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Article
Publication date: 25 October 2023

Ekrem Yilmaz

This study aims to discuss the behavioral economics and Islamic economic joint criticisms against the conceptual and economic political view of the mainstream.

Abstract

Purpose

This study aims to discuss the behavioral economics and Islamic economic joint criticisms against the conceptual and economic political view of the mainstream.

Design/methodology/approach

The purpose of this study is to examine the effectiveness of mainstream economic policies in addressing unemployment. Furthermore, it critically assesses the mainstream perspective on unemployment within the contexts of Islamic economics and behavioral economics, separately. The commonalities and disparities between the approaches of Islamic economics and behavioral economics regarding unemployment are evaluated. Subsequently, the conventional viewpoint on unemployment is scrutinized from the combined standpoint of Islamic economics and behavioral economics. This article employs a theoretical approach to address these concerns.

Findings

Although there are some differences, the recommendations and values of Islamic Economics and behavioral economics in the context of unemployment are almost the same. And, more importantly, both approaches are similar in their emphasis on the ineffectiveness and distance from human values of mainstream economic policies.

Originality/value

This article is the first to examine unemployment from the joint perspectives of Islamic economics and behavioral economics. It is also the first article to criticize the mainstream view of unemployment from the common framework of these two approaches.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Open Access
Article
Publication date: 2 May 2023

Muhammad Sholihin, Catur Sugiyanto and Akhmad Akbar Susamto

This paper aims to systematically review the concept of homo Islamicus discussed in the existing literature. The second objective is to offer a set of criticisms of the…

1232

Abstract

Purpose

This paper aims to systematically review the concept of homo Islamicus discussed in the existing literature. The second objective is to offer a set of criticisms of the descriptions of homo Islamicus.

Design/methodology/approach

In this paper prespecified eligibility criteria are applied to select articles that are indexed in Scopus and ProQuest, or published by two major publishers, ScienceDirect and Emerald, or appear on ResearchGate. A set of books related to homo Islamicus was also used as secondary sources to support the selected articles. As a result, this paper systematically reviews 53 articles and four books to synthesize the homo Islamicus.

Findings

There are four notions of homo Islamicus: Firstly, homo Islamicus as the kind of economic agent that is required to achieve Islamic economic objectives. Secondly, homo Islamicus as a defining factor that makes the difference between Islamic and conventional economics. Thirdly, homo Islamicus as an economic agent whose characteristics are something Islamic economics aims to realize. Lastly, homo Islamicus as an economic agent representing the fundamental assumption in Islamic economics.

Practical implications

Mapping homo Islamicus can be helpful for future researchers to conduct analyses related to homo Islamicus, especially in the context of empirical studies of the existence of homo Islamicus in economic reality. This literature review can help other researchers to understand the development of literature related to homo Islamicus.

Originality/value

This paper seems to be the first to systematically identify, select and synthesize the description of homo Islamicus in the literature.

Details

Islamic Economic Studies, vol. 30 no. 2
Type: Research Article
ISSN: 1319-1616

Keywords

Article
Publication date: 18 August 2022

Hafas Furqani and Mohamed Aslam Haneef

This paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches proposed…

Abstract

Purpose

This paper aims to investigate the subject matter of Islamic economics that will be the object of a study as a discipline by classifying and unifying different approaches proposed by Islamic economists.

Design/methodology/approach

The paper is a conceptual paper using discursive analysis analysing the perspective and approaches proposed by Islamic economists in defining economic problems from an Islamic perspective. The perspective and approaches proposed are classified and analysed for their implications in constructing the subject matter of discipline.

Findings

Islamic economics, as a new body of knowledge, needs to clarify the economic problems that will be its subject matter. The paper brings an insight into the subject matter of Islamic economics as conceived by scholars in two approaches, namely, economic problems “as they are” and economic problems “as they should be”. The paper also proposes a unified perspective in defining the subject matter of Islamic economics for further development of the discipline.

Research limitations/implications

This paper only provides philosophical guidance for researchers in mapping the problems and the goals of the policy being studied, although it does not offer any practical use for policymaking as each policy is faced with different and specific cases. This paper may be used to assist future researchers in shaping other unexplored fields in Islamic economics as a body of knowledge.

Practical implications

Islamic economics as a discipline will be strengthened if it has a clear subject matter that will be the object of study. However, the conception of economic problems proposed by Islamic economists is based on life-reality, i.e. of what human beings face in their life (practical-type economic problems as they are) and based on life guidance from the Qur’an on how human beings should live as well as life-objectives, i.e. of what goals he should strive for (ideal-type economic problems as they ought to be) brings implication that there are differences in determining the object of study of Islamic economics.

