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Islamic Economics: Morality, Rationality, and Research الاقتصاد الإسلامي: الأخلاق والعقلانية والبحث

Author

Listed:
  • Zubair Hasan

    (Professor Emeritus, INCEIF, Malaysia)

Abstract

The lead paper of Asad Zaman (2021) – Islamic alternatives to the secular morality embedded in modern economics– under review, is lucid and well documented; it speaks of his scholarship. The author talks of secular moral values ingrained in secular economics. Among them, the learned author focuses on ‘pleasure and profit’ as the goals of modern economics and scarcity buried in its foundations. He regards these two as definitional for secular rationality leading to positivism and what it implies. Since this view, in his opinion, is devoid of human traits like compassion, equity, and altruism, he proposes Islamic alternative as replacements. While some observations of the author in this regard are well meaning and well taken, we shall evaluate the author’s critique of the mainstream positions to see if they need rejection or reform for compatibility with the Islamic norms. We shall argue that reform is a better alternative than refusal. الورقة الرئيسية لأَسد زمان – البدائل الإسلامية للأخلاق العلمانية المُتضمنة في الاقتصاد الحديث – قَيْدُ المراجعة واضحة وموثقة جيدًا مما يبرز المكانة العلمية لِمُعِدِّها. يتحدث المؤلف عن القيم الأخلاقية العلمانية المتجذرة في الاقتصاد العلماني. من بين تلك القِيَّم رَكز المؤلف على "المتعة والربح" كأهداف للاقتصاد الحديث، والنُّدرة "المتجذرة" في أساسيات هذا العلم من جهة أخرى. يَعْتبر أَسد زمان هذين العنصرين يُمثلان تعريفًا للعقلانية العلمانية المؤدية إلى المُقاربة الوضعية وما يترتب عليها. وبما أن وجهة النظر هذه تخلو -في رأيه- من بعض الخصال الإنسانية الحميدة؛ كالرحمة، والعدالة، والإيثار، فإنه يقترح البديل الإسلامي كحل لهذه المُعضلة. تُقرر الورقة الحالية أن بعض ملاحظات المؤلف في هذا الصدد ذات مغزى جيد ومقبولة، ومع ذلك سنقوم بتقييم نقد المؤلف للمواقف السائدة لمعرفة ما إذا كانت بحاجة إلى الرفض أو الإصلاح للتوافق مع المبادئ والأعراف الإسلامية. تُحَاجِجُ الورقة أن الإصلاح بديلٌ أفضل من الرفض.

Suggested Citation

  • Zubair Hasan, 2021. "Islamic Economics: Morality, Rationality, and Research الاقتصاد الإسلامي: الأخلاق والعقلانية والبحث," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 111-120, July.
    • Handle: RePEc:abd:kauiea:v:34:y:2021:i:2:no:7:p:111-120
    DOI: 10.4197/Islec.34-2.7
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    References listed on IDEAS

    as
    1. Hasan, Zubair, 2014. "Risk sharing versus risk transfer in islamic finance," MPRA Paper 62810, University Library of Munich, Germany, revised Mar 2015.
    2. Asad Zaman, 2021. "Islamic Alternatives to the Secular Morality Embedded in Modern Economics البدائل الإسلامية للأخلاقيات العلمانية المُتضمنة في الاقتصاد الحديث," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 83-100, July.
    3. Hasan, Zubair, 2014. "Risk-sharing versus risk-transfer in Islamic finance: An evaluation," MPRA Paper 58059, University Library of Munich, Germany.
    4. Zubair Hasan, 1998. "Islamization Of Knowledge In Economics: Issues And Agenda," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 6(2), pages 1-40.
    5. Hasan, Zubair, 2015. "Risk sharing versus risk transfer in islamic finance," MPRA Paper 62847, University Library of Munich, Germany, revised Mar 2015.
    6. Hasan, Zubair, 2014. "Risk sharing versus risk transfer in Islamic finance: revised," MPRA Paper 62826, University Library of Munich, Germany, revised Mar 2015.
    7. Abdul Azim Islahi, 2010. "Four Generations of Islamic Economists أربعة أجيال من الاقتصاديين الإسلاميين," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 23(1), pages 165-170, January.
    8. Masudul Alam Choudhury, 2009. "Islamic Critique and Alternative to Financial Engineering Issues النقد والبديل الإسلامي لقضايا الهندسة المالية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 22(2), pages 205-244, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    The lead paper of Asad Zaman (2021) – Islamic alternatives to the secular morality embedded in modern economics– under review; is lucid and well documented; it speaks of his scholarship. The author talks of secular moral values ingrained in secular economics. Among them; the learned author focuses on ‘pleasure and profit’ as the goals of modern economics and scarcity buried in its foundations. He regards these two as definitional for secular rationality leading to positivism and what it implies. Since this view; in his opinion; is devoid of human traits like compassion; equity; and altruism; he proposes Islamic alternative as replacements. While some observations of the author in this regard are well meaning and well taken; we shall evaluate the author’s critique of the mainstream positions to see if they need rejection or reform for compatibility with the Islamic norms. We shall argue that reform is a better alternative than refusal. الأخلاق، السلوك العقلاني، الوضعية، الأعراف الإسلامية، القضايا البحثية.;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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