Centuries of intellectual stagnation and decline coupled with decades of colonial rule, left the ummah in very dire conditions. Once world leaders, Muslims had become timid followers of their colonial masters. The post World War II period witnessed many Muslim countries achieve political independence. Together with this independence came a ‘freeing’ of colonial shackles, including in the intellectual sphere. By the early 1970s, a clear Islamic resurgence had begun to engulf the Muslim world. Demands were slowly, but surely being made for comprehensive reforms in Muslim societies, reforms that were based on, and within the bounds of Islamic teachings. One area of these reforms were translated into what would soon be popularized as Islamic economics.