Essay on Islamic Political Economy (original) (raw)

The Islamic economy: its origin, its world view and its claims

CEREM (Central European Review of Economics and Management), vol. 3 no. 4, 2019

Aim: This article takes a critical look at the claims made by advocates of an Islamic economy, in particular that it differs fundamentally from capitalism and socialism because it is built "on a superior ethical basis. The aim is to find out whether this claim can be creditably sustained and why it is made. Design: The world view behind the Islamic economy is probed into by means of a literature study encompassing publications by prominent students of Islam and Islamic economics, predominantly themselves Muslims, which have appeared in a wide range of professional books, magazines and paper series. Conclusions: It is concluded that an Islamic economic system does not differ fundamentally from mixed-economy non-Islamic ones and that there is little reason for non-Muslims to accord Islamic ethics special status. Further, it is found that important drivers of the attempts to Islamize the economy are frustration about the sorrow state of the Islamic world at least since the early nineteenth century and a wish to regain something of its former glory. In other words, identity politics is at play. There may an element of subjectivity in this conclusion, as it depends on interpretations that are hard to prove or disprove conclusively, but statements by leading Muslim advocates of Islam economists give it weight. The conclusion may help to interpret developments in the Muslim world, which is an indispensable step in finding a way to deal with them.

The Philosophy of Islamic Political Economy: Introductory Remarks

Journal of Islamic Studies and Culture, 2015

When we say that political economy means a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. A question may arise how we could approach it with a philosophical study? For the philosophy is how to justify your believe then we may ask what, how, and why political economy. The matter will be more complicated when we add to the study a religiosity of philosophy of political economy to Islamic teaching in which to some scholars it is not a philosophy but it is religion. The declared purpose of Islamic economics is to identify and establish an economic order that conforms to Islamic scripture and traditions. On the other side, the first task of the Islamic political system is to eliminate all forms of oppression within economic relationships and to lay the ground for the establishment of a just system of distribution of economic resources. However, the source of the injustice is neither social settings nor the means of production, but rather human nature itself, the inner instincts of self-love that drive man to secure survival for himself only. Such an instinct is essential for the survival of human life on earth. How could we philosophize these two disciplines by relating the both to Islam? This paper intends to focus on remarking the philosophy of Islamic political economy as an introduction to its huge implementation in the real life of human beings especially Muslims.

Islamic Economics Revisited: Re-contemplating Unresolved Structure and Assumptions

iefpedia.com

After decades of its birth, Islamic economics has undoubtedly gaining its strength. However, it could not be regarded as yet, inevitably, as being a zero-defect discipline. Although the debate on Islamic economics seems to be almost rather settled, but a revisit to it is still indispensable. This is exactly what this paper intends to do. It attempts to revisit the mainstream Islamic economics and explore two unresolved concerns that are observed to have prevailed in it, so as efforts to overcome them could entail with a more proper development of the discipline. The two unresolved concerns are the untransformed structure of and the remaining of the conventional economics assumptions within the Islamic economics itself. This effort comes with awareness that these two unresolved concerns are not the only unresolved concerns still lingering around the Islamic economics. There are at least five more, viz. an absence of the redefinition of operating concepts, inaccurate ultimate aim, pseudo-Islamic operational mechanisms, erroneous research methodology, and knowledgepractice dichotomy of the Islamic economists themselves. However, due to space limitation, these five unresolved concerns will have to be dealt with elsewhere. The concentration of this paper therefore would only be on the untransformed structure and the remaining of the conventional economics assumptions of the mainstream Islamic economics.

A Suggested Methodology for the Political Economy of Islam

In this paper an attempt is made to clarify some of the issues pertaining to the methodology of Islamic economics. It is argued that for any analysis in the context of Islamic economics, the behavioral norms suggested by the teachings of Islam should not be taken as the actual behavior of individuals in a Muslim society. Rather, it should be one of the goals of economic policies to provide a social environment which would help the inhabitants of a Muslim society to behave in an Islamically desirable way. In this regard, the importance of distribution of income and wealth is highlighted. Another focal point of this paper is that Islamic economists should be more heedful in their criticism to neoclassical economics. It is noted that a familiarity with the critical literature on neoclassic economics emanating from within the western world may provide important insights that could be helpful in finding our own solutions. Finally, to study those aspects of economics which are primarily positive in nature, the case for methodological pluralism is advocated.

The Genesis of Islamic Economics : Revisited

Islamic Economic Studies, 2015

The present paper is an attempt to correct Timur Kuran on various issues related to the genesis of Islamic economics. It demonstrates that "Islamic economics" is not a product of twentieth century. The term may be new but its origins go back to early period of Islam. Its evolution up to the present state of a distinguished discipline can be divided into six distinct phases. The paper argues that the modern Islamic economics was never a sectarian subject. Nor was it developed for Muslims' identity and protection purpose. Scholars of different regions and of diverse affiliations promoted it and its propounders aimed at the well-being of all.

Islamic Economic

This article attempts to focus on the discipline of Islamic Economics in which why it is differ from any conventional economics such as capitalism, communism and etc. Firstly, the paper addresses the theories of economics such as Conventional Economics versus Islamic Economics. Secondly, it discusses on how Islam view attaining knowledge regards to economy as one of the most important knowledge (Fardh Kifayah) in the ummah. Finally, a proposal on the specific sub- ject of the the benefits of practising Islamic Economics will be presented in the article.

Islamic Economics: Problems and Prospects

This note is meant as a springboard for discussion, and not as polished and referenced article. I take a radical point of view in this note. I believe that the current evolutionary approach to the creation and development of the new discipline of Islamic Economics will not prove fruitful in the long run. Briefly, I do not believe it is possible to create a viable mix of neoclassical economic theory with Islam. I then propose alternative

ISLAMIC ECONOMICS: EARLY HISTORYAND RECENT DEVELOPMENTS1

Islamic Economics, epitomized largely by Islamic Banking and Finance, has received a serious global attention especially in the last two decades. From writings on the evils of the dominant capitalist economics which is characterized by interest, exploitation and economic injustice, and expounding the Economic principles of Islam; Islamic Economics has grown into a full-fledged discipline which has also led to the birth of a new crop of economic and financial institutions all over the world. There is a growing interest in Islamic Economics in the academic world as also in global economic and political circles. The objective of this paper is to analytically present an overview of Islamic Economics, highlighting some of the most important stages that finally led to its emergence and fruition as both an independent academic discipline and a key contributor to the development of the international economy.