Islamization of Economics: The Concept and Methodology

Abstract

Could there be a science of economics that could be described as Islamic? If so, does this imply denial of the existence of global economic laws that encompass all social systems, both Islamic and non-Islamic? This research paper aims at finding a considered and detailed answer to these two questions through: (a) Demonstrating that, although science is generally characterized by its factual descriptive statements (i.e. the laws which it arrives at), there are still certain basic aspects of any science, (the social sciences in particular, including economics), regarding which no researcher can help depend on a set of pre- conceived values. (b) Demonstrating that, although the texts of Islamic Shari'ah (Law) are basically a source of values, yet they often contain descriptive statements about economic life. If we replace those values on which the science of economics should be based (mentioned in 'a') by Islamic values, and if we add to the secular statements that economics has so far arrived at by the statements mentioned in 'b', we would then be able to establish an Islamic science of economics. The paper also explains the relationship between Islamic Economics and Islamic Law and discusses a proposed work plan to Islammization of economics.

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