Islamic Economics: Still in Search of an Identity
The 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
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: 021 671-3980
Fax: +27 21 671 3912
Web page: http://www.econrsa.org/
More information through EDIRC
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.
- Shams, Rasul, 2004. "A Critical Assessment of Islamic Economics," HWWA Discussion Papers 281, Hamburg Institute of International Economics (HWWA).
- Kuran, T., 1995. "Islamic Economics and the Islamic Subeconomy," Papers 9505, Southern California - Department of Economics.
- 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.
When requesting a correction, please mention this item's handle: RePEc:rza:wpaper:283. See general information about how to correct material in RePEc.
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.