Addas, Waleed A.J. (2008): Methodology of Economics: Secular Versus Islamic. Published in: (15. January 2008)
Download (576Kb) | Preview
This book is based on the thesis that I submitted in August 2006 to the International Islamic University Malaysia in partial fulfillment of the requirement for the award of the PhD degree in Economics.It was a difficult topic but this reality dawned on me only after I had already crossed the point of no return. I found the area hazy and controversial in mainstream economics. In the case of Islamic economics the situation was even worse. Methodology was invariably confused with a research design or work plan. The subject in a formal form did not even exist. Whatever was available in the literature was part of discussions on Islamic economics or Shari’ah issues. Usually, the discussion was of a ‘touch and go’ nature. The writers were seldom found coming to grips with real issues in the area let alone reaching any worthwhile conclusions. Much confusion and controversy in the methodology of economics essentially centered on the efficacy of criteria, rules, and procedures that have to be observed for evaluating the performance of economics – secular or Islamic. In fact, until today there has hardly been a common view or a clear understanding among the Islamic scholars as to whether Islamic economics itself has a separate existence independent of its mainstream counterpart let alone having a methodology to assess and oversee it. In this dark and un-chartered area, I have tried to show that Islamic economics is both epistemologically ‘linked’ to and is also ‘independent’ of secular economics. To be precise, methodology of Islamic economics is and would broadly be the application of the Shari’ah norms to mainstream dispensation with a view to assessing their compatibility with the Islamic faith and the position of the Shari’ah on the many and divergent micro and macro economic issues. We shall find in the following discussion that the subject under the name ‘Islamic economics’ is presently no more than the result of applying the Islamic rules and injunctions, i.e. Islamic fiqh, to secular economics: Islamic economics is not yet, contrary to what some scholars would want us to believe, a discipline that replaces secular economics. In Islamic educational institutions worldwide, curricula and teaching programs are dominated – even if out of necessity –by course structures and reading materials appropriate for Western social setting and values designed as they are on the assumption of an impersonal market environment. The Islamization of Knowledge program in economics follows what one may call a ‘step-by-step approach’ for developing the subject. This de facto means that there has been no attempt to replace the mainstream concepts and theories completely with the pure Islamic ones: the initial plan has been just to modify and integrate them with what Islam would allow or could modify to fall in line with the Shari’ah tenets. When the subject itself was in a state of infancy, one need not wonder if its methodology were all the more found confused and patchy. However, it is this messy state of methodology that lends reason and significance to the present work. It fills a gap, however imperfect it might look: I am aware of its limitations. The main issue relevant to our discussion in this exploration was whether reality adjusts to doctrine or that doctrine conforms to the reality or one finds a mutual interaction between the two in the field of economics. What methodological affinities or divergences, if any, are between them? Also, we attempted to see whether prediction could or should be the hallmark of a theory in social sciences as is currently believed in economics at least, or the tractability of events, their analysis, and human prescription were of greater importance. It will be satisfying if the readers could find this small work light bearing on these and related issues.
