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Crisis in Islamic Economics: Diagnosis and Prescriptions أزمة الاقتصاد الإسلامي: التشخيص والحلول

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  • Asad Zaman

    (International Institute of Islamic Economics Islamabad, Pakistan)

Abstract

There is substantial evidence that the development of the discipline of Islamic Economics is currently in crisis. In this article we argue that the main reason for this is that most Muslim economists have accepted too many of the ideas of Western economists uncritically. The methodological framework, and underlying assumptions are wrong, and in conflict with Islamic views. This conflict has not been recognized, and the attempt to combine contradictory bodies of knowledge has failed. We also present alternative foundations on which a genuine Islamic economic theory could be constructed. هناك شواهد كثيرة تؤكد أن الاقتصاد الإسلامي يعاني من أزمة حاليا. وهذا المقال يرجع السبب الرئيسي لهذه الأزمة إلى أن معظم الاقتصاديين المسلمين قد قبلوا كثيرا من أفكار الاقتصاديين الغربيين بدون نقد لها، في الوقت الذي كان الإطار المنهجي والافتراضات الغربية غير صحيحة وتتعارض مع وجهة النظر الإسلامية، ولم يتم التعرف على هذا التناقض، وفشلت المحاولات لدمج تلك المعارف المتناقضة. ويعرض المقال أسسًا بديلة يمكن بموجبها بناء نظرية اقتصادية إسلامية.

Suggested Citation

  • Asad Zaman, 2012. "Crisis in Islamic Economics: Diagnosis and Prescriptions أزمة الاقتصاد الإسلامي: التشخيص والحلول," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 25(1), pages 143-166, January.
    • Handle: RePEc:abd:kauiea:v:25:y:2012:i:1:no:6:p:143-166
    DOI: 10.4197/Islec.25-1.6
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    References listed on IDEAS

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    1. Zaman, Asad, 2008. "On Improving Social Science Education in Pakistan," MPRA Paper 10477, University Library of Munich, Germany.
    2. Bergmann Barbara R, 2007. "Needed: A New Empiricism," The Economists' Voice, De Gruyter, vol. 4(2), pages 1-4, March.
    3. Mohammed Najatullah Siddiqi, 2008. "Obstacles of Research in Islamic Economics معوقات البحث في الاقتصاد الإسلامي," Papers and books based on the proceedings of the Conferences organized by the Islamic Economics Institute, KAAU. 25, King Abdulaziz University, Islamic Economics Institute..
    4. Greenwald, Bruce C & Stiglitz, Joseph E, 1990. "Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior," American Economic Review, American Economic Association, vol. 80(2), pages 160-165, May.
    5. Mohammad Nejatullah Siddiqi, 2008. "Obstacles of Research in Islamic Economics معوقات البحث في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 21(2), pages 81-93, July.
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    Cited by:

    1. Islahi, Abdul Azim, 2013. "First vs. second generation Islamic economists: Deviations and differences in thoughts," MPRA Paper 68353, University Library of Munich, Germany, revised 2015.
    2. Mohd Mahyudi & Enizahura Abdul Aziz, 2018. "Method and Substance of Islamic Economics Revisited إعادة النظر في منهجية ومرتكزات الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 33-50, July.
    3. 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.
    4. Hasan, Zubair, 2018. "Methodology of Islamic economics: Is the subject worth discussing?," MPRA Paper 85824, University Library of Munich, Germany.
    5. Abdul Rahim Abdul Hamid Al Saati, 2021. "Quality of Research in Islamic Economics جودة البحوث في علوم الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(3), pages 185-195, October.

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