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Islamic economics: still in search of an identity

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  • Abdulkader Cassim Mahomedy

Abstract

Purpose - The purpose of this paper is to critique the philosophical underpinnings of the growing field of Islamic economics. Design/methodology/approach - A critical and comparative review of Islamic economics texts written by key proponents during the last eight decades is undertaken. The origins of this nascent science are traced and factors that gave impetus to its development examined. The different characterisations of the discipline as it has developed within the broader socio‐political context are contrasted. Findings - The proponents of Islamic economics have had little success in shaping a distinctive paradigm for their discipline, beyond arguing that it is underpinned by a strong moral ethic. By and large, its epistemological roots have remained firmly within the framework of rationalism/empiricism and methodological individualism. Consequently, Islamic economics has not been able to shed its neoclassical moorings, the very paradigm it originally set out to replace. Several of the contradictions apparent in the discipline are discussed. Islamic economists, recognising that their mission has remained unfulfilled, have variously suggested different approaches to regenerate the process and chart the way forward. These propositions are examined and evaluated. Research limitations/implications - If Islamic economics is to fulfil its raison d'être, that is, articulate a coherent theoretical paradigm and demonstrate its relevance to the real economy, its proponents must resolve its theoretical and practical difficulties by clarifying its Weltanschauung and developing an appropriate content and form. Originality/value - This study evaluates how the discipline has developed and exposes its inherent contradictions. These inconsistencies are identified and explained at the foundational level, highlighting where and why they have occurred.

Suggested Citation

  • Abdulkader Cassim Mahomedy, 2013. "Islamic economics: still in search of an identity," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 40(6), pages 556-578, May.
    • Handle: RePEc:eme:ijsepp:v:40:y:2013:i:6:p:556-578
    DOI: 10.1108/03068291311321857
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    References listed on IDEAS

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    1. Ziaul Haque, 1992. "Nature and Methodology of Islamic Economics: An Appraisal," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 31(4), pages 1065-1075.
    2. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    3. Mehmet Asutay, 2007. "Conceptualisation Of The Second Best Solution In Overcoming The Social Failure Of Islamic Banking And Finance: Examining The Overpowering Of Homoislamicus By Homoeconomicus," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 15(2), pages 167-176, December.
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    Cited by:

    1. Burhan Ali Shah & Ghulam Shabbir Khan Niazi & Abdul Majid, 2016. "Employees' Perceptions about Islamic Banking and its Growth Potential in Pakistan," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 8(1), pages 53-76, April.
    2. Mohd Mahyudi & Enizahura Abdul Aziz, 2018. "Method and Substance of Islamic Economics Revisited إعادة النظر في منهجية ومرتكزات الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 33-50, July.
    3. Murat Çokgezen, 2016. "Islamic economics in real life: Do Muslims give more than the others?," Working Papers hal-01349872, HAL.
    4. Abdulkader Cassim Mahomedy, 2020. "Platform Capitalism – Boon or Bane to Society? رأسمالية المنصات – نعمة أم نقمة على المجتمع؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(1), pages 71-82, January.

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