|Item Type:||MPRA Paper|
|Original Title:||Methodology of Economics: Secular Versus Islamic|
|Keywords:||methodology; philosophy of science; values; reason; Islamic; secular; theory of knowledge; revelation; faith; unity of science; economic systems; laws of nature; self-interest;|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B0 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925
|Depositing User:||Waleed Addas|
|Date Deposited:||05. May 2008 13:49|
|Last Modified:||12. Feb 2013 21:55|
Abu Jafar Ahmad Ibn Al-Daudi, Kitab Al-Amwal, Edited and Translated by Abu Muhsin Muhammad Sherfuddin, Kitabbhavan, New Delhi, 1999. Abu Sulaiyman Abdul Hamid A (ed.), Islamization of Knowledge: General Principles and Plan, IIIT, USA (1989). Abu Sulaiyman Abdul Hamid A, Islamization: Reforming Contemporary Knowledge, IIIT, USA (1994). Ahmad, Khurshid, Nature and Significance of Islamic Economics, in Ausaf Ahmad and Awan (Ed.) Lectures on Islamic Economics, IRTI, 1992, pp. 19-48. Ahmad, Khurshid., Method of Approach to Economics. Islamic Thought (Aligarh), Vol. 2, March-April 1995. pp. 37. Ahsan, Abdullah, Nineteenth Century Muslim Response to the Western Criticism of Islam – An Analysis Amir Ali’s Life and Works, American Journal of Islamic Social Sciences, VoL. 2, No. 2 1985, pp.25-52. Al-Alwani, Taha Jabir, The Islamization of Methodology of Behavioral Sciences, American Journal of Islamic Social Sciences, Vol. 6, No. 2, 1989, pp. 227-238. Al-Alwani, Taha Jabir and Waleed El-Ansary. Linking Ethics and Economics: The Role of Ijtihad in the Regulation and Correction of Capital Markets, (Occasional Paper) Center for Muslim-Christian Understanding Georgetown University, 1999. Al-Alwani, Taha Jabir and Waleed El-Ansar Usul Al Fiqh Al Islami, The IIIT, USA (1990). Al-Alwani, Taha Jabir and Waleed El-Ansar: Islamization of Knowledge – Yesterday and Today, IIIT Washington (1996). Al-Attas, Syed Muhammad Naquib: Islam and the Philosophy of Science, International Institute of Islamic Thought and Civilization, IIUM Kuala Lumpur, (1989). Al-Attas, Syed Muhammad Naquib: Islam and Secularism, International Institute of Islamic Thought and Civilization, IIUM Kuala Lumpur, (1993). Al-Attas, Syed Muhammad Naquib: Prolegomena to the Metaphysics of Islam (An Exposition of the Fundamental Elements of the Worldview of Islam), International Institute of Islamic Thought and Civilization, IIUM Kuala Lumpur, (1995). Al-Ghazali, Abu Hamid: Ihya- AL-Uloom-al-Din, Mohammad Jamal Aldin Alqasimi, Dar Alnafa’eth, Beirut (1984). Al-Hasani, Baqir and Abbas Mirakhor (eds): Essays on Iqtisad: The Islamic Approach to Economic Problems. Silver Spring: Nur Corporation, 1989. Arrow, K. J. Economic Theory and the Hypothesis of Rationality, In Eatwell et al, The New Pulgrave: A Dictionary of Economics, London, Macmillan 4 vol. pp. (2) 69-74. Arrow, K. J and Hahn, F. H: General Equilibrium Analysis, San Fracisco, Holden Day, 1971. Bakar, Osman. Classification of Knowledge in Islam: Lahore, Pakistan: Suhail Academy, 2000. Bartlett, Robin L. Balancing the Economics Curriculum: Content, Method, and Pedagogy, The American Economic Review. Vol. 82, No. 2, May 1992, pp. 559-564. Blaug, Mark. The Methodology of Economics: Or How Economists Explain, 2nd.ed. Cambridge: Cambridge Surveys of Economic Literature, Cambridge University Press. 