Abstract

Islamic economics as a doctrine recognized in Islam and a science Islamization project in the 21st century has shown astonishing progress.Throughout the history, there have been many Islamic-based financial institutions. On this stand, various higher education institutions have competed to launch such majors as Islamic economics and Islamic finance. However, there have been many criticizing, especially the geneology of the term "Islamic economics."This study aims to answer the questions: 1) when does the term "Islamic economics" appear according to Timur Kuran, the pioneer of Alternative-Critical School? 2), when does the term "Islamic economics" appear according to the Mainstream School in Islamic economics thought? This research is qualitative-descriptive while the unit of analysis is thematic one. In addition, the analysis technique used is taxonomy and critical discourse analysis. The source of data in this study is primary and secondary ones. The result of the research shows: 1) According to Alternative-Critical School, the genealogy of the term "Islamic economics" emerged in the 1940s at the end of colonial India. The term is first coined by Abu al-A'la Maududi. Other seminal contribution to Islamic economics literature is propagated by Sayyid Qutb (Egypt), and Mohammed Baqir Sadr (Iraq). The term "Islamic economics" is used by fundamentalist Islamic groups. 2) According to the Mainstream School, Maududi never coined the term "Islamic economics". The term "Islamic economics" no doubt emerged in the 20th century, but the idea has come into being since the early days of Islam and especially in the writings of Abu Yusuf, al-Mawardi, Ibn Hazm, and other Muslim intellectuals.Geneology

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