A Review of the Conceptual and Comparative History of Islamic Economic Theories

Abstract

This paper aimed to explore the Islamic response and practical articulation to key economic concepts such as scarcity, wealth, poverty, and rationality using the divine revelation of Hadith of the Prophet Muhammad as a theoretical dimension of religion and piety. Furthermore, the concept of profit was redefined from the theoretical and practical perspective to "reconsider what is truly beneficial, what has real value and is worthy of our sacrifice”. Certain concepts and comparative analysis were critically examined by referring to classical economic thoughts as well as neoclassical and Islamic theories. Moreover, the contributions of each author were evaluated from general perspective of economics to understand the intellectual history of thought flows developed outside Western culture. The process of Islamic assessment and old value reassessment in relation to new social and economic realities.