997 Reprint. Boland, L. A: The Foundations of Economic Method (1982). Bynum, W.F. and Browne, E.J: The History of Science, Macmillan Dictionary of Science, 1981, pp. 214-217. Caldwell, Bruce (ed.). Appraisal and Criticism in Economics: A Book of Readings. Boston: Allen and Unwin, 1984. Caldwell, Bruce J. Some Problems with Falsificationism in Economics, Philosophy of the Social Sciences, Volume 14, 1984, pp. 489-95. Chalmers D: The Conscious Mind New York: Oxford (1996). Chapra, M. Umar, What is Islamic Economics, Islamic Development Bank Jeddah in IDB Prize Winner’s Lecture Series No. 9, First Edition, Published by IRTI, 1996. Chapra, M. Umar, The Future of Economics: An Islamic Perspective, The Islamic Foundation, Islamic Economic Series-21, 2000. Chittick, William: “Recovering the Islamic Intellectual Tradition: Problems and Possibilities.” Conference paper published as “Can the Islamic Intellectual Heritage be Recovered?” Iqbal Review, October 1998, pp. 11-25. Coase, R.H., Essays on Economics and Economists, University of Chicago Press (1994). Coats, A.W. Methodological Controversy in Economics: Historical Essays in Honor of T. W. Huthchison (1983). Colander, David and Reuven, Brenner (eds): Education Economists (Ann Arber) University of Michigan Press, 1992. De Marchi, N, The Empirical content and Longevity of Ricardian economics, Economica, 37, 1970, pp. 257-276. Descartes, Rene. Meditationes de Prima Philosophia (Meditations On First Philosophy), published in 1641. Translation George Mc Donalad Ross, (1988). Dhaouadi, Mahmoud, Reflections into the Spirit of the Islamic Corpus of Knowledge and the Rise of New Sciences, American Journal of Islamic Social Sciences, Vol. 10, No. 2, 1993, pp. 153-164. Dobb, Maurice, Political Economy and Capitalism, Cambridge 1937. Dow, Sheila C. The Methodology of Macroeconomic Thought. Edward Elgar, 1996. El-Ansari, “Recovering the Islamic Economic Intellectual Heritage: Problems and Possibilities,” Proceedings of the Third Harvard University Forum on Islamic Finance. Cambridge: Harvard Islamic Finance Information Program, 1999, pp. 7-14. El-Ansari, “Islamic Economics and the Sciences of Nature: The Contribution of Seyyed Hossein Nasr,” in Beacon of Knowledge: Essays in Honor of Seyyed Hossein Nasr, Mohammad Faghfoory (ed.). Louisville, Kentucky: Fons Vitae, 2003, pp. 491-520. El-Bdour, Radi., Problems of Research in Islamic Economics. Islamic Research and Training Institute, pp. 17-44. Eichner, A.S. Why Economics Is Not Yet A Science (1983). El-Naggar, Zaghloul Limitations of Science and the Teaching of Science from the Islamic Perspective, American Journal of Islamic Social Sciences, Vol. 3, No. 1, 1986, pp.8-24. Ekelund, R. B, and Hebert, R. F, A History of Economic Theory and Method, McGraw-Hill New York (2000). Feyerabend, P. K, Against Method. Outline of an anarchist theory of knowledge. London, NLB 1975. Fox, Glenn: Reason and Reality in the Methodologies of Economics – An Introduction, Edward Elgar, Lyme US, 1997. Friedman, M., The Methodology of Positive Economics. In Essays in Positive Economics, Chicago: University of Chicago Press, 1953, pp. 3-43. Friedman, Milton and Rose: Free to Choose (New York: Harcourt Brace Jovanovich, 1980), p. 27, as cited in Michael Novak, The Spirit of Democratic Capitalism (New York: Simon and Schuster, 1982), p. 94. Gerrard, B., On Matters Methodological in Economics, Journal of Economic Surveys Vol. 4(2), 1990, pp. 197-223. Gerrard, B: The Economics of Rationality. New York: Routledge, ed. 1993. Gordon, S., The History of and Philosophy of Social Science (1991). Groenewegen, Peter (ed.): Economics and Ethics. New York: Routledge, 1996. Hahn, Frank