Toward a New Framework of Islamic Economic Analysis (2020)*
Main Article Content
Keywords
Abstract
Despite a profusion of literature, efforts to develop Islamic economics
as a discipline have not brought about anticipated results.
This paper argues that it is the absence of clarity on what would
make economics “Islamic” which impedes the development of
Islamic economics. To fill that absence, this paper proposes three
conditions under which an economics can be considered “Islamic”,
and then defines the scope of Islamic economics and its methods.
Finally, this paper suggests three implications which, taken
together, entail that developing Islamic economics and building
its body of knowledge is less complicated than was feared.
*This article was first published in the American Journal of Islam and Society 37, no. 1-2 (2020):
103-122
References
Endnotes
1 Rodney Wilson, “The Development of Islamic Economics: Theory and Practice,” in
Islamic Thought in the Twentieth Century, ed. Suha Taji-Farouki and Basheer M. Nafi
(London: IB Tauris, 2004), 195–222.
2 See, for example, articles published in Khurshid Ahmad, ed., Studies in Islamic
Economics (Leicester, UK: The Islamic Foundation, 1980).
3 Asad Zaman, “Crisis in Islamic Economics: Diagnosis and Prescriptions,” JKAU:
Islamic Economics 25, no. 1 (2012): 147–69.
4 Mohamed Aslam Haneef, “Preliminary Thoughts on Diagnosing Some
Methodological Issues in Developing Islamic Economics,” in Workshop on the
Future of Islamic Economics (Jeddah: Islamic Economics Institute, King Abdulaziz
University, 2012).
5 Monzer Kahf, “Islamic Economics: What Went Wrong?” (2004), http:// monzer.kahf.
com/papers/english/islamic_economics_what_went_wrong_sept_03_irti.pdf, 10.
6 M. Akram Khan, What Is Wrong with Islamic Economics? Analyzing the Present State
and Future Agenda (Cheltenham: Edward Elgar, 2013), xiii–xiv.
7 Masudul Alam Choudhury, “Tawhidi Islamic Economics in Reference to the
Methodology Arising from the Quran and the Sunnah,” ISRA International Journal
of Islamic Finance 10, no. 2 (2018): 263–76.
8 Masudul Alam Choudhury, Islamic World View (London: Routledge, 2001), 104.
9 M. Umer Chapra, The Future of Economics: An Islamic Perspective (Leicester: The
Islamic Foundation, 2000), 375.
10 Seyyed Vali Reza Nasr, “Islamization of Knowledge: A Critical Overview,” Islamic
Studies 30, no. 3 (1991): 387–400.
11 Chapra, The Future of Economics, 375.
12 Muhammad Nejatullah Siddiqi, “Obstacles of Research in Islamic Economics,” JKAU:
Islamic Economics 21, no. 2 (2008): 87; M. Aslam Haneef, “Funding Research in
Islamic Economics and Finance,” in The Seventh International Conference on Islamic
Economics (Jeddah: King Abdulaziz University, 2008), 378; Abbas Mirakhor, “A Note
on Islamic Economics,” Islamic Development Bank (IDB) Prize Winner’s Lecture
Series, no. 20 (Jeddah: Islamic Research and Training Institute (IRTI), 2007), 9.
13 See, for example, M. Aslam Haneef and Hafas Furqani, “Contemporary Islamic
Economics: The Missing Dimension of Genuine Islamization,” Thoughts on Economics
19, no. 4 (2009): 34 and 39; Abdulkader Cassim Mahomedy, “Islamic Economics: Still
in Search of an Identity,” International Journal of Social Economics 40, no. 6 (2013):
567–68; Kahf, “Islamic Economics: What Went Wrong?”
14 Muhammad Abdul Mannan, “Islamic Economics as a Social Science: Some
Methodological Issues,” Journal of Research in Islamic Economics 1, no. 1 (1983):
41–50.
15 Chapra, The Future of Economics.
16 Douglas L. Medin and Megan Bang, Who’s Asking? Native Science, Western Science
and Science Education (Cambridge, MA: MIT Press, 2014), 121.
17 Thomas Kuhn, The Structure of Scientific Revolutions (Chicago: University of Chicago
Press, 1962), 10.
18 Robert L. Heilbroner, The Nature and Logic of Capitalism (New York: W.W. Norton,
1985), 108.
