Methodological Discussion on the Subject of Islamic Economics

Abstract

While the number of studies and controversial debates on the reliability of Islamic economics has recently experienced a sharp rise in number, the methodological inquiry and appraisal of Islamic economics has become more important than ever before with regard to the improvement of the scientific methodology of the field and to ensure that it moves forward in a more appropriate direction. This paper attempts to scrutinize widely applied methodological perspectives in Islamic economics; namely Usul-al Fiqh, Islamization of Knowledge, Maqasid al-Shariah and Tawhidic Methodology. Finally, a more holistic methodological approach as proposed in Islamic economics entitled the Methodology of the Economics of Islam will be presented. Through this methodology, religious variables have been suggested that can be interlinked with economic attitudes for improving the spiritual perspective of the field and explaining economic realities in a more suitable way

Keywords

• Methodology, Islamic economics, Usul al-Fiqh, Typology

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