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1 – 6 of 6The 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…
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.
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Murniati Mukhlisin, Nurizal Ismail and Reza Jamilah Fikri
This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics…
Abstract
Purpose
This study aims to analyse whether theories and views of classical Islamic scholars are widely adopted as references in Islamic accounting and finance (IAF), Islamic economics (IE) and Islamic business management (IBM) research studies as part of their contribution to solving current economic and financial problems.
Design/methodology/approach
The research adopts a qualitative meta-analysis methodology using NVivo 12 with selected data from 474 international journal articles published between 1981 and 2021. The study considers 172 IAF articles, 111 IE articles and 191 IBM articles.
Findings
The results of the study show that the use of theories and views of classical Islamic scholars is not widespread among the examined research papers. The findings show that 90% of researchers tend to acquire modern economics, management, psychological and sociological theories instead of classical theories. Both modern and classical theories have been discussed in the studied articles namely agency theory, stakeholders' theory, ḥisbah (accountability), maqāṣid al-Sharīʿah (objectives of Islamic law) and waʿd (unilateral promise). The gaps prevail not only in the taxonomy of terms but also in the choice of paradigm references. It is found that 66% of the 474 journal articles adopt a positivist paradigm, followed by interpretivism (19%), post-structuralism (9%) and critical orientation (6%).
Research limitations/implications
This paper considers only ABS ranking journal articles. Future research may consider other journal articles from different ranking groups such as Scopus or Thomson & Reuters.
Practical implications
The paper sheds light on how Islamic educational institutions can develop strategies for the Integration of Knowledge (IOK) in their curriculum.
Social implications
This paper helps to shape the Muslims' way of thinking within an Islamic worldview which will lead to an Islamic way of expressing knowledge, skill and behaviour.
Originality/value
This paper contributes to the model of IOK that has been deliberated among Islamic universities, especially those that develop IAF, IE and IBM studies.
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Yusuf Dinc, Mehmet Çetin, Mehmet Bulut and Rashed Jahangir
This study aims to develop a valid and reliable Islamic financial literacy (IFL) scale that can capture all the segments of the Islamic financial sectors and which could be…
Abstract
Purpose
This study aims to develop a valid and reliable Islamic financial literacy (IFL) scale that can capture all the segments of the Islamic financial sectors and which could be considered applicable for all jurisdictions across the globe.
Design/methodology/approach
To build the measure, this study followed a scale development process by collecting 698 a priori items from 81 respondents. Later, it generated an item pool through the analysis of the items with experts and gave the last form (40 items) to 287 respondents in Turkey with another IFL scale that is frequently used in the literature and a scale assessing religiosity. With explanatory factor analysis, the scale demonstrates a four-factor construct with 20 items. This construct provides good fit indexes and reliability scores.
Findings
Results of the correlation analysis and comparison of the fit indexes of alternative structures provided supportive evidence for discriminant and convergent validity of the scale and its sub-dimensions. As a result, an applicable scale is developed for countries where Islamic financial institutions are operating and where they are not.
Originality/value
One of the strengths of this study is that it represents a comprehensive scale development for the entire Islamic financial system, including banking, takāful (Islamic insurance) and fund management. In addition, the attempt to design an IFL scale applicable to any economy or individual is a pioneering attempt in the literature.
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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…
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.
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The purpose of this paper is to explore the causes and impact of predatory online publishing on Islamic economics and finance.
Abstract
Purpose
The purpose of this paper is to explore the causes and impact of predatory online publishing on Islamic economics and finance.
Design/methodology/approach
The method adopted involves a library literature scan to identify the origin and expansion of predatory publishing, as references listed in the paper show. The personal experience and observation of the author over the decades of teaching at various universities endorses the evidence.
Findings
The focus on “publish or perish” has led to division of Islamic scholars into conservative and modern economists, and it led to the overuse of mathematical and parametric modeling to the disadvantage of the discipline essentially imbued with unquantifiable ethical norms and values.
Practical implications
The study seeks to induce fruitful and purposive change in the research designs and direction of Islamic economics and finance.
Originality/value
This research initiates discussion on predatory publishing, an issue so far untouched in Islamic economics. It explores its impact on the discipline and suggests ways to curb the malady.
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