Open AccessMethod and Substance of Islamic Economics Revisited
Author(s) -
Mohd Mahyudi
Publication year - 2018
Publication title -
journal of king abdulaziz university-islamic economics
Language(s) - English
Resource type - Journals
eISSN - 1658-4244
pISSN - 1018-7383
DOI - 10.4197/islec.31-2.3
Subject(s) - islamic economics , islam , islamization , islamic philosophy , islamic studies , political science , normative , positive economics , fiqh , epistemology , sharia , law and economics , politics , social science , economics , sociology , law , philosophy , theology
This paper provides fresh deliberations on the method and substance ofIslamic economics by relying on the structure and contents of Nienhaus (2013).Introspective arguments are furnished to soundly argue that Islamic economics is still awidely disregarded field; it is an integrated science; its normative dimension is not adeterrent element; ‘Islamic economics light’ studies are one inseparable part of thediscipline; and Islamic economics is a political economy. On the aforementionedissues, we essentially make further elaborations on our Islamic economics definition,‘Qur’ānic framework’, Islamic epistemology and Islamic criteria originating from ourpaper Mahyudi and Abdul Aziz (2017). The elaborations are extended to expound ontheir positive impact to the ‘Islamization of Knowledge’ agenda. We also utilize Bakar(2016) to reduce the observed tension between Sharīʿah scholars and Islamiceconomists that is triggered by issues surrounding legal form and economic reasoningof Islamic banking and finance products. Armed with the latest views over somefoundational topics in the philosophy of Islamic economics science, our discussionsproffer some guiding points on the proper conduct of Islamic economists in engagingwith conventional economists and Islamic jurisprudence experts.