Nature and significance of Islamic economics

Hasan, Zubair (2016): Nature and significance of Islamic economics. Published in: Nature and significance of Islamic economics , Vol. 3, No. 3 (September 2016): pp. 400-418.

Abstract

Islamic economics has of late landed in confusion and neglect and much concern is being voiced on this state of affairs. The divergence of views on various aspects of the subject tends to grow, cohesive efforts are missing. It is in this context that the present paper takes a look at the nature and significance of Islamic economics and examines the issues of its definition, nature and scope, the questions of methods and methodology, system approach, the problems that seems to hinder its growth, the challenges Islamic economics faces today and how the same can be faced. Since the differences between the Islamic and mainstream economic disciplines stem from the divergent worldviews that condition them, the discussion opens on the topic as background material. This paper is a part of draft Chapter of a book under preparation on Islamic economics and finance. Comments and suggestions are welcome but the paper or its parts cannot be put to any commercial or unfair use.

• Item Type: MPRA Paper
• Language: English
• Keywords: Islamic economics, Worldview, Methodology, Economic systems, Problems challenges. JEL. B10, B30, G20, K40, K20.
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B10 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B30 - General; G - Financial Economics > G2 - Financial Institutions and Services > G20 - General; K - Law and Economics > K2 - Regulation and Business Law > K20 - General; K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior > K40 - General

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