Originality/value

This paper promotes the unification of two conceptions of economic problems proposed by scholars by defining Islamic economics as “a study of resource appropriation to realize human well-being (maslahah)”. This suggests that economic problems as manifested in life reality will be studied within the grand objective of life in Islam (maqasid al-Shariah), and economic problems as perceived in life goals will be studied in the context of life reality. Islamic economic theory will be formulated not only to solve the apparent problem of “what is” but also formulated in a way that refers to goals (ideals) of “what ought to be” that will provide solutions to current economic problems according to certain vision and to take steps to move in that visionary direction.

Details

International Journal of Ethics and Systems, vol. 39 no. 4
Type: Research Article
ISSN: 2514-9369

Keywords

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 academic…

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. Economics…

1118

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 guise of…

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.

17292

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

Article
Publication date: 11 March 2024

Denizar Abdurrahman Mi'raj and Salih Ulev

Given the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies…

Abstract

Purpose

Given the overlapping themes and periods in specific subjects within Islamic economics and finance bibliometric research, which may yield similar findings in bibliometric studies, it is essential to document the growth of Islamic economic and financial research using bibliometric methodologies. This study aims to understand better the critical bibliometric review trends and scientific advancements in Islamic economics and finance.

Design/methodology/approach

This study uses bibliometric analysis, collecting 46 Islamic economics bibliometric papers from the Web of Science Core Collection from 1975 to 2022. The authors generated top scientific scholars, keyword analysis, citation analysis, content analysis and conclusions for journal development using R Biblioshiny, VOSviewer, ATLAS.ti and Excel.

Findings

This study has established a comprehensive bibliometric framework for Islamic economics and finance bibliometric papers, encompassing all critical areas within the discipline and identifying any remaining research gaps. The major significant areas revealed were Islamic social finance and microfinance concerns, which are closely pertinent to the issues of ethics, corporate social responsibility and sustainability, respectively. The authors also identified opportunities for future bibliometric analyses in Islamic economics and finance, which include using more comprehensive databases, refining or broadening search strategies, using advanced techniques and units of analysis and suggesting themes for further exploration.

Research limitations/implications

The study relies merely on the Web of Science Core Collection database, which provides the most in-depth citations by source for the world’s scientific and scholarly research. Future research may consider expanding its scope to include other databases for a broader range of sources. Furthermore, due to the rise of bibliometric studies in Islamic economics and finance, this study also comments on the saturation of bibliometric studies conducted in several similar areas. While researchers bring their unique analytical perspectives to bibliometrics, this study provides a comprehensive view of existing research in Islamic economics and finance, highlighting well-explored topics and those that remain less studied. Thus, this could assist researchers in determining their future research priorities.

Practical implications

Policymakers in Islamic financial and economic institutions, including banking institutions, social, financial institutions and halal institutions, should be impacted by this research when making policies or conducting research. The viability of the current Islamic economic and financial ecosystem will be indirectly maintained and managed by these implications.

Social implications

This comprehensive meta-analysis in Islamic economics and finance is expected to impact the development and sustainability of the Islamic economic and financial ecosystem, promoting societal welfare through applying Islamic economics and finance.

Originality/value

This pioneering bibliometric analysis of Islamic economics and finance papers aims to offer insights and projections for future research in the field. This research contributes to the literature by examining various aspects, including evaluating literature on trending topics, analyzing papers related to research areas and conducting content analysis of existing bibliometric studies in Islamic economics and finance. It specifically groups these studies around fundamental topics, summarizes findings from contemporary research and identifies emerging research gaps.

Details

Qualitative Research in Financial Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 28 July 2023

Ekrem Yilmaz, Güler Deymencioğlu, Mehmet Atas and Fatma Sensoy

This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes…

Abstract

Purpose

This study aims to present the perspectives of heterodox economics and Islamic economics on environmental economics, as an alternative to mainstream economics, which takes economic growth as its main objective and argues that environmental problems will largely disappear when economic growth is achieved.

Design/methodology/approach

In this study, there was no intention to conduct a detailed analysis of heterodox economic models and Islamic economics. Instead, the approaches to the “environment,” which can be considered as an urgent need of the planet, were evaluated, and the inadequate proposals of the mainstream economics’ environmental approach were theoretically criticized and heterodox economics and Islamic economics were proposed as an alternative model.

Findings

Heterodox and Islamic economics offer alternative models of development prioritizing social and ecological justice to address environmental problems, which is in contrast to mainstream economics’ narrow focus on market mechanisms and individual rationality. Thus, engaging in more dialogue in the context of the environment is inevitable for both schools, considering the vast geography inhabited by Muslims and the proposed heterodox economic policies, and moreover, these approaches are modeled for the first time.

Originality/value

This article presents a synthesis of Islamic economics and heterodox thinking in contrast to mainstream economic policy, highlighting their similarities and differences and providing a more comprehensive understanding of the complexities and potential solutions of environmental problems. To the best of the authors’ knowledge, this approach has not been previously explored, making it an original contribution to the literature.

Details

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

Keywords

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