and Hollis, Matin (ed.): Philosophy and Economic Theory, Oxford University Press, UK 1979. Hands, D. Wade, Reflection without Rules: Economic Methodology and Contemporary Science Theory, Cambridge University Press, 2001. Haneef, Mohamed Aslam., Contemporary Islamic Economic Thought: A Selected Comparative Analysis, Printed by S. Abdul Majeed & Co. Kuala Lumpur, 1995. Hasan, Zubair, Distributional Equity in Islam, in Munawar Iqbal (ed.) Distributive Justice and Need Fulfillment in an Islamic Economy, Islamic Foundation, UK 1988, Chapter 1, pp. 35-62. Hasan, Zubair: Review of M. Chapra’s Islam and Economic Development. Journal of Islamic Economics Vol. 4, No. 1&2, 1995, pp. 51-70. See Section 4: Selection of Values. Hasan, Zubair, Review of Akram Khan’s ‘An Introduction to Islamic Economics’ in American Journal of Islamic Social Sciences, Vol. 13, No. 4, 1996, pp. 580- 585. Hasan, Zubair, Islamization of Knowledge in Economics: Issues and Agenda. IIUM Journal, Special Issue, Volume Six Number 2, 1998. Hasan, Zubair, Maximization Postulates and Their Efficacy for Islamic Economics, American Journal of Islamic Social Sciences, Vol. 19, No. 1, 2002, pp. 95-118. Hasan, Zubair, Globalization Development and Muslims, International Journal of Muslim Unity, IIMU, Vol. 1, No. 1 2003, pp. 41-57. Hasan, Zubair; Introduction to Microeconomics: An Islamic Perspective, Pearson Prentice Hall, Malaysia, 2006. Hausman, Daniel M., The Philosophy of Economics: An Anthology, Cambridge: Cambridge University Press, 1994. Hausman, D.W, Is Falsification Unpractical or Impracticable?, Philosophy of Social Sciences, Vol. 15, 1985, pp. 313-319. Heap, Shaun Hargreaves, Martin Hollis, Bruce Lyons, Robert Sugden, and Albert Weale, The Theory of Choice: A Critical Guide. Oxford: Blackwell Publishers, 1994. Heilbromer, R.L, Economics as Value Free Science: Social Research, 1973 pp.129- 142. Heyne, Paul. The Economic Way of Thinking: Upper Saddle River, New Jersey: Prentice-Hall, 1999. Hollis, M. and Nell, E. J, Rational economic man: A philosophical critique of neoclassical economics, Cambridge University Press 1975. Hume, David: An Inquiry Concerning Human Understanding, sections 4 and 12 in Hume’s Enquiries, Oxford (1894), pp. 25. Hutchison T. W. The Significance and Basic Postulates of Economic Theory, New York, Auguston M. Kelley, 1935. Ibn Khaldun: Muqaddamah, see its English translation by franz Rosenthal, The Technique and Approach of Muslim Scholarship, Analecta Orientals, Second Edition, 1967. Idris, Jaffar Shiekh, The Islamization of Sciences: Its Philosophy and Methodology, American Journal of Islamic Social Sciences, Vol. 4, No. 2, 1987 pp. 201-206. Islahi, Abdul Azim, Economic Concepts of Ibn Taimiyah, The Islamic Foundation, UK (1996). Jevons, Stanley William. Principles of Science: A Treatise on Logic and Scientific Method, 1874. Jewett, Benjamin. Theaetetus By Plato, 300BC: A translation by Benjamin Jewett (1963). Jomo, K. S. (ed.): Islamic Economic Alternatives Ikraq, Kuala Lumpur (1993). Kahf, Monzer, The Islamic Economy, The Muslim Students Association of the United States and Canada (undated). Kahf, Monzer, Islamic Economics, What Went Wrong? unpublished papers presented at the Roundtable Discussion on the State of Islamic Economics held at the IDB Headquarters Jessah on May 26-27, 2004. Kahf, Monzer, “Islamic Economics: Notes on Definition and Methodology”. Review of Islamic Economics, No. 13, 2003 (23 – 47) Kamli, M. Hashim, Principles of Islamic