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Nature and Significance of Islamic Economics

Author

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  • Zubair HASAN

    (INCEIF, Malaysia.)

Abstract

Islamic economics has of late landed in confusion and neglect and much concern is being voiced on this state of affairs. The divergence of views on various aspects of the subject tends to grow, cohesive efforts are missing. It is in this context that the present paper takes a look at the nature and significance of Islamic economics and examines the issues of its definition, nature and scope, the questions of methods and methodology, system approach, the problems that seems to hinder its growth, the challenges Islamic economics faces today and how the same can be faced. Since the differences between the Islamicand mainstream economic disciplines stem from the divergent worldviews that condition them, the discussion opens on the topic as background material. This paper is a part of draft Chapter of a book under preparation on Islamic economics and finance. Comments and suggestions are welcome but the paper or its parts cannot be put to any commercial or unfair use.

Suggested Citation

  • Zubair HASAN, 2016. "Nature and Significance of Islamic Economics," Journal of Economic and Social Thought, KSP Journals, vol. 3(3), pages 400-416, September.
    • Handle: RePEc:ksp:journ3:v:3:y:2016:i:3:p:400-416
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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. Abdul Azim Islahi, 2010. "Four Generations of Islamic Economists أربعة أجيال من الاقتصاديين الإسلاميين," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 23(1), pages 165-170, January.
    3. 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.
    4. Hasan, Zubair, 2011. "Scarcity, self-interest and maximization from Islamic angle," MPRA Paper 29414, University Library of Munich, Germany.
    5. Zubair Hasan, 1998. "Islamization Of Knowledge In Economics: Issues And Agenda," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 6(2), pages 1-40.
    6. Hasan, Zubair, 2005. "Islamic banking at the crossroads: theory versus practice," MPRA Paper 2821, University Library of Munich, Germany.
    7. Hasan, Zubair, 2015. "Economics with Islamic Orientation," OUP Catalogue, Oxford University Press, number 9789834714055.
    8. Islahi, Abdul Azim, 2009. "Four generations of Islamic economists," MPRA Paper 29557, University Library of Munich, Germany, revised 2010.
    9. Hasan, Zubair, 1995. "Review of 'Islam and economic development' by Chapra, M. U," MPRA Paper 2979, University Library of Munich, Germany.
    10. Addas, Waleed A.J., 2008. "Methodology of Economics: Secular Versus Islamic," MPRA Paper 8264, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Islamic economics; Worldview; Methodology; Economic systems; Problems challenges.;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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