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Article
Publication date: 3 February 2021

Toseef Azid, Zafar Kayani, Osamah Hussien Rawashdeh and Nasim Shah Shirazi

This paper aims to discuss the methodology of mainstream Islamic economics and also gives an alternative approach which is yet not very much taught in the different…

Abstract

Purpose

This paper aims to discuss the methodology of mainstream Islamic economics and also gives an alternative approach which is yet not very much taught in the different academic institutions, i.e. Tawhidi methodology. From the curriculum of the different academic institutions and also from the literature, it is observed that mainstream Islamic economics is the imitation of the conventional economics and mainly neoclassical economics. Maqasid-i-Shari’ah is not matching with the Tawhidi one.

Design/methodology/approach

It is based on the self-observations of the authors where they taught during their academic career.

Findings

This study found that the mainstream Islamic economics could not be able to solve the local and global issues because it is the replica of the conventional economics only there are some injunctions of Shari’ah.

Research limitations/implications

This study gives the guideline to the student of Islamic economics that how they will be able to understand the methodology of Islamic economics and finance.

Practical implications

It provides the guidance to the academicians and policymakers, especially those belonging to the Muslim countries.

Social implications

It also provides the glimpses to the social scientist about the solutions of the social and economic issues at the local and global levels.

Originality/value

It is an original effort.

Details

International Journal of Ethics and Systems, vol. 37 no. 2
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 1 June 1990

Masudul Alam Choudhury

A comparative and critical examination of the methodology, goalsand history of development of the field of Western social sciences inIslamic perspectives is presented…

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Abstract

A comparative and critical examination of the methodology, goals and history of development of the field of Western social sciences in Islamic perspectives is presented. Economics is treated as a parallel case study in this respect. It is shown that the field of Western social sciences was the outcome of the revolt against the Church in the eighteenth century by the scholastic school to sever science from religion. Ever since, it has gained momentum also under the Cartesian philosophy of empiricism. Thus, the age‐long advance of the social sciences has shown increasing independence within each of its sub‐disciplines. An inward looking hegemony developed among the various sub‐disciplines. Such developments have made it increasingly difficult for the treatment of ethics and values as integrable elements in social investigation. The essence of a human analysis of social problems is thereby, misunderstood in modern social science analysis. The philosophy, nature and methodology of social investigation in Islamic framework are examined. It is argued that the Western concern with dichotomy between science and religion is not applicable to Islam. Consequently, there is a good possibility for studying social problems by an integrated approach among all the sub‐disciplines of the social sciences. This gives rise to an interdisciplinary study of social issues and problems and the development of a generalised social equilibrium system in the Islamic framework. We have developed one such comprehensive model endowed by its intrinsic Islamic ethics and values emanating fundamentally from the dynamic Quranic essence of the Unity of God in the working of the universe, “Al‐Tawhid”. The key principles and instruments are developed. The central role of the “shura” in functionally endowing the integrated study of social issues, is studied. In this context, the study of Islamic economics as one of Islamic political economy is examined. A specific economic problem in this area is explored. It is concluded that the approach of the Islamic social investigation and of Islamic political economy is what the future generation of social and economic thinkers will be working towards.

Details

International Journal of Social Economics, vol. 17 no. 6
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 14 May 2018

Shafiu Ibrahim Abdullahi

The purpose of the study is to explore contributions made in Islamic economics methodology, particularly in the use of mathematical models used to build Islamic economic theories.

Abstract

Purpose

The purpose of the study is to explore contributions made in Islamic economics methodology, particularly in the use of mathematical models used to build Islamic economic theories.

Design/methodology/approach

The methodology adopted is a survey by means of literature review.

Findings

Overuse of mathematical models in economics has it apparent weakness in simplifying complex realities and use of impracticable assumptions. But, that notwithstanding, they have a role to play in the development of Islamic economics. Empirical analysis in Islamic economics has weaknesses, including the very fact that moral phenomenon in Islamic economics is difficult to quantify, but its contribution, just like mathematics, is needed to develop the field. Islamic economics adopt mathematical models that do not cause obstacles in achieving the aim of Islamic economics, which is Falah. Where it is harmful, it is discarded. Islamic economics has yet to have a universally accepted research methodology; instead, numerous methodologies are used today. The poor use of mathematics in Islamic economics by new researchers, among other factors, may be due to young researchers’ poor background in mathematics.

Originality/value

The paper is unique in looking at the topic of Islamic economic methodology from the angle of application of mathematical models.

