values, contributed to their decision to leave the USA and seek a more fulfilling path aligned with their Islamic beliefs.

What was the unexpected event that led the interviewee to accept a job in Turkey?

While the interviewee was praying for guidance, they received an unexpected job offer from Bilkent University in Turkey. They took this as a sign from Allah and decided to accept the position, which marked a significant shift in their career and approach to economics.

What is the interviewee's view on the role of philosophy in the development of a discipline?

The interviewee believes that philosophy, or worldview, plays a crucial role in the development of any discipline. They argue that conventional economics is based on a specific philosophy that may not align with Islamic principles, and that Islamic economics requires a different philosophy or worldview to construct and govern its approach.