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Islamization Of Knowledge In Economics: Issues And Agenda

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  • Zubair Hasan

Abstract

This paper discusses three issues __ worldview differences, revelation-reason relationship, and the question of methodology __ important for Islamizing knowledge in the field of economics, and presents also the outlines of an agenda for action. Western worldview separates the mundane from the spiritual aspect of human existence while Islam keeps the two unified. This makes the goals, scope, and principles of secular economics in many ways different from those of Islam in the area. Reason alone is the basis of theoretical formulations in secular economics. Islam too encourages people to use intellect for analyzing observations and draw inferences to discover the truth but within the confines of the Shar¬cah: reason is not allowed to violate revelation. Evidently, procedures priorities, and prescriptions, can rarely be the same in the Islamic as in secular economics. Methodology of secular economics essentially is a posterior development. It has invariably sought to rationalize what economists have actually been doing over the centuries so as to fortify the evolving doctrine of free enterprise. In contrast, for Islamic economics the doctrine was already contained in the revelation. To discover __ not to invent __ has been and remains the task of methodology in Islamic economics. Unlike the secular dispensation, the glide here is from methodology to economics, not vice versa. The agenda outlines focus on considerations in preparing reading materials, and in developing curricula.

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Bibliographic Info

Article provided by IIUM Journal of Economis and Management in its journal IIUM Journal of Economics and Management.

Volume (Year): 6 (1998)
Issue (Month): 2 ()
Pages: 1-40

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Handle: RePEc:ije:journl:v:6:y:1998:i:2:p:1-40

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Cited by:
  1. Hasan, Zubair, 2008. "Ialamic finance education at graduate level: Current position and challenges," MPRA Paper 8615, University Library of Munich, Germany.

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