Details

International Journal of Ethics and Systems, vol. 34 no. 2
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 1 January 1996

Muhammad Iqbal Anjum

Capitalism is fundamentally an economics of producers that has always served the cause of producers. Its special concern for economizing the production process in the…

Abstract

Capitalism is fundamentally an economics of producers that has always served the cause of producers. Its special concern for economizing the production process in the guise of economic efficiency went always in favor of producers at the cost of interests of workers and consumers thereby creating a strong sense of economic deprivation in the conscience of workers and low‐income consumers who generally constitute the majority of the population in almost all the developed countries including the United States of America. It is this growing sense of economic deprivation that can be easily observed, especially in the big cities of the United States of America, as a catalyst for Marxist reaction. The Marxist fruit of Capitalist international economics appeared in the form of cold war within the global economy between the rich and the poor countries. Keeping in view the historical dynamics of Marxist movement, twentieth century Capitalist economists have consciously started to counter the threat of Marxism by incorporating in economics the extensive analysis of issues such as social welfare function, interdependent utility functions, intertemporal utility functions, equity in distribution, unemployment insurance, economic development, labor unionism, full‐employment of labor, economic rents, consumer protectionism etc. in the form of labor economics, public sector economics and development economics. It was no doubt a Capitalists' cleverish attempt to redress the grievances, mainly resulting from market failures, of the economically depressed classes within the Capitalist system. So far problems of the depressed classes could not be solved and are not at all expected to be fully solved within the original Capitalistic framework due to its inherent exploitative tendencies.

Details

Humanomics, vol. 12 no. 1
Type: Research Article
ISSN: 0828-8666

Article
Publication date: 3 May 2013

Abdulkader Cassim Mahomedy

The purpose of this paper is to critique the philosophical underpinnings of the growing field of Islamic economics.

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Abstract

Purpose

The purpose of this paper is to critique the philosophical underpinnings of the growing field of Islamic economics.

Design/methodology/approach

A critical and comparative review of Islamic economics texts written by key proponents during the last eight decades is undertaken. The origins of this nascent science are traced and factors that gave impetus to its development examined. The different characterisations of the discipline as it has developed within the broader socio‐political context are contrasted.

Findings

The proponents of Islamic economics have had little success in shaping a distinctive paradigm for their discipline, beyond arguing that it is underpinned by a strong moral ethic. By and large, its epistemological roots have remained firmly within the framework of rationalism/empiricism and methodological individualism. Consequently, Islamic economics has not been able to shed its neoclassical moorings, the very paradigm it originally set out to replace. Several of the contradictions apparent in the discipline are discussed. Islamic economists, recognising that their mission has remained unfulfilled, have variously suggested different approaches to regenerate the process and chart the way forward. These propositions are examined and evaluated.

Research limitations/implications

If Islamic economics is to fulfil its raison d'être, that is, articulate a coherent theoretical paradigm and demonstrate its relevance to the real economy, its proponents must resolve its theoretical and practical difficulties by clarifying its Weltanschauung and developing an appropriate content and form.

Originality/value

This study evaluates how the discipline has developed and exposes its inherent contradictions. These inconsistencies are identified and explained at the foundational level, highlighting where and why they have occurred.

Details

International Journal of Social Economics, vol. 40 no. 6
Type: Research Article
ISSN: 0306-8293

Keywords

Open Access
Article
Publication date: 23 June 2022

Hafas Furqani and Abdelghani Echchabi

This paper aims to explain the nature of the economic agent in Islamic economics. He is commonly referred to as Homo Islamicus.

Abstract

Purpose

This paper aims to explain the nature of the economic agent in Islamic economics. He is commonly referred to as Homo Islamicus.

Design/methodology/approach

This is done by deriving the concept from the Qurʾān as the primary epistemological source in Islamic economics. The paper, thus, attempts to explore the message of the Qurʾān and internalize its concepts and values in their totality into the conception of the economic agent from an Islamic perspective.

Findings

The paper brings an insight regarding the nature of the economic agent in Islamic perspective. The concept of the economic agent that is developed from the Qurʾānic teachings will be useful in developing assumptions and theories in Islamic economics.

Research limitations/implications

This paper explores the normative behavioral framework of man from the Qurʾānic perspective (i.e. what is expected of man) in order to serve as the basis on which assumptions, concepts and theories could be produced and applied in real life. Further studies could extend the discussion by examining the application of the concepts in practice.

Practical implications

This paper promotes a normative behavioral framework that could be the basis in developing the body of knowledge of Islamic economics.

Originality/value

This paper promotes a concept of the economic agent in Islamic perspective, termed as Homo Islamicus, who is going to portray Islamic ethical teachings in economic actions. The paper brought insights from the Qurʾānic teachings and principles in developing the concept of Homo Islamicus who will be the representative agent in theorizing Islamic economics.

Details

ISRA International Journal of Islamic Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0128-1976

Keywords

Open Access
Article
Publication date: 31 August 2021

Abdullahi Abubakar Lamido and Mohamed Aslam Haneef

This paper critically reviews and analyzes the trends in waqf studies within the Islamic economics literature. It analyzes the recent developments and debates in waqf

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Abstract

Purpose

This paper critically reviews and analyzes the trends in waqf studies within the Islamic economics literature. It analyzes the recent developments and debates in waqf reform and advances the argument for prioritizing research on waqf economics; the waqf dimension that is concerned with modelling how to utilize it to enhance productivity, consumption, redistribution, investment and saving, and generally contribute sustainably towards poverty reduction, economic empowerment and development.

