Nature and Significance of Islamic Economics
PDF

Keywords

Islamic economics
Worldview
Methodology
Economic systems
Problems challenges.

How to Cite

HASAN, Z. (2016). Nature and Significance of Islamic Economics. Journal of Economic and Social Thought, 3(3), 400–416. https://doi.org/10.1453/jest.v3i3.952

Abstract

Abstract. Islamic economics has of late landed in confusion and neglect and much concern is being voiced on this state of affairs. The divergence of views on various aspects of the subject tends to grow, cohesive efforts are missing. It is in this context that the present paper takes a look at the nature and significance of Islamic economics and examines the issues of its definition, nature and scope, the questions of methods and methodology, system approach, the problems that seems to hinder its growth, the challenges Islamic economics faces today and how the same can be faced. Since the differences between the Islamicand mainstream economic disciplines stem from the divergent worldviews that condition them, the discussion opens on the topic as background material. This paper is a part of draft Chapter of a book under preparation on Islamic economics and finance. Comments and suggestions are welcome but the paper or its parts cannot be put to any commercial or unfair use.

Keywords: Islamic economics, Worldview, Methodology, Economic systems, Problems challenges.

JEL. B10, B30, G20, K40, K20.
https://doi.org/10.1453/jest.v3i3.952
PDF

References

Addas, W.A.J. (2008). Methodology of economics: Secular versus Islamic, Research Management Centre, International Islamic University of Malaysia.

Al-Attas, S.M.N. (1993). Islam and secularism, Malaysia: International institute of Islamic Thouhkt and Civilization.

Al-Attas, S.M.N. (1995). Prolegomena to the Metaphysics of Islam (An Exposition of the Fundamental Elements of the Worldview of Islam). Malaysia: International Institute of Islamic Thought and Civilization.

Aydin, N. (2013). Redefining Islamic Economics as a New Economic Paradigm. Islamic Economic Studies, 21(1), 1-34.

Boulakia, J.D.C. (1971). Ibn Khaldûn: A Fourteenth-Century Economist, Journal of Political Economy, 79(5), 1105–1118. doi. 10.1086/259818

Chapra, M.U. (1996). What is Islamic Economics, IRTI, Jeddah.

Choudhory, M.A. (2007). Islamic Economics and Finance: Where Do They Stand, Proceedings of 6th International Conference on Islamic Economics and Finance, Advances in Islamic Economics and Finance, IRTI.

Friedman, M. (1953), The Methodology of Positive Economics, in Essays in Positive Economics. Chicago: University of Chicago Press.

Hands, D.W. (2012). The Positive-Normative Dichotomy and Economic, in Handbook of the Philosophy of Science, 219–239. doi. 10.1016/B978-0-444-51676-3.50009-9

Haneef, M.A. & Frqani, H. (2011). Methodology of Islamic economics: overview of present state and future direction. International Journal of Economics, Management and Accounting, 19(1), 1-25.

Hasan, Z. (1995). Review of 'Islam and economic development' by Chapra, M. U, Journal of Islamic Economics, 4(1-2), 51-70.

Hasan, Z. (1998). Islamization of Knowledge In Economics: Issues And Agenda, IIUM, Journal of Economics and Management, 6(2), 1-40.

Hasan, Z. (2005). Islamic banking at the crossroads: theory versus practice, in Iqbal, M. & Wilson, R (Editors) Islamic Perspectives on Wealth Creation, Edinburg University Press, Chapter 1.

Hasan, Z. (2007). Evaluation of Islamic banking performance: On the current use of econometric models. Proceedings of the 6th International Conference, Advances in Islamic Economics and Finance, IRTI.

Hasan, Z. (2014). Scarcity self-interest and maximization from Islamic angle, IDB prize winning lecture, Jeddah.

Hasan, Z. (2015). Economics with Islamic orientation, Oxford University Press (South-east Asia) Kuala Lumpur, Malaysia.

Hussein, K.A. (2013). Islamic economics: Current State of Knowledge and Development of the ipline, The Seventh International Conference on Islamic Economics, Jeddah.

Ibn Khaldun, (1967). Muqaddimah – An Introduction to History, translated from Arabic by Franz Rozenthal, Bollingen Series XLIII, 1980 print, Vol. II, Princeton University Press.

Iqbal, M. (2008). Contribution of the last six conferences. Proceedings 7th International Conference on Islamic Economics, King Abdul Aziz University, April 1-3, Jeddah.

Iqbal, S.A., & Muljawan, (2007). Advances in Islamic economics and finance Volume 1, IRTI/IDB, Jeddah.

Islahi, A.A. (2010). Four generations of Islamic economists. JKAU: Islamic Economisc, 23(1), 165-170.

Keynes, J. N. (1890). Scope and method of political economy, Batoche Books

Khan, M.A. (2013). What is wrong with Islamic economics, Edward Elgar, USA

Mannan, M.A. (1970). Islamic economics: theory and practice –A comparative study, Kazi publications Inc. Dhaka.

Marshall, A. (1898). Principles of Economics, New York: Macmillan (1949 print).

Mirakhor, A. (2007). A note on Islamic economics, IDB Prize Series 20, IRTI, Jeddah.

Rahman, M.H. (1936). Islam ka Iqtisadi Nizam ek ajmali khaka (Urdu) – The Economic System of Islam (An outline) Dar-ul-Mussan-e-feen, Urdu Bazar, Jama Masjid, Delhi 110006.

Redman, D.A. (1991). Economics and philosophy of science, Oxford University Press.

Sadr, M.B. (1983). Iqtisaaduna (Our Economics), Volume 2, Part 1, Tehran, Iran, WOFIS.

Samuelson, P., & Nordhaus, W. (2001): Economics (17th Edition) McGraw Companies.

Shari’ati, A. (1982). Man and Islam, Lectures (Translated from Persian by Ghulam M. Fayez) University of Mushhad Press.

Siddiqi, M.N. (1996). Teaching Economics in Islamic Perspective. Scientific Publishing Centre, King Abdul Aziz University, Jeddah.

Shinsuke, N. (2012). Critical Overview of the History of Islamic Economics: Formation, Transformation, and New Horizons. Asian and African Area Studies 11(2), 114-136.

Stanford Encyclopedia of Philosophy (June 28, 2006); substantive revision Wed Feb 17, 2016.

Creative Commons License
This article licensed under Creative Commons Attribution-NonCommercial license (4.0)

Downloads

Download data is not yet available.