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Method and substance of Islamic economics revisited

Mohd Yusop, Mohd Mahyudi and Abdul Aziz, Enizahura (2018) Method and substance of Islamic economics revisited. Journal of King Abdul Aziz University Islamic Economics (JKAU), 31 (2). pp. 33-50. ISSN 7383-1018

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Abstract

This paper provides fresh deliberations on the method and substance of Islamic economics by relying on the structure and contents of Nienhaus (2013). Introspective arguments are furnished to soundly argue that Islamic economics is still a widely disregarded field; it is an integrated science; its normative dimension is not a deterrent element; ‘Islamic economics light’ studies are one inseparable part of the discipline; and Islamic economics is a political economy. On the aforementioned issues, we essentially make further elaborations on our Islamic economics definition, ‘Qur’ānic framework’, Islamic epistemology and Islamic criteria originating from Mahyudi and Abdul Aziz (2017). The elaborations are extended to expound on their positive impact to the Islamization of knowledge agenda. We also utilize Bakar (2016) to reduce the observed tension between Sharīʿah scholars and Islamic economists that is triggered by issues surrounding legal form and economic reasoning of Islamic banking and finance products. Armed with the latest views over some foundational topics in the philosophy of Islamic economics science, our discussions proffer some guiding points on the proper conduct of Islamic economists in engaging with conventional economists and Islamic jurisprudence experts.

Item Type: Article (Journal)
Additional Information: 5952/64944
Uncontrolled Keywords: Philosophy of Islamic economics, Islamic social science, Islamization of knowledge, value-free economics.
Subjects: H Social Sciences > HB Economic Theory > HB126.4 Islamic Economics
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Economics and Management Sciences > Department of Economics
Kulliyyah of Economics and Management Sciences
Depositing User: Dr. Mohd Mahyudi Mohd Yusop
Date Deposited: 03 Aug 2018 11:46
Last Modified: 03 Aug 2018 11:46
URI: http://irep.iium.edu.my/id/eprint/64944

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