19 Ibid., emphasis original.
20 Joseph J. Spengler, Origins of Economic Thought and Justice: Political and Social
Economy (Carbondale, IL: Southern Illinois University Press, 1980), xiii.
21 Ibid., xii.
22 Robert L. Heilbroner, The Worldly Philosophers (New York: Simon and Schuster,
1999), 310.
23 Jeremy Bentham, An Introduction to the Principles of Morals and Legislation (Oxford:
Clarendon Press, 1789).
24 Haneef, “Funding Research in Islamic Economics and Finance,” 378.
25 Siddiqi, “Obstacles of Research in Islamic Economics,” 187.
26 Mirakhor, “A Note on Islamic Economics.”
27 Volker Nienhaus, “Method and Substance of Islamic Economics: Moving Where?”
JKAU: Islamic Economics 26, no. 1 (2013): 198–201.
28 Munawar Iqbal, “Development of Theory of Islamic Economics: Problems and
Proposals,” International Journal of Behavioral Accounting and Finance 4, no. 3 (2014):
270; Haneef and Furqani, “Contemporary Islamic Economics,” 34 and 39; Siddiqi,
“Obstacles of Research in Islamic Economics,” 84.
29 Mahomedy, “Islamic Economics,” 567–68.
30 Zaman, “Crisis in Islamic Economics,” 148–49.
31 Abdul Azim Islahi, “First vs. Second Generation Islamic Economists: Deviations
and Differences in Thoughts,” in Islamic Economics: Theory, Policy and Social Justice,
ed. Hatem A El-Karanshawy et al. (Doha: Bloomsbury Qatar Foundation, 2015), 14;
Kahf, “Islamic Economics: What Went Wrong?” 7–8.
32 Islahi, “First vs. Second Generation Islamic Economists,” 14.
33 Siddiqi, “Obstacles of Research in Islamic Economics,” 84
34 Kahf, “Islamic Economics: What Went Wrong?,” 7.
35 al-Fungari as cited in Zarqa, “Islamization of Economics: The Concept and
Methodology,” JKAU: Islamic Economics 16, no. 1 (2003): 5.
36 Monzer Kahf, “The Theory of Production,” in Readings in Microeconomics: An Islamic
Perspective, ed. Sayyid Tahir, Aidit Ghazali, and Syed Omar Syed Agil (Kuala Lumpur:
Longman, 1992), 113–19; M. Akram Khan, An Introduction to Islamic Economics
(Islamabad: International Institute of Islamic Thought and Institute of Policy Studies,
1994), 44–45; M. Akram Khan, “Islamic Economics: Nature and Need,” Journal of
Research in Islamic Economics 1, no. 2 (1984): 51–55.
37 Kahf, “The Theory of Production,” 115.
38 Khan, “Islamic Economics,” 51. Cf. Amir Wahbalbari, Zakaria Bahari, and Norzarina
Mohd-Zaharim, “The Concept of Scarcity and Its Influence on the Definitions of
Islamic Economics: A Critical Perspective,” Humanomics 31, no. 2 (2015): 134–59;
and the critique in Zubair Hasan, “Scarcity, Self-Interest and Maximization from
Islamic Angle” (Munich Personal RePEC Archive, 2011).
39 Muhammad Nejatullah Siddiqi, “Some Notes on Teaching of Economics in an
Islamic Framework,” in Readings in Microeconomics: An Islamic Perspective, ed.
Sayyid Tahir, Aidit Ghazali, and Syed Omar Syed Agil (Kuala Lumpur: Longman,
1992), 1–30; Muhammad Nejatullah Siddiqi, Economic Enterprise in Islam (Lahore:
Islamic Publication, 1979), 96; Kahf, “The Theory of Production,” 64. For critiques, see
Mahmud Abu-Saud, “Critique of Teaching Economics in an Islamic Perspective,” in
Readings in Microeconomics: An Islamic Perspective, ed. Sayyid Tahir, Aidit Ghazali,
and Syed Omar Syed Agil (Kuala Lumpur: Longman, 1992), 24–31; Mahomedy,
“Islamic Economics.”
40 Islahi, “First vs. Second Generation Islamic Economists,” 14.
41 M. Fahim Khan, “Theorizing Islamic Economics: Search for a Framework for Islamic
Economic Analysis,” JKAU: Islamic Economics 26, no. 1 (2013): 229.
