Methodology of Islamic economics: Typology of current practices, evaluation and way forward

Furqani, Hafas and Haneef, Mohamed Aslam (2015) Methodology of Islamic economics: Typology of current practices, evaluation and way forward. In: Developing inclusive and sustainable economic and financial systems. Bloomsbury Qatar Foundation Journals, pp. 23-30. ISBN 978-9927-118-22-7

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Abstract

The sustainable development of Islamic economics as a discipline depends also on methodological development that provides a clear direction on how to appraise economic theories and provide evidence of its reliability. This paper attempts to study the methodology of Islamic economics in two ways: (1) by examining the works by scholars in their specific writings on this subject, and (2) by observing the writings on Islamic economics, banking and finance to see how Islamic economists develop their discipline. The paper found three categories of writings, namely: (1) the usul al-fiqh methodology applied in economics, (2) methodological pluralism that tries to utilize various methodologies developed in both western and Islamic tradition, and (3) conventional mainstream positive economic methodology applied in Islamic cases. These are evaluated thoroughly and suggestions are made as to what needs to be done to assist Islamic economics’ develop.

Item Type:	Book Chapter
Additional Information:	541/46583
Uncontrolled Keywords:	methodology, Islamic economics, typology, usul al-fiqh, methodological positivism, methodological pluralism, Islamization of economics
Subjects:	T Technology > TA Engineering (General). Civil engineering (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User:	Prof. Mohamed Aslam Mohamed Haneef
Date Deposited:	17 Mar 2016 15:48
Last Modified:	26 Jul 2016 15:59
URI:	http://irep.iium.edu.my/id/eprint/46583

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