Research on Islamic Economic, how far have we gone?? (Short Comment)

Literature and composition play very important role in constructing the Islamic economics theory and practices. All of the theory or suggestions on the implementation of Islamic economics are written by many academician, practitioners etc to express their opinions on this matter. Many critiques on the Islamic Economic are done through appraising on the literatures and evaluating the impacts of those compositions with the development of Islamic Economic to the Muslim society in particular as well as to the world community. The focus of writing on the Islamic economic over the past two decades has shown the patchwork of some academicians to introduce the Islamic Economic concepts within a neo-classical framework, or else make minor adjustment on it (Zaman, n.d). Therefore, such things cannot be a basis of a paradigm shift. We should have our own theory that is constructed independently from any conventional economic thoughts, though it might not all the time to be different, but spending our time too much in critically evaluating others economic thoughts will bring some of our economists to conclude a slight technical change on the graph to make it permissible from the Islamic point of view, and discarding the basis of such theory is constructed.

Another important critique arose by (Zaman, n.d) on the aspect of operationalizing the concept. There are many works have been done on the radical concepts underline by Islam to be used as a guideline in constructing the Islamic Economic, but yet the means of operationalizing these concepts are not offered. The issue of operationalization is more actively being done on the area of Islamic finance but yet the economic theory that has been proposed is not yet come into reality.

These two important critiques should be well-observed by the Islamic economists, so that the continuation of the job of one generation over the others are remained consistent. No overlapping job will ever be created to minimize the mistakes and wasted times, in order to insure the development is in progressive mode not regressive.

Reference:

1. Asad Zaman, “Islamic economics: Problem and Prospects”, retrieved fromhttp://www.pafkiet.edu.pk/LinkClick.aspx?fileticket=fDo/qxwBFao%3D&tabid=152&mid=1553

Abu Mardhiyyah (Undergraduate Student)

Department of Economics

International Islamic University of Malaysia