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

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

Do we need Methodology in Islamic Economic??

Another area on the Islamic economic which have been said to be neglected or paying less attention by the Islamic Economists is on the methodological studies. Scholars, such as Nasr, Sardar, Choudhury, Haneef view the lack of methodological studies in Islamic economics leading to dependence directly or indirectly on the methodology of conventional economics (Hafas & Haneef, 2009). Thus, without a proper methodology that used to be followed on developing the Islamic Economic, the current Islamic economic study is just a piecemeal application of mainstream methods to emergent Muslim thought and societies (Choudhury, 1999). This is exactly inline with the critiques made by the Asad Zaman (n.d) where the current discussion of Islamic economic are moving around the neo-classical framework only, and some scholars argued that it is due to the unclear of methodologies to produce Islamic economic theories (Hafas & Haneef, 2009).

The issue of methodology is being discussed and indirectly took place as a response of the Islamization of Knowledge (IOK) that has been initiated in the 1960s which linked the backwardness of the Muslim countries to the lack of Islamic knowledge in different disciplines. It has been followed by a specific idea of Islamization to the area of economic. In 1976, the first international conference on Islamic economics system held in Makkah. The idea of integrating the Islamic heritage with the modern knowledge is seem to be pivotal to address the problem of malaise of the Ummah and educational system. However, such work of synthesis requires certain methodology to ensure the theory derived from both field will be obliged toward certain standard that is agreed by all Muslim academicians.

The prevalent methodologies whether comes from the Islamic heritage or from modern knowledge are totally different due to complete distinct of nature and worldview from both fields. Therefore, the adjustment must be made from both sides to conclude one methodology that is founded under one-sided worldview i.e Islamic worldview but harmonize with the practicality of modern knowledge. The reasons of putting a great emphasis on methodology, according to Haneef and Hafas (2009);

1. Without a proper methodology of Islamic Economics this task could not be done properly, and we might be trapped again by imitating conventional vision and values of economic.
2. Islamic economics will have its own criteria for theory appraisal since its sources of knowledge are not limited to human reasoning and fact observation but also importantly based on revelation.
3. Methodology is not only concern in how to create a theory, but it also concern how to proof the theory created is reliable and applicable in real life. This is what is needed in Islamic economics though it may have normative aspects but yet the theory should be appraised to test on its applicability.
4. Islamic economics methodology is important to link the ontological aspect of Islamic economics that constitute the ideals and principles of Islamic economics to the axiological aspect (ethics) which is a practical application of Islamic economics through the epistemological aspect of Islamic economics.
5. Islamic economics methodology aims to lay down the scientific operational process of Islamic economics as a discipline so that the gaps in Islamic economic studies can be eliminated.

There are still many works need to be done in order to come out with one methodology that can be a guideline to the work of integration of both knowledge. Work of IOK is not merely emphasizing on the methodology to arrive on the new paradigm shift. The aspect of mastery of knowledge is pivotal in any dimension of the integration taken place. The understanding of both epistemologies will lead to a clear picture of the final outcome of the synthesis process, lack of understanding on one side of epistemology will go to underestimate or overestimate the theory and practice.

References:

1. Asad Zaman, “Islamic economics: Problem and Prospects”, retrieved fromhttp://www.pafkiet.edu.pk/LinkClick.aspx?fileticket=fDo/qxwBFao%3D&tabid=152&mid=1553
2. Choudhury, Masudul Alam, (1999), Islamic economics and Islamic political economy, Humanomics, 25 (5), 1-5.
3. Mohammad Aslam Haneef & Hafas Furqani, (2009), “Methodology: a fundamental Missing Dimension in 30 years of Research in Islamic Economics”, International Conference on Islamic Economics and Economies of the OIC countries 2009.

Abu Mardhiyyah (Undergraduate Student)

Department of Economic

International Islamic University of Malaysia (IIUM)

READ MORE - Do we need Methodology in Islamic Economic??