Future of Islamic Economic

Islamic economics thus has a long way to go before it may be able to be a distinct economic discipline. Continuous work need to be done from one generation over the other through a consistent framework and tasks. More literatures and compositions need to be done whether they are purposively to introduce, criticize or reject the idea of one person to another, as long as it is used to improve the idea, they are mostly welcomed to be presented. Many dimensions in the Islamic economic need to be explore further to strengthen the basis of the ideas and practice. Operationalization of the theory should take place in reality where the scholars of Islamic economics are required to contributing directly on the policy recommendation of each issue happen in the Muslim countries in particular or world in general. The suggestion should be well-constructed so that the impact of such policy would arrive to the acceptance of the Islamic economic as an alternative of the modern economic thoughts among economic players around the globe. Each task should be sincerely being done in order to receive the blessing from Allah, but not for the intention of getting popularity in this arena.

World is facing crisis continuously from one year to another. Many issues occur are considered to be the weakness of the present system to remain unresilient of being a mere solution to any economic problem. Thus, scholars from Islamic economics should take this opportunity to come out with many solutions from the Islamic point of view. Learning from the past, we can observe that many economic theories are founded based on the issue that happen surrounding them. Keynesian came out with his theory as a reaction of the great depression 1930s. Then later on, the idea is evolved from the next generation and finally become one economic thought. This situation should also be the same things to Islamic economics. We can not develop one theory or paradigm if there is nothing happen around which we can operationalize such theory. Theory according to my opinion should come as a reaction of a particular event. Then we can claim such theory as practical theory, but not just merely an idea but remain useless or unpractical.

The development of the Islamic economics should be going along the years as a response of the events. The critique of the idea or solution upon the economic event would rather make the discipline become more matured and complete. Sometimes, action needs to be taken first when a clear guidance is not there, but then we learn from the mistakes from others people’s comments and it goes better for the next time after adjustment or improvement is made. The starters of the new things sometimes are good to make people aware of what to be done and how it should be done. A rapid development of Islamic banking on my opinion, on one side it is very good because people are now starting to criticize its work and start to reopen back the Islamic heritage to ensure the validity and the permissibility of doing thing. People get up to react when the issue is happen, and that is how the human being is basically learning in his life.

As a conclusion, work of improvement not justly merely a critic should remain done by all people. This is also part of our great contribution to the ummah, there are no other people who want to come to save our religion and its followers from being oppressed and abused except those who are true believers of the almighty of Allah. Let us be a part of this strive and ready to be a small soldier in working hard in getting back our empire and domination of the world to a reality, and I stress in here that economic is our way to go and its has a great potential to bring us to achieve this noble goal. May we be among the successors of this field.

Abu Mardhiyyah (Undergraduate Student)

Department of Economics

International Islamic University of Malaysia