42 For a complete list, see Furqani, “Defining Islamic Economics: Scholars’ Approach,
Clarifying the Nature, Scope and Subject-Matter of the Discipline,” Turkish Journal
of Islamic Economics 5, no. 2 (2018): 69–94.
43 SM Hasanuzzaman, “Definition of Islamic Economics,” Journal of Research in Islamic
Economics 1, no. 2 (1984): 50.
44 Syed N.H. Naqvi, Islam, Economics and Society (London: Kegan Paul International,
1994), 176.
45 Muhammad Abdul Mannan, Islamic Economics: Theory and Practice (Cambridge: The
Islamic Academy, 1986), 18.
46 Siddiqi, “Some Notes on Teaching of Economics in an Islamic Framework,” 69.
47 See, for example, Choudhury, “Islamic Economics as a Social Science,” International
Journal of Social Economics 17, no. 6 (1990): 42.
48 Torstein Veblen, “Why Is Economics Not an Evolutionary Science?” Quarterly
Journal of Economics 12, no. 4 (1898): 389.
49 Choudhury, “Islamic Economics as a Social Science,” 42.
50 Sunan Ibn Majah, vol. 5, book 34, hadith no. 3843 English version.
51 Chapra, The Future of Economics.
52 Siddiqi, “Obstacles of Research in Islamic Economics,” 86.
53 Masudul Alam Choudhury, “Islamic Political Economy: An Epistemological
Approach,” Social Epistemology Review and Reply Collective 3, no. 11 (2014): 82.
54 Masudul Alam Choudhury, “The Methodology of Islamic Economic and Socio-
Scientific Inquiry,” Research in the History of Economic Thought and Methodology: A
Research Annual 30, no. A (2012): 91–92.
55 Masudul Alam Choudhury, “Islamic Economics and Finance an Epistemological
Inquiry,” in Contributions to Economic Analysis, ed. BH Baltagi, E. Sadka, and
Masudul Alam Choudhury (Emerald Group Publishing Limited, 2011).
56 Muhammad Nejatullah Siddiqi, “An Islamic Approach to Economics,” in Islam:
Source and Purpose of Knowledge (Washington DC: International Institute of Islamic
Thought, 1988), 168.
57 Khan, What Is Wrong with Islamic Economics? 15.
58 Muhammad Anas Zarka, “Duality of Sources in Islamic Economics and Its
Methodological Consequences,” in Seventh International Conference in Islamic
Economics (Jeddah: King Abdulaziz University, 2008), 27.
59 Chapra, The Future of Economics: An Islamic Perspective, 127–28.
60 Ibid.
61 Ibid., 131.
62 For details of these methods, see M. Hashim Kamali, Principles of Islamic
Jurisprudence, 3rd ed. (Kuala Lumpur: Ilmiah Publishers, 2005).
63 Habib Ahmed, “Analytical Tools of Islamic Economics: A Modified Marginalist
Approach,” in Theoretical Foundations of Islamic Economics, ed. Habib Ahmed
(Jeddah: Islamic Research and Training Institute (IRTI), 2002), 140; Masudul Alam
Choudhury, “Crisis in Islamic Economics: Diagnosis and Prescription. Comments,”
JKAU: Islamic Economics 25, no. 1 (2012): 185–86.
64 For further discussion on this, see Starr, “Qualitative and Mixed-Methods Research
in Economics: Surprising Growth, Promising Future,” Journal of Economic Surveys
28, no. 2 (2014): 238–64.
65 See, for example, Stanley et al. “Meta-Analysis of Economics Research eporting
Guidelines,” Journal of Economic Surveys 27, no. 2 (2013): 390–94.
66 Siddiqi, “An Islamic Approach to Economics,” 155.
67 Hafas Furqani and Mohamed Aslam Haneef, “Methodology of Islamic Economics:
Typology of Current Practices, Evaluation and Way Forward,” in Islamic Economics:
Theory, Policy and Social Justice, ed. Hatem A. El-Karanshawy et al. (Doha:
Bloomsbury Qatar Foundation, 2015), 25.
68 M. Baqir as-Sadr, Iqtisaduna: (Our Economics), Volume I Part 2 (Tehran: World
Organization for Islamic Services, 1984), part 2, 96
69 M. Baqir as-Sadr, Iqtisaduna: (Our Economics), Volume II Part 1 (Tehran: World
Organization for Islamic Services, 1984), part 1, 9.
