Methodological Framework for Studying Consumption in Islamic Economics

There is considerable debate in Islamic economics literature on what shall be the correct response and attitude towards mainstream economics methodology. There are three varied responses among Islamic economists regarding the issue. The first response is to use the methodology of mainstream economics in Islamic economics as is. The second response is to modify it according to the needs and the context of Islamic framework. The third response is to discard it altogether and devise a new methodological framework from scratch.

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Distinction and Compatibility between Islamic and Mainstream Framework

This article highlights the points of distinction and compatibility between the Islamic and mainstream economics framework. The distinction comes in the decision horizon and the addition of moral filters on the choice set. The difference also appears explicit when one looks at the encouragement and incentive structure for pure altruism in a two-worldly Islamic framework. The distinction is even deeper in values whereby the Islamic framework encourages contentment, pure altruism and self-less behaviour while the mainstream economics framework is at best neutral between the moral content of economic choices.

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Leveraging on Private Philanthropy in Pakistan for Establishing Waqf

With a predominantly Muslim population which engages in significant private giving, social intermediaries who can transparently and efficiently mobilize charitable giving can enhance the socio-economic impact of private giving. Given the high prevalence of cash based giving and higher trust deficit between people and the public Zakat agency, the Islamic institution of cash Waqf can be suitable for effectively channelizing the charitable giving in the form of cash.

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The Scientific Method & Faith-Based Worldview

As far as understanding the properties of matter is concerned with the objective of making our lives useful, religion does not oppose science at all. There is no inherent conflict between science and religion if the scope of both science and faith are duly understood and acknowledged. Islamic worldview does not oppose the use of various tools for obtaining useful knowledge and then using that knowledge for material ends both at an individual and at the societal level.

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