Abstract
The present paper is an attempt to correct Timur Kuran on various issues related to the genesis of economics. It demonstrates that Islamic is not a product of twentieth century. The term may be new but its origins go back to early period of Islam. Its evolution up to the present state of a distinguished discipline can be divided into six distinct phases. The paper argues that the modern economics was never a sectarian subject. Nor was it developed for Muslims' identity and protection purpose. Scholars of different regions and of diverse affiliations promoted it and its propounders aimed at the well-being of all
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