Foundational challenges in the construction of an Islamic economics discipline Online publication date: Sat, 09-Apr-2016
by Hafas Furqani
International Journal of Pluralism and Economics Education (IJPEE), Vol. 6, No. 4, 2015
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.
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