Design/methodology/approach

The paper is conceptual in nature, focusing on a systematic historical analytical review of waqf studies in Islamic economics literature.

Findings

Despite the documented historic role of waqf in constructing the Muslim socio-economic architecture as the third economic sector and a mechanism for civilizational development and renewal, it received little attention in the early writings on modern Islamic economics. While the past one decade has witnessed a renewed interest in waqf research, most studies focus on its legal, juristic and administrative aspects in addition to the nostalgic reflections on its past glories. Little attention is comparatively given to the socio-economic aspect, which represents the actual raison d’être for its institutionalization.

Practical implications

An important task ahead of the current generation of Islamic economists is to formulate waqf-based development models that are rooted in proper diagnosis and deep understanding of the current socio-economic realities of the OIC member countries for the purpose of uplifting living standards and stimulating sustainable socio-economic development.

Originality/value

The paper contributes to the debate on priorities in waqf studies and practice and can trigger further discourses and research on the future of research in waqf economics.

Details

Islamic Economic Studies, vol. 29 no. 1
Type: Research Article
ISSN: 1319-1616

Keywords

Article
Publication date: 9 February 2015

Hafas Furqani

The paper aims to produce new key terminologies for the microfoundations of Islamic economics. The paper attempts to investigate the microfoundations of Islamic economics

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Abstract

Purpose

The paper aims to produce new key terminologies for the microfoundations of Islamic economics. The paper attempts to investigate the microfoundations of Islamic economics by exploring new perspective in the key concepts and key terminologies that would explain the behavior of individual and society in an Islamic ethical framework.

Design/methodology/approach

The paper is a conceptual paper that attempts to explore the microfoundations of Islamic economics from the primary sources of Qur’anic texts. Literature on the topics, from an Islamic and mainstream economics perspective, are reviewed critically in a comparative perspective.

Findings

The key concepts of self-interest, utility maximization and rationality are critically evaluated in an Islamic perspective and new key concepts of huquq, maslahah maximization and taqwa are proposed as alternatives. Those new key terminologies will broaden the horizon in understanding of economic realities of man and society and their relationship and well-being.

Research limitations/implications

The paper is based on conceptual explorations of literature in the microfoundations of economics in the mainstream economics and Islamic economics. This is a conceptual paper, so it did not use any empirical analysis.

Practical implications

The findings of this paper will give insights of the microfoundations of Islamic economics as a discipline. Those unique key terminologies derived from the textual source of Islam (nusus) and intellectual tradition (turath) are important in the attempt to develop a solid body of knowledge.

Originality/value

The paper proposes new key concepts and terminologies to be the microfoundations of Islamic economics as a discipline. It is a new approach in understanding behavior of individual and society in Islamic perspective which are different from the other approach, which modifies the conventional terminologies by adding “Islamic” prefix, such as “Islamic” utility or “Islamic” rationality.

Details

Humanomics, vol. 31 no. 1
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 11 May 2015

Amir Wahbalbari, Zakaria Bahari and Norzarina Mohd-Zaharim

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…

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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.

Details

Humanomics, vol. 31 no. 2
Type: Research Article
ISSN: 0828-8666

Keywords

Open Access
Article
Publication date: 16 October 2018

Masudul Alam Choudhury

The purpose of this paper is to lay down the methodological structure of the epistemology of tawhid (Oneness of Allah). In this paper, the meaning of tawhid also refers to…

2715

Abstract

Purpose

The purpose of this paper is to lay down the methodological structure of the epistemology of tawhid (Oneness of Allah). In this paper, the meaning of tawhid also refers to the monotheistic unity of knowledge (consilience) in the cast of its organic pairing by circular causation relations between the moral and material possibilities. The paper thereby raises the critique of mainstream economic reasoning and its imitation by existing Islamic economics. Consequently, by the ontological, epistemological and phenomenological foundation of tawhidi methodological worldview, an altogether new socio-scientific reasoning in generality and economic reasoning in particular is introduced.

Design/methodology/approach

The socio-scientific methodological reasoning of unity of knowledge according to the tawhidi methodological worldview is introduced contrary to the inept rational choice postulates of mainstream economic reasoning and its imitation by existing notions of Islamic economics. The method of instructing students in the light of this approach according to Tawhidi Islamic Economics (TIE) is introduced from the existing literature.

Findings

The existing nature of mainstream economics and its imitation by Islamic economics is critically deconstructed and replaced by the true epistemological, ontological and phenomenological perspectives of TIE in the world of learning. Some inner properties of such a methodological study of TIE are laid bare for further investigation.

Originality/value

This is the first paper of its kind in this journal to expound the original and most creative methodological worldview that Islamic economics must bear. This is the foundation of the development of the true stance of Islamic economics and finance.

Details

ISRA International Journal of Islamic Finance, vol. 10 no. 2
Type: Research Article
ISSN: 0128-1976

Keywords

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