Jurisprudence, Ilmia, Petaling Jaya Malaysia 1999 reprint. Kamli, M. Hashim, Islamic Commercial law, Ilmia Petaling Jaya, Malaysia 1994. Kamal, Yusuf: The Principles of the Islamic Economic System, Islamic Inc. Cairo, (undated). Katouzian, H. Ideology and Method in Economics (1980). Keynes, John Neville., The Scope and Method of Political Economy, 4th ed. London: Macmillan & Co. [1st edition 1890, Augustus M. Kelley reprint 1986]. Khan, Muhammad Akram., An Introduction to Islamic Economics, International Institute of Islamic Thought and Institute of Policy Studies, 1994, pp. 60-61. Khan, M. Fahim: Fiqh Foundation of the Theory of Islamic Economics, IRTI Book of Readings. No. 3, 2002. Khan, Shahrukh Rafi: A Note on Methodology. Journal of Research in Islamic Economics (Jeddah), Vol. 2, No. 2 Winter 1985, pp. 83-85. Khan, Tariqullah. Teaching Programs in Islamic Economics: A Review Discussion Paper (IDB/IRTI), 1990. Knight, F. What is Truth in Economics, Journal of Political Economy reprinted in On the History and Method of Economics: Selected Essays, University of Chicago Press, 1956 pp.151-178. Kuhn, T. S., The structure of Scientific revolutions, University of Chicago press, Second Edition 1970. Kuran, Timor: Islamic Economics and the Islamic Subeconomy. Journal of Economic Perspectives, 9 (4), 1995. pp. 155-173. Kuran,Timor, “The Economic System in Contemporary Islamic Thought: Interpretations and Assessment,” International Journal of Middle Eastern Studies, Vol. 18, No. 2, 1986, pp. 135-164. Lakatos, I. The Methodology of Scientific Research Programs: Cambridge 1970. Landreth H, Colander D.C. History of Economic Thought, Third Edition Houghton Mifflin Co. New Jersey, 1994. Landreth H, Colander D.C History of Economic Theory: Second Edition, by Houghton Mifflin Co., 1989. List, Friedrich.,The National System of Political Economy published in 1841 in German language in 1909 and has since seen a number of reprints. Ludwig, Von Mises.: The Task and Scope of the Science of Human Action. Austrian Eonomics. S. Littlechild, (Ed.)Vol. 1, 1990, pp. 1-35. Machlup, Fritz., Methodology of Economics and Other Social Sciences. Academic Press, New York, 1978. Abdul Mannan, Muhammad. Islamic Economics: Theory and Practice. Boulder: Westview Press, 1986. Marr, W.L. & B. Raj., How Economists Explain, A Reader in Methodology (1983). Marshall, Alfred, Principles of Economics, Eighth edition., London Macmillan 1920. Marx, Karl. Das Kapital Volume I, II, III – Marks Bookshop-Enfield (1982). Mayer, Thomas. Doing Economic Research. Edward Elgar, 1995. McClosky, D.N. The Rhetoric of Economics. Madison: University of Wisconsin Press (1985). McKenzie, R.B. The Limits of Economic Science (1983). Mill, John Stuart, A System of Logic, Book Six Chapter Three, London, Longmans, Green, (1843), Reprinted in Conceptions of Inquiry, Edited by Stuart Brown et al., 1981, pp. 143-177. Mill, John Stuart, “On the Definition and Method of Political Economy,” in The Philosophy of Economics: An Anthology, Daniel Hausman (ed.). Cambridge: Cambridge University Press, 1984, pp. 52-69. Mirowski, Philip. “Physics and the ‘Marginalist Revolution’,” Cambridge Journal of Economics, 1984, pp. 361-379. Mises, Ludwig Von, Epistemological Problems of Economics, Princeton (1960), Chapter 1 Sections 5 and 6. Mises, Ludwig Von, Principles of Political Economy, Second Edition, Longman 1968. Mises, Ludwig Von, Epistemological Problems of Economics, Princeton (1960), Chapter 1 Sections 5 and 6. Moten, Abdul Rashid. Nature and Methodology of Islamic Economics. Bayero University, Kano, 1991. Moussalli, Ahmad: Sayyid Qutb’s View of Knowledge, American Journal of Islamic Social Sciences, Vol. 7 No. 3, 1990. Musgrave, Alan. “‘Unrealistic Assumptions’ in Economic Theory: The F-twist Untwisted,” Kyklos 34 (1981), pp. 377-87. Myrdal, G., Objectivity in Social Research, London, Gerald Duckworth. 