Title: Foundational challenges in the construction of an Islamic economics discipline

Authors: Hafas Furqani

Addresses: Department of Economics, Faculty of Islamic Economics and Business, Ar-Raniry State Islamic University, Jalan T. Nyak Arif, Kampus Darussalam, 23111, Banda Aceh, Indonesia

Abstract: Islamic economics is challenged in whether it can be called a discipline in the sense of having a clear subject-matter, methodology to appraise theories, a well-organised body of knowledge and systematic accumulation of knowledge. Islamic economics is still in the formative stage as a discipline, and many fundamental issues need to be addressed by the scientific community. This paper identifies several challenges to be answered by the Islamic economic scientific community in order to develop a discipline of Islamic economics. Embarking from the Islamic worldview that provides foundations in our understanding of economic phenomena, we must develop the conceptual foundations, conceptual scheme, key-terminologies, methodology to appraise and evaluate theory, and an Islamic ethics framework. The answer to those challenges will determine the scientific direction of Islamic economics, ensure a sustainable growth of knowledge and expedite the evolutional process of Islamic economics becoming a distinct discipline.

Keywords: Islamic economics; Islamic worldview; foundations; discipline; knowledge accumulation; Islamic finance; Islamic ethics.

DOI: 10.1504/IJPEE.2015.075856

International Journal of Pluralism and Economics Education, 2015 Vol.6 No.4, pp.324 - 339

Available online: 09 Apr 2016 *

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