The Dynamics of the Shari'ah and the World-System

Abstract

Abstract. The topic of Islamic worldview versus neo-liberalism is discussed. The epistemology of unity of divine knowledge called Tawhid in the Qur’an as the basis of the Islamic future is contrasted with that of self-interest and individual sovereignty in liberalism. The methodology underlying the Tawhidi worldview as the overarching formalism of unifying world-systems is explained. Premised on this universal methodology of systems-based unity of knowledge the creative co-evolutionary process model involving knowledge-flows and knowledge-induced entities of world-systems is explained. The example of capitalist globalization as the offshoot of neo-liberalism is contrasted with the demands and organization of the Islamic world-system called the Ummah. The alternative framework of Ummatic globalization in contrast to capitalist globalization is suggested. Some of the underlying artifacts of this momentous change, particularly the money-finance-real economy complementary linkages according to the systemic unity of Tawhidi knowledge and using the instruments of the Shari’ah are examined. The dynamics of the Shari’ah is explained in terms of the Tawhidi worldview in contrast to how the framework of the Shari’ah is understood by the prevalent Muslim mind far away from an endogenous functioning of the Tawhidi episteme in it. Prevalent thinking in Islamic economics, finance, science and society is critically examined against the background of the Tawhidi methodological worldview. The paper concludes with relevant policy prescriptions.

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