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Gaps in the Theory and Practice of Islamic Economics فجوات في نظرية وتطبيق الاقتصاد الإسلامي

Author

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  • Mabid Ali Al-Jarhi

    (Visiting Professor, Faculty of Islamic Studies Hamad ben Khalifa University, Qatar.)

Abstract

After a generation of non-professional writers in Islamic economics, professional economists entered the stage with an important ambition, which has been to introduce a third alternative to humanity in addition to capitalism and socialism that would answer some of the inadequacies of each. Moreover, the analysis of human (individual and collective) behavior towards scarcity under the teachings of Islam was itself worth pursuing. The intellectual effort is yet to produce significant practices of Islamic economics. The exceptions include some application of Islamic finance that raises many questions, and a few applications of zakāh and awqāf. The most serious challenge of Islamic finance is the rise of products of ill repute that result from determined refusal to adhere to the decisions of the International Islamic Fiqh Academy. This paper identifies several gaps in Islamic economics and proposes ways to fill them, placing such responsibility squarely on Islamic economists. بعد جيل من كتابات غير المحترفين والمتخصصين في الاقتصاد الإسلامي، دخل الاقتصاديون المسلمون المحترفون مجال الكتابة في هذا الحقل بغرض تقديم بديل ثالث للإنسانية جنباً إلى جنب مع الرأسمالية والاشتراكية، مع تقديم إجابات مناسبة في المجال الاقتصادي عجزت تلك النظم عن الإجابة عنها. علاوة على ذلك فقد كان التحليل الاقتصادي الإسلامي للسلوك الإنساني (فرداً كان أم جماعة) إزاء ظاهرة الندرة أمراً يستحق النقاش والتحليل. إن الجهود العقلية التي بذلت لحد الآن لا تزال بحاجة إلى تقديم نماذج تطبيقية ذات أثر. الاستثناء في هذا المضمار تمثل في تطبيق التمويل الإسلامي الذي تحوم حوله العديد من التساؤلات، وبعض التطبيقات المحدودة في مجالي الزكاة والأوقاف. إن التحدي الاكبر الذي يواجه التمويل الإسلامي يتمثل في طغيان المنتجات سيئة السمعة، بعدم الانصياع لقرارات مجمع الفقه الإسلامي الدولي الذي رفض هذه المنتجات. تحدد الورقة عدداً من الفجوات في الاقتصاد الإسلامي، وتقترح بعض الحلول لردمها مع التأكيد على المسؤولية الرئيسة الملقاة على عاتق الاقتصاديين المسلمين في هذا المضمار.

Suggested Citation

  • Mabid Ali Al-Jarhi, 2013. "Gaps in the Theory and Practice of Islamic Economics فجوات في نظرية وتطبيق الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 26(1), pages 237-248, January.
    • Handle: RePEc:abd:kauiea:v:26:y:2013:i:1:no:11:p:237-248
    DOI: 10.4197/Islec.26-1.11
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    References listed on IDEAS

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    1. Al-Jarhi, Mabid, 1980. "A Monetary and Financial Structure for an Interest-Free Economy: Institutions, Mechanism & Policy," MPRA Paper 66741, University Library of Munich, Germany, revised 2004.
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    Cited by:

    1. Saqib Muneer & azhar Ali & Rao Abrar Ahmad, 2017. "Impact of Financing on Small and Medium Enterprises (SMEs) Profitability with Moderating Role of Islamic Finance," Information Management and Business Review, AMH International, vol. 9(2), pages 25-32.
    2. Al-Jarhi, Mabid, 2014. "Towards an Economic Theory of Islamic Finance Regulation," MPRA Paper 66744, University Library of Munich, Germany, revised 2014.
    3. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.

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