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A Review of the Transformative School in Islamic Economics مراجعة للمدرسة التحويلية في الاقتصاد الإسلامي

Author

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  • Salman Ahmed Shaikh

    (Assistant Professor, SZABIST University, Karachi, Pakistan)

Abstract

This paper analyzes some critical issues in the methodologies of Islamic and mainstream economics. It also presents an analytical account of different methodological approaches suggested in Islamic economics literature for use in building the theoretical foundations of Islamic economics. In particular, this paper reviews the transformative school as a distinctive methodological approach. It analyzes the different propositions put forward in the transformative school. It calls for a problem-solving approach and methodological pluralism by separating economic choices made with economic resources and non-economic choices also made with economic resources. The former can be analyzed in an integrative framework after certain required modifications. The latter shall not be studied under the mainstream tools since the mainstream analytical tools are not suitable and capable of analyzing such choices. Inductive and empirical studies can be carried out with statistical and econometric tools where they are appropriate without having ideological constraints. It is argued that homo-Islamicus is not required to adopt monasticism. Homo-Islamicus is a human being who desires to live within the norms and rules of his faith. However, he has economic as well as spiritual needs. تُحلل هذه الورقة وتُناقش بعض القضايا المُهمة المتعلقة بمنهجيات الاقتصاد الإسلامي والتيار الاقتصادي السائد. كما تُقَدِّم مُراجعةً تحليليةً للمُقاربات المَنهجية المختلفة المقترحة في أدبيات الاقتصاد الإسلامي لاستخدامها في بناء الأسس النظرية لهذا العلم. تَسْتعرض الورقة عمل المدرسة التحويلية على وجه الخصوص، كمقاربة منهجية مميزة. كما أنها تقوم بتحليل المقترحات المختلفة المطروحة في هذه المدرسة. تدعو الورقة إلى تبني منهج حل المشكلات والتعددية المنهجية من خلال فصل الخيارات الاقتصادية التي يتم إجراؤها باستخدام الموارد الاقتصادية، والخيارات غير الاقتصادية التي يتم إجراؤها بواسطة الموارد الاقتصادية كذلك. يمكن تحليل الخيارات الاقتصادية في إطار مقاربة تكاملية بعد إدخال بعض التعديلات المطلوبة على أدوات التحليل الاقتصادية السائدة. أما فيما يتعلق بالخيارات غير الاقتصادية فإنه لا ينبغي دراستها في إطار الأدوات الاقتصادية السائدة، لعدم مناسبتها وقدرتها على تحليل مثل هذه الخيارات. في مثل هذه الحالة يمكن إجراء الدراسات الاستقرائية، والتجريبية باستخدام أدوات إحصائية وأدوات الاقتصاد القياسي حيث تكون مناسبة دون وجود قيود أيديولوجية. وأخيرًا هناك دعوة مفادها أن "الإنسان المسلم الاقتصادي" يجب عليه الابتعاد عن الرهبنة. إن "الإنسان المسلم الاقتصادي" هو إنسان يرغب في العيش ضمن قواعد وضوابط عقيدته الإسلامية، ومع ذلك فإن لديه احتياجات اقتصادية واحتياجات روحية -أو غير اقتصادية.

Suggested Citation

  • Salman Ahmed Shaikh, 2021. "A Review of the Transformative School in Islamic Economics مراجعة للمدرسة التحويلية في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 185-201, July.
    • Handle: RePEc:abd:kauiea:v:34:y:2021:i:2:no:14:p:185-201
    DOI: 10.4197/Islec.34-2.14
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    References listed on IDEAS

    as
    1. Muhammad Akram Khan, 2013. "What is Wrong with Islamic Economics?," Books, Edward Elgar Publishing, number 15292.
    2. Abdulrahim Abdulhamid Al-Saati, 2019. "The Islamic Methodology for Islamic Economics Methods منهجية البناء المنهجي لعلم الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(3), pages 137-150, October.
    3. Volker Nienhaus, 2019. "The Reform Agenda of Mainstream Economics: Importance, Relevance, and Obstacles for Islamic Economics جدول أعمال إصلاح الفكر الاقتصادي السائد: الأهمية، والملاءمة، والعقبات للاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 89-97, January.
    4. Aydin, Necati, 2013. "Redefining Islamic Economics as a New Economic Paradigm," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 21, pages 1-34.
    5. Jack Reardon, 2019. "Dialogue on Reform in Mainstream Economics and its Implications for the Islamic Economics Discipline حوار حول الإصلاح في الاقتصاد السائد وانعكاسه على الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 61-75, January.
    6. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Islamic economics; Neoclassical economics; Behavioral economics; Methodology of economics; Utility maximization; Profit maximization. الاقتصاد الإسلامي، الاقتصاد النيوكلاسيكي، الاقتصاد السلوكي، منهجية علم الاقتصاد، تعظيم المنفعة، تعظيم الربح.;
    All these keywords.

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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