70 Ibid.
71 See, for example, Mehmet Asutay, “A Political Economy Approach to Islamic
Economics: A Systemic Understanding for an Alternative Economic System,” Kyoto
Bulletin of Islamic Area Studies, no. 1–2 (2007): 3–18.
72 Islahi, “First vs. Second Generation Islamic Economists,” 14; Kahf, “Islamic
Economics: What Went Wrong?” 7–8.
73 For opposing views see, for example, Kahf, “Islamic Economics: Notes on Definition
and Methodology,” http://monzer.kahf.com/papers/english/paper_of_methdology.
pdf, and Shamim A Siddiqui, “Defining Economics and Islamic Economics,” Review
of Islamic Economics 15, no. 2 (2011): 113–42.
74 Sayyid Tahir, “Islamic Economics and Prospects for Theoretical and Empirical
Research” 30, no. 1 (2017): 14; Zaman, “Crisis in Islamic Economics: Diagnosis and
Prescriptions,” 149–50.
75 Tahir, “Islamic Economics and Prospects for Theoretical and Empirical Research,”
14.
76 Zaman, “Crisis in Islamic Economics: Diagnosis and Prescriptions,” 149–50.
77 Muhammad Nejatullah Siddiqi, “Nature and Methodology of Islamic Political
Economy,” in Seminar on Islamic Political Economy in the Age of Capitalist
Globalization (Penang: Universiti Sains Malaysia, 1994), 6; Abdulrahman Yousri
Ahmed, “The Scientific Approach to Islamic Economics: Philosophy, Theoretical
Construction and Applicability,” in Theoretical Foundations of Islamic Economics, ed.
Habib Ahmed (Jeddah: Islamic Research and Training Institute (IRTI), 2002), 37.
78 Muhammad Anwar, “Islamic Economic Methodology,” Journal of Objectives Studies
2, no. 1 (1990): 28–46.
79 Zarqa, “Islamization of Economics: The Concept and Methodology,” 3 and 17–18.
80 Siddiqi, “Nature and Methodology of Islamic Political Economy,” 6.
1 Rodney Wilson, “The Development of Islamic Economics: Theory and Practice,” in
Islamic Thought in the Twentieth Century, ed. Suha Taji-Farouki and Basheer M. Nafi
(London: IB Tauris, 2004), 195–222.
2 See, for example, articles published in Khurshid Ahmad, ed., Studies in Islamic
Economics (Leicester, UK: The Islamic Foundation, 1980).
3 Asad Zaman, “Crisis in Islamic Economics: Diagnosis and Prescriptions,” JKAU:
Islamic Economics 25, no. 1 (2012): 147–69.
4 Mohamed Aslam Haneef, “Preliminary Thoughts on Diagnosing Some
Methodological Issues in Developing Islamic Economics,” in Workshop on the
Future of Islamic Economics (Jeddah: Islamic Economics Institute, King Abdulaziz
University, 2012).
5 Monzer Kahf, “Islamic Economics: What Went Wrong?” (2004), http:// monzer.kahf.
com/papers/english/islamic_economics_what_went_wrong_sept_03_irti.pdf, 10.
6 M. Akram Khan, What Is Wrong with Islamic Economics? Analyzing the Present State
and Future Agenda (Cheltenham: Edward Elgar, 2013), xiii–xiv.
7 Masudul Alam Choudhury, “Tawhidi Islamic Economics in Reference to the
Methodology Arising from the Quran and the Sunnah,” ISRA International Journal
of Islamic Finance 10, no. 2 (2018): 263–76.
8 Masudul Alam Choudhury, Islamic World View (London: Routledge, 2001), 104.
9 M. Umer Chapra, The Future of Economics: An Islamic Perspective (Leicester: The
Islamic Foundation, 2000), 375.
10 Seyyed Vali Reza Nasr, “Islamization of Knowledge: A Critical Overview,” Islamic
Studies 30, no. 3 (1991): 387–400.
11 Chapra, The Future of Economics, 375.
12 Muhammad Nejatullah Siddiqi, “Obstacles of Research in Islamic Economics,” JKAU:
Islamic Economics 21, no. 2 (2008): 87; M. Aslam Haneef, “Funding Research in
Islamic Economics and Finance,” in The Seventh International Conference on Islamic
Economics (Jeddah: King Abdulaziz University, 2008), 378; Abbas Mirakhor, “A Note
on Islamic Economics,” Islamic Development Bank (IDB) Prize Winner’s Lecture
Series, no. 20 (Jeddah: Islamic Research and Training Institute (IRTI), 2007), 9.
