Methodology of Islamic Economics: Scope and Prospects

Authors: Ahmad Abdulkadir Ibrahim

Abstract:

Observation of the methodology of Islamic economics laid down for the methods and instruments of analysis and even some of its basic assumptions in the modern world; is a matter that is of paramount importance. There is a need to examine the implications of different suggested definitions of Islamic economics, exploring its scope and attempting to outline its methodology. This paper attempts to deal with the definition of Islamic economics, its methodology, and its scope. It will outline the main methodological problem by addressing the question of whether Islamic economics calls for a methodology of its own or as an expanded economics. It also aims at drawing the attention of economists in the modern world to the obligation and consideration of the methodology of Islamic economics. The methodology adopted in this research is library research through the consultation of relevant literature, which focuses on the thematic study of the subject matter. This is followed by an analysis and discussion of the contents of the materials used. It is concluded that there is a certain degree of inconsistency in the way assumptions are incorporated that perhaps are alien to Islamic economics. The paper also observed that there is a difference between Islamic economists and other (conventional) economists in the profession. An important conclusion is that Islamic economists need to rethink what economics is all about and whether we really have to create an alternative to economics in the form of Islamic economics or simply have an Islamic perspective of the same discipline.

Keywords: Islamic economics, conventional economics, Muslim economists, modern economy.

References:

[1] Monzer Kahf, (1981). Al Iqtisad al Islami The Islamic Economy, Dar al Qalam, Kuwait, 2nd edition.
[2] Choudhury, Masudul Alam, (1999). “Islamic Economics and Islamic Political Economy”. Humanomics 25, no. 5: 1-5.
[3] Mohamed Aslam Haneef and Hafas Furqani, (2011). Methodology of Islamic Economics: Overview of present state and future direction, International Journal of Economics, Management & Accounting 19, no. 1: 1-26. by The International Islamic University Malaysia.
[4] Mannan, M. Abdul, (1986). Islamic Economics: Theory and practice. Kent: Hodder and Stoughton.
[5] Ziaul Haque, (1992). Nature and methodology of Islamic economics, the Pakistan development review.
[6] Hasanuzzaman, S.M., (1984). Definition of Islamic Economics. Journal of Research in Islamic Economics, 1 (2), pp. 49-50.
[7] Muhammad Akram Khan., (1984). “Islamic Economics: Nature and Need.” Journal of Research in Islamic Economics 1, no. 2: pp. 55-61.
[8] Muhammad Akram Khan, Methodology of Islamic economics, (1987). Journal of Islamic economics.
[9] Abu Sulaiman, A.H. (1985). “Islamization of knowledge with special reference to Political science”. The American Journal of Islamic Social Sciences.
[10] Anwar, Muhammad. (1990), “Islamic Economic Methodology.” Journal of Objectives Studies 2, no.1: 28-46.
[11] Naqvi, Syed Nawab Haider, (1994). Islam, Economics and Society. London: Kegan Paul International.
[12] Siddiqi, Muhammad Nejatullah, (1982). Some Aspects of the Islamic Economy. Lahore: Islamic Publications ltd.
[13] Zarqa, Muhammmad Anas, (2003). “Islamization of Economics: The Concept and Methodology.” Journal of King Abdul Aziz University: Islamic Economics 16, no.1: 3-42.
[14] Masudul Alam Choudhury, (2010). Scope of Islamic Economics and Finance. Islamic Economics Research, July 24. http://islamicbanksnetworking.com/ItemDetails.aspx?id=111
[15] Mehmet ASutay, (2007). A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System.
[16] Chapra, M. Umar, (2000). What is Islamic Economics, Islamic Development Bank Jeddah in IDB Prize Winner’s Lecture Series No. 9, First Edition, Published by IRTI.
[17] Arif, M., (1989). “Towards Establishing the Microfoundations of Islamic Economics: The Basis of the Basics,” in A. Ghazali and S. Omar (eds.), Readings in the Concept and Methodology of Islamic Economics. Selangor Darul Ehsan: Pelanduk Publications.
[18] Asad Zaman, (2008), Islamic economics: A survey of the literature, Religion and Development Working Papers, Published by International Institute of Islamic Economics, International Islamic University, Islamabad – Pakistan.
[19] Warrant J. Samuels, (1977). “Ideology in Economics” in Sidney Weintraub, ed, Mordem Economic thought, Basil Blackwell Publishers, Oxford.