Critical Review of Islamic Economic Thoughts Based on the Perspective of Three Schools (Mazhab): Iqtishaduna, Mainstream, and Alternative-critical

Abstract

Islamic economics is a science that combines economics with the principles of Shariah. The development of Islamic thought and economics started from the time of Rasulullah SAW, Sahabat until today. Regarding how the concept of Islamic economics is, three mazhabs have different views, namely: Iqtisaduna Mazhab, mainstream mazhabs, and critical alternative mazhabs. This article aims to understand the views of Islamic economics in all the three mazhabs mentioned above. The three mazhabs have different backgrounds in criticizing the concepts of socialist and capitalist economics. The Iqtishaduna mazhab was pioneered by Baqir al-Sadr, this mazhab chose to replace the economic term with ‘iqtishaduna’. Mainstream mazhabs approach Western economic thought with an open heart and mind, not necessarily rejecting it completely; therefore, there needs to be filtering and refinement of economic concepts; while the alternative-critical mazhab is a spirit of criticism that invitesnot only socialists and capitalists who are are criticized, but also Islamic economic thought should be criticized, because this mazhab argues that Islam must be true, but Islamic economics is not necessarily true. Keywords: Islamic economics, Iqtishaduna, mainstream, alternative-critical