Methodology of Islamic Economics From Islamic Teachings to Islamic Economics

Year 2018, Volume: 5 Issue: 1, 35 - 61, 15.02.2018

Muhammad Akram Khan

Abstract

The existing literature on Islamic economics has not undergone any of the processes of verification or falsification. It is mostly restatement of the postulates as found in the Qur’an or hadith.   The literature on methodology of
Islamic economics is either superfluous, or ambiguous or confusing. It does not help in transforming the Islamic economic teachings into a social science. For developing Islamic economics as a social science, we must understand the primary
sources in a contemporary context; formulate hypotheses based on that understanding and present these hypotheses
for validation through testing. The paper illustrates the proposed methodology with some examples. For making this
methodology a going concern, several basic steps would be required. The paper enumerates those steps also.

Keywords

Islamic economic methodology, hypotheses of Islamic economics, developing Islamic economics as social science

References

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