Critiques of Islamic Economics

A brief critical examination of the contents and discontents of Islamic economics, and the secularization of Islamic law suggests that under the current conditions, Islamic economics can neither emerge on its own nor exist within the realm of conventional Economics. It cannot set its own agenda for the organization of an ideal Islamic economy because flawed paradigms are inconsistent with its metaphysical foundations, and are conducive to visions of “ethical capitalism” torn by the tensions of the open-ended processes of secularization and Islamization. The dualism of worldviews cannot be resolved into a harmonious unity as the differences in methodologies and metaphysical foundations are so stark that the dramatic change in Islamic fiqh from innovation to imitation is compromised and reconciliation is rather impossible. Thus, it is difficult to argue that Islamic jurisprudence and Islamic economics have evolved on the basis of the authenticity of Islamic teachings. For now, both Islamic jurisprudence and Islamic economics, which used to go hand in hand, seem to be leaning against the wind.