Islamic Economics Analysis

1824 Words 7 Pages
a new generation of trained economists. Islamic economics means to organize economic activity on the one hand and realistic theory on Islamic basis. The
Islamic economics argues the method on the grounds that ‘’ Materials and spirit’’ combine the Islamic concept of man. By linking Islamic economics across the western economy to determine topics search tool. The debate about the process of becoming the Islamic methodology in dealing with the priorities of economic activity, where most Islamic economists consistently critique scientific character and to highlight the lack of availability in the western economic system. For that, Muslim economists resorted to divide the western economy between the scientific section features neutrality
…show more content…
Methodology and tools
There are two important points which derived from the previous section. First, if the
Islamic economics could be interpreted as widely as part of economics it is no more than the application of economic theory to the case of the Islamic economics. We can understand that, the Islamic economics is not a science on its own but at the same time does not negate the scientific nature of economics. Secondly, conventional economic theory, which it has presumptions and preconceptions.
This makes it unable to account for some subsets of global society such as the
Muslim world. There is two conclusions which they can be determined the dual task of Islamic economists; (1) Islamic economics system needs to be elaborated
(2) The conventional economics theory needs to be revised.

The methodology of elaborating the Islamic economic system
An economic system has three elements; ideology, assumptions and general principles, all of these components are derived from its ideology and has group of operational rules. These rules lead to formulate and shape the relationships of production, distribution and consumption. All of the components of the
…show more content…
Therefore, Islamic economics should be taken the approach commensurate with its objectives. Accordingly, it may be pointless to search for only one approach to accept or reject postulates.
Probably, methodological pluralism constitutes the most appropriate approaches for
Islamic economics. Islamic economics is based on several science and need to be determined and discussed all the main factors; ethical, social and political not just prices and incomes.

Shariah of Islam is a comprehensive, integrated approach. It covers all aspects of human’s life and brings well-being to all people. Hence, a prominent Islamic economics as part of overall Islamic system, which is closely linked to the Islamic religion; law, doctrine and morals. We cannot study Islamic economics without the
Shariah of Islam. For that, Islamic economists need to get rid of thinking through the conventional economics. I agree with some economists, who claimed that, there is no need to add the adjective ‘’Islamic’’ to a discipline to make it more general for
Muslim and

Related Documents