Tag: IslamicEconomicPrinciples

Methodology of Economics: Secular Versus Islamic

The author asserts that Islamic economics is currently the result of applying Islamic rules and injunctions (Fiqh) to the secular economic framework, and is not yet a separate discipline that fully replaces secular economics. The author notes that methodology is a messy and confusing area in both fields. He highlights that in Islamic economics, it is often wrongly treated as a research design or work plan. The author explains that economics is usually called ‘science’ and is seen to be built for achieving its objectives on some perception of rationality. Methodology is the ‘theory of theories’; in the field of economics it refers to the “process economists use to authenticate the knowledge about economic phenomena”.

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Methodology of Islamic Economics

The book explains that the objective of religious life should be to change this world, including the personality of the individual himself and extending to the whole of human society, so as to reconstruct it in accordance with the will of Allah as revealed in the Qur’an. The religion should be understood directly from the Qur’an aided by the Sunnah, and all human interpretations should be treated as secondary, tentative and, in principle, liable to error and open to correction.

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