Islamic Economics and Finance and their Institutional Implications
Bibliographic Data
| ID | 13062209 |
|---|---|
| Authors | Masudul Alam Choudhury (0000-0002-7824-9514, University of Malaya, corresponding author) |
| Year | 2016 |
| Volume | 4 |
| Issue | 4 |
| Pages | 368-402 |
| Publication date | 2016-10-21 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Sociology of Islam (JOURNAL) |
| Journal identifiers | ISSN: 2213-140X • E-ISSN: 2213-1418 |
| Publisher | Brill (PUBLISHER • NL) |
| DOI | 10.1163/22131418-00404006 |
| OpenAlex | W2559869909 |
| Language | EN |
| References cited | 4 |
A critic is launched on the conventional understanding and practice of Islamic economics and finance, and institutionalism. The missing worldview is the distinctive Islamic one concerning the functional nature of the epistemology of unity of knowledge that emanates from the monotheistic law in the Qur’an and the Sunnah, and thereby by Islamic discursive institutionalism. The paper formalizes and recommends that the worldview of unity of knowledge (Tawhid) by its epistemology and functionalism be/is formalized and applied at intellectual and institutional levels. The paper recommends returning every inquiry to the Qur’an, the Sunnah, and Islamic discourse forever fresh search and discovery in all socio-scientific matters. The scope of the maqasid as-shari’ah is thus broadened out into the widest socio-scientific inquiry. Several examples and empirical evidences showing the institutionalizing possibility of Islamic financial economics are provided in light of the theory of unity of knowledge
Economics · Epistemology · Functionalism (philosophy of mind · Institutional economics · Institutionalism · Islam · Islamic economics · Karl popper · Law and economics · Neoclassical economics · Political science · Politics · Positive economics · Scope (computer science · Social science · Sociology · Theology · Computer Science · Economic, financial, and policy analysis · Islamic Finance and Banking Studies · Law · Microfinance and Financial Inclusion · Philosophy
| Citation velocity | historical |
|---|---|
| Highly cited | No |