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The concept of scarcity and its influence on the definitions of Islamic economics: A critical perspective

Amir Wahbalbari (Department of Social Sciences, Universiti Sains Malaysia, Pennag, Malaysia)
Zakaria Bahari (Department of Social Sciences, Universiti Sains Malaysia, Pennag, Malaysia)
Norzarina Mohd-Zaharim (Department of Social Sciences, Universiti Sains Malaysia, Pennag, Malaysia)

Humanomics

ISSN: 0828-8666

Article publication date: 11 May 2015

2861

Abstract

Purpose

The aim of this paper is to reconcile the diverging opinions among Islamic economists toward the concept of scarcity and to present a holistic model of scarcity and abundance from a Qur’anic perspective.

Design/methodology/approach

Analyses of both interviews and texts were performed. The method in studying scarcity from Islamic perspective consisted of semi-structured interview with five experts in the field of Islamic economics and development.

Findings

One major implication of this study is that the concept of scarcity as it is postulated by mainstream economics tends to clash with the Islamic worldview, as it does not have any reference in Islam. Scarcity can act as a phenomenon in economic activities but not as the defining concept in Islamic economics.

Practical implications

Practically, this paper will contribute to the making of the first lecture of the course of Islamic economics.

Social implications

Socially, this paper will contribute to the process of transforming the science of economics and Islamic economics for a sustainable tomorrow.

Originality/value

This paper is a fundamental paper that addresses some aspects from critical realism and transcendental idealism into the making of Islamic economics. Not only that the discussion on the concept of scarcity in Islamic economics is limited and seems to be lacking; in addition, this paper offers a critical discussion on the validity of the concept of scarcity in economics from a critical perspective.

Keywords

Acknowledgements

The authors gratefully acknowledge the funding of Universiti Sains Malaysia under its funding scheme of USM Fellowship.

Citation

Wahbalbari, A., Bahari, Z. and Mohd-Zaharim, N. (2015), "The concept of scarcity and its influence on the definitions of Islamic economics: A critical perspective", Humanomics, Vol. 31 No. 2, pp. 134-159. https://doi.org/10.1108/H-11-2012-0021

Publisher

:

Emerald Group Publishing Limited

Copyright © 2015, Emerald Group Publishing Limited

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