Islamic Economics: Still in Search of an Identity
AbstractThe last few decades have seen a phenomenal growth of the emerging discipline of Islamic Economics and Finance. In this paper I trace the origins and birth of this nascent science examining the various factors that gave impetus to its emergence and development. I contrast the different characterisations of the discipline as it has developed within the broader socio-political context and the reasons thereof. Despite the concerted efforts of the proponents of Islamic economics to shape for their discipline a distinctive paradigm they have had little success in doing so beyond arguing that it is underpinned by a strong moral ethic. By and large its epistemological roots have remained firmly within the framework of Rationalism and methodological individualism and consequently it has not been able to shed itself of its neoclassical moorings, the very paradigm it originally set out to replace. I illustrate several of the contradictions apparent in the discipline as hitherto enunciated and I critically analyse the reasons for some of these shortcomings. Finally, I conclude by arguing that if Islamic economics is to fulfil its raison d'Ãªtre its proponents must resolve its theoretical and practical difficulties by clearly expounding on its weltanschauung and develop its content and form appropriate to this worldview
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Economic Research Southern Africa in its series Working Papers with number 283.
Length: 20 pages
Date of creation: 2012
Date of revision:
Contact details of provider:
Postal: Newlands on Main, F0301 3rd Floor Mariendahl House, cnr Campground and Main Rds, Claremont, 7700 Cape Town
Phone: 021 671-3980
Fax: +27 21 671 3912
Web page: http://www.econrsa.org/
More information through EDIRC
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-29 (All new papers)
- NEP-ARA-2012-05-29 (MENA - Middle East & North Africa)
- NEP-CWA-2012-05-29 (Central & Western Asia)
- NEP-HIS-2012-05-29 (Business, Economic & Financial History)
- NEP-HME-2012-05-29 (Heterodox Microeconomics)
- NEP-HPE-2012-05-29 (History & Philosophy of Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Timur Kuran, 1995. "Islamic Economics and the Islamic Subeconomy," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 155-173, Fall.
- Kuran, T., 1995. "Islamic Economics and the Islamic Subeconomy," Papers 9505, Southern California - Department of Economics.
- Shams, Rasul, 2004. "A Critical Assessment of Islamic Economics," HWWA Discussion Papers 281, Hamburg Institute of International Economics (HWWA).
- Kuran, Timur, 1983. "Behavioral norms in the Islamic doctrine of economics : A critique," Journal of Economic Behavior & Organization, Elsevier, vol. 4(4), pages 353-379, December.
- Pryor, Frederic L., 1985. "The islamic economic system," Journal of Comparative Economics, Elsevier, vol. 9(2), pages 197-223, June.
- Kuran, Timur, 1995. "Further reflections on the behavioral norms of Islamic economics," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 159-163, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Yoemna Mosaval).
If references are entirely missing, you can add them using this form.