1970. Naqvi, S. Nawab Haider: Ethics and Economics, Islamic Foundation, UK, (1981). Naqvi, S. Nawab Haider: Islam, Economics, and Society, Kegan Paul International London (1994). Nasr, Syed Vali Reza, Wither Islamic Economics, The Islamic Quarterly, Q.4 1986, PP.211-220. Nasr, Syed Vali Reza, Islamization of Knowledge: A Critical Overview. Islamabad, Pakistan: International Institute of Islamic Thought, Occasional Paper 17, 1992. Nasr, Seyyed Hossein. “Reflections on Methodology in the Islamic Sciences,” Hamdard Islamicus, 1981, No. 3, pp. 1-11. Nasr, Seyyed Hossein. “Review of Ethics and Economics – An Islamic Synthesis,” Hamdard Islamicus, 1982, No. 2, pp. 89-91. Nienhaus, Volker, Epistemology, Methodology and Economic Policy: Some Thoughts On Mainstream Economics. Humanomics (Cape Breton), Vol. 1, No. 2, 1985, pp. 10-38. Nienhaus, Volker, Islamic Economics: Policy Behind Pragmatism and Utopia. Oser, Jacob, and Blachfield, W, C: The Evolution of Economic Thought. Harcourt Brace Jovanovich, New York (1990). Pheby, John, Methodology and Economics: A Critical Introduction. London: Macmillan, 1988. Pitt, J: Philosophy in Economics (1981); B. J. Caldwell, Beyond Positivism. Popper, Karl R., Conjectures and Refutations, 2nd ed. New York: Harper and Row, 1965. Popper, Karl R: The Logic of Scientific Discovery, 2nd edition, New York, Basic Books, 1968. Rahman, Fazlur, Islamization of Knowledge: A Response, American Journal of Islamic Social Sciences, Vol. 5, No. 1, 1988 pp. 3-11. Redman, Deborah. Economics and the Philosophy of Science. (New York: Oxford University Press, 1991. Robbins, Lionel, An Essay on the Nature & Significance of Economic Science, 1st ed. London: Macmillan,1931. Robinson, Joan, Economic Philosophy, Pelican Books, 1962. Rosenberg, Alexander: Economics: Mathematical Politics or Science of Diminishing Returns? Chicago University Press, 1992. Roy, Subroto, Philosophy of Economics: On the Scope of Reason in Economic Enquiry, Routledge, (1989). Sadr, M. Baqir al. Iqtisaduna (Beirut: Dar al-Fikr, Ist ed., 1961; 14th ed., 1981). The English translation by the Peer Mohammed Ebrahim Trust of Pakistan was published under the title, Our Economics (Tehran: World Organization for Islamic Services, 1982). Parts of the book were also translated by Ian Howard of Edinburgh University and published in the Islamic Studies magazine, Al- Sirat, which is no longer in circulation. See Rodney Wilson, 1998, for an analysis of the contents of this and other writings of al-Sadr. Safi, Louay M. The Quest for Islamic Methodology: The Islamization of Knowledge Project in its Second Decade, American Journal of Islamic Social Sciences, Vol. 10, No. 1 1993 pp. 361-386. Safi, Louay, The Foundation of Knowledge: A Comparative Study in Islamic and Western Method of Inquiry, International Islamic University of Malaysia, and the IIIT (1996). Samuels, W. J. The Methodology of Economics: Critical Papers from the Journal of Economic Issues (1980). Samuelson, Paul A. Foundations of Economic Analysis: The Operational Significance of Economic Theory. Samuelson, Paul A. Of Lookout Cows and the Methodology of Economics, Journal of Economic Issues, Volume 22 No. 3, 1987, pp.864-867 [Critical Papers from the Journal of Economic Issues (1987). Sato, H. Understanding Zakat: An Inquiry into the Methodological Problems of the Science of Economics. Niigata, Institute of Middle Eastern Studies. 