13 See, for example, M. Aslam Haneef and Hafas Furqani, “Contemporary Islamic
Economics: The Missing Dimension of Genuine Islamization,” Thoughts on Economics
19, no. 4 (2009): 34 and 39; Abdulkader Cassim Mahomedy, “Islamic Economics: Still
in Search of an Identity,” International Journal of Social Economics 40, no. 6 (2013):
567–68; Kahf, “Islamic Economics: What Went Wrong?”
14 Muhammad Abdul Mannan, “Islamic Economics as a Social Science: Some
Methodological Issues,” Journal of Research in Islamic Economics 1, no. 1 (1983):
41–50.
15 Chapra, The Future of Economics.
16 Douglas L. Medin and Megan Bang, Who’s Asking? Native Science, Western Science
and Science Education (Cambridge, MA: MIT Press, 2014), 121.
17 Thomas Kuhn, The Structure of Scientific Revolutions (Chicago: University of Chicago
Press, 1962), 10.
18 Robert L. Heilbroner, The Nature and Logic of Capitalism (New York: W.W. Norton,
1985), 108.
19 Ibid., emphasis original.
20 Joseph J. Spengler, Origins of Economic Thought and Justice: Political and Social
Economy (Carbondale, IL: Southern Illinois University Press, 1980), xiii.
21 Ibid., xii.
22 Robert L. Heilbroner, The Worldly Philosophers (New York: Simon and Schuster,
1999), 310.
23 Jeremy Bentham, An Introduction to the Principles of Morals and Legislation (Oxford:
Clarendon Press, 1789).
24 Haneef, “Funding Research in Islamic Economics and Finance,” 378.
25 Siddiqi, “Obstacles of Research in Islamic Economics,” 187.
26 Mirakhor, “A Note on Islamic Economics.”
27 Volker Nienhaus, “Method and Substance of Islamic Economics: Moving Where?”
JKAU: Islamic Economics 26, no. 1 (2013): 198–201.
28 Munawar Iqbal, “Development of Theory of Islamic Economics: Problems and
Proposals,” International Journal of Behavioral Accounting and Finance 4, no. 3 (2014):
270; Haneef and Furqani, “Contemporary Islamic Economics,” 34 and 39; Siddiqi,
“Obstacles of Research in Islamic Economics,” 84.
29 Mahomedy, “Islamic Economics,” 567–68.
30 Zaman, “Crisis in Islamic Economics,” 148–49.
31 Abdul Azim Islahi, “First vs. Second Generation Islamic Economists: Deviations
and Differences in Thoughts,” in Islamic Economics: Theory, Policy and Social Justice,
ed. Hatem A El-Karanshawy et al. (Doha: Bloomsbury Qatar Foundation, 2015), 14;
Kahf, “Islamic Economics: What Went Wrong?” 7–8.
32 Islahi, “First vs. Second Generation Islamic Economists,” 14.
33 Siddiqi, “Obstacles of Research in Islamic Economics,” 84
34 Kahf, “Islamic Economics: What Went Wrong?,” 7.
35 al-Fungari as cited in Zarqa, “Islamization of Economics: The Concept and
Methodology,” JKAU: Islamic Economics 16, no. 1 (2003): 5.
36 Monzer Kahf, “The Theory of Production,” in Readings in Microeconomics: An Islamic
Perspective, ed. Sayyid Tahir, Aidit Ghazali, and Syed Omar Syed Agil (Kuala Lumpur:
Longman, 1992), 113–19; M. Akram Khan, An Introduction to Islamic Economics
(Islamabad: International Institute of Islamic Thought and Institute of Policy Studies,
1994), 44–45; M. Akram Khan, “Islamic Economics: Nature and Need,” Journal of
Research in Islamic Economics 1, no. 2 (1984): 51–55.
37 Kahf, “The Theory of Production,” 115.
38 Khan, “Islamic Economics,” 51. Cf. Amir Wahbalbari, Zakaria Bahari, and Norzarina
Mohd-Zaharim, “The Concept of Scarcity and Its Influence on the Definitions of
Islamic Economics: A Critical Perspective,” Humanomics 31, no. 2 (2015): 134–59;
and the critique in Zubair Hasan, “Scarcity, Self-Interest and Maximization from
Islamic Angle” (Munich Personal RePEC Archive, 2011).
