TUM Library

This book is a comprehensive study, which provides informed knowledge within the field of Islamic economics. The authors lay down the principal philosophical foundation of a unique and universal theory of Islamic economics by contrasting it with the perspectives of mainstream economics. The methodological part of the theory of Islamic economics arises from the ethical foundations of the Qur'an and the Sunnah (tradition of the Prophet) along with learned exegeses in an epistemological derivation of the postulates and formalism of Islamic economics. This foundational methodology will be contrasted with the contemporary approaches of the random use of mainstream economic theory in Islamic economics. The book establishes the methodological foundation as the primal and most fundamental premise of the study leading to scientific formalism and the prospect of its application. By way of its Islamic epistemological explanation (philosophical premise) in the form of logical formalism and the use of simple real-world examples, the authors show the reader that the scientific nature of economics in general and Islamic economics in particular rests on the conception of the scientific worldview. With its uniquely comparative approach to mainstream economics, this book facilitates a greater understanding of Islamic economic concepts. Senior undergraduate and graduate students will gain exposure to Islamic perspectives of micro- and macroeconomics, money, public finance, and development economics. Additionally, this book will be useful to practitioners seeking a greater comprehension of the nature of Islamic economics. It will also enable policymakers to better understand the mechanism of converting institutions, such as public and social policy perspectives.

Cover; Half Title; Title Page; Copyright Page; Table of contents; Figures; Tables; Preface; Acknowledgements; Glossary of Arabic Terms; 1 How to study Islamic economics as science in reference to the qur'an and the sunnah; Learning objectives; The present state of the study of economics; The nature of Islamic economics according to the Islamic episteme; Critique of axioms and assumptions of Islamic economics borrowed from mainstream economics; For whom is this book appropriate?; Conclusion: How should this book be used?; Topics to be covered; Introduction; The foundational issues

Contrasting Islamic and mainstream theoretical issues: microeconomicsContrasting Islamic and mainstream theoretical issues: macroeconomics; Public finance in Islam; Students' preparation; Notes; References; 2 Ethics in Islamic economics; Learning objectives; Introduction; Background; The ethics of economics; What is Islamic economics?; Features of Islamic economics; The ethical dimensions of Islamic economics; The objective (maqasid) of Islamic economics; Philosophically based objectives; Operationally based objectives; Why Islamic economics?; Conclusion; References

3 Islamic economic methodologyLearning objectives; On methodology in Western thought; Examples: Bringing out the meaning of methodology in Western thought; Analytical definition of methodology in Western thought and Islamic rebuttal; Islamic rebuttal of Kantian idea of rationalism; The impossibility of obtaining unity of knowledge as the methodological core of scientific holism; Endogeneity, multi-causality, and unity of knowledge in scientific methodology; An example of the Western and Islamic methodological contrasts of socio-scientific meaning; Reason via rationalism

Completion of reasoningRationality via reasoning and rationalism; Rationality derived from rationalism; Procedural rationality; Consequentialist rationality; The postulates of mainstream economic rationality contra knowledge-induced theory; David Hume's a posteriori materialism in socio-scientific methodology; Summary of Western methodology in reference to Kant and Hume; Summarizing Kant and Hume's rationalist thought; Rationalism, reason, and economic rationality: summary; Other definitions; Unity of knowledge; Circular causation; Continuity and reversibility

The Islamic monotheistic law as the methodological worldview contrasting with Western thoughtMethodological formulation of socio-scientific relations according to Islamic analytics; The well-being function in the Islamic monotheism knowledge plane; Methodology and method; Identification of the postulates of Islamic socio-scientific (economic) rationality; Exercise; Conclusion; Chapter summary: the foundational issues; Notes; References; 4 The scope of Islamic economics; Learning objectives; The nature of morality and ethics in economic theory; Some necessary definitions; Morals and ethics

OCLC-licensed vendor bibliographic record.