1987, pp. 115. Schumpeter, J. A., History of Economic Analysis, (ed.) Elizabeth B. Schumpeter, New York, Oxford University Press, 1954. Sen, Amartiya, Rational Fools: A Critique of the Behavioral Foundations of Economic Theory, Philosophy and Economic Theory, Hand and Hollis, Oxford University Press, 1979. pp. 87-109. Sen, Amartiya, Social Choice and Welfare, Oxford, Basil Blackwell UK (1982). Seoharvi, Hifz-ur-Rehman., ‘Islam Ka Iqtisadi Nizam (The Economic System of Islam). Dar-al-Musannafeen, Jama Masjid, Delhi (1938). Shariati, Ali, Man and Islam: Lectures, University of Mushhad Press 1982 Siddiqi, M . N., Islamizing Economics. IIIT 1989, pp 253-60. Siddiqi, M . N., Teaching Economics in Islamic Perspective, Scientific Publishing Center, KAU, Jeddah. 1996 See Zubair Hasan’s Review of this book in ‘Islamic Economic Studies, Vol.6, No.1, 1998 pp.111-132. Siddiqi, M . N., Key Note Address on Islamic Economics: Current State of Knowledge and Development of the Discipline, under section Recourse to Maqasid paper presented at the Roundtable Discussion on the State of Islamic Economics held at the IDB Headquarters Jessah on May 26-27, 2004. Smith, Adam, An Inquiry into the Nature and Causes of Wealth of Nations, Ed. Edwin Cannan, New York, Modern Library 1937. Smith, Adam, The Theory of Moral Sentiments (1759, 1790). Smith, Wolfgang. “Eddington and the Primacy of the Corporeal,” Sophia, Winter 2000, pp. 5-38. Smith, Wolfgang. The Wisdom of Ancient Cosmology: Contemporary Science in Light of Tradition. Herndon: Foundation for Traditional Studies, 2003. Stewart, Ian M. T. Reasoning and Method in Economics: An Introduction to Economic Methodology. McGraw-Hill Book Co., 1993. Tahir, Sayyid et al. (ed), Readings in Microeconomics from an Islamic Perspective, Longman, Malaysia, 1992. The International Institute of Islamic Thought: Toward Islamization of Disciplines, 1989. Usmai, M. Taqi, An Introduction to Islamic Finance, Idarat-ul-Maarif, Karachi 1998. Varian, Hal R.: Microeconomic Analysis, Second Edition, Norton, 1984. Yahya, Harun: The Qur’an Leads the Way to Science, Shafiq Books, Saba, (January 2002). Yousri, A.R Islamic Economics: Its Development as a Scientific Discipline. unpublished paper presented at the Roundtable Discussion on the State of Islamic Economics held at the IDB Headquarters Jeddah on May 26-27, 2004. Yousri, A.R The Scientific Approach to Islamic Economics: Philosophy, Theoretical Construction, and Applicability, in Theoretical Foundations of Islamic Economic, Book of Readings No. 3, ISDB 2002. Yunus, Ilyas Ba-, Al-Farooqi and Beyond, American Journal of Islamic Social Sciences, Vol. 5, No. 1, 1988 pp. 13-28. Zakaullah, Muhammad Arif., Islamization of Knowledge and Some Methodological Issues in Paradigm Building: The Case of Social Sciences with a Special Emphasis on Economics., The American Journal of Islamic Social Sciences (Washington), Vol. 4, No. 1, September 1987, pp. 51-72. Zakaullah, Muhammad Arif., “Towards a Definition of Islamic Economics”, JRIE, Vol. 2, No. 2, 1985 (87 – 103). Zaman, S.M. Hasamuz: “Definition of Islamic Economics”. JRIE, Vol.1, No. 2, 1984. Zarqa, Mohammad Anas, Methodology of Islamic Economics, in Ahmad and Awan, 1992, pp. 49-67.