39 Muhammad Nejatullah Siddiqi, “Some Notes on Teaching of Economics in an
Islamic Framework,” in Readings in Microeconomics: An Islamic Perspective, ed.
Sayyid Tahir, Aidit Ghazali, and Syed Omar Syed Agil (Kuala Lumpur: Longman,
1992), 1–30; Muhammad Nejatullah Siddiqi, Economic Enterprise in Islam (Lahore:
Islamic Publication, 1979), 96; Kahf, “The Theory of Production,” 64. For critiques, see
Mahmud Abu-Saud, “Critique of Teaching Economics in an Islamic Perspective,” in
Readings in Microeconomics: An Islamic Perspective, ed. Sayyid Tahir, Aidit Ghazali,
and Syed Omar Syed Agil (Kuala Lumpur: Longman, 1992), 24–31; Mahomedy,
“Islamic Economics.”
40 Islahi, “First vs. Second Generation Islamic Economists,” 14.
41 M. Fahim Khan, “Theorizing Islamic Economics: Search for a Framework for Islamic
Economic Analysis,” JKAU: Islamic Economics 26, no. 1 (2013): 229.
42 For a complete list, see Furqani, “Defining Islamic Economics: Scholars’ Approach,
Clarifying the Nature, Scope and Subject-Matter of the Discipline,” Turkish Journal
of Islamic Economics 5, no. 2 (2018): 69–94.
43 SM Hasanuzzaman, “Definition of Islamic Economics,” Journal of Research in Islamic
Economics 1, no. 2 (1984): 50.
44 Syed N.H. Naqvi, Islam, Economics and Society (London: Kegan Paul International,
1994), 176.
45 Muhammad Abdul Mannan, Islamic Economics: Theory and Practice (Cambridge: The
Islamic Academy, 1986), 18.
46 Siddiqi, “Some Notes on Teaching of Economics in an Islamic Framework,” 69.
47 See, for example, Choudhury, “Islamic Economics as a Social Science,” International
Journal of Social Economics 17, no. 6 (1990): 42.
48 Torstein Veblen, “Why Is Economics Not an Evolutionary Science?” Quarterly
Journal of Economics 12, no. 4 (1898): 389.
49 Choudhury, “Islamic Economics as a Social Science,” 42.
50 Sunan Ibn Majah, vol. 5, book 34, hadith no. 3843 English version.
51 Chapra, The Future of Economics.
52 Siddiqi, “Obstacles of Research in Islamic Economics,” 86.
53 Masudul Alam Choudhury, “Islamic Political Economy: An Epistemological
Approach,” Social Epistemology Review and Reply Collective 3, no. 11 (2014): 82.
54 Masudul Alam Choudhury, “The Methodology of Islamic Economic and Socio-
Scientific Inquiry,” Research in the History of Economic Thought and Methodology: A
Research Annual 30, no. A (2012): 91–92.
55 Masudul Alam Choudhury, “Islamic Economics and Finance an Epistemological
Inquiry,” in Contributions to Economic Analysis, ed. BH Baltagi, E. Sadka, and
Masudul Alam Choudhury (Emerald Group Publishing Limited, 2011).
56 Muhammad Nejatullah Siddiqi, “An Islamic Approach to Economics,” in Islam:
Source and Purpose of Knowledge (Washington DC: International Institute of Islamic
Thought, 1988), 168.
57 Khan, What Is Wrong with Islamic Economics? 15.
58 Muhammad Anas Zarka, “Duality of Sources in Islamic Economics and Its
Methodological Consequences,” in Seventh International Conference in Islamic
Economics (Jeddah: King Abdulaziz University, 2008), 27.
59 Chapra, The Future of Economics: An Islamic Perspective, 127–28.
60 Ibid.
61 Ibid., 131.
62 For details of these methods, see M. Hashim Kamali, Principles of Islamic
Jurisprudence, 3rd ed. (Kuala Lumpur: Ilmiah Publishers, 2005).
