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Islamic Economics and Prospects for Theoretical and Empirical Research الاقتصاد الإسلامي وآفاق البحوث النظرية والتطبيقية

Author

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  • Sayyid Tahir

    (Kulliyah of Economics and Management Sciences International Islamic University Malaysia)

Abstract

This paper examines the nature, scope and methodology of Islamic economics, and draws attention to some possibilities for theoretical and empirical research in this field. Islamic economics is defined as the systematic study of the problem of allocation of resources, production of goods and services and distribution of output, income and wealth in an economy in the light of the Qur’ān and the Sunnah. It has relevance for not only Muslims but also others interested in durable solutions to problems of financial crises, inflation, unemployment, poverty and economic inequalities. The discipline is concerned with the description (of ground realities) and prescription (of solutions for economic issues) in the light of the leads in the Qur’ān and the Sunnah. The Sharīʿah basis of Islamic economics, with a supportive role for fiqh, holds the key in building Islamic economics. The approach recommended for this purpose is reconstruction of Islamic economics rather than Islamization of economics. On the theoretical side, this paper lays emphasis on basic research for strengthening the theory of Islamic economics to fill the knowledge gap on, among other things, Islamic economic system, Islamic economy, the Sharīʿah-based transactions matrix, nature and role of government in modern times and review of economic policy agenda. On the empirical side, it highlights some matters related to data and empirical work. تبحث هذه الورقة طبيعة ومنهجية ونطاق الاقتصاد الإسلامي للفت الأنظار إلى بعض الإمكانيات للبحوث النظرية والتجريبية في هذا المجال. يُعرّف الاقتصاد الإسلامي بأنه الدراسة المنهجية لمشكلة تخصيص الموارد، وإنتاج السلع والخدمات وتوزيع الناتج والدخل والثروة في الاقتصاد في ضوء القرآن والسنة. ولهذا التخصص أهمية ليس للمسلمين فحسب، بل أيضا لكل من يسعى لإيجاد حلول مستدامة لمشاكل الأزمات المالية والتضخم والبطالة والفقر وعدم المساواة الاقتصادية. وهذا التخصص يهتم بـ "وصف الحقائق على أرض الواقع" و "علاج القضايا الاقتصادية" في ضوء الإرشادات الموجودة في القرآن والسنة. تأسيس الاقتصاد الإسلامي على ضوء الشرعية الإسلامية، مع دور داعم للفقه، هو المفتاح لبناء الاقتصاد الإسلامي. النهج الموصى به لهذا الغرض هو إعادة بناء الاقتصاد الإسلامي (على ضوء الشريعة الإسلامية) بدلا من "أسلمة" الاقتصاد التقليدي. في الجانب النظري، توصي الورقة بالتركيز على البحوث الأساسية لتعزيز نظرية الاقتصاد الإسلامي لملء الفجوة المعرفية حول قضايا متعددة مثل النظام الاقتصادي الإسلامي، والاقتصاد الإسلامي، والمعاملات المالية المتوافقة مع الشريعة، وطبيعة ودور الحكومة في العصر الحديث، ومراجعة الخطط السياسية الاقتصادية. وفي الجانب التطبيقي، تسلط الورقة الضوء على بعض المسائل المتعلقة بالبيانات والعمل التطبيقي.

Suggested Citation

  • Sayyid Tahir, 2017. "Islamic Economics and Prospects for Theoretical and Empirical Research الاقتصاد الإسلامي وآفاق البحوث النظرية والتطبيقية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 3-20, January.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:1:no:1:p:3-20
    DOI: 10.4197/Islec.30-1.1
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    References listed on IDEAS

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    1. Kuran, T., 1995. "Islamic Economics and the Islamic Subeconomy," Papers 9505, Southern California - Department of Economics.
    2. Mabid Ali al-Jarhi, 1985. "Towards an Islamic Macro Model of Distribution: A Comparative Approach نحو نموذج ماكرو إسلامي للتوزيع: مقاربة مقارنة," Journal of Research in Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 2(2), pages 3-29, January.
    3. Al-Jarhi, Mabid, 1985. "Towards an Islamic Macro Model of Distribution: A Comparative Approach," MPRA Paper 66718, University Library of Munich, Germany, revised 1985.
    4. Ali, Salman Syed, 2014. "Islamic Finance and Economic Development Lessons from the past prospects for the future (Occasional Paper)," Occasional Papers 370, The Islamic Research and Teaching Institute (IRTI).
    5. 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.
    6. Iqbal, Munawar & Khan, Tariqullah, 2004. "Financing Public Expenditure: An Islamic Perspective (Occasional Papers)," Occasional Papers 202, The Islamic Research and Teaching Institute (IRTI).
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    8. Muhamed Aslam Mohamed Haneef, 1997. "Islam, The Islamic Worldview And Islamic Economics," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 5(1), pages 39-66, June.
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    Cited by:

    1. Suddin Lada & Brahim Chekima & Rudy Ansar & Mohamad Isa Abdul Jalil & Lim Ming Fook & Caroline Geetha & Mohamed Bouteraa & Mohd Rahimie Abdul Karim, 2023. "Islamic Economy and Sustainability: A Bibliometric Analysis Using R," Sustainability, MDPI, vol. 15(6), pages 1-21, March.
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    More about this item

    Keywords

    Islamic economics; conventional economics; mainstream economics; Qur’ān; Sunnah; ḥadīth; Sharīʿah; fiqh. الاقتصاد الإسلامي، الاقتصاد التقليدي، الاقتصاد السائد، القرآن، السنة، الحديث، الشريعة، الفقه.;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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