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International Journal of Shari'ah and Corporate Governance Research
The Islamic Economics Philosophy and Application Reality in the Existing Islamic Economic Activities in the WorldIslam offers the complete code of human life. It is applicable in every sphere of life, whether business, service or any other occupations. Islamic Economic philosophy simply expounds or refers to philosophical activity within the Islamic paradigm. The main direction of Islamic philosophy provides a complete way of life based on al-Adl and al-Ihsan. The discussion on Islamic economic philosophy issues had started earlier and flourished when Muslim scholars dominated the world scientific development tradition. However, the economic issues are mainly solved by different branches and schools of economics thoughts. Therefore, this paper has an attempt look into the philosophical issues in the area Islamic economics and its comprehensive application in the existing economyall over the world. It is a purely descriptive presentation on the issues of Islamic economic philosophy. The study findings revealed that Islamic economic has a strong philosophical foundation where socioeconomic devel...
Pakistan Journal of Qur'ānic Studies
Reconsidering the Economic Problem from Islamic Economic PerspectiveThe economic problem has always been a major concern of the social scientists. The economists throughout the history have attempted to address the issues of poverty, inflation and economic instability in conventional economic systems like capitalism and socialism. The fact remains undeniable that so far these sincere efforts have not been able to achieve the goal of social well-being and economic prosperity. Islamic Economics is a relatively new paradigm and based on revelation and moral values which are new concept in conventional economic systems. In the research article, it has been discussed in a logical and deductive method from the sources of Quran and Sunnah that how Islamic Economics addresses the issue of economic problem. Moreover, how the relative scarcity of economic resources has been discussed in Islamic economics. The paper concludes that it is not the issue of relative scarcity and shortage of the resources that causes the economic problems, but it is the secular way of thinking based on greed, faithlessness, materialistic approach, selfishness and immoral behaviour of the people which creates problems.
This paper attempts to offer Islamic economic system as the solution of the actualization of the economic welfare of ummah. It went from the failure of the capitalist economic system (capitalism) and socialist economic system (socialism) that causes the global crisis, even the fall of a country. The topics in the paper discusses in depth related to the cause of the failure of the capitalist economic system (capitalism) and socialist economic system (socialism). Next, author perform related in-depth analysis of the Islamic economic system is concerned with the construction of the economic system of Islam; comparison of the characteristics of economic activities that based on Islamic values with non-Islamic-based economic activities; comparing the capitalist economic system, socialists and Islam; social institution in the Islamic economic system as a solution to alleviate poverty; and the implementation of Islamic economic system that cause the achievement of the financial system stability.
Scholars journal of economics, business and management
An Islamic Theoretical Framework for Economic Analysis2021 •
2007 •
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.
More than three decades ago a group of Muslim economists took the burden of developing a model of economic and financial system of Islām (EFSI) and reform the existing western systems in contemporary Muslim economies. Today, although we find a rapidly expanding Islāmic financial industry, it remains far from achieving the goals initially set for different sectors of this discipline. Leading Islāmic economists of our era are accepting the failure of Islāmic economics and some suggestions are made both about the underlying reasons as well as possible solutions. This paper first describes the goals and objectives of an Islāmic economic system. It argues why an EFSI, deriving its principles from Islāmic sources of knowledge, should put special emphasis on economic justice and equitable distribution of income. It then points out some basic features of the capitalist economies that are in conformity with an Islāmic economic system and discusses the shortcomings of the neoclassical school which provides the intellectual background for the capitalist system. These two exercises lead to comprehend the reasons for our failure: not addressing the issue of distribution of income and putting too much effort in criticizing the neoclassical assumptions on behavioral norms. This paper suggests areas where efforts should be made to transform the existing capitalist system into sustainable Islāmic economies based on Islāmic principles of socio economic justice.
Draft submitted to Turkish Journal of Islamic Economics
Rebuilding Islamic Economics on New Foundations2021 •
Massive amounts of confusion exists regarding the definition of Islamic Economics. This has blocked progress in terms of the development of the discipline, since there is no agreement on what its proper subject matter and methodology is. This paper shows that the confusion arises because of our attempts to borrow foundational concepts and methodology from conventional capitalist economics. Modern economists advertise their discipline as a positive, objective, and factual science. However, it is actually a branch of moral philosophy, built on concealed moral foundations of competition, selfishness, individualism, and hedonism. Islamic economics cannot be built on such foundations. Realization the modern economics is the religion of secular modernity opens the pathways to construct a radical alternative. We can build the discipline of Islamic Economics on the diametrically opposite foundations of cooperation, generosity, brotherhood of mankind, and social responsibility. Instead of the methodology of Newtonian physics currently in use, we need to use the methodology of Ibn-e-Khaldun, created for studying the process of social change. With new moral foundations, and a new methodology, it is possible to rebuild Islamic Economics on new foundations. As a first step towards doing so, we examine thirty different definitions of Economics available in the literature. We show that most of them are in harmony with our conceptualization of new foundations for the discipline. Most of the remaining can be harmonized by considering them as specialized branches of the broad definition of Islamic Economics. It is hoped that achieving consensus on goals and methods for Islamic Economics will open the path to rapid progress in the field.
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