63 Habib Ahmed, “Analytical Tools of Islamic Economics: A Modified Marginalist
Approach,” in Theoretical Foundations of Islamic Economics, ed. Habib Ahmed
(Jeddah: Islamic Research and Training Institute (IRTI), 2002), 140; Masudul Alam
Choudhury, “Crisis in Islamic Economics: Diagnosis and Prescription. Comments,”
JKAU: Islamic Economics 25, no. 1 (2012): 185–86.
64 For further discussion on this, see Starr, “Qualitative and Mixed-Methods Research
in Economics: Surprising Growth, Promising Future,” Journal of Economic Surveys
28, no. 2 (2014): 238–64.
65 See, for example, Stanley et al. “Meta-Analysis of Economics Research eporting
Guidelines,” Journal of Economic Surveys 27, no. 2 (2013): 390–94.
66 Siddiqi, “An Islamic Approach to Economics,” 155.
67 Hafas Furqani and Mohamed Aslam Haneef, “Methodology of Islamic Economics:
Typology of Current Practices, Evaluation and Way Forward,” in Islamic Economics:
Theory, Policy and Social Justice, ed. Hatem A. El-Karanshawy et al. (Doha:
Bloomsbury Qatar Foundation, 2015), 25.
68 M. Baqir as-Sadr, Iqtisaduna: (Our Economics), Volume I Part 2 (Tehran: World
Organization for Islamic Services, 1984), part 2, 96
69 M. Baqir as-Sadr, Iqtisaduna: (Our Economics), Volume II Part 1 (Tehran: World
Organization for Islamic Services, 1984), part 1, 9.
70 Ibid.
71 See, for example, Mehmet Asutay, “A Political Economy Approach to Islamic
Economics: A Systemic Understanding for an Alternative Economic System,” Kyoto
Bulletin of Islamic Area Studies, no. 1–2 (2007): 3–18.
72 Islahi, “First vs. Second Generation Islamic Economists,” 14; Kahf, “Islamic
Economics: What Went Wrong?” 7–8.
73 For opposing views see, for example, Kahf, “Islamic Economics: Notes on Definition
and Methodology,” http://monzer.kahf.com/papers/english/paper_of_methdology.
pdf, and Shamim A Siddiqui, “Defining Economics and Islamic Economics,” Review
of Islamic Economics 15, no. 2 (2011): 113–42.
74 Sayyid Tahir, “Islamic Economics and Prospects for Theoretical and Empirical
Research” 30, no. 1 (2017): 14; Zaman, “Crisis in Islamic Economics: Diagnosis and
Prescriptions,” 149–50.
75 Tahir, “Islamic Economics and Prospects for Theoretical and Empirical Research,”
14.
76 Zaman, “Crisis in Islamic Economics: Diagnosis and Prescriptions,” 149–50.
77 Muhammad Nejatullah Siddiqi, “Nature and Methodology of Islamic Political
Economy,” in Seminar on Islamic Political Economy in the Age of Capitalist
Globalization (Penang: Universiti Sains Malaysia, 1994), 6; Abdulrahman Yousri
Ahmed, “The Scientific Approach to Islamic Economics: Philosophy, Theoretical
Construction and Applicability,” in Theoretical Foundations of Islamic Economics, ed.
Habib Ahmed (Jeddah: Islamic Research and Training Institute (IRTI), 2002), 37.
78 Muhammad Anwar, “Islamic Economic Methodology,” Journal of Objectives Studies
2, no. 1 (1990): 28–46.
79 Zarqa, “Islamization of Economics: The Concept and Methodology,” 3 and 17–18.
80 Siddiqi, “Nature and Methodology of Islamic Political Economy,” 6.
Article Sidebar
Published
Feb 5, 2024
Article Details
How to Cite
Susamto, A. A. (2024). Toward a New Framework of Islamic Economic Analysis (2020)*. American Journal of Islam and Society, 41(1), 36–59. https://doi.org/10.35632/ajis.v41i1.3418
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
When an article is accepted for publication, copyrights of the publication are transferred from the author to the Journal and reserved for the Publisher. Permission will be required from the publisher for any work for which the author does not hold copyright and for any substantial extracts from work by other authors. The copyright holder giving permission may instruct the author on the form of acknowledgment to be followed. Alternatively, we recommend following the style: “Reproduced with permission from [author], [book/journal title]; published by [publisher], [year]”.
No commercial reproduction is allowed without the express permission of the publisher.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
© The International Institute of Islamic Thought
