Ali Fidan, Cukurova University
The last two centuries have passed in search for adaptation to capitalism adn free market economy for the Islamic communities of the 21st century. While doing this, Muslim societies redefined themselves through pro or anti modernist ideologies. considering the distribution of Muslim human geography over the world, the experience of Islamic societies with free market economy differs from time to time. The current study treats the theoretical and methodological problems of Islamic economy understandings within current market conditions after revisiting theories of Islamic economics that made a mark in the last six decades globally. After analyzing the situation of the Muslim merchant and the society lived in capitalistic economic conditions, suggestions to trace an alternative socio-economic course are proposed.